The offshore wind turbine market is expected to value more than USD 16 billion by 2024, according to the latest report by Global Market Insights, Inc.
The overall wind turbine market, including both onshore and offshore wind, will surpass USD 70 billion by 2024, while its size will cross annual installations of 70GW, the report states.
The number of offshore wind installations in up to 30m water depths is expected to grow over 14% by 2024.
Rising trend witnessed in tapping the less turbulent energy far offshore will boost the construction of the structures in waters deeper than 50m. The possibilities offered by floating and gravity-based structures are expected to further eliminate the depth constraints.
According to Global Market Insights, the offshore wind sector will see a boost due to the growing desire to replace the conventional power generation technologies that include extensive use of fossil fuels to limit GHG emissions.
In addition, high electricity prices, space constraints for solar and onshore projects together with the reduction in construction and installation costs of offshore technology will enhance the market.