The global Offshore Wind Market is projected to reach $56.8 billion by 2026 from $31.8 billion in 2021 at a compound annual growth rate (CAGR) of 12.3% according to a new report by MarketsandMarkets™. Increasing global investments in renewable energy are likely to drive the offshore wind market. Offshore wind turbines are increasingly being installed across Europe and Asia Pacific region and is showing robust growth.
Increasing demand of renewable power and moves to cut down carbon emission across the globe are expected to offer lucrative opportunities for the offshore wind market during the forecast period. The offshore wind industry is growing rapidly and is contributing significantly to meet the energy efficiency mandates of the countries in Europe, Asia, and the US. Several developments are taking place, and investments in offshore wind are being made to cater to the ever-increasing power demand. Countries such as the US, China, and France have set ambitious targets for offshore deployments. Hence, the rising demand for clean energy would drive the growth of the global offshore wind energy market.
According to the International Renewable Energy Agency (IRENA), the share of renewables in yearly worldwide energy generation must rise from the current 25% to 86% by 2050 to satisfy the Paris Agreement’s targets. To achieve this, the world must invest USD 110 trillion in the sector by 2050, up from the $95 trillion anticipated to be invested by 2030. This change will result in a perceptible movement from fossil fuels to renewable energy sources. Between 2019 and 2050, Bloomberg BNEF projects that $13.3 trillion would be spent in new power production assets, with 15,145 GW of carbon-free plants likely to be built. Wind and solar, according to the BNEF, would account for 50% of the global electricity generation by 2050.
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