Offshore Wind Energy Market to 2026 - Demand Outlook, Top Players, Key Application and Future Growth Analysis

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.
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Offshore wind energy generation is a clean, renewable form of harvesting energy by taking advantage of the power of the wind that is produced on the high seas, where it moves at a much higher and more consistent speed than it does on land, because of the absence of barriers. In order to take advantage of this resource, very large structures called wind turbines are installed offshore and placed on the seabed, equipped with the modern technical innovations.
On account of this, offshore wind farms generally have numerous hundred MW of installed capacity. Further, with the ease of maritime transport, it had been possible for the offshore wind turbines industry to create larger unit sizes and capacities in comparison to onshore wind turbines. There are also no physical limitations like buildings or hills that usually block the wind flow onshore. The above-mentioned factors will foster the growth of offshore wind energy market.
In July 2019, the largest wind farm project began construction Saudi Arabia. The wind farm will further have an installed capacity of nearly 400 MW and would effectively reduce the region's carbon emissions by up to 880,000 tons each year. The commercial operations of the project are expected to start in the Q1 of 2022.
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There are several benefits of offshore wind energy, including the fact that, unlike sunlight, it can be harvested round the clock. Additionally, in comparison to onshore wind, wind resources are significantly more abundant offshore. The acoustic and visual impact of offshore farms is also exceptionally small, and as they are located offshore, they can span larger areas.
With initiatives for new offshore wind energy projects underway, the offshore wind energy market is likely to witness new growth opportunities over the coming years. Citing an instance, recently on 7th March, Ibama, the environmental regulator of Brazil conducted the first public hearing for discussing the impact of an offshore wind power project. The wind farm, proposed by Italy's BI Energia, will have a capacity of 576 MW.
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The offshore wind energy market is divided into APAC, Europe, North America, and Rest of World. Among these, positive outlook toward the wind energy technologies along with increasing land acquisition cost will fuel the deployment of offshore wind energy projects across the Rest of World segment.
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