Global offshore wind market to hit 23GW capacity by 2026

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The global market for offshore wind energy is expected to expand in value from $24 billion in 2019 to $75 billion in 2026.

In terms of capacity, stakeholders within the offshore wind energy market are expected to install 26GW by 2026.

Factors driving the market growth include surging electricity demand, coupled with the ongoing transition toward clean energy technologies. The implementation of stringent emission mandates and regulations introduced by respective governments and policymakers toward the combustion of conventional fuels will further augment market growth.

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Rising efforts to increasing the overall system efficiency, along with surging installations of offshore wind projects, will propel the integration of advanced electrical components and infrastructure. High operational efficiency and ongoing digitalization are a few eminent factors stimulating product demand. In addition, high investor inclination toward the financing of utility-scale projects will further influence the segment growth.

The 30 to 50 metres in depth segment is expected to record a 16% growth during the forecast period owing to ongoing saturation of nearshore sites along with growing demand for high operational CUF for offshore projects.

North America led by the US is still considered an emerging market and is expected to record massive capacity installations owing to a supportive regulatory framework and government policies and mandates.

As per the US Department of Energy, the technical potential available across shallow water depths and the eastern seaboard may host 530 GW of wind energy and has the capability of covering over 40% of the country’s current electricity generation capacity in the coming years.

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