The global offshore wind energy market is expected to develop over USD 49.74 billion by 2023 at an estimated CAGR of around 11.12% during the period 2017 to 2023. An important factor of the growth in this sector, is the high demand on clean and reliable energy, aiming to decrease carbon emissions and keep an environmentally-friendly balance.
Wave and tidal energy market was valued at USD 487.7 million in 2014 and is anticipated to reach USD 11,365 million in 2024, expanding at a CAGR (Compound Annual Growth Rate) of 23% from 2016 to 2024, according to a new report by Market Research Engine.
The animation video unveils the design of a new tidal turbine, as part of the FloTEC project, funded by the EU’s Horizon 2020 research and innovation programme. The Orbital O2 2MW, designed by Orbital Marine Power, is targeted to be deployed at EMEC in Orkney in 2020. The company believes that, when launched in 2020, it will be the most powerful tidal generating platform in the world.
Research at HR Wallingford, in collaboration with the Coastal and Hydraulics Laboratory, has developed a toolkit which can be used to optimize the design of floating offshore renewable energy devices, by accurately simulating the response of these floating structures under realistic sea states.
Brazilian energy major Petrobras (Petróleo Brasileiro S.A.) announced the signing of a Memorandum of Understanding (MoU) with the Norwegian oil major Equinor to evaluate a joint business development in the offshore wind energy industry in Brazil.
Belgium’s plans to support three offshore wind farm projects are in line with EU State aid rules, the European Commission announced, noting that the measure will further EU energy and climate goals without unduly distorting competition in the Single Market.
The European Commission has granted approval to the EnFAIT €20 million tidal energy project to proceed to its next stage, after a successful first year of design development and operations. The project aims to prove that the cost of tidal energy can be reduced by at least 40%.
Avangrid and Copenhagen Infrastructure Partners will develop an 800-megawatt offshore wind farm south of Martha’s Vineyard. This facility will save about $1.4 billion in a course of 20 years. Construction on the wind farm will start during 2019, and it is expected that it will start operation in 2021.
The Icebreaker Wind energy project proposed for Lake Erie has received a Section 401 water quality certificate of approval by Ohio’s Environmental Protection Agency, confirming compliance with marine pollution standards, and marking further a step towards the project implementation.
The European Commission has approved a French project promoting electricity generation from tidal energy, which was found to be in line with EU State aid rules, while it is expected to contribute further the EU’s energy and climate goals without distorting competition in the Single Market.
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