Offshore wind energy utilizes wind farms constructed in bodies of water, usually in the ocean, to produce electricity from wind power. With no requirement for land, offshore wind power plants can be substantially larger than their onshore counterparts. Each offshore wind turbine is typically three to five megawatts in capacity and the farms have a minimum of 30 turbines. Europe has been pioneering the development and installation of offshore wind power with favorable coastal geography and strong political will to transition to renewable resources.

The Global Offshore Wind Energy Market is estimated to be valued at US$ 33 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Key Takeaways

The key players operating in the Offshore Wind Energy Market Growth are Ørsted, Vestas, GE Renewable Energy, Senvion, Siemens Gamesa Renewable Energy, and MHI Vestas.

The growing demand for renewable sources of energy coupled with supportive government policies driving the transition to green electricity is propelling the offshore wind energy market. Countries around the world have set ambitious targets to increase the share of renewable energy in their overall energy mix to reduce carbon footprint.

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