The global offshore wind market is poised to grow over USD 49,741.0 million by 2023 at an estimated CAGR of 11.12% through the forecast period. Offshore winds are steady and have faster speeds resulting in higher & reliable energy generation. The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources. However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the offshore wind market. Also, high tidal winds and bad weather conditions making it difficult to access the offshore wind farms even for problem rectification and preventive maintenance will restrain the global offshore wind market.

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Offshore Winds are steady and have faster speeds resulting in higher & reliable energy generation. The growth in this sector is due to the increasing demand for clean and reliable energy to reduce the global carbon emissions, and to maintain ecological balance by generating electricity through renewable resources. However, high initial capital cost of projects with high maintenance cost and logistics issues, can hinder the offshore wind market. The high tidal winds & bad weather conditions making offshore wind farms difficult for access in the event of problem rectification and preventive maintenance, will restrain the global offshore wind market.

Segmental Analysis

The global offshore wind market has been segmented on the basis of component type and location. Based on component type, the global offshore wind market has been segmented into turbine, substructure, electrical infrastructure, and others. Among these, the turbine segment commands for the major share of the global offshore wind market as it is the most important component of the offshore wind farm. Based on location, the global offshore wind market has been segmented into shallow water (60m depth). Among these, the shallow water (