Global offshore wind energy industry is estimated to grow at a CAGR of by +15% to reach USD 69.63 billion by 2025.
The industry valued approximately USD 18.479 billion in 2016 is forecasted to grow with a healthy growth rate of more than 15.9% over the forecast period 2018-2025, said a market research report by Global Reports Store.
North America is the leading region across the world in terms of Industry share. Whereas, owing to countries such as China, India, and Japan, Asia Pacific region is also expected to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The major factors speculated to augment the markets are government initiatives to reduce carbon footprint and rising need for renewable energy for power generation. Cost of energy and high capital investment are restraining the growth rate of the Industry.
Growing research and development expenditure and innovative technological advancement in offshore wind components is a prime opportunity for growth in the Industry.
Offshore wind energy is the use of wind farms to harvest wind energy to generate electricity. They are mostly constructed in bodies of water, frequently in the ocean on the continental shelf.
Offshore wind energy forms an essential part of the clean energy resources and has a higher capacity factor as contrasted to the onshore wind energy.
Major market players in offshore wind energy industry players are GE Renewable Energy, MHI Vestas, Statoil, Siemens Gamesa, Adwen Offshore Inc., Orsted, Senvion, Petrofac Inc., ABB ltd., Sinovel, Nexans, and EEW Group.