Installed offshore wind turbine capacity in 2024 will exceed 81 GW

Offshore wind turbine capacity will exceed 81 GW by 2024. This is stated in the report issued by Market Research Engine, claiming that the world market for offshore wind energy will grow by more than 25% for the forecasted date.

The increase is thanks to the advantages that offshore wind energy has in comparison with energy produced on land, i.e. onshore energy. Among these advantages, the report highlights the potential for additions in the offshore wind segment as well as the induction mechanisms and regulatory frameworks for the offshore wind industry.

More specifically, the report states that “offshore wind energy has several benefits over its onshore counterpart. Apart from the fact that higher wind speeds could also be controlled in marine environments”. Market Research Engine details that, “there are countries that do not have reliable land to produce onshore energy, so wind energy is often controlled, or has already exhausted its onshore wind resources”. On such cases, offshore wind energy becomes a “very reliable” alternative.

Increased funding

Market Research Engine estimates that funding for offshore wind energy projects will increase thanks to the confidence exhibited by investors, which will encourage new incorporations that will support the offshore wind energy market. Data suggest that wind speeds are stronger on open seas than on land, so electricity is supplied by wind turbines placed in the ocean. This is why more and more countries are using wind turbines to harness the energy of strong winds that come from the open sea to produce electricity.

However, the company also has two restrictive factors that directly affect offshore wind energy: High capital costs are related to projects that are hampering the implementation of a number of these, in addition to the existence of bottlenecks in the supply chain, which make it difficult to expand offshore projects.