How Technological Innovation To Leverage In Offshore Wind Energy Market?

Wind power capacity has increased incredibly in the past few years and is estimated to grow even more. In addition to this, the wind turbines of today are significantly and constantly getting advanced. They are increasingly becoming more cost-efficient, reliable, and capable of more power generation. The advancements in technologies are unlocking huge potential to extend the lifespan of wind projects. And with this moreover, the wind energy sector is witnessing great demands globally, with an aim to advance the system more and lead to expanding the sector.

Offshore wind energy is one of the most effective and robust sources of energy, which helps in the reduction of CO2 emissions and thus replace fossil fuels. Similar to land-based wind technologies, offshore wind makes use of wind turbines to generate electricity, which is delivered to the shore through an export cable. The main advantage of installing offshore wind energy is the consistent and stronger winds, which blow offshore allowing the use of larger horizontal turbine blades.

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Rise in the demand for electricity and preference toward the use of renewable sources of electricity present numerous opportunities for market expansion. Moreover, increase in investments by governments and usage of offshore wind energy as substitutes to reduce greenhouse emissions are further anticipated to boost the overall growth of the market. However, high costs associated with initial installations and infrastructure of expensive components are expected to hamper the overall industry growth.

According to a report published by Allied Market Research, the global offshore wind energy market is expected to hit $11.33 million by 2023. The rising utilization of this technology as a source of energy production is the major reason behind the growth. In addition, the market is also thriving with numerous happenings, as the market players are initiating to adopt different strategies to boost the growth. It also aims to maximize the opportunities for the industry in the upcoming time.

Presently, the market is witnessing various activities and the market players are adopting new trends to modify the growth aspects of the market. The article, moreover, aims to provide some of the latest market trends and activities that are expected to proliferate the industry.

The market players are highly following the trend of partnerships and joint ventures. The companies are coming together with different approaches and initiating new offshore wind energy projects. For instance, two Indian giants in the energy industry National Thermal Power Corporation Limited (NTPC) and Oil and Natural Gas Corporation (ONGC) have recently announced their partnership for offshore wind energy projects. The partnership agreement, furthermore, also involves projects related to other clean energy sectors including storage and e-mobility.

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The energy sector is getting advanced and is expected to expand in the coming time. The preference of consumers is changing. At the same time, the demand for conventional sources of energy is also rising. All these factors are favoring the growth of the offshore wind energy market. Furthermore, the demand for electricity is a never-ending one and this is the major reason behind high investments in energy generation. This also leads to a boost in the market. However, there are certain challenges including the high initial costs that hamper the market to a certain extent. Despite that, the market players are investing in further research and development processes. Which, in turn, is expected to unlock an array of opportunities for the market. In addition, the new strategies adopted by the market players are approaching towards the expansion of the industry all across the globe. Nevertheless, all these aspects are projected to lead the market grow exponentially.

Key Findings of the Offshore Wind Energy Market:
• North America is anticipated to grow at the highest CAGR during the analysis period.
• Europe is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 14.1%, in terms of capacity.
• UK accounted for almost one-third of the global market in 2016.
• China occupied around one-ninth share of the global offshore wind energy market in 2016.
• In terms of value, Denmark is expected to grow at a significant CAGR of 13.5% during the forecast period.

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