Offshore Wind Market Expected to Reach $50 bln by 2023

The global offshore wind energy market is poised to grow over USD 49.74 billion by 2023 at an estimated CAGR of around 11.12% during the period 2017 to 2023.

The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources, said a report by Market Research Future.

However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the offshore wind market. Also, high tidal winds and bad weather conditions making it difficult to access the offshore wind farms even for problem rectification and preventive maintenance will restrain the global offshore wind market.

Offshore wind energy farms are constructed offshore on continental shelf to harvest wind energy to generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher amount of electricity can be generated through these installations.

The offshore wind market in the Europe region is currently leading and is followed by North-America and Asia-Pacific market.

But it is expected that North-America will grow at the highest CAGR, owing to the approval of various offshore wind farm projects in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation. These factors will drive the market for offshore wind market in North American region during the forecast period.

The key players of global offshore wind market are Siemens AG (Germany), Vestas Wind Systems A/S (Denmark), General Electric Company (U.S), Senvion SA (Germany), Areva (France), Clipper Windpower, LLC (U.S), ABB Ltd. (Switzerland), Sinovel Wind (Group) Co., Ltd. (China), Doosan Heavy Industries & Construction (South Korea), Suzlon (India), A2SEA (Denmark) and EEW-Group (Germany).