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Add to CartGlobal Offshore Wind Energy Market Growth, Share, Size, Trends and Forecast (2025 - 2031)
By Component;
Turbine, Support Structure, Electrical Infrastructure and Others.By Depth;
Greater Than 0 Less Than or Equal to 30 m, Greater Than 30 Less Than Ot Equal To 50 m and Greater Than 50 m.By Geography;
North America, Europe, Asia Pacific, Middle East & Africa and Latin America - Report Timeline (2021 - 2031).Introduction
Global Offshore Wind Energy Market (USD Million), 2021 - 2031
In the year 2024, the Global Offshore Wind Energy Market was valued at USD 45,159.73 million. The size of this market is expected to increase to USD 149,054.17 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 18.6%.
Global Offshore Wind Energy Market Growth, Share, Size, Trends and Forecast
*Market size in USD million
CAGR 18.6 %
| Study Period | 2025 - 2031 |
|---|---|
| Base Year | 2024 |
| CAGR (%) | 18.6 % |
| Market Size (2024) | USD 45,159.73 Million |
| Market Size (2031) | USD 149,054.17 Million |
| Market Concentration | Low |
| Report Pages | 353 |
Major Players
- Prysmian Group
- Nexans
- Sumitomo Electric Industries, Ltd
- Southwire Company
- LLC
- LS Cable & System
- Furukawa Electric Co. Ltd
- IMPSA
- Enessere Srl
- MHI Vestas
- General Electric
- Goldwind
- Siemens Gamesa Renewable Energy
- Nordex SE
- Suzlon Energy Limited
Market Concentration
Consolidated - Market dominated by 1 - 5 major players
Global Offshore Wind Energy Market
Fragmented - Highly competitive market without dominant players
Offshore wind emerges as a promising and environmentally friendly energy technology, boasting a high capacity factor compared to its counterparts like solar and onshore wind. However, its substantial capital costs have hindered widespread implementation. Offshore wind turbines face erosion risks in harsh marine environments due to decades of operation, and even advantageous features like high wind speeds can pose challenges, triggering turbine shutdowns when speeds exceed 25 m/s.
With the growing scale of offshore wind farms, construction, transportation, installation, and operational challenges have magnified. Logistics hurdles are particularly daunting, given the remote offshore locations of wind farms, making access difficult, especially during adverse weather conditions. Rectifying minor technical issues becomes intricate and expensive due to these logistical challenges.
Global Offshore Wind Energy Market Recent Developments
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In February 2024, Equinor secured a lease for the development of the Empire Wind 2 offshore wind farm in the US. The project is expected to have a capacity of 1.5 GW and will be located off the coast of New York.
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In December 2023, RWE Renewables secured a lease for the development of the Sofia offshore wind farm in the UK. The project is expected to have a capacity of 1.4 GW and will be located off the coast of Scotland.
Segment Analysis
In this report, the Global Offshore Wind Energy Market has been segmented by Component, Depth and Geography.
The Global Offshore Wind Energy Market is witnessing substantial growth across various segments, including turbines, support structures, electrical infrastructure, and others. Turbines represent a critical component driving market expansion, with advancements in turbine technology enhancing efficiency and capacity. As manufacturers develop larger and more powerful turbines capable of harnessing stronger winds at sea, offshore wind farms can generate greater electricity output, further propelling market growth.
The segmentation by Depth delineates the diverse deployment environments for offshore wind projects, spanning shallow, intermediate, and deep waters. The choice of depth significantly influences the selection of components, construction methods, and operational considerations, reflecting the complex interplay between technological capabilities and environmental factors. By integrating these segmentation criteria with geographic analysis spanning key regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, this report offers valuable insights into regional market dynamics, regulatory frameworks, and investment opportunities. This holistic approach enables stakeholders to navigate the diverse landscape of the Global Offshore Wind Energy Market and capitalize on emerging trends and opportunities in specific components, depth ranges, and geographic regions.
Support structures play a pivotal role in anchoring offshore wind turbines to the seabed, ensuring stability and reliability in challenging marine environments. Innovations in support structure design and construction techniques have enabled the deployment of offshore wind farms in deeper waters and harsher conditions, expanding the geographic scope of offshore wind energy development.
Global Offshore Wind Energy Market, Segmentation by Component
The Global Offshore Wind Energy Market has been segmented by Component into Turbine, Support Structure, Electrical Infrastructure and Others.
Turbines represent the heart of offshore wind energy generation, converting wind energy into electricity. Continuous advancements in turbine technology have led to the development of larger and more efficient turbines capable of harnessing wind resources in offshore environments. Support structures, including foundations and mooring systems, provide the necessary stability and anchorage for offshore wind turbines, ensuring their resilience in challenging marine conditions.
Electrical Infrastructure comprises subsea cables, substations, and grid interconnection systems, facilitating the transmission of electricity from offshore wind farms to onshore grids. These components play a crucial role in optimizing power transmission efficiency and reliability. Additionally, the "Others" category encompasses various ancillary components and systems essential for offshore wind energy projects, such as monitoring and control systems, safety equipment, and environmental monitoring devices. By segmenting the market into these key components, this report offers valuable insights into the diverse elements shaping the Global Offshore Wind Energy Market, enabling stakeholders to navigate opportunities and challenges within each segment effectively.
Global Offshore Wind Energy Market, Segmentation by Depth
The Global Offshore Wind Energy Market has been segmented by Depth into Greater than 0 Less than or equal to 30 m, Greater than 30 Less than ot equal to 50 m and Greater than 50 m.
