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Global offshore wind market anticipated to reach $50.45bn by 2023
The global offshore wind energy market is expected to reach $50.45 billion by 2023, according to a new market intelligence report by BIS Research, Global Offshore Wind Energy Market: Analysis & Forecast.
Industry officials explain that this growth is due to the increasing demand for clean energy. Rising usage of renewable energy for power generation mix continues to sore across the entire global offshore wind energy market.
“The turbine module segment is expected to dominate the offshore wind energy market [by components],” shared Sonal Rawat, Analyst at BIS Research. “This segment is expected to grow at a CAGR of 15.8% from 2017 to 2022. This dominance is due to the features of the turbine which comprises essential components such as the nacelle, rotor and blades, and tower, which helps to produce electricity.
Offshore wind energy continues to play an integral part in generating clean energy for the masses and has a higher capacity factor when compared to the onshore wind energy.
“Moreover, the cost of turbine components accounts for the largest share of the overall cost of the offshore wind project,” added Rowat.
The report also confirmed that MHI Vestas, Siemens Gamesa, GE Renewable Energy, Adwen Offshore Inc., Statoil, Orsted, ABB ltd., Senvion, Sinovel and Petrofac Inc., were the prominent players in the offshore wind energy market.
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Shell signs $4bn Gas Project Agreement With Nigeria
Shell has recently signed a contract with the Nigerian National Petroleum Company and two other companies to develop numerous natural gas projects worth an estimated US$3.7 billion.
The seven projects are expected to add 3.4 billion cu ft of natural gas per day to the Nigerian market and will aim to further improve Nigeria’s efforts with handling its looming domestic market shortage of the fuel.
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Eskom partners with independent power producers in South Africa to create more than 60,000 jobs
Officials in South Africa are predicted over 60,000 jobs will be created during the rollout of 27 new renewable energy plant projects under the independent power producers (IPP) programme, worth a total R56 billion.
According to a statement issued on behalf of Workforce Staffing, a temporary employment service (TES) provider, South African energy minister Jeff Radebe stated that the 27 new renewable energy plant projects being rolled out under the IPP programme should result in the creation of some 61 600 jobs, mostly during the course of construction.
The department of energy has confirmed the process of building an alternative power plant, that is either reliant on solar or wind power, will be a lengthy process. It has been revealed that a significant length of time will be dedicated to planning and gaining approval from investors, along with various regulatory and governmental institutions.
“IPP projects can take several years to complete and require a significant investment in human capital, which becomes more complex and time consuming by having to source locally,” said Radebe.
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