Ocean View, DE -- (SBWIRE) -- 04/17/2020 -- The global offshore wind energy market has been ablaze with a number of projects that have lately commenced power production. Recently, for instance, following the installation of its first 7 MW turbines, Scotland's biggest offshore wind farm has sent power to the National Grid for the first time towards the end of July 2018. The whole project is scheduled for completion by spring of 2019 and is expected to generate enough power to supply the equivalent of 450,000 households.

Key Companies: - Enercon, Vestas, GE, Nordex Group, Siemens Gamesa, Senvion, MHI Vestas Offshore Wind, Goldwind, Prysmian Group, General Cable, Furukawa Electric LatAm, Southwire, Nexans

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Robust technological developments in the niche of turbine design for improved energy efficiencies along with production of cost effective structures will create more opportunities for offshore wind energy market expansion.

Moreover, positive industrial outlook towards integration and development of large units would augment offshore wind industry outlook over the coming years. Furthermore, industry players are working on effective thermodynamic cycles, and optimization as well as standardization of produce processes to attain optimum power output and environment compatibility of these units, which will further propel product penetration.

With potential wind harnessing sites across the region, Canada will stand as a major revenue pocket for North America offshore wind energy market, with an estimated valuation of over $55 million by the end of the forecast timeframe.

Technological advancements, positive outlook for adoption of offshore wind energy coupled with supportive government initiatives are the major factors driving offshore wind energy market growth. In addition, introduction of variable transmission devices, superconducting generators and improved generator speed will also supplement industry outlook.

Growing utilization of high voltage array cables and improved technologies for production of efficient cooling systems is estimated to transform wind energy market trends over the coming years.

Rise in allocation of funds by regulatory bodies for development of wind projects is estimated to stimulate offshore wind project market. For instance, European Union funded FOWPI (First Offshore Wind Project of India) with a target to build a 1000 MW offshore wind farm in support of support National Institute of Wind Energy and Ministry of New and Renewable Energy, in their vision to consolidate the region's offshore wind energy sector.

Offshore wind energy market share would procure heavy gains owing to such favorable government initiatives in development and integration of large wind energy units.

In 2017, the UK market amassed substantial gains with an estimated revenue generation of over $8 Billion. Reforms for carbon emission reduction, favorable regulatory measures and energy security initiatives across the region offer major avenues for offshore wind energy market growth over the forecast timeframe.

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Moreover, increasing investments by prominent offshore wind market players across the region to explore the offshore potential that is still untapped will further supplement regional growth. In 2017, an allocation of over $50 billion was invested in the region and the major input for the fund was sourced from project level mergers, new assets and public market transactions.

Overall, considering the favorable business environment and presence of supportive government regulations, market is set to clock in a momentous period of growth in coming years. In terms of revenue, global offshore wind energy market is projected to surpass $60 billion by 2024.

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