According to a report at Zion Market Research, global offshore wind energy market size was valued at USD 20.3 billion in 2016 and is expected to reach USD 57.2 billion in 2022, growing at a CAGR of 16.2% between 2017 and 2022.
Growing share of renewable energy is expected to drive the global offshore wind energy market share, the report says, with increasing awareness about climate change and technological development expected to further boost the market. On the other hand, factors listed as those that hamper the market growth are high costs, risks, and supply chain bottlenecks related to offshore wind energy projects.
Europe dominated the global offshore wind energy market in 2016. Countries such as the UK, Germany, Denmark, Netherlands, Belgium, and Sweden among others are leading players in Europe offshore wind energy market.
Asia Pacific came in second, after Europe, in terms of offshore wind energy cumulative installed capacity. China is the leading player in Asia Pacific offshore wind energy market, and that market is expected to grow at the fastest rate across the globe. Japan, South Korea, and India among others are expected to further boost the market during the forecast period, according to the report titled “Offshore Wind Energy Market (By Foundation Type: Monopile, Jacket, Tripod, and Floating; and By Water Depth: Shallow Water and Deep Water): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”.
The U.S. is also expected to witness numerous offshore wind energy projects during the forecast period.
Some other countries including Finland, Ireland, Spain, Norway, and Portugal are also expected to boost the global offshore wind energy market during the forecast period.