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Offshore Wind Energy Market 2023- Global Demand, Sales, Consumption and Forecast 2023 to 2030

Offshore Wind Energy Market 2023- Global Demand, Sales, Consumption and Forecast 2023 to 2030

Wind energy or wind power both describe the process by which the wind is used to generate electricity. Offshore wind energy or offshore wind power is the use of wind farms built into the water bodies, usually in the ocean, to harvest wind energy to generate electricity. Offshore wind energy offers various benefits such as the energy is generated at higher speed on the offshore than on the onshore. Installation of offshore wind technologies is gaining significant acceptance worldwide due to its high-power generation capabilities. According to the Global Wind Energy Council, there is now 743 GW of wind power capacity worldwide, which helps to avoid over 1.1 billion tons of CO2 globally.

This in turn is expected to augment the growth of the Offshore Wnd Energy Market, worldwide. Offshore wind resources are stronger during the day, allowing for more efficient and stable production of energy when electricity demand is at its peak, while most onshore wind resources are stronger at night when demand is low. The United States has an extensive offshore wind energy resource available for utilization. According to the Department of Energy, the U.S. offshore wind pipeline grew from 25,824 MW in 2018 to 28,521 MW in 2019. In March 2020, the amount of offshore wind capacity under federal and state permitting with a signed offtake agreement was 6,439 MW, more than triple the capacity reported the previous year.

The aforementioned factors or stats are responsible for the growth of the offshore wind energy market in the U.S. Offshore wind energy or offshore wind power is the deployment of wind farms sited in water bodies. As the wind blows, it flows over the airfoil-shaped blades of wind turbines, causing the turbine blades to spin. The blades are connected to a drive shaft that turns an electric generator to produce electricity. Thus, with the increasing demand for green/clean electricity worldwide, the demand for offshore wind power is also increasing. Which in turn increases the number of wind farms worldwide, driving the market growth.

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According to the American Wind Energy Association (AWEA), around 30 GW offshore wind capacity is expected to be installed in the United States by 2030. Slight increase in speed of wind can generate a significantly greater amount of electricity, as the potential energy of wind is directly proportional to the cube of wind speed. Wind speed is generally stronger and steady at the offshores than on the land. In European countries, the offshore wind energy market is witnessing robust growth due to the high quality wind resources and relatively shallow water, which provides exceptionally good conditions to develop offshore wind technologies and bring them to market.

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