The Rise and Future of Offshore Wind

DID YOU KNOW:

At utility-scale energy-producing facilities in the United States, approximately 4,116 billion kilowatt-hours (kWh) (or around 4.12 trillion kWh) of electricity were produced in 2021. Coal, natural gas, petroleum, and other gases make up about 61 percent of the fuel used to generate this power. Nuclear energy accounted for roughly 19% of the total, and renewable energy sources accounted for about 20%.

Renewable sources of energy are the future. To achieve sustainable development goals, limited resource exploitation must be stopped immediately. Spreading the word and knowledge about utilizing abundant, natural, and renewable resources can help attain global environmental goals. The survival and growth of the human population depend on the Earth's natural resources. However, the Earth's capacity to replenish them limits these resources. As long as exploitation doesn't outpace regrowth, freshwater, forests, and harvestable goods are all renewable resources. Metal ores and fossil fuels are non-renewable resources. The demand for and sustainable management of natural resources is a worldwide issue, despite the fact that many of the localized repercussions of overexploitation are also felt internationally. In light of global trends, this chapter focuses on significant changes in Europe's usage of renewable and non-renewable resources.

According to the U.S. Energy Information Administration, small-scale solar photovoltaic systems generated an additional 49 billion kWh of electricity in 2021.

Renewable resources include food, water, wind, sun, forests, and wildlife. The pace of resource consumption must be kept within the range necessary for natural systems to replenish for resource use to be sustainable. In some circumstances, the rate of depletion of the Earth's renewable resource inventories and the amount of pressure production and consumption are placing on their ability to regenerate may already be beyond this point.

According to the U.S. Energy Information Administration, most of the nation's electricity was generated by natural gas, nuclear energy, and coal in 2020.

The Earth's reserves are depleted due to using minerals, oil, gas, and coal as materials and energy sources. However, by recycling or increasing use efficiency, the time frame during which reserves may be available may be increased. Eventually, the amount that more effective processes can utilize non-renewable resource stocks will be limited, necessitating the usage of renewable resources and placing limits on the number of activities that current stocks can support. To understand the importance of efficient utilization of natural and non-renewable resources, some facts and figures can be looked upon as below:

   Fig.1: List of Non-Renewable Sources used in Energy Production

• Coal

The biggest source of CO2 emissions and electricity generation comes from coal, making the switch to low-carbon energy systems particularly difficult. About a third of the world's electricity is produced using coal. Until alternative technologies are available, coal will continue to be essential to sectors like the iron and steel industry. Coal is likely to play a substantial role in the global energy mix, even though over 20 countries have set deadlines for phasing out its usage for power generation. Governments and the coal sector must implement less polluting and more effective technology, including but not limited to carbon capture utilization and storage if they want coal to continue to play a role as a cleaner energy source in the next decades.

According to Data Bridge Market Research, the coal power generation market will reach an estimated volume of 3,839.44 KW by 2028, while registering this growth at a rate of 6.50% for the forecast period of 2021 to 2028. Coal power generation market report analyses the growth, which is currently being growing due to the increasing dependence on electrification across the globe. Asia-Pacific dominates the coal power generation market due to the rapid industrialization, availability of coal at low prices, growing electricity consumption on account of increasing energy needs in daily life, and increasing number of power generation projects in the region. Duke Energy Corporation.; China Huadian Corporation LTD.; KEPCO Engineering & Construction Company. INC; American Electric Power Company, Inc.; Dominion Energy and Jindal India Thermal Power ltd. Are some of the major players operating in this market.

To know more about this study, visit: https://www.databridgemarketresearch.com/ko/reports/global-coal-power-generation-market

• Natural Gas

The fastest growing and cleanest burning fossil fuel, natural gas today makes up around 25% of the world's electrical production. However, its longer-term application in a move to net-zero energy systems is unknown. Natural gas combustion does produce greenhouse gases, but it also has significantly less CO2 and air pollution than many of the fuels it is replacing especially coal. Natural gas use expanded this past decade particularly, accounting for approximately one-third of total energy demand growth, more than any other fossil fuel. Shale gas availability and growing supplies of tradeable liquefied natural gas are driving the globalization of the natural gas industry. As a result of the expansion of the gas market and the widespread transition away from long-term contracts toward spot pricing, markets are now more interconnected than ever before, with demand or supply shocks in one region now impacting prices for both gas and electricity on a global scale. Natural gas is able to respond to both seasonal and short-term demand fluctuations and to provide backup to the expanding use of variable renewables like wind and power because of its storage capacity, ability to be transported through pipelines or liquefied and sent by ship, and the ability of gas-fired power plants to turn on and off quickly. However, natural gas use is anticipated to face pressure as part of the worldwide push to achieve net-zero emissions.

