Increasing investments in renewable sources of energy and favorable government policies are the major drivers for the growth of offshore wind market. For instance, in the U.S, The National Ocean Industries Association have established the U.S’s first offshore wind farm in 2017. Furthermore, rising demand for electricity and increasing concerns toward the energy of the non-renewable source such as fossil fuel and awareness for their harmful effects of greenhouse gases such as carbon dioxide is propelling the growth of offshore wind market.
Europe led the offshore wind market with a market share of 56.99% in 2016 and is expected to reach US$ 39.39 billion by 2025 with a CAGR of 12.9%. Europe has favorable weather for the offshore wind market. Out of all the offshore wind installations, around 88% were located in costal water of 10 European economies in 2016 and remaining installations of around 12 % is located in China, Japan, Taiwan, South Korea, and the U.S, according to Global Wind Energy Council (GWEC).