The Offshore-Wind Energy Market size was valued at USD 43.59 billion in 2023 and is expected to grow to USD 113.57 billion by 2031 and grow at a CAGR of 12.71% over the forecast period of 2024-2031.
Offshore wind energy is a form of renewable and clean energy obtained by harnessing the force of the wind at the sea, where the wind is steadier and reaches at a higher speed than on land due to the absence of barriers. Offshore wind energy produces low greenhouse gas emissions (the main cause of global warming). Offshore wind energy does not consume water and provide a domestic source of electricity but offshore wind energy affects the birds and marine life.
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Wind can produce twice the power on the sea than on the dry land because it blows more at the seaside. The transformed electricity is then supplied to the onshore electricity network. Offshore wind farms are more efficient than onshore wind farms. The more wind speed yields more amount of energy and a steadier wind supply yields a more reliable source of energy. The offshore wind energy is produced far away from the residential area which reduces the impact on the local environment. Being a clean and green form of energy, it reduces the cost of electricity.
When the wind blows on the blades of the turbine at the seaside then the turbines get rotated. Due to rotation electricity gets generated. This electricity generation is based on the electromagnetic principle, where magnets are rotated inside a coil of conductive wire. Then this electricity is sent through the cables and is used by homes and businesses.
The productivity of offshore wind energy was impacted severely during the COVID-19 pandemic. Despite investment in the global offshore wind energy market quadrupling in the first half of 2020, the rapid spread of the virus has disrupted the foundation of wind turbine manufacturing, the operation of the supply chain, blade production, and wind installations.
The pandemic has caused delays in the construction of wind farms, resulting in a decrease in the number of turbines installed. This has led to a reduction in the amount of energy generated by offshore wind farms, which has had a negative impact on the industry., However, the offshore wind energy market has shown resilience in the face of the pandemic. Companies have adapted to the new challenges posed by the virus, implemented new safety measures, and found innovative ways to continue operations.
Drivers
Increasing environmental concerns regarding greenhouse gas emissions
Rising awareness regarding the harmful effects of fossil fuels on the environment
Rising adoption of green energy consumption
Continuously increasing investments in the renewable energy sources
Increasing demand for renewable energy sources drives the market for offshore-wind energy which helps to reduce carbon emissions and protects the environment from the harmful effects of fossil fuels. Moreover, Various rules and regulations imposed by the government to promote green energy also boost the offshore-wind energy market significantly.
Restrain
High initial investment to build infrastructure
In order to initiate an offshore wind energy project, a significant initial investment is necessary. This financial requirement may impede the expansion of the offshore wind energy market.
Opportunities
Increasing government initiatives to curb the carbon footprint
Challenges
Increasing logistic issues due to the current economic recession
The Russia-Ukraine war has impacted the offshore-wind energy market severely. The instability in the region has caused a decrease in investment and slowed the development of offshore wind projects. The offshore wind energy market has been growing rapidly in recent years, with many countries investing heavily in renewable energy sources. However, the Russia-Ukraine conflict has created uncertainty and instability in the region, making it difficult for companies to invest in offshore wind projects. The conflict has also led to a decrease in the availability of skilled labor and materials needed for offshore wind projects. This has resulted in delays and increased costs for companies looking to develop offshore wind farms in the region.
Impact of Recession:
The energy market has experienced a significant decline due to the continuously growing market instability, such as a recession. The downturn in the global economy has led to a decrease in demand for renewable energy sources, including offshore wind energy. This has resulted in a slowdown in the growth of the offshore wind energy market. In addition, technological advancements have made offshore wind energy more cost-effective and efficient. This has helped to make offshore wind energy more competitive with traditional energy sources, even in the midst of an economic downturn. Moreover, for long-term purposes, the government is considering sustainable energy production to reduce energy costs.
