Offshore Wind Energy Market Size - By Component (Turbine {Rating, Installation}, Fixed {Axis [Horizontal, Vertical], Component), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure), By Depth, Forecast, 2025 - 2034

Offshore Wind Energy Market Size

The global offshore wind energy market size was valued at USD 55.9 billion in 2024 and is anticipated to reach USD 298.8 billion by 2034, growing at a CAGR of 14.6% from 2025 to 2034. Continuous upsurge in the electricity demand with rising emission concerns have pushed regulators to develop more favourable norms accelerating the investments across clean energy sector. The industry is primarily driven by favorable policies including set tariffs, technology-specific quotas, or auctions. Offshore wind auctions are adopted in several countries including China, Denmark, France, Germany, Japan, the Netherlands, and the UK.
 

Growing supply chain supporting the offshore wind energy along with improvements in vessel technology, grid connectivity and installation techniques are reducing the project timelines and costs, thereby fostering quick adoption. Further, advancements in foundation technology allowing projects in deeper waters coupled with innovations in jacket and monopile foundations are enabling installations in more challenging environments, thereby expanding the potential deployment sites.
 

Ongoing implementation of FiTs providing stable revenue and minimized financial risk coupled with introduction of CfD schemes that support to ensure revenue certainty for developers will encourage competition amongst the developers. Moreover, competitive government auctions, new financing models, comprising green bonds and Power Purchase Agreements (PPAs) along with increasing investment in offshore grid infrastructure to support integration of offshore wind energy into the national grid will drive the offshore wind energy market scenario.
 

Increased offshore wind capacity installation primarily across Europe on account of extensive coastlines, favorable wind conditions, and a mature regulatory framework will support the offshore wind development. Growing wind capabilities across markets including the U.S. and China owing to significant project pipeline will contribute to the business scenario. Shifting focus toward large capacity projects exceeding 1 GW along with ongoing cluster development of wind projects  is anticipated to enhance the industry statistics.
 

Offshore Wind Energy Market Trends

• Key technological advancements and innovations including bigger turbines, enhanced construction know-how, and experimental technologies including floating platform solutions and continuous improvements in foundation designs & installation methods will drive the product demand. According to NREL, as of May 2024, there are 174 MW of offshore wind power in operation globally. 
   
• Further, developments in access, operation, and system integration also permit installations in deep waters, far from the shore, to achieve higher capacity utilization factor levels owing to better wind potential which will stimulate the business statistics. To cite an instance, in 2024, Goldwind successfully completed the turbine installation for the Yotsukura Wind Power Project in Japan and will complete grid connection in the near future.
   
• Ongoing government subsidies, tax incentives, and other forms of support to promote offshore wind energy will influence the offshore wind energy market statistics. For instance, the European Green Deal and various national renewable energy targets are driving the market growth. Increasing investment from private companies and financial institutions will contribute to the business scenario.
   
• In addition, international collaboration and regional cooperation can enhance the development of offshore wind energy through shared resources and best practices, strengthening the product demand. For citation, in April 2024, Goldwind Science & Technology signed an agreement with General Electric in Brazil, for the acquisition of Goldwind's first overseas wind turbine manufacturing plant.
   

Offshore Wind Energy Market Analysis

• The offshore wind energy industry amounted to USD 47.8 billion, USD 45.9 billion and USD 55.9 billion in 2022, 2023 and 2024.
   
• Based on component, the turbine segment is set to reach more than USD 72 billion by 2034, owing to the global push for renewable energy. Larger wind turbines can capture more wind energy and are more efficient, reducing the cost per megawatt-hour (MWh) of electricity generated. Further longer blades and taller towers allow them to capture more wind energy, especially at higher altitudes where wind speeds are greater and more consistent, thereby contributing to offshore wind energy market landscape.
   
• Support structure market will grow owing to adoption of deep water projects. Hybrid support structures, combining elements of different foundation types are emerging as a way to optimize costs and performance for specific site conditions. These further allow for greater flexibility in adapting to different seabed and environmental conditions balancing the benefits of both monopiles and jackets foundations.
   
