United Kingdom Offshore Decommissioning Market is Powered by Rising Clean Energy Targets
Offshore wind energy has become one of the fastest growing renewable sources in the United Kingdom. Located in shallow waters of the North Sea and further offshore in deeper waters, offshore wind farms generate clean electricity through huge turbines mounted on floating platforms or fixed structures underwater. Offering higher wind speeds and greater predictability than onshore installations, offshore wind leads to more efficient energy production throughout the year. The turbines are also taller with longer blades that can generate more power. The UK has made massive investments in building new offshore wind capacity to meet its climate targets of reducing carbon emissions.
The United Kingdom offshore decommissioning market size is expected to reach US$ 2.40 Bn by 2031, from US$ 1.30 Bn in 2023, growing at a CAGR of 8.5% during the forecast period 2024-2031
Key players operating in the offshore wind market in the UK include Ørsted, SSE Renewables, RWE, Vattenfall, Equinor and EDF. Ørsted is the largest offshore wind developer in the UK with projects like Walney Extension, Hornsea 1 & 2.
Growing demand: Growing environmental concerns and government pushes for clean energy are driving demand for renewable power in the country. Offshore wind is seen as a vital tool to achieve the goal of net-zero emissions by 2050 as it provides a reliable domestic energy source.
Global expansion: Leading United Kingdom Offshore Decommissioning Market developers are expanding globally by building large offshore wind farms in international markets like Europe, Asia and North America to diversify business away from cost pressures at home. This will help meet the rising worldwide appetite for clean energy.
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