Market Size of Offshore Wind Energy Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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).
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| Fixed Foundation | |
| Floating Foundation |
| Capacity | |
| Less Than 5 MW | |
| Greater Than or Equal to 5 MW |
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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.
Offshore Wind Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Renewable Energy Mix, 2021
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1.3 Offshore Wind Power Installed Capacity and Forecast in GW, till 2028
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1.4 Major Installed Offshore Wind Farms Projects, till 2022
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1.5 Major Upcoming Offshore Upstream Projects
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1.6 Recent Trends and Developments
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1.7 Government Policies and Regulations
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1.8 Market Dynamics
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1.8.1 Drivers
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1.8.2 Restraints
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1.9 Supply Chain Analysis
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1.10 Porter's Five Forces Analysis
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1.10.1 Bargaining Power of Suppliers
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1.10.2 Bargaining Power of Consumers
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1.10.3 Threat of New Entrants
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1.10.4 Threat of Substitutes Products and Services
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1.10.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Foundation Type
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2.1.1 Fixed Foundation
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2.1.2 Floating Foundation
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2.2 Capacity
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2.2.1 Less Than 5 MW
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2.2.2 Greater Than or Equal to 5 MW
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Asia-Pacific
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2.3.2.1 China
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2.3.2.2 India
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2.3.2.3 Japan
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2.3.2.4 South Korea
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2.3.2.5 Rest of Asia-Pacific
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Netherlands
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2.3.3.4 Spain
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2.3.3.5 Norway
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2.3.3.6 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 United Arab Emirates
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2.3.5.3 South Africa
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2.3.5.4 Rest of Middle-East and Africa
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Offshore Wind Energy Market Size FAQs
What is the current Offshore Wind Energy Market size?
The Offshore Wind Energy Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)
Who are the key players in Offshore Wind Energy Market?
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.
