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North America Offshore Wind Energy Market to Dominate Worldwide by 2026

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According to the Graphical Research new growth forecast report titled “North America Offshore Wind Energy Market Size By Component (Turbine {Rating (< 100 kW, 100 kW to 250 kW, > 250 kW to 500 kW, > 500 kW to 1 MW, 1 MW to 2 MW, > 2 MW), Installation (Floating {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Structure {Rotor Module, Nacelle Module, Tower Module}}, Fixed {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Structure {Rotor Module, Nacelle Module, Tower Module}}}), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure (Wires & Cables, Substation)), By Depth (0 – 30 m, 30 – 50 m, > 50 m), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026”, to Dominate Worldwide by 2026.

North America Offshore Wind Energy Market Share is set to witness substantial growth on account of rising investment toward green energy generation coupled with the growing demand of renewable technologies. In addition, the implementation of stringent norms and regulations to curb the rising emission levels across the region will further proliferate the business growth. Low maintenance with limited human interventions and minimal land utilization are some of the prominent factors which will further enhance the technology adoption.

The offshore wind turbine industry is expected to witness growth owing to soring investments toward the development of advanced drive trains and new blade designs. Growing number of offshore energy wind projects in the region along with technological advancements in turbine assembly concepts are some of the paramount factors propelling the product demand. In addition, rising energy demand coupled with growing focus toward sustainable energy will further stimulate the business outlook over the forecast timeframe.

>2 MW rating turbines will witness growth owing to the developing turbine technologies coupled with growing emphasis toward abstraction of untapped potential of offshore wind energy. Lower emissions, minimal moving parts and compact equipment size are some of the paramount features augmenting the industry outlook. Moreover, introduction of regulatory policies and norms supporting the installation of renewable systems to compensate the consumer demand for electricity will further drive the North America offshore wind energy market growth.

Several supporting policies for the wind energy generation along with the renewable energy targets by the respective government will drive the product demand in the U.S. The reduced in power generation costs along with the growing number of wind energy projects will further propel the industry growth. According to the American Wind Energy Association, (AWEA) in 219 there were 15 ongoing projects of offshore wind energy, which are expected to generate 25 GW of offshore wind energy. In addition, growing awareness pertaining to environmental impact of conventional energy generation practices coupled with favorable economic outlook will further augment the North America offshore wind energy market

The Companies operating in North America offshore wind energy industry includes Furukawa Electric, Envision Energy, Suzlon, United Power, Global Energy Services, Acciona, Northern Power Systems, MHI-Vestas, Goldwind, Envision Energy, Prysmian Group and many more.