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The market for offshore wind power was assessed at USD 33.59 billion in 2023, and it is anticipated to expand at a CAGR of 13.1% over the next five years. The use of offshore wind farms in bodies of water is implied by offshore wind power and energy. Utilizing the power of the wind results in clean, sustainable energy.
In order for most nations to meet their renewable energy goals, the offshore wind power industry is crucial. Nations all around the world are developing rules and regulations to make offshore wind power a much more viable alternative for a renewable energy source. The efficiency of wind power has also substantially grown with the introduction of sophisticated technologies, and the cost of installation is growing less. Due to the growing interest in reducing the global carbon footprint and the increased need for renewable energy sources, the market for offshore wind power is anticipated to grow. The industry is expected to rise as a result of increased efforts being made to minimize carbon emissions by governmental bodies and electricity companies.
In order to meet the goal of the Paris Agreement, renewable energy sources must grow from 25% of the world's annual power generation to 86% by 2050, according to IRENA (International Renewable Energy Agency). Also predicted by Bloomberg BNEF is a spending of approximately US$ 13.3 trillion on new production assets. By 2050, wind and solar energy are anticipated to generate half of the world's electricity. Additionally, it is predicted that the installation of turbines would increase internationally, propelling the market for offshore wind power.
The COVID-19 spread illustrates the market growth's decline as a result of the global economic slowdown and substantial disruptions in the renewable energy market's supply chain. Most non-essential operations have been put on hold due to stringent guidelines imposed by governments around the world. It is projected that the implementation of the lockout across nations will disrupt international trade, which will impede the expansion of the offshore wind power market.
Countries all over the world are concentrating on raising investment in offshore wind power projects in order to extract energy from the environment's natural wind resources and consequently fuel the worldwide market. Installing offshore wind energy is a difficult undertaking since it necessitates moving large, heavy equipment to the project site, raising the overall cost per kW. However, the overall cost has decreased compared to before, making offshore wind an attractive alternative within the renewable energy category. This is due to the advent of cutting-edge technology and cost-effective solutions for offshore installation & wind turbines. Due to its simplicity of use and affordability, the permanent structure is the most popular installation type for offshore wind generation. Although floating structure is still in its infancy and currently has a relatively small portion of the worldwide offshore wind power market share, based on planned and forthcoming projects, floating structure is expected to experience significant growth over the course of the projected period.
Since building wind towers in shallower water is more easier and costs less in the process, shallow water, or the section of the market with water depths up to 30 meters, is becoming increasingly attractive for offshore wind generation. But it is anticipated that the global market potential would move in favor of deep-water installations, where the water depth exceeds 30 meters. In terms of installed capacity, the above-30-meter category accounts for around 30% of the market in 2018, but due to rising investment in floating offshore wind power projects, which are typically deployed in deeper locations, this proportion is expected to reach 50% in the projected year.
Offshore wind power projects also come with a few inherent benefits. For instance, due to higher wind speeds and more regular wind conditions, offshore wind generating projects can be more operationally predictable and efficient than onshore installations.3 Offshore wind projects can use fewer turbines to produce the same amount of energy as a similar onshore project when paired with larger offshore wind turbines.
Another benefit is that offshore projects can frequently be constructed much closer to areas with strong electricity demand near significant coastal cities. The strongest onshore wind resources in the geographically vast United States are located in the interior, far from the coastal areas where the greatest demand for energy exists.4 Offshore wind energy might lessen the need to construct expensive cross-regional transmission and distribution (T&D) infrastructure, which frequently encounters permission difficulties and can cause onshore wind power project timetables to be pushed back. Furthermore, offshore wind energy projects might be advantageous in nations with limited land resources, like Japan and South Korea.
Report Coverage
Global Offshore Wind Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Offshore Wind Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Offshore Wind Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Offshore Wind Power market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Offshore Wind Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Offshore Wind Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, Vestas, MHI Vestas Offshore Wind, Senvion S.A., Adwen, Suzlon Energy Limited, Other prominent players
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Offshore Wind Power market based on the below-mentioned segments:
Global Offshore Wind Power Market, By Installation
Fixed Structure
Floating Structure
Global Offshore Wind Power market, By Water Depth
Up to 30m
Above 30m
Global Offshore Wind Power Market, By Capacity
Up to 3MW
3MW to 5MW
Above 5MW
Global Offshore Wind Power market, Regional Analysis
In order for most nations to meet their renewable energy goals, the offshore wind power industry is crucial. Nations all around the world are developing rules and regulations to make offshore wind power a much more viable alternative for a renewable energy source. The efficiency of wind power has also substantially grown with the introduction of sophisticated technologies, and the cost of installation is growing less. Due to the growing interest in reducing the global carbon footprint and the increased need for renewable energy sources, the market for offshore wind power is anticipated to grow. The industry is expected to rise as a result of increased efforts being made to minimize carbon emissions by governmental bodies and electricity companies.
