Energy and Power

Market Research Future Insights The global offshore wind market is expected to grow at a compound annual growth rate (CAGR) of 21% from 2023 to 2030, reaching a value of $ 117.6 billion by 2030 Offshore wind refers to the process of generating electricity from wind turbines located in the ocean or sea. Offshore wind farms are usually situated in shallow waters near coastlines, where the wind speeds are higher and more consistent than on land. This type of renewable energy has become increasingly popular in recent years due to the availability of larger and more efficient wind turbines, as well as declining costs and increasing demand for clean energy. The COVID-19 pandemic has had a mixed impact on the offshore wind energy sector. The pandemic has disrupted supply chains and caused delays in the construction of new offshore wind farms. The global lockdown measures and reduced economic activity have led to a decrease in energy demand, which has resulted in lower energy prices. A...

Market Overview  The  offshore wind market  is set for higher growth rates in the upcoming forecast period. The offshore wind market also benefits from regulatory policies and a changed outlook of governments towards renewable energy sources. Under sustainable development goals of 2030, the adoption of wind energy harnessing has gained traction. More and more countries are setting up wind harnessing farms. Among these countries with long coastlines and islands are leading in offshore wind farms set up. Wind energy market players are also making conscious efforts towards the set up of offshore wind energy farms.  Offshore wind harnessing projects are a crucial part of the entire wind energy market. There are two major types of wind harnessing initiatives based on location. One type is offshore, and another is onshore. Offshore wind projects are installed on water bodies like the seas and oceans. While onshore wind harnessing was preferred in the initial phase of...