offshore wind power market size is anticipated to reach a capacity of approximately
94 GW by 2026, exhibiting a
CAGR of 19.2% during the forecast period. The growth is primarily attributable to the rising investments in wind power projects. Favorable government policies are also complementing the market growth. Fortune Business Insights™ has presented this information in their report titled, “Offshore Wind Power Market, 2019-2026”. The market size stood at 23 GW in 2018.
Offshore wind power is one of the most valuable renewable energy sources worldwide. The market has gradually been gaining traction and is expected to witness substantial growth in the forthcoming years. The global market comprises countries like U.K., Denmark, Germany, China, and Belgium as the leading territories.
The recent announcement of orders for a major offshore wind farm highlights the growth opportunity for the industrial giant and large energy companies.
General Electric Teams Up With Big Oil to Drive Renewables Growth fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
James Fisher Renewables Nets Offshore Wind UXO Survey Gig in France
Credit: James Fisher Renewables
James Fisher Renewables has been selected by the French transmission grid operator Réseau de Transport d Electricité (RTE) to identify unexploded ordnance (UXO) along the export cable routes for the Fécamp offshore wind project.
The 18-kilometer export cable, which will be buried at depths of 5 to 35 meters, will provide the electricity transmission connection for the 71-turbine offshore wind project, which will be located 13 to 22 kilometers off the northwest coast of France.
In preparation for laying the cable, RTE has hired JF Renewables to identify and investigate potential UXO along the length of the cable s planned routes, with confirmed targets to be disposed of by the French Navy.
Global $69.38 Bn Offshore Wind Power Markets to 2025
April 28, 2021 05:38 ET | Source: Research and Markets Research and Markets Dublin, IRELAND
ResearchAndMarkets.com s offering.
The Global Offshore Wind Power Market is estimated to be USD 38.76 Bn in 2020 and is expected to reach USD 69.38 Bn by 2025, growing at a CAGR of 12.35%.
Market Dynamics
This growth is attributed to the increasing demand for clean energy in order to cut down carbon emissions and protect the environment by generating electricity through renewable resources. Offshore wind energy form an integral part of these clean energy resources and also has a higher capacity factor compared to onshore wind.