|Growth Opportunities in the Offshore Wind Turbine Market, Forecast to 2025|
|Growth will be Supported by Technological Innovations and Steady Price Reductions|
Offshore wind energy involves the harvesting of wind power by setting up wind turbines in bodies of water, usually on the seafloor. Owing to the higher wind velocities in offshore locations, offshore wind turbines deliver greater power than their onshore counterparts. Higher offshore wind velocities also translate into higher capacity utilization factors (CUF) verifying the superior performance of offshore wind turbines, with offshore turbines providing a CUF of approximately 38% as compared to 27% for onshore turbines. In addition, offshore wind turbines also address the issue of land availability afflicting the onshore wind market. Such advantages encourage the steady uptake of offshore wind turbine technology in recent years.
Country-specific clean energy targets aimed at remedying climate change and the presence of strong regulatory support drive the growth of the global offshore wind turbine market. The growing interest of the corporate sector in procuring wind power to meet its renewable energy targets and the advancements in offshore wind turbine technology boost the demand for offshore wind turbine power. The development of floating offshore wind turbines is expected to significantly augment growth by opening up previously inaccessible offshore locations for the installation of wind turbines.