Offshore Wind Turbines Market Production Growth by Type forecast

 

Factory Shutdowns Reduce Uptake of Renewable Energy Due to COVID-19 Outbreak

Travel bans, supply chain pressure, and deferred maintenance of offshore wind turbines are among key challenges faced by wind farm owners during the ongoing COVID-19 pandemic. Lack of manpower to fix the breakdown of wind farms is another challenge that companies in the offshore wind turbines market need to tackle. Moreover, factory shutdowns worldwide have affected the uptake of renewable energy. This led to difficulties in adhering to deadlines for building new projects.

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Ongoing travel restrictions are causing a major problem in maintaining optimum performance of offshore wind farms. This issue is quite prominent in the European Union. On the other hand, other countries have been fortunate due to availability of enough domestic service engineers. As such, there is a demand for overseas-based specialists to tackle issues for large O&M (Operation & Maintenance) problems of wind farms.

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Can Rapidly Falling Technology Costs Bolster Adoption of Floating Wind Turbines?

The offshore wind turbines market is estimated to cross the revenue of ~US$ 120 Bn by 2030, as ongoing projects in the offshore wind development pipeline have the potential to generate several thousand megawatts (MW) of electricity. Companies in the offshore wind turbines market are increasing their R&D muscle to design floating wind models that are less bulky and less expensive. Companies and individuals from research institutions, regulatory bodies, investment organizations, and the likes are taking cues from webinars to innovate in offshore wind turbines.

Manufacturers are adapting their production practices according to popular reference turbines before building prototypes. They are tapping into opportunities in new wind resources to make floating wind turbines more cost competitive. Floating wind turbines are anticipated to acquire prominence in Northeastern United States and Pacific regions.

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Design Improvements in Deepwater Offshore Wind Turbines Help Reduce Installation Costs

The global offshore wind turbines market is expected to advance at a striking CAGR of ~8% during the forecast period. As such, deepwater offshore wind turbines hold promising potentials in generating several thousand gigawatts (GW) of electricity, which is capable of lighting electricity systems across the U.S. However, high capitals expenditures associated with substructure and installation expenses are posing a barrier in the large-scale adoption of deepwater offshore wind turbines. Hence, companies in the offshore wind turbines market should collaborate with researchers who are capable of innovating in low-cost solutions for deepwater offshore wind turbines.

Researchers at the National Renewable Energy Laboratory (NREL) have introduced SpiderFLOAT, a scalable offshore floating wind system, which is designed to reduce costs associated with deepwater substructures. Design improvements in deepwater wind systems are anticipated to replace conventional fixed-bottom offshore wind power plants.

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