Offshore wind energy market size is anticipated to exceed US$ 130 billion by 2023 according to a new research report by Global Market Insights. Rising number of wind farms is expected to drive the market growth over the forecast period.
Europe offshore wind energy market is expected to dominate the global industry. The surge in the region can be attributed to increasing government policies. The European Union is expected to have set the electricity generation targets such as 35% from the renewable and 12% from wind sources. The region is anticipated to install 40GW of wind energy generation system over forth coming years. The industry is likely to add up 4.5GW of production units annually over the next seven years.