Offshore Wind Energy Market Size

Offshore Wind Energy Market Size

Offshore Wind Energy Market size exceeded USD 47.5 billion in 2022 and is projected to expand at more than 16% CAGR from 2023 to 2032. Rising investments towards clean energy infrastructure and favourable government policies will spur the industry expansion. 

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Several world governments are making considerable investments in clean energy to secure their energy requirements for the future. According to the International Energy Agency (IEA), clean energy investments by nations transitioning to a renewable energy infrastructure have reached over USD 1.2 trillion since the start of the pandemic. Meanwhile, tightening emission norms are also making the case for business growth. In November 2022, U.S. Department of Energy, unveiled a USD 550 million funding for clean energy initiatives from the Biden-Harris administration to lower energy costs for over 250 million Americans.

Component installation-related complexities may restrain industry growth

Despite a strong influx of investments, major challenges such as high capital expenses related to the systems and complexities of component installation may constrain the offshore wind industry outlook. Offshore wind farms are constructed off the coast, in the middle of seas and oceans, in regions that witness consistent and high windspeed on a daily basis. The frequent exposure to elements and salt water elevates associated risks such as corrosion, cable failure, and damage. As a result, wind farms need consistent maintenance and upkeep to remain operational, making them an expansive endeavour.