Increasing Investments in Renewable Sources of Energy and Favorable Government Policies are the Major Drivers for the Growth of offshore Wind Market
Increasing investments in renewable sources of energy and favorable government policies are the major drivers for the growth of offshore wind market. For instance, in the U.S, The National Ocean Industries Association have established the U.S’s first offshore wind farm in 2017. Furthermore, rising demand for electricity and increasing concerns toward the energy of the non-renewable source such as fossil fuel and awareness for their harmful effects of greenhouse gases such as carbon dioxide is propelling the growth of offshore wind market.
Europe led the offshore wind market with a market share of 56.99% in 2016 and is expected to reach US$ 39.39 billion by 2025 with a CAGR of 12.9%. Europe has favorable weather for the offshore wind market. Out of all the offshore wind installations, around 88% were located in costal water of 10 European economies in 2016 and remaining installations of around 12 % is located in China, Japan, Taiwan, South Korea, and the U.S, according to Global Wind Energy Council (GWEC).
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According to Bureau of Ocean Energy Management, roughly 50% population in the U.S lives near coastal areas. Also in coastal areas, land-based renewable sources are limited and energy cost and demand are high. Offshore wind energy has potential to supply large quantity of renewable energy to the U.S coastal cities such as Los Angeles, New York City, and Boston.
Among the three location by the depth of offshore wind turbines, shallow water offshore wind turbines dominated the market, due to cost effectiveness and easy maintenance. Due to favorable weather conditions in Europe, shallow water wind turbines are majorly installed in the region. On the basis of components, turbines components are the major contributor to the growth of offshore wind market. Different components of turbines such as, tower, rotator, blade, and nacelle have the highest share of the capital cost. Larger the turbine, more energy it produces when it rotates.
Europe led the offshore wind market, which is expected to lead the market and valued at US$ 13.27 billion in 2016. The region is projected to witness a CAGR of 12.9% in terms of revenue during the forecast period 2017 – 2025.
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