Report: Offshore wind market to grow by 17.7% annually

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Global offshore wind power will grow at a rate of 17.7 percent each year from 2021 to 2027, accumulating $52.94 billion by the end of 2027, according to Market Study Report.
The report provides a work plan for stakeholders for 2021 to 2027, with predictions for size, shares, and growth patterns.

The document also offers analysis of the sub-markets, including type, application range, and geographical landscape, thus uncovering the major avenues for investment in the coming years.

A notable shift toward renewable and green energy owing to climate change, rising focus on reducing carbon emissions, and depletion of fossil fuels are major factors driving the market growth.

A notable shift toward renewable and green energy owing to climate change, rising focus on reducing carbon emissions, and depletion of fossil fuels are major factors driving the market growth. (Courtesy: Shutterstock)

Introduction of advanced technologies and energy-efficient solutions, along with prominent companies undertaking initiatives to reduce their carbon footprint and contri-
bute to a greener planet and sustainability, are adding to the overall market size.

On the downside, high capital costs and various issues related with operations, transportation, maintenance, and logistics are likely to impede the industry progress over the projected timeline.

The report’s geographical analysis of the worldwide offshore wind-power industry extends to Asia Pacific, Europe, Middle East and Africa, North America, and Latin America.

The Germany market holds a 57 percent share, while Denmark accounts for a 12 percent market share.

The offshore wind energy market will witness substantial growth over the forecast timeframe owing to the growing demand for clean energy and increasing focus on reducing carbon emissions and promoting environmental conservation.

More info www.marketstudyreport.com