North America Offshore Wind Energy Market share is set to witness significant growth on account of growing investments toward the adoption of clean power generation technologies. Introduction of stringent mandates & regulations owing to the increasing emission levels has fueled the business growth. Low maintenance, minimal land utilization and limited human interventions are some of the key underlying factors positively influencing the technology adoption.
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Increasing energy demand coupled with the rising electricity prices will drive the market size. Growing space constraints associated with solar energy coupled with favorable industry outlook toward the development of large scale turbines to improve efficiencies will further augment the industry outlook over the forecast timeline.
North America offshore wind energy industry from turbine component is set to witness significant growth owing to soaring investments toward the development of new blade designs and advanced drive trains. Implementation of advanced turbine assembly concepts and rising deployment of offshore wind energy projects are some of the significant factors fueling the industry growth. In addition, surging research & development initiatives aimed toward increasing the efficiency & flexibility of these units will further stimulate business growth.
>2 MW rating will witness substantial gains on account of increasing deployment of distributed energy sources coupled with growing efforts toward the extraction of untapped wind energy potential. Minimal moving parts, reduced emissions and compact size are some of the paramount factors driving the industry growth. In addition, the adoption of policies promoting effective energy utilization coupled with growing consumer preference toward renewable energy sources will fuel the technology adoption over the forecast timeline.
The offshore wind energy from floating installation is set to grow on account surging investments toward offshore exploration & development activities along with ongoing efforts toward improving the deep-water technologies. Easily available installation vessels and standardization across foundation designs are some of the eminent factors favoring the industry growth. In addition, growing demand toward capturing the ultra-high-speed wind resource potential will stimulate product adoption.
The U.S. offshore wind energy market is set to grow on account of the introduction of favorable legislative mandates along with the stringent renewable energy targets by the government. For instance, in August 2016, the Massachusetts state government passed a mandate obligating the state utilities to procure 1,600 MW of offshore wind power by 2027. Moreover, the stated passed a new legislation in August 2018, increasing the target to 3,200 MW by 2035. In addition, the declining power generation costs from offshore wind projects will further foster the industry growth over the forecast timeframe.
Key market players operating across the North America offshore wind energy industry includes Acciona, United Power, Global Energy Services, Furukawa Electric, Raum Energy Inc, Northern Power Systems, MHI-Vestas, Envision Energy, Goldwind, Suzlon, and Prysmian Group amongst others.