According to a new market intelligence report by BIS Research, titled 'Global Offshore Wind Energy Market - Analysis and Forecast (2018-2023)', the global offshore wind energy market is expected to reach $50.45 billion by 2023, rising at a CAGR of 15.5% from 2018 to 2023.
This growth is highly attributed to the increasing demand for using renewable energy sources in the power generation mix and the increasing demand for clean energy.
The global offshore wind energy market in terms of installed capacity is expected to reach 55,835MW by 2023 growing at a CAGR of 21% from 2018 to 2023.
Increasing utilization of renewable energy for power generation mix continues to have a positive impact on the global offshore wind energy market.
Today, the offshore wind energy sector has evolved to generate electricity, with the help of wind turbines taking off a significant load from conventional sources of energy.
Offshore wind energy forms an integral part of these clean energy resources and has a higher capacity factor as compared to the onshore wind energy.
Wind turbines use the power of natural wind to generate electricity. This process of generating electricity is proliferating across the globe.
