Global Offshore Wind Energy Market Projected to Reach USD 177.22 Billion by 2032

21-May-2024 | Facts and Factors

Findings from Facts and Factors report “Offshore Wind Energy Market Size, Share, Growth Analysis Report By Component (Turbine, Support Structure, Electrical Infrastructure, and Others), By Location (Deep Water, Shallow Water, and Transitional Water), By Depth (0 to = 30 m, 30 to = 50 m, 50 m), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032” states that the global offshore wind energy market in 2023 was approximately USD 39.14 Billion. The market is expected to grow above a CAGR of 18.27% and is anticipated to reach over USD 177.22 Billion by 2032.

Also called as offshore wind power, offshore wind energy is the renewable energy production from the wind farms constructed off the shore to harvest wind energy for electricity generation. Offshore wind power includes deep water areas utilize floating wind turbines and inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies.

Browse the full “Offshore Wind Energy Market Size, Share, Growth Analysis Report By Component (Turbine, Support Structure, Electrical Infrastructure, and Others), By Location (Deep Water, Shallow Water, and Transitional Water), By Depth (0 to = 30 m, 30 to = 50 m, 50 m), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032" https://www.fnfresearch.com/offshore-wind-energy-market

Rising awareness towards replacement of existing conventional power generation technologies that utilizes substantial amount of fossil fuels whose emissions pollute the environment, is expected to catalyse the offshore wind energy market growth. Favourable regulatory inclination towards efficient extraction of energy sources in addition to sustainable growth is anticipated to positively impact the market dynamics. Moreover, reduced human interventions, limited land utilization, and low maintenance are additional advantageous factors leading to positive outlook towards the offshore energy wind production.

The electrical infrastructure segment is anticipated to exhibit highest CAGR during the forecast period. The high growth of this segment is owing to the growth of land-based transmission infrastructure, offshore substation, and accessories of the offshore wind turbines. In the location segmentation for offshore wind turbines, the shallow water installations are anticipated to hold the largest share during the forecast period. The installation of wind energy system in shallow water is considered to be cost effective due to suitable weather conditions. The installation of wind turbines in deep water is expensive therefore is considered to be less optimal solution. Despite the challenges and cost, the installation of offshore wind turbines is continued in all three water locations largely based on wind speed.

Europe is expected to continue the trend of dominance owing to higher presence of shallow water region and increased government funding. The drive towards lowering carbon footprints and greenhouse emissions have further boosted the market growth. The Asia Pacific region is expected to hold second position owing to government funding towards the offshore projects. Japan is leading the way in the Asia Pacific region while other countries are expected to follow similar trend.

The growing industrialization is catalysing the need for higher energy demand from the power sector which in turn is propelling towards adoption of renewable energy production solutions. The coastal countries in this region are focusing on power generation through renewable energy sources and offshore wind farms thus propelling the market growth. Technological advancement and clean energy consumption are expected to be key drivers propelling the offshore wind energy installation thereby creating opportunities in major markets in the Asia-Pacific region, especially in countries like Japan, China and South Korea.

Report Scope

Some of the leading players in the global market include

Bergey Windpower, Clipper Windpower, Enercon, Enessere, Envision, General Electric, Goldwind, Hitachi, IMPSA, JDR Cable, LS Cable & System, Nexans, NKT A/S, Nordex, Northland Power, NSW Cable, Prysmian Group, RTS Wind, Senvion, Shanghai Electric, Siemens Gamesa, Southwire LLC, Sumitomo Electric, Suzlon Energy, Vattenfall, Vestas, Zhejiang Windey, and others.

This report segments the global offshore wind energy market as follow:

By Component

• Turbine
• Support Structure
• Electrical Infrastructure
• Others

By Location

• Deep Water
• Shallow Water
• Transitional Water

By Depth

• 0 to ≤ 30 m
• 30 to ≤ 50 m
• 50 m

By Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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