By Components:
Turbines
Electrical infrastructure
Substructures
By Location:
Shallow Water
Transitional Water
Deep Water
By Depth:
0 to ≤ 30 m
30 to ≤ 50 m
50 m
By Capacity:
Up to 3MW
3MW to 5MW
Above 5M
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Europe dominated the offshore wind energy market in 2021 and is expected to show the highest growth in the market during the forecast period. This growth is mainly attributed to the increasing investment by the government in renewable energy projects along with favorable government policies. The presence of various key players in Europe further drives the market’s growth. Moreover, European Whistleblowing Institute supports the research and development activities for offshore wind energy projects to promote the use of green energy. Nowadays countries in Europe are shifting their focus on upgrading their electrical infrastructure which drives the market for offshore wind energy significantly.
The Asia-Pacific region is also anticipated to show visible growth during the forecast period due to the adoption of renewable energy in the countries like China, India, and Japan. The increasing government regulations regarding the prevention of carbon emissions help to boost the offshore wind energy market during the forecast period.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players are Siemens Wind Power, Vestas Wind Systems A/S, Goldwind Science and Technology Co. Ltd., Gamesa Corporacion Technologica SA, GE Wind Energy, Sinovel Wind Group Co. Ltd., Dong Energy A/S, Suzlon Group, Nordex SE, China Ming Yang Wind Power Group Limited, and other key players mentioned in the final report.
| Report Attributes | Details |
| Market Size in 2023 | US$ 43.59 Bn |
| Market Size by 2031 | US$ 113.57 Bn |
| CAGR | CAGR of 12.71 % From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Components (Turbines, Electrical infrastructure, Substructure) • By Location (Shallow Water, Transitional Water, Deep Water) • By Depth (0 to ≤ 30 m, 30 to ≤ 50 m, 50 m), By Capacity (Up to 3MW, 3MW to 5MW, Above 5MW) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Siemens Wind Power, Vestas Wind Systems A/S, Goldwind Science and Technology Co. Ltd., Gamesa Corporacion Technologica SA, GE Wind Energy, Sinovel Wind Group Co. Ltd., Dong Energy A/S, Suzlon Group, Nordex SE, and China Ming Yang Wind Power Group Limited |
| Key Drivers | • Increasing environmental concerns regarding greenhouse gas emissions • Rising awareness regarding the harmful effects of fossil fuels on the environment • Rising adoption of green energy consumption |
| Market Opportunities | • Increasing government initiatives to curb the carbon footprint |
The expected market size of the Offshore-Wind Energy Market is USD 99.87 billion in 2030
The expected CAGR of the global Offshore-Wind Energy Market during the forecast period is 12.6%.
The major key players are Siemens Wind Power, Vestas Wind Systems A/S, Goldwind Science and Technology Co. Ltd., Gamesa Corporacion Technologica SA, GE Wind Energy, Sinovel Wind Group Co. Ltd., Dong Energy A/S, Suzlon Group, Nordex SE, China Ming Yang Wind Power Group Limited.
Europe contributes major to the Offshore-Wind Energy Market.