• Electrical infrastructure is anticipated to grow more than 14% CAGR through 2034 on account of advancements in technology, increasing scale of projects, and the need for efficient and reliable energy transmission. Growing development of floating wind turbines requiring new approaches to electrical infrastructure, including dynamic (or flexible) cables will contribute to the market growth.
   
• Others market including substations is set to contribute to the market growth on account of shifting trends toward HVDC systems particularly for large scale projects. Offshore substations are increasingly being integrated into hybrid systems that combine wind energy with other renewable energy sources help stabilize the power supply by providing more consistent and reliable energy output.
   

• Based on depth, the offshore wind energy market is segmented into >0 ≤ 30 m, >30 ≤ 50 m and > 50 m. The >0 ≤ 30 m segment held around 53% share of the market in 2024 on account of ease of development and cost efficiency in comparison to deep water projects. The foundations in these projects require less complex installation methods, growing use of smaller turbines, along with increasing adoption of hybrid substation designs that combine alternating current (AC) and direct current (DC) systems to improve energy transmission efficiency.  
   
• >30 ≤ 50 m will continue to grow on account of increasing utilization of jacket foundations offering a balance of cost-effectiveness and stability, enabling developers to build offshore wind projects in deeper waters compared to traditional shallow-water solutions. Growing use of larger turbines for these depths owing to technological advancements, allowing for more energy capture, driving the market growth. For citation, in 2022, the India-Denmark collaborative study explored and identified 15 offshore wind sites, to support India’s 30 GW offshore wind target by 2030.
   
• The > 50 m segment is set to grow at a CAGR of over 28.5% through 2034, driven by the development of floating wind turbine technology and other innovations. Various designs such as spar-buoy, semi-submersible, and tension leg platforms are being developed to enhance stability and efficiency. For instance, in 2021, Kincardine, the largest floating offshore wind farm installed on a semi-submersible foundation, is located 15 km off the coast of Aberdeen, in waters ranging from 60 to 80 m deep, and it further features five WindFloat T units hosting 9.5 MW turbines.
   

• The U.S. offshore wind energy market was reached USD 7.2 billion in 2024. The North America market contributed to 16% market share in 2024, driven by supportive policies, technological advancements, and growing environmental concerns.
   
• Significant investment in offshore wind projects and infrastructure will accelerate the product adoption. Offshore wind energy is still in its nascent stages in Canada, with most focus currently on onshore wind. However, provinces like Nova Scotia and Newfoundland and Labrador are exploring the potential for offshore wind development, contributing to the market growth.
   
• Europe market will grow at over 16% CAGR through 2034 owing to ambitious renewable energy targets, technological advancements, and supportive policies. Ongoing development of floating offshore wind platforms is expanding the potential for wind farms in deeper waters, will drive the business scenario. According to Wind Europe 2024, Europe ordered over 2 GW of offshore wind turbines in first half of the year.
   
• Asia Pacific offshore wind energy market will grow on account of favorable wind conditions, supportive policies, and increasing energy demands. The region accounts for nearly 50% of the total wind installations in 2023 and is anticipated to rise over to more than 60% by 2030. Growing adoption of floating wind energy projects in countries including Japan and Taiwan will contribute to the market growth.
   

Offshore Wind Energy Market Share

• Top 5 players operating in the Offshore wind energy industry include Goldwind, Vestas, Suzlon Energy, General Electric and Nexans. The market players are continuously investing in research and development to innovate new reactor technologies, enhance safety features, and improve operational efficiency.
   
• Diversification of product portfolios is another key approach, allowing companies to offer a range of Offshore Wind energy solutions tailored to different market segments and customer needs. Prominent players are following expansion and market penetration to tap into emerging markets with growing energy demands and participate in international projects to broaden their customer base.
   

