Australia Offshore Wind Power Market

Australia Offshore Wind Power Market Overview:

The Australia offshore wind power market size reached USD 950.88 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 5,694.26 Million by 2033, exhibiting a growth rate (CAGR) of 19.60% during 2025-2033. The market is fueled by renewable energy policies at the government level, innovation in wind turbine performance, and heightened demand for clean energy. Its extensive coastline and favorable wind environment make it all the more lucrative, with high impact on the Australia offshore wind power market share in recent years.

Australia Offshore Wind Power Market Trends:

Government Support and Policy Framework

The Australian government’s commitment to reducing carbon emissions and increasing renewable energy adoption has been a major driver of the Australia Offshore Wind Power market growth. Policy frameworks like the Renewable Energy Target (RET) and incentives for offshore wind projects have been key to attracting investments. For instance, in May 2024, Australia’s offshore wind industry moved closer to realization with the Albanese Government granting feasibility licenses for six projects in Gippsland, Victoria. These projects, which could generate 25 GW of electricity, offer significant job creation and support regional economies. As the government sets more ambitious renewable energy goals, offshore wind projects are expected to play a vital role. Furthermore, regulatory support for infrastructure development and streamlined approval processes are accelerating project timelines. This policy alignment fosters investor confidence and fuels the overall market’s expansion.

Strong Investment and International Collaboration

A growing influx of investment from both domestic and international sources is fostering the Australia offshore wind power market growth. Major energy companies and private investors are recognizing the potential of Australia’s offshore wind resources, leading to significant funding for large-scale projects. Moreover, international collaborations between Australian and European firms have been instrumental in knowledge transfer and technology exchange. This cooperation is helping to refine the local supply chain, reduce costs, and improve the efficiency of offshore wind farms. As a result, the Australia Offshore Wind Power market share is poised for consistent growth with further investments fueling the industry’s expansion. For instance, in September 2024, GE Vernova, a global company, announced that it will supply 38 6 MW turbines for the 228 MW Boulder Creek Wind Farm in Queensland, Australia, the country’s first split-scope, project-financed wind farm. The project, set to power 85,000 homes and cut 379,000 tons of CO₂ annually, includes a five-year service deal. This deal highlights GE Vernova’s growing role in Australia’s energy transition and expands its installed 6 MW platform footprint in the region.

Australia Offshore Wind Power Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on installation, water depth, and capacity. 

Installation Insights: 

• Fixed Structure 
• Floating Structure 

The report has provided a detailed breakup and analysis of the market based on the installation. This includes fixed structure and floating structure. 

Water Depth Insights: 

• Up to 30m 
• Above 30m 

A detailed breakup and analysis of the market based on the water depth have also been provided in the report. This includes up to 30m and above 30m. 

Capacity Insights: 

• Up to 3MW 
• 3MW to 5MW 
• Above 5MW 

The report has provided a detailed breakup and analysis of the market based on the capacity. This includes up to 3MW, 3MW to 5MW, and above 5MW. 

Regional Insights:

• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Queensland
• Northern Territory & Southern Australia
• Western Australia

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Australia Offshore Wind Power Market News:

• In July 2024, RWE secured its first offshore wind site in Australia, located in Bass Strait, Victoria. The Kent Offshore Wind Farm, with a capacity of up to 2 GW, will power 1.6 million homes and is expected to be operational in the 2030s. This marks RWE’s entry into Australia's offshore wind market, adding to its existing renewable energy projects in the country.
• In June 2024, Vestas secured a 577 MW contract for Stage 2 of Australia's 1.3 GW Golden Plains Wind Farm, featuring 93 V162-6.2 MW EnVentus turbines. This adds to the 756 MW already under construction in Stage 1, making it Vestas’ largest onshore wind project globally. The deal includes full EPC responsibilities and a 30-year service agreement.
• In May 2024, Ocean Winds, a joint venture of ENGIE and EDP Renewables, secured a 1.3 GW offshore wind project off Gippsland, Victoria, through Australia’s first offshore wind tender. The project, named High Sea Wind, will power 1 million homes and cut 5.3 million tons of CO₂ annually, supporting Victoria’s 95% renewable target by 2035.
• In May 2024, Ørsted secured a feasibility licence for one offshore wind project in Gippsland, Victoria, and is set to receive a second, aiming to develop 4.8 GW of capacity by the early 2030s. These far-shore projects, located 56–100 km offshore, will support Victoria’s 9 GW offshore wind target and are expected to power 4 million homes. Ørsted will conduct site investigations and environmental assessments, leveraging global expertise to deliver renewable energy and economic benefits while engaging closely with local communities and Traditional Owners.

Australia Offshore Wind Power Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia offshore wind power market performed so far and how will it perform in the coming years?
• What is the breakup of the Australia offshore wind power market on the basis of installation?
• What is the breakup of the Australia offshore wind power market on the basis of water depth?
• What is the breakup of the Australia offshore wind power market on the basis of capacity?
• What is the breakup of the Australia offshore wind power market on the basis of region?
• What are the various stages in the value chain of the Australia offshore wind power market? 
• What are the key driving factors and challenges in the Australia offshore wind power market?
• What is the structure of the Australia offshore wind power market and who are the key players?
• What is the degree of competition in the Australia offshore wind power market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia offshore wind power market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia offshore wind power market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia offshore wind power industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.