Offshore Wind Energy Market Size Is Anticipated to Exceed Usd 130 Billion by 2023.

Offshore wind energy market size is anticipated to exceed USD 130 billion by 2023. Rising number of wind farms is expected to drive the market growth over the forecast period.

Europe offshore wind energy market is expected to dominate the global industry. The surge in the region can be attributed to increasing government policies. The European Union is expected to have set the electricity generation targets such as 35% from the renewable and 12% from wind sources. The region is anticipated to install 40 GW of wing energy generation system over forth coming years. As of 2013, the region was estimated to produce 5 GW of this energy. In addition, the industry is likely to add up 4.5 GW of production units annually over the next seven years.

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Asia pacific offshore wind energy market size is anticipated to witness significant growth from 2016 to 2023. The region is expected to add up 1.5 GW of additional capacities annually and is estimated to be valued over USD 5 billion by 2023. Major region involved for the setup include China, Japan, Taiwan and South Korea. Industry development is also expected to drive offshore wind turbine market size.

Rising investments accompanied by technological innovations are expected to escalate cost competitiveness along with construction activities. This in turn is likely to drive industry growth over the forecast period. Flourishing construction of turbines is projected to move farms away from shore in order to resolve limited space issues near coastlines as well as to deal with constrictive environmental laws. The projects away from cost are likely to encourage high efficient turbine manufacturing and also facilities in building bigger energy farms. This in turn might lead to turbines getting bigger as well as more powerful which is ultimately expected to fuel the project output capacity.

Bigger turbines are anticipated to be more efficient in operation. The capital expenditure...