Offshore wind projects are deployed at varying depths, each presenting unique challenges and opportunities. The segment "Greater than 0 Less than or equal to 30 m" covers installations in relatively shallow waters, where fixed-bottom foundations are typically feasible. These projects often entail easier installation and maintenance processes due to the shallower depth, making them suitable for early-stage offshore wind development.
The "Greater than 30 Less than or equal to 50 m" category encompasses offshore wind farms located in intermediate-depth waters, where a combination of fixed-bottom and floating platforms may be employed. Projects within this depth range offer a balance between accessibility and technical complexity, requiring robust support structures and electrical infrastructure to withstand moderate marine conditions.
Global Offshore Wind Energy Market, Segmentation by Geography
In this report, the Global Offshore Wind Energy Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Offshore Wind Energy Market Share (%), by Geographical Region, 2024
North America showcases increasing momentum in offshore wind energy development, particularly along the Atlantic coast, where ambitious projects are gaining traction. Europe stands at the forefront of the global offshore wind market, with countries like the United Kingdom, Germany, and Denmark leading in deployment and innovation. The Asia Pacific region, encompassing nations such as China, Japan, and South Korea, is witnessing rapid growth driven by robust renewable energy policies and investments. Additionally, the Middle East and Africa present emerging opportunities, with regions like the North Sea and the Gulf of Guinea showing potential for offshore wind projects. Latin America, with its expansive coastlines and growing renewable energy interest, offers promising prospects for offshore wind energy development. By segmenting the market geographically, this report provides invaluable insights into regional trends, regulatory frameworks, and investment opportunities, guiding stakeholders in navigating and capitalizing on the evolving Global Offshore Wind Energy Market.Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Offshore Wind Energy Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunity Analysis
Drivers :
- Climate Change and Clean Energy Goals
- Technological Advancements
- Decreasing Costs
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Supportive Government Policies -Supportive government policies play a pivotal role in driving the growth of the Global Offshore Wind Energy Market. Governments worldwide are increasingly recognizing the importance of transitioning to renewable energy sources to mitigate climate change and achieve energy security. To incentivize investment in offshore wind projects, many governments have implemented favorable policies such as feed-in tariffs, renewable energy targets, tax incentives, and subsidies. These policies provide financial support and regulatory certainty, encouraging private sector participation and fostering a conducive environment for offshore wind development.
Restraints :
- High Initial Investment Costs
- Grid Infrastructure
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Environmental Impact - The Global Offshore Wind Energy Market is increasingly recognized for its positive environmental impact, offering a sustainable alternative to traditional fossil fuel-based energy sources. Offshore wind farms produce electricity without emitting greenhouse gases or other pollutants, contributing to reduced carbon emissions and mitigating climate change. This transition to clean energy helps to alleviate air pollution, improve public health, and preserve ecosystems, aligning with global efforts to achieve carbon neutrality and combat the adverse effects of climate change.
Opportunity :
- Floating Wind Farms
- Advanced Technologies
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Integration with Other Renewables - The Global Offshore Wind Energy Market is increasingly intertwined with other renewable energy sources, fostering a synergistic approach towards achieving sustainable energy goals. Integration with other renewables, such as solar, geothermal, and tidal energy, presents opportunities for enhanced energy generation, grid stability, and overall system efficiency. Collaborative projects combining offshore wind with complementary technologies are emerging, leveraging the strengths of each to overcome challenges and maximize benefits.
Competitive Landscape Analysis
Key players in Global Offshore Wind Energy Market include
- Prysmian Group
- Nexans
- Sumitomo Electric Industries, Ltd
- Southwire Company
- LLC
- LS Cable & System
- Furukawa Electric Co. Ltd
- IMPSA
- Enessere Srl
- MHI Vestas
- General Electric
- Goldwind
- Siemens Gamesa Renewable Energy
- Nordex SE
- Suzlon Energy Limited
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Component
- Market Snapshot, By Depth
- Market Snapshot, By Region
- Global Offshore Wind Energy Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
- Climate Change and Clean Energy Goals
- Technological Advancements
- Decreasing Costs
- Supportive Government Policies
- Restraints
- High Initial Investment Costs
- Grid Infrastructure
- Environmental Impact
- Opportunities
- Floating Wind Farms
- Advanced Technologies
- Integration with Other Renewables
- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
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Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Offshore Wind Energy Market, By Component, 2021 - 2031 (USD Million)
- Turbine
- Support Structure
- Electrical Infrastructure
- Others
- Global Offshore Wind Energy Market, By Depth, 2021 - 2031(USD Million)
- Greater than 0 Less than or equal to 30 m
- Greater than 30 Less than ot equal to 50 m
- Greater than 50 m
- Global Offshore Wind Energy Market, By Geography, 2021 - 2031 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN (Association of South East Asian Countries)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Global Offshore Wind Energy Market, By Component, 2021 - 2031 (USD Million)
- Competitive Landscape
- Company Profiles
- Prysmian Group
- Nexans
- Sumitomo Electric Industries, Ltd
- Southwire Company, LLC
- LS Cable & System
- Furukawa Electric Co. Ltd
- IMPSA
- Enessere Srl
- MHI Vestas
- General Electric
- Goldwind
- Siemens Gamesa Renewable Energy
- Nordex SE
- Suzlon Energy Limited
- Company Profiles
- Analyst Views
- Future Outlook of the Market