Offshore Wind Market Global Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast 2029

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Offshore Wind Market
Offshore Wind Market

The electrical energy needed to gather wind energy on the continental shelf is provided by offshore wind. Compared to on land, wind speed is typically stronger and more consistent offshore. There is no longer a need for additional overland transmission lines because offshore wind turbines are situated close to coastal regions.

The Offshore Wind Market is expected to increase as a result of significant expenditures in renewable energy sources and supportive government regulations. The National Ocean Industries Association, for instance, built the nation's first offshore wind farm in 2017. In addition, growing awareness of the negative effects of non-renewable energy sources like fossil fuels on greenhouse gases like carbon dioxide and rising electricity demand will support the expansion of the offshore wind sector.

Due to the fact that the potential energy of wind is precisely related to the cube of wind speed, a slight increase in wind speed can produce a much higher amount of electricity. For instance, a turbine at a location where the average wind speed is 16 miles per hour (mph) would generate more than 50% more electricity than a turbine at a location where the average wind speed is 14 mph.

Europe held a market share of 56.99% in the Offshore Wind Market in 2016 and is anticipated to reach US$ 39.39 billion by 2025 with a CAGR of 12.9%.

Due to its ideal weather for offshore wind, Europe has seen a significant increase in the offshore wind sector. Approximately 88% of all offshore wind installations in 2016 were found in the coastal seas of ten European economies, according to the Global Wind Energy Council (GWEC), and the remaining installations (about 12%) were found in China, Japan, Taiwan, South Korea, and the United States.

The Bureau of Ocean Energy Management estimates that almost 50% of Americans live close to the ocean. Land-based renewable resources are few, and energy prices and demand are high in coastal regions as well Offshore Wind Market. Los Angeles, New York City, and Boston are three coastal cities in the United States where offshore wind energy has the potential to deliver significant amounts of renewable energy.

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