Global Offshore Wind Energy Market to Reach US$ 38.8 Billion by 2032, Propelled by Expanding Energy Sector

February 21, 2023 | Energy & Mining

The latest report by IMARC Group, titled “Offshore Wind Energy Market Report by Component (Turbine, Substructure, Electrical Infrastructure, and Others), Foundation Type (Fixed Foundation, Floating Foundation), Capacity (Less Than 5 MW, Greater than or Equal to 5 MW), Location (Shallow Water, Transitional Water, Deep Water), and Region 2024-2032,” finds that the global offshore wind energy market size reached US$ 12.9 Billion in 2023. Offshore wind energy refers to clean and renewable energy acquired from wind turbines located in ocean waters. It is transmitted through cables and supplied to the mainland grid. It provides abundant energy sources, lower noise constraints, offers reliable and affordable renewable power, generates more energy with bigger turbines, minimizes greenhouse gas (GHG) emissions, reduce turbulence, enhances energy security and diversity, and encourages sustainable development and efficiency. As a result, offshore wind energy is gaining traction across the globe.

Global Offshore Wind Energy Market Trends:

The market is primarily driven by the expanding energy sector and the rising demand for electricity across the globe. In addition, the increasing number of offshore wind farms and the widespread adoption of wind energy due to its higher efficiency and consistent wind speeds that generate clean energy is contributing to the market growth. Moreover, various technological advancements and the incorporation of multi-turbine technology to generate more energy are offering a lucrative growth opportunity to leading players. Additionally, the rising popularity of floating-type offshore wind turbines on account of their low environmental impact and ease of installation represents another major growth-inducing factor. Besides this, governments of several countries are investing in offshore wind energy projects, thus providing a positive thrust to market growth. Along with this, the construction of offshore wind turbine plants is feasible as large offshore turbines can be transported using ships and barges. This, coupled with the extensive research and development (R&D) activities conducted by key market players to develop lightweight blades and reduce overall costs, is creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 38.8 Billion by 2032, exhibiting a CAGR of 12.9% during the forecast period (2024-2032).

Market Summary:

  • Based on the component, the market has been categorized into turbine, substructure, electrical infrastructure, and others.
  • On the basis of the foundation type, the market has been bifurcated into fixed and floating foundations.
  • Based on the capacity, the market has been segregated into less than 5MW and greater than or equal to 5MW.
  • On the basis of the location, the market has been classified into shallow, transitional, and deep water.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined in the report, with some of the key players being E.ON SE, Électricité de France S.A., Equinor ASA, General Electric Company, Nordex SE, Northland Power Inc., Ørsted A/S, Siemens Gamesa Renewable Energy S.A. (Siemens Energy AG), Suzlon Energy Limited, Vestas Wind Systems A/S and Xinjiang Goldwind Science & Technology Co. Ltd.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Foundation Type, Capacity, Location, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered E.ON SE, Électricité de France S.A., Equinor ASA, General Electric Company, Nordex SE, Northland Power Inc., Ørsted A/S, Siemens Gamesa Renewable Energy S.A. (Siemens Energy AG), Suzlon Energy Limited, Vestas Wind Systems A/S and Xinjiang Goldwind Science & Technology Co. Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Offshore Wind Energy Market to Reach US$ 38.8 Billion by 2032, Propelled by Expanding Energy Sector
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