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Growth in Global Offshore Wind Energy Production
Predicted to Be Close to a $70 Billion Market in Next Six Years

Growth in Global Offshore Wind Energy Production

Besides being an ever-increasing source of renewable energy, and having numerous efficiency advantages over their onshore cousins, offshore wind farms even can serve as artificial reefs that benefit marine ecosystems.

According to a recent report, the global offshore wind energy market could reach over $69 billion by 2025. In 2016, the value for the market was estimated to $18.48 billion.

The study, conducted by Brand Essence Market Research, a market research reseller, and reported on, forecast a growth rate of almost 16% between 2018 and 2025. Drivers of this growth are "government initiatives to reduce carbon footprint and rising need for renewable energy for power generation."

Total global wind energy capacity was over 600 gigawatts in 2018, but offshore installations only contributed 23 gigawatts of that total. But as technology in this area continues to advance, and costs to install wind turbines offshore decline, the percentage of energy generated by that sector should predictably rise.

The International Renewable Energy Agency projects that growth will hit 520 gigawatts by 2050 with a total investment of $1.47 trillion.

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October 19, 2019, 8:31 am PDT

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