With the world moving towards a zero-carbon footprint. Renewable energy is poised to play an important role in future energy systems. As of now, offshore wind has provided a tiny fraction of global electricity supply, but it is set to expand strongly in the coming decades into a USD 1 trillion business.
The global offshore wind market is set to expand significantly over the next two decades, growing by 13% per year in the stated policies scenario. Bolstered by policy targets and falling technology costs, global offshore wind capacity is projected to increase fifteen-fold to 2040, becoming a $1 trillion industry over the next two decades – matching capital spending on gas- and coal-fired capacity over the same period. This level of investment means that offshore wind accounts for 10% of investment in renewables-based power plants globally.