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, 2024 - 2032

Offshore Wind Energy Market Size

Offshore Wind Energy Market was valued USD 43.6 Billion in 2023 and is anticipated to grow at a CAGR of 19.1% by 2032. Offshore wind energy involves the generation of electricity using wind turbines located in bodies of water, typically on the continental shelf. This type of energy harnesses the stronger and more consistent winds found over the ocean or large lakes to produce renewable energy.
 

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.
 

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. 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.
 

Offshore Wind Energy Market Trends

Ongoing government subsidies, tax incentives, and other forms of support to promote offshore wind energy will influence the business 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.
 

Offshore Wind Energy Market Analysis

Based on component, the turbine segment is set to reach more than USD 10 million by 2032, 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 industry landscape. Moreover, the use of advanced composite materials makes the blades lighter and more durable, enhancing their performance and longevity strengthening the product demand.
 

Based on depth, the > 50 m segment is set to grow over 41.5% CAGR through 2032, 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. In addition, the use of advanced composite materials reduces the weight of turbine components, making them suitable for floating structures, augmenting the market landscape.
 

North America offshore wind energy market is likely to exceed USD 26 billion by 2032, 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. In addition, development of floating offshore wind platforms is expanding the potential for wind farms in deeper waters, will drive the business scenario.
 

Offshore Wind Energy Market Share

Eminent 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

Eminent players operating in the offshore wind energy industry are:

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

Offshore Wind Energy Industry News

• 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 2032, 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