In order to meet the goal of the Paris Agreement, renewable energy sources must grow from 25% of the world's annual power generation to 86% by 2050, according to IRENA (International Renewable Energy Agency). Also predicted by Bloomberg BNEF is a spending of approximately US$ 13.3 trillion on new production assets. By 2050, wind and solar energy are anticipated to generate half of the world's electricity. Additionally, it is predicted that the installation of turbines would increase internationally, propelling the market for offshore wind power.
The COVID-19 spread illustrates the market growth's decline as a result of the global economic slowdown and substantial disruptions in the renewable energy market's supply chain. Most non-essential operations have been put on hold due to stringent guidelines imposed by governments around the world. It is projected that the implementation of the lockout across nations will disrupt international trade, which will impede the expansion of the offshore wind power market.
Countries all over the world are concentrating on raising investment in offshore wind power projects in order to extract energy from the environment's natural wind resources and consequently fuel the worldwide market. Installing offshore wind energy is a difficult undertaking since it necessitates moving large, heavy equipment to the project site, raising the overall cost per kW. However, the overall cost has decreased compared to before, making offshore wind an attractive alternative within the renewable energy category. This is due to the advent of cutting-edge technology and cost-effective solutions for offshore installation & wind turbines. Due to its simplicity of use and affordability, the permanent structure is the most popular installation type for offshore wind generation. Although floating structure is still in its infancy and currently has a relatively small portion of the worldwide offshore wind power market share, based on planned and forthcoming projects, floating structure is expected to experience significant growth over the course of the projected period.
Since building wind towers in shallower water is more easier and costs less in the process, shallow water, or the section of the market with water depths up to 30 meters, is becoming increasingly attractive for offshore wind generation. But it is anticipated that the global market potential would move in favor of deep-water installations, where the water depth exceeds 30 meters. In terms of installed capacity, the above-30-meter category accounts for around 30% of the market in 2018, but due to rising investment in floating offshore wind power projects, which are typically deployed in deeper locations, this proportion is expected to reach 50% in the projected year.
Offshore wind power projects also come with a few inherent benefits. For instance, due to higher wind speeds and more regular wind conditions, offshore wind generating projects can be more operationally predictable and efficient than onshore installations.3 Offshore wind projects can use fewer turbines to produce the same amount of energy as a similar onshore project when paired with larger offshore wind turbines.
Another benefit is that offshore projects can frequently be constructed much closer to areas with strong electricity demand near significant coastal cities. The strongest onshore wind resources in the geographically vast United States are located in the interior, far from the coastal areas where the greatest demand for energy exists.4 Offshore wind energy might lessen the need to construct expensive cross-regional transmission and distribution (T&D) infrastructure, which frequently encounters permission difficulties and can cause onshore wind power project timetables to be pushed back. Furthermore, offshore wind energy projects might be advantageous in nations with limited land resources, like Japan and South Korea.
Report Coverage
Global Offshore Wind Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Offshore Wind Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Offshore Wind Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Offshore Wind Power market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, Vestas, MHI Vestas Offshore Wind, Senvion S.A., Adwen, Suzlon Energy Limited, Other prominent players |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Offshore Wind Power Market from 2021 to 2030.
- Market Forecast for Offshore Wind Power Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Offshore Wind Power competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Offshore Wind Power
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Offshore Wind Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Offshore Wind Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, Vestas, MHI Vestas Offshore Wind, Senvion S.A., Adwen, Suzlon Energy Limited, Other prominent players
Primary Target Market
- Market Players of Offshore Wind Power
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Offshore Wind Power market based on the below-mentioned segments:
Global Offshore Wind Power Market, By Installation
Fixed Structure
Floating Structure
Global Offshore Wind Power market, By Water Depth
Up to 30m
Above 30m
Global Offshore Wind Power Market, By Capacity
Up to 3MW
3MW to 5MW
Above 5MW
Global Offshore Wind Power market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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