Emerging Offshore Wind Energy Market (2022 - 2030) Estimated to be Worth USD 89.76 Billion by 2030

According to the research report, the global offshore wind energy market was valued at USD 33.52 billion in 2021 and is expected to reach USD 89.76 Billion by 2030, growing at a CAGR of 12.1% during the forecast period.

Offshore wind energy is acquired by capitalizing on the power of wind at sea, where the wind extends to a higher speed and is more persistent as there are no obstacles. To make most of the resources, megastructures are established that are positioned on the sea bed and furnished with the latest innovations that are technical.

As this is a kind of renewable energy, there are several benefits as it is inexhaustible and does not contaminate. It is an energy source that assembles low greenhouse gas emissions, which are the prominent wrongdoers accountable for global warming. Onshore facilities produce twice the power due to wind blowing more at sea than on dry land. Also, these powers have a less visual impact and are less noisy, which indicates that their installed capacity can be far higher on the land extending to hundreds of megawatts.

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Growing inclination towards green energy to drive the offshore wind energy market

There has been a palpable shift in the energy sector towards renewable and green energy because of factors like the requirement to reduce carbon emissions, fossil fuel consumption, and climatic change. Several government policies are situated to reinforce the initiative towards energy that is greener. Several multinational companies are undertaking inventiveness to slash down carbon footprint to bestow a greener planet and tenability.

Europe to lead the offshore wind energy market due to the promotion of power generation

Europe accounted for the largest offshore wind market share among all regions in 2020. The European region has been a trailblazer in offshore wind technology and offshore wind farm advancement. The advancement of offshore wind energy is underpinned by the European wind initiative, a wind energy R&D program expanded to put the wind industry to the next step in Europe. The countries in the EU are essentially concentrating on refining their maturing electrical infrastructure, and governments of these countries are encouraging power generation through sources of renewable energy. They build networks from age to end-users to permit efficient power and energy trading.

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The turbine segment is the biggest benefactor in the offshore wind market

The turbine segment is responsible for the largest share because the turbines are placed on the towers and are accountable for exploiting the wind energy to make power.

The shallow water segment is the most significant contributor to the offshore wind market

The shallow water segment is considered the most significant share due to the existence of less challenging weather and simplicity of sustenance, making this segment the proposed choice for the advancement of the offshore wind farm.

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Covid-19 impact

Covid-19 has retarded the growth of the offshore wind market as countries were compelled to administer lockdowns during the first half of 2020. Local authorities and governments furnished stringent norms, and all insignificant functioning was stopped. These norms harmed the offshore wind market due to less concentration of offshore wind market development.

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Recent developments

• In May 2021, GE renewable energy declared that it had concluded the turbine supply and service and warranty commitments for the third and the final phases of the Dogger Bank offshore wind parks.

• In May 2021, Seimens Gamesa was committed as a favored supplier for the entire 1,044 MW Hai long offshore (in Taiwan) wind projects.

Conclusion:

The growing number of initiatives by the government and companies to cut downing carbon emissions is the prominent driving factor for the industry growth. The increasing concern regarding the environment is the surging demand for offshore renewable power.

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