Report says Offshore wind energy market to grow at a 23.4 % CAGR through 2027

Nov. 10, 2021
Favorable government policies and greater investment in renewable energy will drive growth

Market research firm Coherent Market Insights has released a report on the offshore wind energy market. The report states that the market is expected to grow at a CAGR of 23.4% until 2027, when offshore wind energy will account for 188.35 GW of volume.

Greater investment in renewable energy worldwide and favorable government policies are expected to drive market growth. Many countries are focused on increasing the use of renewable energy and this has led to an increase in the installation of offshore wind power. For example, South Korea signed a $43 billion deal to set up the world’s largest offshore wind farm complex. Government initiatives to reduce carbon emissions has led to a greater adoption of renewable energy projects, like solar and offshore wind. For example, the European Union installed a 1.3 GW offshore wind project in the first half of this year. Moreover, floating foundation wind farms are providing access to better wind resources.

In the forecast period, Europe is expected to witness significant growth in offshore wind as the countries here are more focused on reducing their reliance on fossil fuels and adopting renewable energy. North America is expected to see a lucrative growth rate as the government will increase expenditure on constructing such offshore wind energy projects.

The report states that the major players in this market include Siemens Gamesa Renewable Energy SA, GE Renewable Energy, Equinor ASA, Northland Power Inc., Orsted AS, Suzlon Energy Limited, and Nordex SE.