Electricity produced by wind turbines situated in bodies of water, usually lakes or oceans, is known as offshore wind energy. Stronger and more constant wind speeds are advantageous for offshore wind farms compared to onshore ones, increasing energy production. Installed on either stationary or floating constructions, these turbines are linked to the grid via underwater cables. The global transition to renewable energy is largely due to offshore wind, which provides a sustainable and clean substitute for fossil fuels. In particular, it assists coastal countries with limited land for large-scale onshore projects and promotes energy security and the reduction of greenhouse gas emissions.

According to SPER market research, ‘Global Offshore Wind Energy Market Size- By Component, By Depth - Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Offshore Wind Energy Market is estimated to reach USD 223.41 billion by 2034 with a CAGR of 14.86%.

Drivers:

The market for offshore wind energy is expanding rapidly because of the pressing need to cut carbon emissions and the growing demand for sustainable energy worldwide. Project approvals and investments are being expedited by government assistance in the form of subsidies, incentives, and advantageous regulations. Larger and more effective turbines, floating wind platforms, and better grid connectivity are examples of technological developments that are increasing energy output and cost-effectiveness. Furthermore, the public and commercial sectors are becoming more involved as a result of countries' increasing commitment to achieving net-zero targets and the decreasing levelized cost of electricity (LCOE) from offshore wind. The growing need for energy in metropolitan coastal areas propels market expansion.

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Restraints:

The market for offshore wind energy has a number of obstacles in spite of its optimistic prognosis. Particularly at deep-water sites that need sophisticated infrastructure and technology, high capital investment and operating expenses continue to be significant barriers. Long permitting procedures and intricate regulatory frameworks can cause project timeline delays. Severe offshore environmental conditions raise installation and maintenance hazards, which affects project cost and dependability. The requirement for underwater cabling and problems with grid connectivity provide additional logistical and technical challenges. Additionally, capacity expansion may be hampered in some areas by a lack of qualified staff, specialized boats, and port infrastructure. Market expansion may be impeded by these reasons, especially in developing nations. North America dominates the offshore wind energy market through strong government support, substantial investments, and rapid project development, particularly in the United States. Some of the key market players are ENESSERE, Furukawa Electric, General Electric, Global Energy (Group) Limited, Goldwind and others.

For More Information, refer to below link: –   

Offshore Wind Energy Market Share

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