The global offshore wind energy market size reached US$ 10.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.8 Billion by 2028, exhibiting a growth rate (CAGR) of 16.1% during 2023-2028.
Offshore wind energy relies on wind turbines located in ocean waters to generate electricity, which is transmitted via cables to the mainland grid. It is a cost-effective, abundant, and clean source of energy. It can provide reliable and affordable renewable power near coastal energy load centers wherein there is a scarcity of sites for large-scale renewable energy development. It helps reduce greenhouse gas (GHG) emissions, increase energy security and diversity, create jobs, and promote sustainable development. At present, there is a rise in the adoption of renewable sources of energy production and consumption across the globe, which is catalyzing the demand for offshore wind energy.
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Offshore Wind Energy Market Trends:
There is presently a considerable increase in the number of offshore wind farms worldwide. This, in confluence with the burgeoning energy sector, represents one of the key factors impelling the growth of the market. Moreover, onshore wind energy is nowadays near the development limit in several countries on account of the visual and noise impact constraints that make it increasingly challenging to find appropriate sites. Besides this, physical blockages from buildings and landscapes like hills or mountains can also cause inconsistencies in production, and consequently, onshore wind cannot fails in generating energy year-round. However, recent developments in offshore wind energy are reducing visual impacts, minimizing turbulence, and lowering noise constraints. It is also more productive than land-based wind energy due to higher and more consistent wind speeds, which is impelling the market growth. Furthermore, the construction of offshore wind turbine plants is more feasible as large offshore turbines can be transported using barges or ships. This, coupled with increasing investments in upcoming offshore wind power projects by governing authorities, is driving the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global offshore wind energymarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, foundation type, capacity and location.
Breakup by Component:
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Turbine
Substructure
Electrical Infrastructure
Others
Breakup by Foundation Type:
Fixed Foundation
Floating Foundation
Breakup by Capacity:
Less Than 5 MW
Greater than or Equal to 5 MW
Breakup by Location:
Shallow Water
Transitional Water
Deep Water
Breakup by Region:
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North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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 Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
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
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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)
Key Questions Answered in This Report
The global offshore wind energy market was valued at US$ 10.9 Billion in 2022.
We expect the global offshore wind energy market to exhibit a CAGR of 16.1% during 2023-2028.
The rising consumer inclination towards offshore wind energy, as it minimizes Greenhouse Gas (GHG) emissions, reduces turbulence, enhances energy security and diversity, encourages sustainable development and efficiency, etc., is primarily driving the global offshore wind energy market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous installation activities for wind turbines, thereby negatively impacting the global market for offshore wind energy.
Based on the component, the global offshore wind energy market can be categorized into turbine, substructure, electrical infrastructure, and others. Currently, turbine accounts for the majority of the global market share.
Based on the capacity, the global offshore wind energy market has been segregated into less than 5 MW and greater than or equal to 5 MW, where greater than or equal to 5 MW currently exhibits a clear dominance in the market.
Based on the location, the global offshore wind energy market can be bifurcated into shallow water, transitional water, and deep water. Currently, shallow water holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global offshore wind energy market include 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.
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