Over the next ten years, it is anticipated that the offshore wind business would increase from 17 to 90 GW, making up 15% of the worldwide wind sector. In order to increase the level cost of energy (LCOE) of offshore wind farms and make offshore wind energy more affordable for our clients, GE, for instance, has committed more than $400 million in creating the most powerful offshore wind turbine. The increase in investments hastens the market's overall expansion. Furthermore, it is predicted that offshore wind farms will unquestionably be crucial in enabling the expansion of installed infrastructure in the future for a renewables-based age. In this context, the site selection process and, consequently, the operational guidelines for these wind energy-driven projects should be taken into account by an adequate regulatory framework. These factors will help the market gain momentum significantly over the forecast period.
