San Francisco, California, September 24, 2018 – The drive for offshore wind energy stems from the ever rising global demand for renewable energy in environment-friendly ways. The growing popularity of offshore over onshore wind energy is underpinned by the substantial increase in energy production using the same turbine technology. The growing focus in several developing and developed countries on utilizing the coastal areas for wind energy production is imparting a considerable impetus to the steady expansion of the offshore wind energy market.
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A critical assessment of these trends and evaluation of their role in shaping the various contours of the market are presented in a report by TMR Research. The study is titled “Offshore Wind Energy Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2017 – 2025”.
The offshore wind energy is increasingly catalyzed by sizeable investments being made by manufacturers on developing offshore turbines with higher capacity. These investments are substantially supported by the advent of better prototypes.
However, the high cost of grid connections continue to hamper the steady growth of the offshore wind energy market. Moreover, costly maintenance schedules may also act as bottleneck in the entry of new players in the market. Nevertheless, the presence of large untapped offshore potential along with rapid policy thrust in countries with large percentage of coastal regions is also boosting the market. The rapid strides made by renewable energy production in emerging economies is fueling the demand for offshore wind energy production.
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Extensive research and development activities to leverage the potential of wind energy in developed nations has unlocked several lucrative prospects in the offshore wind energy market. Elaborate project planning by their governments is also expected to aid in the swift expansion of the overall market.
Some of the prominent players operating in the offshore wind energy market are Alstom, Sinovel Wind Group Company, Vestas Wind Systems A/S, Senvion SE, and Siemens AG.