United States Missing in the IMD List of Competitive Economies for 2024
Europe Sets up Increasing Number of Offshore Wind Substations in 2024
By Shubhendra Anand , 21 October, 2024
The progress in clean energy transition globally will move faster in 2024. It is developing new processes and mediums of green transformation. Nations will adopt various practices worldwide in 2024. Emerging and developed economies are setting up their clean energy transformation processes differently. However, the motto remains the same. Some nations are spending much on developing renewable production plants while others are reducing emissions. European countries are investing in offshore energy production in 2024. Recent surveys in 2024 show that Europe is planning to invest USD 20 billion in offshore substations of renewables in the next ten years.
Another research study on the clean energy sector shows that USD 20 billion annually is expected to be spent on renewable development by 2027. Its target is to make renewables the most significant contributor to the construction sector. However, Europe plans for offshore substations to be set up in 2024 to boost offshore wind energy production. The offshore industries for clean energy transition will increase rapidly in 2024. Renewables like wind and solar energy are important as they help to generate clean electricity. Therefore, offshore substations are important for transmitting electricity generated with renewables from offshore plants to grids. Hence, offshore substations are gaining momentum in the energy market. It supports the growth of renewable production with several offshore wind and solar installations and is reliable, too. Europe will build wind offshore installations within 50 kilometers in 2024.
Experts claim that Europe will become the hub for offshore wind installation activity in 2024. By increasing offshore wind production and substations in 2024, Europe plans to set the continent as the hub for offshore substation activities. It will help enhance the nation's clean energy transformation as well. According to the surveys, Europe is planning for 24 new offshore substations for wind energy by the end of 2024. However, until now, the European market has been all set for offshore wind substations. It is near the country to set up substations for other renewable energy sources.
Offshore substations by distance in Europe in 2024
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Shubhendra Anand
Head Research
