Global offshore wind power market - Statistics & Facts

Wind energy is characterized by its use of air flow for production of mechanical power or electricity - making it a free, non-polluting renewable resource. A wind farm consists of several hundred wind turbines, generally grouped together into a single wind power plant. The wind power industry is comprised of two segments: onshore and offshore wind farms. Offshore wind, wind farms located in bodies of water, is considered to be steadier and stronger in comparison to onshore wind, located in-land. However, its construction and maintenance costs are considerably higher than the latter. The installed costs of offshore wind energy amounted to 3,800 U.S. dollars per kilowatt in 2019. The overnight costs of offshore wind plants were the highest in Germany and France amounting to 5,900 and 5,400 U.S. dollars per kilowatt, respectively.

On the global market, offshore wind energy capacity reached over 3 gigawatts in 2010 and has increased to about 28.3 gigawatts in 2019. According to recent statistics, the offshore wind farm industry was led by China and the United Kingdom, based on the market share. Offshore wind farms are installed in shallow waters around the world, mostly in Europe. Denmark is home to one of the first offshore wind parks located off of the Danish coast, installed in the early 90s and one of the world's largest wind energy companies, Vestas, which generated 13.6 billion U.S. dollars in revenue in the global market in 2019.

Offshore wind turbines are not yet entirely competitive with fossil fuels, but worldwide offshore wind power capacity is projected to grow from 12 gigawatts in 2015 up to 36 gigawatts by 2021. This figure would account for a substantial portion of the world’s energy needs. A decrease in the global levelized cost of electricity (LCOE) of offshore wind over the last decade as well as technological improvements like larger turbines and longer blades will help to fuel the growth of global offshore wind.

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Offshore wind energy worldwide

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Offshore wind in Europe

Offshore wind in development

Onshore wind market

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