Increasing environmental concerns regarding greenhouse gas emissions, Rising awareness regarding the harmful effects of fossil fuels on the environment, Rising adoption of green energy consumption, and continuously growing investments in the renewable energy sources are the key driving factors of Offshore-Wind Energy Market globally.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Offshore-Wind Energy Market Segmentation, By Components
8.1 Turbines
8.2 Electrical infrastructure
8.3 Substructures
9. Offshore-Wind Energy Market Segmentation, By Location
9.1 Shallow Water
9.2 Transitional Water
9.3 Deep Water
10. Offshore-Wind Energy Market Segmentation, By Depth
10.1 0 to ≤ 30 m
10.2 30 to ≤ 50 m
10.3 50 m
11. Offshore-Wind Energy Market Segmentation, By Capacity
11.1 Up to 3MW
11.2 3MW to 5MW
11.3 Above 5M
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Offshore-Wind Energy Market by Country
12.2.2North America Offshore-Wind Energy Market by Components
12.2.3 North America Offshore-Wind Energy Market by Location
12.2.4 North America Offshore-Wind Energy Market by Depth
12.2.5 North America Offshore-Wind Energy Market by Capacity
12.2.6 USA
12.2.6.1 USA Offshore-Wind Energy Market by Components
12.2.6.2 USA Offshore-Wind Energy Market by Location
12.2.6.3 USA Offshore-Wind Energy Market by Depth
12.2.6.4 USA Offshore-Wind Energy Market by Capacity
12.2.7 Canada
12.2.7.1 Canada Offshore-Wind Energy Market by Components
12.2.7.2 Canada Offshore-Wind Energy Market by Location
12.2.7.3 Canada Offshore-Wind Energy Market by Depth
12.2.7.4 Canada Offshore-Wind Energy Market by Capacity
12.2.8 Mexico
12.2.8.1 Mexico Offshore-Wind Energy Market by Components
12.2.8.2 Mexico Offshore-Wind Energy Market by Location
12.2.8.3 Mexico Offshore-Wind Energy Market by Depth
12.2.8.4 Mexico Offshore-Wind Energy Market by Capacity
12.3 Europe
12.3.1 Europe Offshore-Wind Energy Market by country
12.3.2 Europe Offshore-Wind Energy Market by Components
12.3.3 Europe Offshore-Wind Energy Market by Location
12.3.4 Europe Offshore-Wind Energy Market by Depth
12.3.5 Europe Offshore-Wind Energy Market by Capacity
12.3.6 Germany
12.3.6.1 Germany Offshore-Wind Energy Market by Components
12.3.6.2 Germany Offshore-Wind Energy Market by Location
12.3.6.3 Germany Offshore-Wind Energy Market by Depth
12.3.6.4 Germany Offshore-Wind Energy Market by Capacity
12.3.7 UK
12.3.7.1 UK Offshore-Wind Energy Market by Components
12.3.7.2 UK Offshore-Wind Energy Market by Location
12.3.7.3 UK Offshore-Wind Energy Market by Depth
12.3.7.4 UK Offshore-Wind Energy Market by Capacity
12.3.8 France
12.3.8.1 France Offshore-Wind Energy Market by Components
12.3.8.2 France Offshore-Wind Energy Market by Location
12.3.8.3 France Offshore-Wind Energy Market by Depth
12.3.8.4 France Offshore-Wind Energy Market by Capacity
12.3.9 Italy
12.3.9.1 Italy Offshore-Wind Energy Market by Components
12.3.9.2 Italy Offshore-Wind Energy Market by Location
12.3.9.3 Italy Offshore-Wind Energy Market by Depth
12.3.9.4 Italy Offshore-Wind Energy Market by Capacity
12.3.10 Spain
12.3.10.1 Spain Offshore-Wind Energy Market by Components
12.3.10.2 Spain Offshore-Wind Energy Market by Location
12.3.10.3 Spain Offshore-Wind Energy Market by Depth
12.3.10.4 Spain Offshore-Wind Energy Market by Capacity
12.3.11 The Netherlands
12.3.11.1 Netherlands Offshore-Wind Energy Market by Components
12.3.11.2 Netherlands Offshore-Wind Energy Market by Location
12.3.11.3 Netherlands Offshore-Wind Energy Market by Depth
12.3.11.4 Netherlands Offshore-Wind Energy Market by Capacity