• Nuclear Power

Another non-renewable energy source is typically nuclear energy. Although the material utilized in nuclear power plants is not a renewable energy source, nuclear energy itself is. The potent energy contained in an atom's nucleus, or core, is harvested through nuclear energy. Nuclear energy is not as renewable as other forms of energy since it depletes radioactive fuel. But behind hydropower, nuclear energy is the second-largest source of low-carbon electricity worldwide. Although it confronts considerable obstacles in some nations, nuclear power has traditionally been one of the largest global suppliers of carbon-free electricity and has a lot of promise to help the power sector become less carbon-intensive. Around 10% of the world's electricity is produced using nuclear energy; in industrialized economies, that percentage rises to almost 20%. Despite its capacity to generate emissions-free power, it faces a different future. Nuclear power struggles in some regions to compete with more affordable and quicker to install alternatives like natural gas or contemporary renewables due to high upfront costs and lengthy project lead times. The creation of next-generation infrastructure, including smaller modular facilities, might tip the scales back in nuclear power's favor. The unclear future of nuclear power in many nations could lead to billions of tonnes of extra carbon dioxide emissions.

• Oil

Fossil fuel power plants use the heat produced by burning coal or oil to produce steam, which drives turbines to produce electricity. The COVID-induced historic decrease in global oil demand was reversed in 2021, and while demand is expected to rise in the near future, the longer-term forecast is uncertain due to threats from alternative fuels and shifting commuter and driver habits. The prediction for global oil consumption has changed lower, and if governments' increasing emphasis on clean energy results in tougher legislation and the pandemic's effects on behavior become entrenched, demand may peak sooner than previously anticipated.

Fossil fuels account for over 80% of the total energy consumed worldwide each year. Fossil fuels are essential to our existence because they are both energy-dense and inexpensive to process. Resources that cannot be replenished are consumed more quickly. For all intents and purposes, they are gone once they are gone. Renewable resources are so plentiful or get replaced so promptly that they theoretically can never run out. This is the situation where offshore wind is becoming more significant and recognized.

OFFSHORE WIND: INTRODUCTION

Offshore wind power or offshore wind energy is the energy taken from the force of the winds out at sea, processed into electricity and provided into the electricity network onshore. Offshore wind energy is a limitless, continuously renewable energy source that emits no dangerous greenhouse gases while turning wind into electricity. Offshore wind power will be crucial in our future electricity generation as the government seeks to combat climate change and cut greenhouse gases. The share of offshore wind power climbed from 9.7% in the third quarter of 2019 to 11% in the third quarter of 2020, according to the Department for Business, Energy and Industrial Strategy's (BEIS) most recent energy trends numbers. This contrasts with solar energy's 5.6 percent and biofuel and waste's 12.7 percent. Several times in 2020, including most recently on December 18 (17.2 GW), the record for the highest amount of wind generation was broken. On August 26, wind contributed it's highest-ever share to the electricity mix (59.9 percent). With over 10GW operating off its shores, the U.K. has the greatest offshore wind capacity ever deployed. The U.K.'s green and resilient future economy is thought to be powered by the North Sea, which is a global leader in offshore wind technology. China comes in second place in terms of total installed offshore wind capacity, closely followed by Germany.

The largest offshore wind farm in the world is Hornsea 1 in the North Sea. It is located 407 square kilometers off the coast of Lincolnshire, has 174 turbines, and generates 1.2GW of renewable energy. That would be sufficient to power more than a million homes with renewable energy. The U.K. and its neighbors in Europe are working together to improve the flow of green and clean electricity from offshore wind farms. You can learn more about the technical achievements made possible by interconnectors. Below are mentioned some facts about offshore wind energy:

 Fig.2: Unknown facts about offshore wind

• Most Americans Can Access Offshore Wind Resources- The Great Lakes and coastal states, where the majority of Americans reside, account for over 80% of the country's electrical demand. In the Northeastern United States, where some of the country's first offshore wind projects are planned, offshore wind resources are advantageously situated close to these coastal populations. Wind turbines along coasts need shorter transmission lines to connect to the power grid than many common sources of electricity.
• Offshore Wind is Timely- In many locations where offshore wind projects are envisioned, offshore wind speeds are greatest in the late afternoon and early evening, when consumer demand is at its highest. Most land-based wind resources are more powerful at night when less electricity is needed. Several businesses are creating inventive floating offshore wind platforms for use in deep oceans. Spar-buoy, tension leg platform, and semi-submersible are the three different types of floating platforms. Semi-submersible platforms are expected to be used in about 75% of projects.
• The U.S.'s Offshore Wind Resources Predominately exist in Deep Waters- About 60% of the country's offshore wind resources are located where it is impractical to use traditional foundations, such as huge steel piles or lattice structures attached to the seabed. U.S. offshore wind projects are creating a range of various foundation types that are tailored to certain site conditions.

