Offshore Wind Energy

Offshore Wind Energy Market is Projected to Grow at 21% from 2018 to 2023

As per the International Energy Agency (IEA) it is expected that the demand for electricity will increase by 70% by 2040 due to excessive demand in emerging economies such as China, India, Africa, Middle East and South-East Asia. From the different renewable sources of energy, wind energy is the most efficient form of energy and windmills are installed in wind farms to generate electricity. These farms are of two types onshore that is on land and offshore that is the sea or in rivers. Offshore farms are considered better as extra land is not required to develop the wind farms. The offshore wind energy market is expected to grow from $24,544.8 million in the year 2018 to $50,450.9 million by 2023 at a CAGR of 15.5% from 2018 to 2023.

The global offshore wind energy market in terms of installed capacity registered 18,221MW in 2017 and is expected to reach 55,835MW by 2023 growing at a CAGR 0f 21.0% from 2018 to 2023. The growth in the market is attributed to the increasing demand for clean resources for power generation in the energy and sustainability industry. Factors that are likely to drive the market include the rising demand for renewable energy sources, increasing investments energy sector by several companies and governments of different countries and conscious initiatives to reduce the carbon footprint. However, high cost of maintenance can inhibit the growth of the market.

Further, as per the BIS Research report, for the study of the global offshore wind energy market it was segment based on component, location, regional markets. Based on the trends the market varies across geographical regions. It is noted that the region of Asia-Pacific has a lot of potential for the wind energy, however, availability of the land is an inhibiting factor, thus they are centering the focus of research and development and in offshore wind energy for power generation.