Global Offshore Wind Market to 2024: Rising Penetration of Offshore Wind Power / Improvement in Capacity Factor / Rising Renewable Energy Consumption / Growing Numbers of Offshore Wind Farms

By Benzinga3 days ago

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DUBLIN, Jan. 14, 2021 /PRNewswire/ -- The “Global Offshore Wind Market (Equipment, Installation & Turbine Services): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)“ report has been added to ResearchAndMarkets.com's offering.

The global offshore wind market is expected to record a value of US$51.75 billion in 2024, increasing at a CAGR of 14.21%, for the duration spanning 2020-2024.

The factors such as rising penetration of offshore wind power, growing electricity demand, improvement in capacity factor, rising renewable energy consumption and an escalating number of offshore wind farms would drive the growth of the market. However, the market growth would be challenged by foundations and transition piece challenges, development hurdles and environmental issues. A few notable trends may include decline in installation cost, increasing R&D spending on energy sector and the evolution of offshore wind turbines.

The global offshore wind sector has been very lucrative over the past few years due to the consistent upgradation in the cutting-edge offshore wind farm technology. Companies in the energy sector are investing considerable funds in comprehensive offshore wind services to keep turbines running smoothly. In addition, certain government policies and initiatives towards implementing the clean energy plans are encouraging the use of a considerable portion of wind energy, particularly offshore, for electricity generation, which is driving the market growth of offshore wind globally.

The fastest-growing regional market was Europe due to the strong competition among the major players. There has been an increased number of multi contracts between offshore wind companies, over the ...

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