In the next ten years, both onshore and offshore wind will experience tremendous expansion. Despite delays caused by COVID-19, Statista reports that the world's wind power capacity increased to 743 GW in 2020 from 650 GW in 2019. The exponential growth of wind power installations reveals its rising acceptance on a global scale. Wind power is becoming more financially viable due to technological advancements and international initiatives to combat climate change. With countries in the U.K. and Europe, North America, and India also accelerating the trend at a high rate, China and the USA continue to dominate the world's wind power industries.

• Offshore Wind Farms use Undersea Cables to Transmit Electricity to the grid- Through a network of cables buried in the ocean floor, electricity generated by offshore wind turbines is transmitted back to land. Our homes, schools, and workplaces are powered by this electricity, which is distributed into the electrical grid by coastal load centers that prioritize where it should go.
• The size of offshore Wind Components is Growing- Transporting offshore wind turbine parts through ships and barges eliminates some logistical problems that land-based wind turbine parts have, like navigating through tunnels or restricted roads. Although working at sea brings unique difficulties, these components allow offshore wind developers to construct larger turbines that can produce more electricity. Offshore turbines can be scaled up to one and a half times the height of the Washington Monument, with blades the length of a football field, to harness the immense wind resources accessible offshore.
• Resources for Offshore Wind are Abundant- Wind has the potential to provide enormous amounts of clean, renewable energy to meet the needs of communities around the coasts of the United States. The National Renewable Energy Laboratory estimates the technical resource potential for offshore wind in the United States to be more than 2,000 gigawatts of capacity, or 7,200 terawatt-hours of power annually.

Offshore winds are faster and steadier than land. This indicates that offshore winds are a reliable source of energy generation. Therefore, offshore wind farms have more significant advantages than land wind farms. Small changes in wind speed result in significant increases in energy output: a turbine operating in a wind of 15 mph can produce twice as much energy as one operating in a wind of 12 mph. Offshore, faster wind speeds allow for substantially greater energy production.

There is a difference between onshore and offshore wind. The differentiation can be understood and comprehended with the table given below:

Regions are embracing offshore wind all around the world. Companies pursuing initiatives should be prepared for several obstacles and be top-notch in many different areas. In the upcoming years, offshore wind is projected to expand as a proven and dependable renewable energy source. A study predicts that global installed offshore wind capacity will increase from 40 G.W. in 2020 to 630 GW in 2050, with an additional 1,000 GW of power possible in a 1.5° pathway scenario.

ROLE OF OFFSHORE WIND ENERGY GENERATION SYSTEMS

The linked carbon-fiber blades of wind turbines are turned by air. The motor, which is attached to the blades, converts kinetic energy into electrical energy. The energy is transferred to a gearbox, which changes the blades' low-speed rotational motion into a high-speed one. The drive shaft is then turned swiftly enough to run an electric generator.

Wind energy is the futuristic approach for energy generation. Data Bridge Market Research prepared an investigative report on the global wind energy foundation market. According to Data Bridge Market Research, wind energy foundation market size is valued at USD 205.49 billion by 2028 and is expected to grow at a compound annual growth rate of 10.40% for the forecast period of 2021 to 2028. The shifting preference towards power generation from renewable sources such as wind and solar, rising investments in renewable energy, growing environmental concerns, rapid industrialization, rapidly increasing installation capacities of wind power and the decreasing prices of wind turbines will further offer a variety of growth opportunities for the wind energy foundation market in the above-mentioned forecast period.

To know more about the study, visit: https://www.databridgemarketresearch.com/ko/reports/global-wind-energy-foundation-market

Onshore wind turbines have traditionally dominated the industry, but in recent years, technological advancements have given rise to offshore wind farms. Turbines situated on land as opposed to those over water are referred to as onshore wind power. They are often found in remote locations with little potential for conservation. The International Energy Association reports that the amount of electricity produced by onshore wind climbed by 12 percent in 2019. The disadvantages of onshore wind systems have led to offshore wind systems' innovation. Some of these disadvantages are:

• Wind Speed Variation- Onshore wind turbines' speed is not always predictable. Due to the variable wind speed and direction, it might be difficult to generate electricity consistently on land. In order to prepare for energy production, wind direction and speed must be carefully observed.
• Wind Blockages- Inconsistent production can also be a result of physical obstructions like hills, mountains, and nearby structures. Because of this, onshore wind is unable to produce energy throughout the year and can only reach about 2.5 MW, as opposed to offshore wind's approximately 3.6 MW.
• Energy Intermittent- Onshore turbines need fossil-fuel backups during periods of low wind speed because they don't operate year-round. Fossil fuels will also be needed in greater quantities as our reliance on wind farms for energy grows.
• Visual and Sound Factors- Onshore wind farms might ruin the aesthetics of the surroundings. In order to produce more power, wind turbines constructed on high ground can be imposing on the nearby residential neighborhoods. Additionally, wind turbines are not silent because they produce noise when near a residential area. To give an example, a wind turbine sounds like a lawnmower up close.

