Offshore Wind Energy Market Size (2024 - 2029)

The offshore wind energy sector is poised for substantial growth, driven by supportive government policies, increased investments in new projects, and the declining costs of wind energy, which are enhancing its adoption. Despite the high expenses associated with transporting large equipment to offshore sites, which pose a challenge to market expansion, emerging markets in Africa and South America present significant opportunities due to rising electricity demand. Europe is anticipated to maintain a considerable portion of the market, with various countries actively exploring offshore wind energy initiatives.

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Market Size of Offshore Wind Energy Industry

Offshore Wind Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 11.00 %
Fastest Growing Market Asia Pacific
Largest Market Europe
Market Concentration Medium

Major Players

Offshore Wind Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Offshore Wind Energy Market Analysis

The offshore wind energy market is expected to register a CAGR of over 11% during the forecast period.

  • Over the medium term, factors such as favorable government policies, the increasing investment in upcoming offshore wind power projects, and the reduced cost of wind energy, which has led to increased adoption of wind energy, are expected to drive the market during the forecast period.
  • On the other hand, the heavy and large equipment movement to the offshore location resulting in the high cost of the offshore wind power system is a major factor that is expected to restrain the market growth during the forecast period.
  • Nevertheless, the emerging markets in Africa and South America offer a robust business opportunity for the wind power sector, as countries, including Brazil, South Africa, and Chile, are on the cusp of development, and there is an increased demand for electricity, which is expected to provide market opportunities for wind power development in the coming years.
  • Europe is expected to have a significant share in the market during the forecast period, as different European countries are exploring the offshore wind energy segment.

Offshore Wind Energy Industry Segmentation

In offshore wind or offshore wind energy, wind power is produced by taking the force of the winds out at sea and converting it to electricity, which is then supplied to the distribution network on land.

The offshore wind energy market is segmented into foundation type, capacity, and geography. By foundation type, the market is segmented into fixed and floating foundations. By capacity, the market is segmented into less than 5 MW and greater than or equal to 5 MW. The report also covers the market size and forecasts for the offshore wind energy market across major regions, such as Asia-Pacific, North America, Europe, South America, the Middle East, and Africa. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).

Foundation Type
Fixed Foundation
Floating Foundation
Capacity
Less Than 5 MW
Greater Than or Equal to 5 MW
Geography
North America
United States
Canada
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Europe
Germany
United Kingdom
Netherlands
Spain
Norway
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle-East and Africa
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Offshore Wind Energy Market Size Summary

The offshore wind energy market is poised for significant growth, driven by favorable government policies, increased investments, and the declining cost of wind energy, which has spurred greater adoption. However, the high costs associated with transporting large equipment to offshore sites pose a challenge to market expansion. Emerging markets in Africa and South America, particularly Brazil, South Africa, and Chile, present substantial opportunities due to rising electricity demand. Europe is expected to maintain a significant market share, with countries exploring offshore wind energy extensively. The adoption of advanced technologies in offshore wind energy has attracted substantial investments, with floating wind farms emerging as a promising development, allowing access to deeper waters and broader marine environments.

Europe leads the global offshore wind energy market, with a substantial portion of installations located in its waters, particularly in the North Sea. The region's governments have set ambitious targets for offshore wind capacity, supported by significant investments and strategic policies. Floating offshore wind technology offers unique opportunities for deeper and more remote installations, expanding potential markets to countries with deeper coastal waters. The European Commission's strategy under the European Green Deal aims for substantial offshore wind capacity by 2030 and 2050, further solidifying Europe's position as a key player in the industry. The market is moderately fragmented, with major companies like Siemens Gamesa, Vestas, and √òrsted leading the charge, while collaborations and innovations continue to drive growth and reduce costs.

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Offshore Wind Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, 2021

    3. 1.3 Offshore Wind Power Installed Capacity and Forecast in GW, till 2028

    4. 1.4 Major Installed Offshore Wind Farms Projects, till 2022

    5. 1.5 Major Upcoming Offshore Upstream Projects

    6. 1.6 Recent Trends and Developments

    7. 1.7 Government Policies and Regulations

    8. 1.8 Market Dynamics

      1. 1.8.1 Drivers

      2. 1.8.2 Restraints

    9. 1.9 Supply Chain Analysis

    10. 1.10 Porter's Five Forces Analysis

      1. 1.10.1 Bargaining Power of Suppliers

      2. 1.10.2 Bargaining Power of Consumers

      3. 1.10.3 Threat of New Entrants

      4. 1.10.4 Threat of Substitutes Products and Services

      5. 1.10.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Foundation Type

      1. 2.1.1 Fixed Foundation

      2. 2.1.2 Floating Foundation

    2. 2.2 Capacity

      1. 2.2.1 Less Than 5 MW

      2. 2.2.2 Greater Than or Equal to 5 MW

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Asia-Pacific

        1. 2.3.2.1 China

        2. 2.3.2.2 India

        3. 2.3.2.3 Japan

        4. 2.3.2.4 South Korea

        5. 2.3.2.5 Rest of Asia-Pacific

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Netherlands

        4. 2.3.3.4 Spain

        5. 2.3.3.5 Norway

        6. 2.3.3.6 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 United Arab Emirates

        3. 2.3.5.3 South Africa

        4. 2.3.5.4 Rest of Middle-East and Africa

Offshore Wind Energy Market Size FAQs

The Offshore Wind Energy Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)

Ørsted A/S , Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy, S.A., , E.ON SE and Xinjiang Goldwind Science Technology Co., Ltd. are the major companies operating in the Offshore Wind Energy Market.

Offshore Wind Energy Market Report Snapshots

Offshore Wind Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)