Offshore Wind Energy Market Companies

• Goldwind is a leading Chinese multinational wind turbine manufacturer, specializing in the research, development, manufacturing, and marketing of large-sized wind turbine generator sets. It further offers integrated wind power solutions, including wind farm siting, design, construction, and operation and maintenance services. Recently, the company inaugurated its equipment manufacturing base in Brazil covering an area of about 50,000 square meters with a production area of over 10,000 square meters.
   
• Vestas is a Danish multinational corporation specializing in the design, manufacture, installation, and servicing of wind turbines. The company recorded a revenue of USD 18 Billion in 2024. Further, in 2025, the company received a 384 MW order for the second phase of DTEK’s Tyligulska project in Ukraine.
   
• General Electric is a multinational conglomerate split into GE Vernova, GE Healthcare and GE Aerospace. Further, GE Vernova provides energy solutions, including power, wind, and electrification businesses, aiming to lead the energy transition by electrifying and decarbonizing the world. Further, the company will deploy 674 of its new “workhorse” 3.6-154 wind turbines* for the SunZia project in New Mexico.
   

Eminent players operating in the offshore wind energy market are:

• ENESSERE
• Furukawa Electric
• General Electric
• Global Energy (Group) Limited
• Goldwind
• IMPSA
• LS Cable & System
• Nexans
• Nordex SE
• Prysmian Group
• Siemens Gamesa Renewable Energy
• Sumitomo Electric Industries
• Southwire Company
• Suzlon Energy Limited
• Vestas
• WEG
   

Offshore Wind Energy Industry News

• In February 2025, Mitsubishi Corporation announced reviewing on how to proceed with its offshore wind projects in Japan. The significant shift in the business environment further indicates that the country might not be immune to rising costs across offshore wind projects globally.
   
• In August 2024, Norway's energy giant Equinor has cancelled plans to invest in Vietnam's offshore wind sector, setting a major setback for the country's green power ambitions. Growing delays in regulatory reforms across the country have pushed some potential investors to reconsider their plans Vietnam has attracted international interest in its renewables plans.
   
• In December 2024, Vestas secured a 15 MW offshore wind energy Turbine deal in Japan. The 315 MW Oga Katagami Akita Offshore Wind Project includes 21 V236-15.0 MW turbines as well as a long-term service agreement designed to ensure optimised performance of the assets. This market the first order for the company’s turbine in APAC region to be developed under the Japanese government’s offshore wind auctions. 
   
• In February 2023, Siemens Gamesa announced to establish an offshore wind turbine nacelle facility in New York. The facility will support create USD 500 Million in local investment. The company further intends at localizing several new component supplier facilities, including bearings, steel component fabrication and composite components, developing a sustainable local supply chain ecosystem, complementing the business landscape.
   
• In March 2021, General Electric Renewable Energy revealed to open a new blade manufacturing plant in Teesside, England. This new facility will cater to the growing demand for offshore wind farms across the UK. LM Wind Power will operate this plant and will mainly focus on the production of 107 m long offshore turbine blades. This strategy will enable the company to enhance its customer base across the nation.
   

This offshore wind energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “MW & USD Million” from 2021 to 2034, for the following segments:

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Market, By Component

• Turbine
  • Rating
    • ≤ 2 MW
    • >2≤ 5 MW
    • >5≤ 8 MW
    • >8≤10 MW
    • >10≤ 12 MW
    • > 12 MW
  • Installation
    • Floating
      • Axis
        • Horizontal (HAWTs)
          • Up wind
          • Down wind
        • Vertical (VAWTs)
      • Component
        • Blades
        • Towers
        • Others 
    • Fixed
      • Axis
        • Horizontal (HAWTs)
          • Up wind
          • Down wind
        • Vertical (VAWTs)
      • Component
        • Blades
        • Towers
        • Others
• Support Structure
  • Substructure (Steel)
  • Foundation
    • Monopile
    • Jacket
  • Others
• Electrical Infrastructure
  • Wires & Cables
  • Substation
  • Others
• 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
• Rest of World