Wind market report: Offshore wind farms to outpace land-based development | News

During the next five years, the production of offshore wind farms will far outpace the production of land-based wind turbines, according to a new market report.

Guiding the accelerated interest in offshore wind initiatives are government cash and tax incentives that promote renewable energy development, particularly in Europe and the United States, according to research firm SBI Energy.

In addition, the ongoing improvement in the quality of offshore wind products that can withstand stronger gusts, reduce maintenance cycles, and reduce the shipping expenses of turbines to offshore job sites are also vital to the market’s future. Meanwhile, offshore wind manufacturers will fuel growth by finding ways to reduce costs associated with offshore projects, which will subsequently attract greater investment from governments and private energy companies.

“Our analysts project that total offshore installed capacity will grow at an astounding 92% compound annual growth rate during the next five years to reach more than 79,700 megawatts,” says Shelley Carr, publisher for SBI Energy.

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