provides more benefits than existing onshore wind energy, which is expected to boost this market. Furthermore, factors such as high noise generation around onshore wind farms and complications related to land acquisitions are motivating industrial giants to adopt offshore wind energy over onshore wind energy. Moreover, feasibility of land, which is affected by the environmental conditions of land to construct onshore wind farms are channeling the market of onshore wind energy to offshore wind energy. These trends are expected to fuel the market for offshore energy for the forecast period.
The technology for offshore wind turbine solutions is at nascent stage. Planning and set-up phase of offshore wind farms need higher investment than onshore farms. These incurred costs can affect this market adversely. Furthermore, complex grid structures are required for transmission and storage of electricity produced, this lead to higher cost of generation and distribution of power which may act as a restraint for the market growth. Additionally, other green energy markets such as onshore wind energy and solar energy act as direct competitors for this market, which may limit this market.
Nevertheless, the technology is still being developed and new solutions which will cause effective and efficient power generation from offshore wind farms are being explored. These continuous research and development activities are expected to sustain the overall market.
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This report by Transparency Market Research has estimated that in 2017 the value of the Asia Pacific offshore wind power market was valued at US$8,960.8 mn in 2017 and is estimated to reach up to US$60,201.5 mn by 2025, with a health CAGR of 22.4% over the forecast period 2017-2025.