Offshore Wind Energy Market Analysis

Offshore Wind Energy Market Analysis

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Based on component, the turbine segment is set to reach more than USD 10 million by 2032, owing to the global push for renewable energy. Larger wind turbines can capture more wind energy and are more efficient, reducing the cost per megawatt-hour (MWh) of electricity generated. Further longer blades and taller towers allow them to capture more wind energy, especially at higher altitudes where wind speeds are greater and more consistent, thereby contributing to industry landscape. Moreover, the use of advanced composite materials makes the blades lighter and more durable, enhancing their performance and longevity strengthening the product demand.
 

Based on depth, the > 50 m segment is set to grow over 41.5% CAGR through 2032, driven by the development of floating wind turbine technology and other innovations. Various designs such as spar-buoy, semi-submersible, and tension leg platforms are being developed to enhance stability and efficiency. In addition, the use of advanced composite materials reduces the weight of turbine components, making them suitable for floating structures, augmenting the market landscape.
 

North America offshore wind energy market is likely to exceed USD 26 billion by 2032, driven by supportive policies, technological advancements, and growing environmental concerns. Significant investment in offshore wind projects and infrastructure will accelerate the product adoption. Offshore wind energy is still in its nascent stages in Canada, with most focus currently on onshore wind. However, provinces like Nova Scotia and Newfoundland and Labrador are exploring the potential for offshore wind development, contributing to the market growth. In addition, development of floating offshore wind platforms is expanding the potential for wind farms in deeper waters, will drive the business scenario.