As the air quality deteriorates and the signs of climate change become more prevalent, governments and industries are turning toward renewable sources of energy such as wind and solar for power generation. Moreover, the rising public awareness about the benefits of renewable energy is pushing up the popularity of sustainable and eco-friendly sources of energy across the world. As a result, the governments and various organizations in many countries are making huge investments in promoting the usage of renewable energy.


As per a report produced by British Petroleum (BP) in 2018, the worldwide oil reserves can only meet the global demand for oil for 50.6 years if the production levels remain just like they were in 2016. Apart from contributing heavily toward the degradation of the environment, fossil fuel-based energy is also becoming expensive with each passing year, on account of the rapidly depleting reserves of fossil fuels across the world.


According to industry experts, the global offshore wind energy pipeline attained a capacity of 4,888 MW in 2018, with 46 MW capacity contributed by the operating projects and 38 announced projects. Due to these factors, the usage of offshore wind turbines is growing rapidly throughout the world, which is, in turn, causing the expansion of the global offshore wind turbine market. The valuation of the market is predicted to grow from $24,683.3 million to $68,869.3 million from 2019 to 2026.


Globally, the offshore wind turbine market is predicted to register the highest growth in the Asia-Pacific (APAC) region in the upcoming years. This would be a result of the large-scale deployment of wind towers in the region in the coming years. In order to meet the rising power requirements, the governments of several developing nations in APAC such as India, Vietnam, and China are prioritizing the development of the renewable energy sector.


For more information visit: https://www.psmarketresearch.com/market-analysis/global-offshore-wind-turbine-market-analysis/report-sample