Offshore Wind May Become 55 Billion Dollar Industry by 2022

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MarketsandMarkets has announced a new report, focusing on the future of offshore wind projects. The report is titled: “Offshore Wind Market by Component (Turbine, Substructure, and Electrical Infrastructure), Turbine Module, Substructure Type, Location (Shallow Water, Transitional Water, and Deep Water), and Region – Global Forecast to 2022. The report, though its title is a little unwieldy, has some important information, suggesting that offshore wind might be a 55 billion dollar market by 2022.

The report says that the offshore wind market is expected to grow worldwide at a rate of 15.32% from 2017 to 2022, and by 2022 will hit a market size of 55.11 billion dollars.

This development is credited to the expanding interest in clean energy, with the specific end goal of cutting down carbon emissions and protecting the environment in general, through sustainable energy. Wind energy is an essential part of these goals, and it has a higher energy capacity when compared to onshore wind projects.

The report divides the offshore wind industry into components like substructures, turbines, assembly, and instillation, etc. The turbine sector is expected to dominate the offshore wind market, largely due to the fact that it contains the most important parts like rotors, blades, towers, etc. Europe’s market is the largest market for turbines, and companies like Siemens AG from Germany, and MHI Vestas from Denmark produce turbines for use around the world. The Asia-Pacific market is expected to grow into the second largest market for offshore wind, especially in countries like Japan, China, and South Korea who are looking for alternative energy sources to help cut carbon emissions.