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Offshore wind energy market size to exceed USD 130 billion by 2023

Europe offshore wind energy market is expected to dominate the global industry. The surge in the region can be attributed to increasing government policies. The European Union is expected to have set the electricity generation targets such as 35% from the renewable and 12% from wind sources. The region is anticipated to install 40 GW of wing energy generation system over forth coming years. As of 2013, the region was estimated to produce 5 GW of this energy. In addition, the industry is likely to add up 4.5 GW of production units annually over the next seven years.
Offshore wind energy market size is anticipated to exceed USD 130 billion by 2023
Bigger turbines are anticipated to be more efficient in operation. The capital expenditure involved in construction is likely to drop down by 6% over the forecast period. In addition, maintenance as well as operational costs is anticipated to descend by 14%. However capacity factor is expected to increase by 12% over the several upcoming years.

Proliferating installation of turbines is anticipated to increase the need for sighting new offshore wind sights in ever-deeper water areas. This in turn is likely to raise logistical issues for turbine installation and might hamper the industry growth. Further, new water vessels are being designed in order to set up offshore turbine systems effectively and efficiently.

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