Global Offshore Wind Capacity to Cross 81 GW by 2024

The global offshore wind energy market is expected to exceed more than 81,000 MW by 2024, growing at a CAGR of more than 25% in the given forecast period.

A report by Market Research Engine said that the major driving factors of offshore wind energy market are its various advantages over its onshore counterpart is considerably bolstering capability additions in the offshore wind segment and conducive inducement mechanisms and regulative frameworks for the offshore wind energy sector growing investments and fast capacity additions.

Rising consumption of project financing in offshore wind energy projects is projected to raise investor confidence and speed up capacity additions also support wind energy market.

The restraining factors of offshore wind energy market are as follows: 1) High capital costs related with the project are hampering quick capacity additions, and 2) Presences of a bottleneck in the supply chain hinder brisk project expansion activities in the offshore segment.

Offshore wind energy is the use of wind farms made offshore, typically on the ocean bottom, to reap wind energy to get electricity.

Stronger wind speeds square measure out there offshore compared towards the land, therefore offshore wind powers involvement in terms of electricity supplied is higher. Offshore wind turbines are used by various countries to harness the energy of strong, reliable winds that are originated over the oceans.

Key players in the market include China Ming Yang Wind Power, Nordex, Suzlon, Dong Energy, Sinovel Win, GE Wind Energy, Gamesa, Vestas, and Siemens.

“Offshore wind energy has various benefits over its onshore counterpart. Apart from the very fact that higher wind speeds could also be controlled in offshore environments. Various countries don’t have feasible land exists whereby wind energy is often controlled or have already exhausted their onshore wind resources. In all of the same situations, offshore wind energy will convince be a very viable alternative,” said the report.