offshore wind energy

Offshore Wind Energy Markets Rising Steady with CAGR of 19.4%

The worldwide offshore wind energy market was worth $2,727 thousand in 2016 and is anticipated to rise to $11,334 thousand by 2023, with a compound annual growth rate (CAGR) of 19.4% from 2017 to 2023, Report Ocean says in their latest report.

Offshore wind energy is employed by a number of countries across the world to harvest the energy of steady and strong winds that blow over the oceans. Offshore winds are more consistent and move at a faster rate than on land. Wind energy is exactly proportional to the cube of wind speed. Wind speeds of merely a few miles per hour can so create a significant quantity of power.

Globally, the industry has seen considerable growth potential as demand for power processes has increased, as has government spending. Furthermore, the market’s growth is aided by customers’ growing preference for efficient and simple renewable energy sources. However, the high initial costs of offshore wind power systems, as well as the consequences of offshore wind farms on marine wildlife, are expected to limit market expansion. Europe, North America, Asia-Pacific, Latin America, and the Caribbean (LAMEA) make up the worldwide offshore wind energy industry.

Market penetration and different expansion tactics, including mergers and acquisitions, have been used by important players in the worldwide offshore wind energy market with local and established businesses.

Because of the growing need for technical breakthroughs from end-users, the worldwide industry is expected to rise rapidly. Furthermore, the market will benefit from increased expenditures in research and development, launches, alliances, and other strategic efforts.

Moreover, the market is expected to develop due to authorities’ rising focus on expanding urbanization and industrialization.