The global offshore wind energy market size is expected to reach USD 135.23 billion by 2028, registering a CAGR of 15.4% over the forecast period. Major factors driving market revenue growth are increasing efforts to decarbonize energy systems and reduce air pollution. Offshore wind energy is growing in importance as a source of global electricity. It currently generates just 0.3 % of the global electricity, which means there is hug scope for expansion in the industry. Governments all over the world are working on expanding its applications, ensuring that the industry remains a key component of renewable energy transitions. Offshore wind is a rapidly evolving renewable energy technology that has the potential to play a major role in future energy systems. Due to policy priorities and declining technology costs, offshore wind is expected to grow rapidly in the coming decades to become a USD 1 trillion industry, matching capital investment in gas- and coal-fired energy over the same timeframe. According to this sum of investment, offshore wind accounts for 10% of global investment in renewable-based power plants. Turbines are becoming larger and more capable in terms of power generation, resulting in dramatic improvements in offshore wind farm performance and cost.
Business growth can be stifled by increasing capital costs as well as infrastructure and logistics issues. Offshore wind turbines are vulnerable to erosion because they are situated in harsh marine climate for decades. Offshore wind turbines are also located miles from the shore, making them difficult to access, particularly in bad weather. As a result, even minor issues would be costly to resolve in terms of maintenance, transportation, and logistics. Power and energy industry comprises of key companies operating in fuel, petroleum, natural gas, and nuclear power markets. Constant production of energy and power is imperative for country’s economic growth. It also covers exploration and production of oil and gas reserves, oil and gas drilling, and refining industries. Power and energy sector is one of the most diversified sectors across the globe. Rapid industrialization and urbanization have increased the dependency on power and energy and industries today consume large amounts of fuel making energy industry a crucial element of today’s industrial infrastructure.