North America Offshore Wind Energy Market Analysis

North America Offshore Wind Energy Market Analysis

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Based on component, the market is segmented into turbine, support structure, electrical infrastructure, and others. Turbine is anticipated to grow by more than USD 7 Billion by 2032. They can capitalize on region’s abundant wind resources to generate electricity at scale, meeting the growing demand for clean, renewable energy in coastal communities and beyond thereby stimulating the market demand. Growing technological advancements in turbine design and engineering to enhance their efficiency, reliability, and cost-effectiveness with larger rotor diameters, taller towers, and more sophisticated control systems will boost its their adoption in the region.

Based on depth the North America offshore wind energy market is segmented into >0 ≤ 30 m, >30 ≤ 50 m, and > 50 m. > 50 m is set to grow at a CAGR of more than 40.8% in the coming years driven by increasing saturation of shallow-water sites and the desire to access regions with stronger and more consistent wind resources. Technological advancements in floating wind turbine technology have revolutionized the industry, making it feasible to install turbines in deeper waters where fixed-bottom foundations are not viable, thereby opening new opportunities for the deeper systems.

U.S. offshore wind energy market is anticipated to grow by more than USD 26.2 Billion by 2032 due to its diversifying energy sources, reducing greenhouse gas emissions, and creating jobs in the clean energy sector. Supportive government policies and incentives including Bureau of Ocean Energy Management's (BOEM) at both the federal and state levels will create conducive environment for the market growth. Rising regional concerns about air pollution, environmental degradation, and the impacts of climate change will lead to increase the market demand for clean energy solutions.