As per the International Energy Agency (IEA) it is expected that the demand for electricity will increase by 70% by 2040 due to excessive demand in emerging economies such as China, India, Africa, Middle East and South-East Asia. From the different renewable sources of energy, wind energy is the most efficient form of energy and windmills are installed in wind farms to generate electricity. These farms are of two types onshore that is on land and offshore that is the sea or in rivers. Offshore farms are considered better as extra land is not required to develop the wind farms. The offshore wind energy market is expected to grow from $24,544.8 million in the year 2018 to $50,450.9 million by 2023 at a CAGR of 15.5% from 2018 to 2023.