North America Offshore Wind Energy Market
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North America Offshore Wind Energy Market size was valued USD 4.3 Billion in 2023 and is anticipated to grow at a CAGR of 25% from 2024 to 2032. It refers to the production of electricity using wind turbines erected in bodies of water, typically seas or oceans. These turbines are anchored to the seabed and harness the kinetic energy of the wind to generate electricity through the rotation of their blades. The energy has gained popularity owing to several advantages over onshore wind farms, including stronger and more consistent wind speeds, reduced visual and noise impacts on land, and the availability of larger installation areas.
Region ambitious renewable energy targets to reduce greenhouse gas emissions and combat climate change will augment the industry landscape. Rising advancements in offshore technology, including larger and more efficient turbines, floating platforms for deeper waters, and improved installation and maintenance techniques will enhance market penetration. Governments at both the federal and state levels are implementing supportive policies and financial incentives to promote the industry development thereby creating growth opportunities for the market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Offshore Wind Energy Market size in 2023: | USD 4.3 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 25 |
| 2023 Value Projection: | USD 26.2 Billion |
| Historical Data for: | 2019 to 2022 |
| No of Pages: | 400 |
| Tables, Charts & Figures: | 670 |
| Segments Covered: | Component, Depth and Country |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Growing regulatory reforms and policy initiatives coupled with growing public awareness of climate change and the urgent need for sustainable energy solutions, will propel offshore wind to the forefront of energy discussions. Rising strategic partnerships between industry stakeholders, research institutions, and coastal communities foster innovation and collaboration, driving down costs and accelerating project timelines thereby accelerating the industry outlook. The region's vast untapped potential coupled with its extensive coastlines will offer extensive opportunities for the market growth.
Based on component, the market is segmented into turbine, support structure, electrical infrastructure, and others. Turbine is anticipated to grow by more than USD 7 Billion by 2032. They can capitalize on region’s abundant wind resources to generate electricity at scale, meeting the growing demand for clean, renewable energy in coastal communities and beyond thereby stimulating the market demand. Growing technological advancements in turbine design and engineering to enhance their efficiency, reliability, and cost-effectiveness with larger rotor diameters, taller towers, and more sophisticated control systems will boost its their adoption in the region.
Based on depth the North America offshore wind energy market is segmented into >0 ≤ 30 m, >30 ≤ 50 m, and > 50 m. > 50 m is set to grow at a CAGR of more than 40.8% in the coming years driven by increasing saturation of shallow-water sites and the desire to access regions with stronger and more consistent wind resources. Technological advancements in floating wind turbine technology have revolutionized the industry, making it feasible to install turbines in deeper waters where fixed-bottom foundations are not viable, thereby opening new opportunities for the deeper systems.
U.S. offshore wind energy market is anticipated to grow by more than USD 26.2 Billion by 2032 due to its diversifying energy sources, reducing greenhouse gas emissions, and creating jobs in the clean energy sector. Supportive government policies and incentives including Bureau of Ocean Energy Management's (BOEM) at both the federal and state levels will create conducive environment for the market growth. Rising regional concerns about air pollution, environmental degradation, and the impacts of climate change will lead to increase the market demand for clean energy solutions.
Eminent market players are focusing on technology innovation, therefore are investing in research and development to improve the efficiency, reliability, and cost-effectiveness of offshore wind turbines and related infrastructure. Key players are also forming strategic partnerships and collaborations with other industry stakeholders, including government agencies, research institutions, suppliers, and local communities. These partnerships help to leverage expertise, share resources, mitigate risks, and facilitate knowledge transfer, ultimately accelerating the development and deployment of offshore wind projects.
Eminent players operating in the North America Offshore Wind Energy industry are:
Market, By Component, 2019 – 2032 (MW & USD Billion)
Market, By Depth, 2019 – 2032 (MW & USD Billion)
The above information has been provided for the following countries:
ENESSERE S.r.l., General Electric, IMPSA, LS Cable & System Ltd, Nexans, Prysmian Group, RWE Renewables, Shell WindEnergy Inc, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., US Wind Inc., Vestas, are some of the major offshore wind energy companies in North America.
U.S. offshore wind energy industry is expected to cross USD 26.2 billion by 2032 and is expected to register a commendable CAGR from 2024-2032 due to its diversifying energy sources, reducing greenhouse gas emissions, and creating jobs in the clean energy sector in the country.
North America offshore wind energy market from the turbine segment is expected to exceed USD 7 billion by 2032 due to its high electrical efficiency, modularity, and scalability, allowing for flexible deployment in various applications and settings.
North America offshore wind energy industry size was USD 4.3 billion in 2023 and is expected to register 25% CAGR from 2024-2032 owing to several advantages, including stronger and more consistent wind speeds, and reduced visual and noise impacts on land in the region.