Global Offshore Wind Energy Market to Reach 188.35 GW by 2027

Offshore Wind Energy is energy derived from the motion of the earth’s crust that is converted into electricity through a turbine. When the wind is found on a specific area, such as an offshore mountain range, it creates a dynamic force that is harnessed and turned into energy.

Offshore wind turbines can be constructed anywhere wind is available. The global offshore wind energy market is estimated to account for 188.35 GW in terms of volume, a compound annual growth rate of 23.4 percent by the end of 2027, according to Coherent Market Insights.

Because higher wind speeds occur offshore than on land, the power generation of offshore wind farms is much higher per unit of generating capacity installed. Some offshore wind turbines can be constructed closer to shore, but these have a lower capacity, making them economically inefficient. In addition, the sails used to generate wind power are made out of aluminum foil that is easily damaged by ice, snow and saltwater.