Offshore wind to provide 30% of United Kingdom electricity by 2030

Wind energy

Although, offshore wind accounts for marginal 0.2% of the global electricity generation, factors such as technology advancement, policy support, and a maturing supply chain are making offshore wind an increasingly viable option for renewables-based electricity generation.

She added: "The UK has been very successful in delivering offshore wind and with this sector plan we must ensure that we are able to maximise the power produced by new offshore wind farms. The country needs a viable, safe, skilled and secure offshore wind industry employing hundreds of thousands of workers, based on a model that sustainably exploits all our energy resources for decades to come". The UK government, for its part, will provide up to US$732 million (£557 million) available for future Contracts for Difference.

Energy UK's chief executive, Lawrence Slade, said: 'Today's sector deal, and continued investment from industry, will create a global offshore wind market set to be worth £30 billion a year by 2030 and further cement the UK's position as a world-leader in offshore wind.

The floating offshore wind power market is anticipated to witness growth in coming years on account of increasing focus on creation of floating offshore wind power infrastructure and technological advancements associated with the same.

And there will be more efforts to reduce the cost of offshore wind projects, which have already seen costs halve in just two years, in the 2020s to help move to a subsidy-free system. Although 84% of the total offshore wind installations are in the European waters, the governments outside the European region, particularly in the Asia-Pacific and North America have set an ambitious target for the installation of offshore wind farms in their respective territorial waters.

This report studies the Offshore Wind Cable market size (value and volume) by players, regions, product types and end industries, history data 2013-2018 and forecast data 2018-2023; This report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View) 9.1 Vestas Wind Systems A/S 9.2 Siemens Gamesa Renewable Energy SA 9.3 General Electric Company 9.4 Nordex SE 9.5 Senvion SA 9.6 Suzlon Energy Ltd 9.7 Xinjiang Goldwind Science & Technology Co.

'Renewable power now presents the best opportunity for cheaper, cleaner and faster decarbonisation.

The World Bank and IFC will help emerging markets assess their offshore wind potential and provide technical assistance to develop a growing pipeline of projects that are ready for investment by renewable energy developers.

"Companies are burgeoning in clusters, creating new centres of excellence in this clean growth boom", he said.

Spearhead a new £250 million Offshore Wind Growth Partnership to make sure United Kingdom companies in areas like the North East, East Anglia, Humber and the Solent and continue to be competitive and are leaders internationally in the next generation of offshore wind innovations in areas such as robotics, advanced manufacturing, new materials, floating wind and larger turbines.

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