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    Report says Offshore wind energy market to grow at a 23.4 % CAGR through 2027

    Nov. 10, 2021
    Favorable government policies and greater investment in renewable energy will drive growth
    Dominion Energy Offshore Wind Project 618c1d209bbd6

    Market research firm Coherent Market Insights has released a report on the offshore wind energy market. The report states that the market is expected to grow at a CAGR of 23.4% until 2027, when offshore wind energy will account for 188.35 GW of volume.

    Greater investment in renewable energy worldwide and favorable government policies are expected to drive market growth. Many countries are focused on increasing the use of renewable energy and this has led to an increase in the installation of offshore wind power. For example, South Korea signed a $43 billion deal to set up the world’s largest offshore wind farm complex. Government initiatives to reduce carbon emissions has led to a greater adoption of renewable energy projects, like solar and offshore wind. For example, the European Union installed a 1.3 GW offshore wind project in the first half of this year. Moreover, floating foundation wind farms are providing access to better wind resources.

    In the forecast period, Europe is expected to witness significant growth in offshore wind as the countries here are more focused on reducing their reliance on fossil fuels and adopting renewable energy. North America is expected to see a lucrative growth rate as the government will increase expenditure on constructing such offshore wind energy projects.

    The report states that the major players in this market include Siemens Gamesa Renewable Energy SA, GE Renewable Energy, Equinor ASA, Northland Power Inc., Orsted AS, Suzlon Energy Limited, and Nordex SE.

    About the Author

    EnergyTech Staff

    Rod Walton is senior editor for EnergyTech.com. He has spent 14 years covering the energy industry as a newspaper and trade journalist.

    Walton formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    He can be reached at [email protected]. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids.

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.