Investments in Offshore Windfarms Surge

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Researched by Industrial Info Resources (Sugar Land, Texas--A surge in investments in offshore windfarms has been visible due to a global shift toward sustainability. As countries aim to reduce their dependence on fossil fuels and scout for cleaner alternatives, offshore windfarms pose as a potentially viable alternative that would make power generation more efficient.

Factors such as utilization of vast untapped ocean spaces and reduced visual impact have made offshore windfarms a more acceptable option compared to onshore windfarms.

According to research conducted by McKinsey & Company, installed offshore wind capacity is expected to reach 630 gigawatts (GW) globally by 2050, up from 40 GW in 2020.

Industrial Info is tracking 1,130 global offshore windfarm projects, worth US$2.03 trillion. Asia is the biggest driver of investment, having a market share of 84% and a massive investment value of about US$925.79 billion across 644 projects, followed by Europe, which also has a significant investment value of US$604 billion (across 259 projects) and South America (155 projects worth US$306.06 billion).

Country-wise, Brazil drives the most spending, with a total spend pipeline of US$292 billion, followed by Japan (US$212.94 billion) and Republic of China-Taiwan (US$211.43 billion).

With a combined spending of US$220.26 billion, Orsted A/S (Fredericia, Denmark), Iberdrola S.A. (Bilbao, Spain) and Equinor ASA (NYSE:EQNR) (Stavanger, Norway) are the top players in the market, having projects in the U.K., China and U.S. Most of these projects are expected to get completed by December 2028, while the rest of them are planned to reach fruition by 2041.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a full list of offshore wind projects worldwide.

Despite notable challenges such as huge investment costs in infrastructure and processes as well as severe implications on marine environment, technological advancements and government backing has managed to create a favorable environment for global investors.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).