Offshore wind has come to be regarded as a crucial component of the green energy mix. Multinational companies such as Equinor and energy giant Total are taking initiatives to cut down their carbon footprints, and various government policies have been established to support the shift toward green energy.
As a result, the global offshore wind market is expected to grow from $31.8 billion in 2021 to $56.8 billion by 2026, according to a new research report titled Offshore Wind Market.
Citing the International Renewable Energy Agency (IRENA), the report notes the share of renewables in yearly worldwide energy generation must rise from the current 25 percent to 86 percent by 2050 to satisfy the targets of the Paris Agreement. To achieve this, the world must invest $110 trillion in the sector by 2050, up from the $95 trillion anticipated to be invested by 2030.
In addition, between 2019 and 2050, Bloomberg BNEF projects that $13.3 trillion would be s