Globally, the growth in the offshore wind energy market is driven by increasing demand of clean energy, larger coastal regions, abundant resource of energy, governments regulatory frameworks and advancements in new technologies.
According to the new report from ReportsnReports, global offshore wind energy market is projected to display a robust growth represented by a CAGR of 25.74 percent during 2016 – 2021.
With the growing population and urbanization both in developed and developing countries, the energy usage is increasing, and in order to provide cost efficient energy, offshore wind energy plays an important role. The installation cost is high but the cost of energy once the farm is install is low then other energy generation technologies.
According to World Energy Outlook 2016, by International Energy Agency, the share of renewable energy to reach 37 percent, growth in the demand of natural gas to 50 percent and 150 millions of electric vehicles on road till 2040, has led to a tremendous growth in the smart meter market.
Among the regions, Europe remains the largest market in terms of total install capacity, while Europe region is expected to be the fastest growing region, owing to the highest installed capacity across the world. Key markets in U.K., Germany and China will continue to rise considering the government initiatives and new technology advancements.