Offshore Wind Energy Market to surpass $60bn by 2024 Offshore Wind Energy Market | Page 3

The turbines account for a major share of the total project prices and play a key role
toward the feasibility and plant performance. In addition, ongoing developments in
turbine length and size for offshore installations, developing turbine assembly
concepts and new blade designs are some of the essential factors strengthening the
offshore wind energy market.
Introduction of variable transmission devices, superconducting generators and
enhanced generator speed are some essential advancements driving the offshore
wind energy market. Technological advancements in the construction of effective
cooling systems and the use of high voltage array cables will further stimulate the
business potential.
The UK offshore wind energy market, in 2017 was valued over USD 8 Billion.
Favorable regulatory measures, energy security initiatives and decarbonization
reforms are some of the key factors that will augment the industry outlook.
Increasing fund allocation by leading companies to expand the offshore wind
potential will further favor the industry outlook. According to Wind Europe, an
investment of about USD 59 billion was allocated in Europe, with major fund
contribution from public market transactions, mergers at project levels and new
assets.
Eminent offshore wind energy market participants comprise Vestas, Enercon, GE,
Nordex Acciona, Senvion, Siemens Gamesa, MHI-Vestas, United Power, WEG SA,
Goldwind, Envision Energy, Mingyang, Suzlon, Wobben, Clipper, Bergey, Impsa,
LM, Enessere, RTS, Northern Power Systems, Availon, Global Energy Services,
Prysmian, Furukawa Electric, General Cable, LS Cable, Southwire, Nexans, and
Sumitomo.
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