Offshore wind energy industry grows strongly

The global offshore wind industry is estimated to grow at an average annual growth rate of +15% to USD 69.63 billion by 2025.

The industry value of around USD 18.479 billion in 2016 is forecast with a healthy growth rate of more than 15.9% in the forecast period 2018-2025, according to a market research report by Global Reports Store.

The most important factors speculated on to expand the markets are government initiatives to reduce CO2 emissions and the growing need for renewable energies to generate electricity. Energy costs and high investments are slowing industry growth.

The Irish government plans to hold the first auctions for the Renewable Energy Support Scheme at the end of the year.

Source: Laxman Pai / Offshore Engineer digital / 10.07.19

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