With high urbanization rate, rising population, and increasing infrastructure development, the demand for power is also increasing across the globe. The diminishing non-renewable energy resources, coupled with the necessity for sustainability, has created the need of the hour to look for renewable energy resources in order to catch up with the global demand. Solar energy has already started spreading its arena as a likely alternative to conventional energy resources, however, its true potential is yet to be realized at the ground level. At the same time, research has been pacing up to develop new sustainable energy resources, and offshore wind energy is one of them.
Due to their challenging locations, the plants or farms for offshore wind energy are required to be relatively strong when compared to the onshore wind farms. Geographical location and water depth – shallow or deep water – plays a crucial role for the offshore wind energy Infrastructure development. The construction of shallow depth wind energy Infrastructure requires less efforts as compare to the deep water Infrastructure. The primary advantages associated with the offshore wind energy infrastructure are the reduction in project capital, along with the zero fuel cost which is natural wind. In offshore wind energy farms, four types of foundation are utilized which include, monopole, jacket, tripod, and floating foundations. Owing to increasing research and development about the unconventional energy resources, huge potential for harnessing the offshore wind energy is expected to contribute to the development of new plants, in turn creating significant opportunities for project developers and components suppliers in the global market.
Offshore Wind Energy Infrastructure Market: Dynamics
Exponential growth has been witnessed in the renewable energy consumption in across various parts of the world. Various start-ups and technology based companies, often through the support of non-governmental organizations, have also been involved in utilizing renewable energy at small scale for applications, including, home appliances, small electrical equipment, etc. To keep up with the same trend at the large scale, significant growth is expected to result in the offshore wind energy infrastructure development over the forecast period.
The environmental regulatory pressure for reducing the emission of harmful substances from fossil fuel based energy resources is further expected to push the stake holders, either government or private entities, to opt for offshore wind energy sources, in their respective regions.
Offshore Wind Energy Infrastructure Market: Participants
Some of the players identified across the value chain of the offshore wind energy infrastructure market are as the below: