Fixed Offshore Wind Energy Market - By Axis (Horizontal, Vertical), By Component (Blades, Tower), By Depth (≤ 30 m, >30 m to 50 m, > 50 m), By Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, > 12 MW) & Forecast, 2024 – 2032

Fixed Offshore Wind Energy Market Size

Fixed Offshore Wind Energy Market size was valued USD 16.7 billion in 2023 and is anticipated to grow at a CAGR of 15.6% between 2024 and 2032. These refer to refers to offshore wind farms where the wind turbines are mounted on fixed structures anchored to the seabed. These are typically located in shallow to moderate water depths, where it is feasible and cost-effective to install fixed foundation structures. These sites are often closer to shore.
 

implemented policies and incentives to support the development of offshore wind energy, including targets for renewable energy deployment, feed-in tariffs, auction mechanisms, and financial incentives will augment the industry landscape. Growing concerns about climate change and the need to transition to low-carbon energy sources along with adoption of ambitious renewable energy targets to reduce greenhouse gas emissions and achieve climate goals will strengthen the product demand. Additionally, advances in turbine technology, foundation design, installation methods, and operations & maintenance practices will improve the efficiency, reliability, and cost-effectiveness, thereby influencing the product penetration.
 

Access to high quality wind resources in offshore areas for meeting electricity demand in coastal regions and densely populated areas will strengthen the product demand. The proximity further reduces transmission distances and associated energy losses, making it more efficient to deliver electricity generated from wind farms to urban centers and industrial hubs, thereby driving the business scenario. Additionally, the wind turbines can capture more energy and operate at higher capacity factors, leading to increased electricity generation, contributing to the overall business scenario.
 

Fixed Offshore Wind Energy Market Trends

Establishment of renewable energy targets and mandates, adopting offshore wind as an energy source in the energy matrix coupled with allotment of renewable energy certificates that allow clean energy producers to sell the environmental attributes of their electricity separately, providing an additional revenue stream, thereby enhancing the product demand. These targets provide a clear signal to developers, investors, and stakeholders about the government's commitment to expanding renewable energy deployment, including offshore wind will contribute to the business momentum. Further, competitive auctions or tender processes to award contracts along with financial incentives comprising grants, subsidies, tax credits, and low interest loans can help offset the upfront costs of offshore wind development and improve project economics.
 

Fixed Offshore Wind Energy Market Analysis

Based on turbine rating, the market is segmented into ≤ 2 MW, >2≤5 MW, >5≤8 MW, >8≤10 MW, >10≤12 MW and > 12 MW. >5≤8 MW is projected to grow by more than USD 15.4 Billion by 2032 owing to greater energy production per turbine and reducing overall project costs. Better economies of scale on account of decrease in number of turbines needed to achieve a given project capacity, lowering the installation, operation, and maintenance costs per megawatt-hour of electricity generated, will augment the industry landscape. Larger turbines are capable of capturing more energy from the wind, particularly at higher hub heights where wind speeds are typically stronger and more consistent. This leads to higher capacity factors and increased energy production over the lifetime of the turbine, improving the overall economics of offshore wind projects.
 

Horizontal fixed offshore wind energy market will grow owing to high efficiency in capturing wind energy, maximizing the energy capture and enhancing the overall turbine performance. They can be scaled up to larger capacities, allowing for increased energy production per turbine and reducing the overall number of turbines needed for a given project. This scalability further makes them well suited for large scale offshore wind farms that aim to maximize energy output and cost effectiveness.
 

Based on end use, the fixed offshore wind energy industry is segmented into blades, towers and others. Blades is set to grow at a CAGR of over 16% till 2032. Advances in wind turbine blades including improvements in aerodynamics, materials, and manufacturing processes, will drive the adoption of new components. Innovative designs and materials can enhance the turbine performance, thereby reducing maintenance requirements, making them attractive for wind farm developers and operators, strengthening the product adoption. Further, components comprising advanced rotor blades, efficient drivetrains, and optimized control systems enhance the turbine output, increasing the overall energy yield of wind farms, thereby driving the market growth.
 

Europe fixed offshore wind energy market is anticipated to grow over USD 56.4 Billion by 2032. Establishment of ambitious renewable energy targets and policy frameworks including the Renewable Energy Directive sets binding targets for EU member states to increase the share of renewable energy in their energy mix will promote the deployment of offshore wind energy. Additionally, governments in countries including the UK, Germany, Denmark, the Netherlands, and Belgium among others have implemented various financial incentives and support mechanisms to encourage offshore wind development. Additionally, significant investments in grid infrastructure to support the integration of offshore wind energy into the electricity grid will drive the business outlook.
 

The U.S. has established offshore wind targets and incentive programs comprising wind leasing and permitting processes set by The Bureau of Ocean Energy Management (BOEM) will strengthen the product adoption. Furthermore, significant investment from energy players in offshore wind projects along the U.S. East Coast, will stimulate long term growth potential of the industry.
 

Fixed Offshore Wind Energy Market Share

Collaboration between governments, industry stakeholders, research institutions, and financial institutions has been the epicenter driving the offshore wind energy economy. Public-private partnerships, joint ventures, and consortia facilitate knowledge sharing, technology transfer, and project financing, further support to overcome barriers and accelerate offshore wind development. Intense competition among wind turbine manufacturers motivates continuous innovation and differentiation through component development. Manufacturers strive to differentiate their products by offering unique features, performance advantages, and cost effectiveness.
 

Fixed Offshore Wind Energy Market Companies

Eminent players operating in the industry are:

• Prysmian Group
• Nexans
• Sumitomo Electric Industries, Ltd.
• Southwire Company, LLC
• LS Cable & System Ltd.
• FURUKAWA ELECTRIC CO., LTD
• IMPSA
• ENESSERE S.r.l.
• Vestas
• General Electric
• Goldwind
• Siemens Gamesa Renewable Energy
   

Fixed Offshore Wind Energy Industry News:

• In May 2024, Vestas supplied its V236-15.0 MW for the 810 MW Empire Wind 1 project. The turbines installed in 2022, are currently in the verification stage before initiating the production and installation of first offshore projects in New York, U.S. This will further support the country achieve its set offshore wind energy goals providing resilient energy to the consumers.
   
• In April 2023, Siemens Gamesa Renewable Energy announced the GreenerTower, a  turbine tower built of sustainable steel. It consist of 80% steel plates leading to nearly 63% reduction in the carbon emissions. Further, this enables the company to lead in its efforts for wind circularity and net zero emissions.
   

Fixed offshore wind energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in (USD Million & MW) from 2021 to 2032, for the following segments:

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 Market, By Turbine Rating

• ≤ 2 MW
• >2≤ 5 MW
• >5≤ 8 MW
• >8≤10 MW
• >10≤ 12 MW
• > 12 MW

Market, By Axis

• Horizontal
  • Up-wind
  • Down-wind 
• Vertical

Market, By Component

• Blades
• Towers
• Others

Market, By Depth

• >0 ≤ 30 m
• >30 ≤ 50 m
• > 50 m

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • Spain
  • UK
  • France
  • Italy
  • Sweden
  • Poland
  • Denmark
  • Portugal
  • Netherlands
  • Ireland
  • Belgium
• Asia Pacific
  • China
  • India
  • Australia
  • Japan
  • South Korea
  • Vietnam
  • Philippines
  • Taiwan