Increasing awareness about the advantages of non-conventional energy sources has resulted in huge investments in the offshore wind energy sector. Moreover, the rapid depletion of fossil fuels and hazardous impacts of these conventional energy sources on the environment have encouraged more funding in the wend energy industry. Governments across the world are making investments in the renewable energy to cater to the future energy demands, while minimizing the conventional energy supply. These factors help the market for offshore wind turbine to grow from $24,683.3 million in 2019 to $68,869.3 million by 2026.
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The manufacturers of wind turbines, such as MHI Vestas Offshore Wind A/S, Mingyang Smart Energy Group Co. Ltd., Envision Energy, Orsted A/S, General Electric Company, and Siemens Gamesa Renewable Energy S.A, have constantly focused on technological advancements to offer better and reasonable products. In the preceding years, energy generation through offshore turbines was an expensive process than today, and a large number of small turbines had to be installed to meet the energy demand. However, constant technological developments have led to the advancement in higher-capacity turbines that produce energy at reduced prices.
In the coming years, the Asia-Pacific region will record the highest number of wind energy plants, due to the increasing number of government policies that support the installation of windmills. Moreover, the excessive energy demand and high reliance on fossil-fuel for energy generation in the region will also boost the requirement for eco-friendly and cost-effective wind turbine installations on oceans, lakes, and seas. For instance, China aspires to increase the wind energy capacity of the country to 400 gigawatts (GW) by 2030.
Thus, the growing inclination toward renewable energy sources, on account of rising awareness about the benefits of green energy and drawbacks of fossil fuels, will accelerate the installation of wind turbine at offshore sites, worldwide.
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