When talking about offshore wind power, it is referred to as the wind farms that are situated over shallow open water—typically the ocean—where the wind blows more forcefully. Inshore water locations such as lakes and fjords can also be referred to as having offshore wind. Fixed-foundation wind turbines in shallow water are used in most offshore wind farms. But as technology develops, it will be possible to construct wind farms over deeper waters. By 2030, offshore wind will reach over 234 GW, with Asia-Pacific leading the way, according to the Global Wind Energy Council. On average, offshore wind speeds are higher than those on land, and even slight improvements in wind speed can result in significant gains in energy production. In order to produce the same quantity of electricity as an onshore turbine, less turbines are required. Offshore wind turbines are more reliable because the wind's speed and direction don't fluctuate as frequently (meaning more reliable power generation). The visual impact of offshore turbines is less than that of those on land. No physical barriers could prevent the wind from flowing, and they don't obstruct land use. Because of this, offshore wind farms can be expanded and produce more energy than onshore ones while having less of an adverse physical impact. In addition to being able to be built taller than their onshore counterparts, offshore wind turbines can capture more wind energy and generate more electricity.

Fig.3: Offshore wind market potential is maximum in Asia-Pacific

Source: McKinsey Global Energy Perspective 2021

Offshore wind virtually offers limitless options, and as more and more nations and regions establish their goals and regulations for maritime energy, new markets appear almost daily. By the middle of 2020, "just" 23 G.W. of offshore wind had been constructed, compared to the E.U.'s aim of 300 GW by 2050. Additionally, there are almost no restrictions because many nations are firmly engaged on using green energy to support economic recovery from COVID-19. With 410 GW added by 2050 in the base case, including 240 GW in Mainland China, the Asia-Pacific region (APAC), which had 11 G.W. of installed offshore wind in 2020, is expected to significantly increase its capacity, surpassing Europe, the Middle East, and Africa (EMEA) by the mid-2030s. Along with mainland China, Taiwan has established itself as the offshore wind industry leader in Asia. In December 2021, Japan released its third tender, a tool most governments use to distribute offshore wind capacity. Vietnam, South Korea, and Australia are starting to put their aspirations into action. Although offshore wind in the Americas is still in its infancy, by 2050 it is anticipated that the region will have built up about 35 G.W. of capacity. By 2030, 30 G.W. of offshore wind capacity must be installed, according to an executive order signed by U.S. President Joe Biden in March 2021. States having access to marine areas suitable for offshore wind have set high state-level goals, continuing the federal trend. While the East Coast is seeing the most of this activity, California, the Gulf of Mexico, Alaska, and Hawaii are also beginning to see the potential for offshore wind, including in floating technology.

Azerbaijan, Brazil, Canada, Colombia, India, Oman, Philippines, Sri Lanka, Trinidad & Tobago, and many other nations are also investigating offshore wind.

The future of offshore wind is also improving due to technological advancement. Up until recently, bottom-fixed foundations grounded in waters with normal depths of up to 50 meters were used to support turbine installation, necessitating a relatively narrow continental shelf. The viable sea area for offshore wind has increased by a factor of five thanks to the development of new, floating foundations that can be installed regardless of the terrain that lies below and that may be viable at water depths of 1,000 meters and beyond. The first commercial floating project in France has already had a tender completed. Italy has identified more than 17 G.W. of offshore wind potential, 70% of which are in deep waters necessitating floating foundations.

With the rising awareness about offshore wind, offshore drilling is gaining momentum as well. Identifying this opportunity, Data Bridge Market Research conducted a detailed investigation and prepared a report on global offshore drilling market. According to Data Bridge Market Research, offshore drilling market will reach an estimated valuation of USD 121.89 million by 2028, while registering this growth at a rate of 4.60% for the forecast period of 2021 to 2028. Offshore drilling market is segmented on the basis of service type and application. On the basis of service type, the offshore drilling market is segmented into contract drilling, directional drilling, logging while drilling, and measurement while drilling. The contract drilling segment will hold the largest share in the growth of the market. The application segment for offshore drilling market includes shallow, deep, and ultra-deepwater drilling. Asia-Pacific region is expected to hold the largest growth rate in the offshore drilling market during the forecast period of 2021-2028 due to the increasing number of exploration and production activities along with rising demand for oil and gas in the region.

To know more about the study, visit: https://www.databridgemarketresearch.com/ko/reports/global-offshore-drilling-market