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Offshore-Wind Energy Market by Components
12.3.12.2 Rest of Europe Offshore-Wind Energy Market by Location
12.3.12.3 Rest of Europe Offshore-Wind Energy Market by Depth
12.3.12.4 Rest of Europe Offshore-Wind Energy Market by Capacity
12.4 Asia-Pacific
12.4.1 Asia Pacific Offshore-Wind Energy Market by country
12.4.2 Asia Pacific Offshore-Wind Energy Market by Components
12.4.3 Asia Pacific Offshore-Wind Energy Market by Location
12.4.4Asia Pacific Offshore-Wind Energy Market by Depth
12.4.5Asia Pacific Offshore-Wind Energy Market by Capacity
12.4.6 Japan
12.4.6.1 Japan Offshore-Wind Energy Market by Components
12.4.6.2 Japan Offshore-Wind Energy Market by Location
12.4.6.3 Japan Offshore-Wind Energy Market by Depth
12.4.6.4 Japan Offshore-Wind Energy Market by Capacity
12.4.7 South Korea
12.4.7.1 South Korea Offshore-Wind Energy Market by Components
12.4.7.2 South Korea Offshore-Wind Energy Market by Location
12.4.7.3 South Korea Offshore-Wind Energy Market by Depth
12.4.7.4 South Korea Offshore-Wind Energy Market by Capacity
12.4.8 China
12.4.8.1 China Offshore-Wind Energy Market by Components
12.4.8.2 China Offshore-Wind Energy Market by Location
12.4.8.3 China Offshore-Wind Energy Market by Depth
12.4.8.4 China Offshore-Wind Energy Market by Capacity
12.4.9 India
12.4.9.1 India Offshore-Wind Energy Market by Components
12.4.9.2 India Offshore-Wind Energy Market by Location
12.4.9.3 India Offshore-Wind Energy Market by Depth
12.4.9.4 India Offshore-Wind Energy Market by Capacity
12.4.11 Australia
12.4.10.1 Australia Offshore-Wind Energy Market by Components
12.4.10.2 Australia Offshore-Wind Energy Market by Location
12.4.10.3 Australia Offshore-Wind Energy Market by Depth
12.4.10.4 Australia Offshore-Wind Energy Market by Capacity
12.4.11 Rest of Asia-Pacific
12.4.11.1 APAC Offshore-Wind Energy Market by Components
12.4.11.2 APAC Offshore-Wind Energy Market by Location
12.4.11.3 APAC Offshore-Wind Energy Market by Depth
12.4.11.4 APAC Offshore-Wind Energy Market by Capacity
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Offshore-Wind Energy Market by country
12.5.2 The Middle East & Africa Offshore-Wind Energy Market by Components
12.5.3 The Middle East & Africa Offshore-Wind Energy Market by Location
12.5.4The Middle East & Africa Offshore-Wind Energy Market by Depth
12.5.5 The Middle East & Africa Offshore-Wind Energy Market by Capacity
12.5.6 Israel
12.5.6.1 Israel Offshore-Wind Energy Market by Components
12.5.6.2 Israel Offshore-Wind Energy Market by Location
12.5.6.3 Israel Offshore-Wind Energy Market by Depth
12.5.6.4 Israel Offshore-Wind Energy Market by Capacity
12.5.7 UAE
12.5.7.1 UAE Offshore-Wind Energy Market by Components
12.5.7.2 UAE Offshore-Wind Energy Market by Location
12.5.7.3 UAE Offshore-Wind Energy Market by Depth
12.5.7.4 UAE Offshore-Wind Energy Market by Capacity
12.5.8South Africa
12.5.8.1 South Africa Offshore-Wind Energy Market by Components
12.5.8.2 South Africa Offshore-Wind Energy Market by Location
12.5.8.3 South Africa Offshore-Wind Energy Market by Depth
12.5.8.4 South Africa Offshore-Wind Energy Market by Capacity
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Offshore-Wind Energy Market by Components
12.5.9.2 Rest of Middle East & Asia Offshore-Wind Energy Market by Location
12.5.9.3 Rest of Middle East & Asia Offshore-Wind Energy Market by Depth
12.5.9.4 Rest of Middle East & Asia Offshore-Wind Energy Market by Capacity
12.6 Latin America
12.6.1 Latin America Offshore-Wind Energy Market by Country
12.6.2 Latin America Offshore-Wind Energy Market by Components
12.6.3 Latin America Offshore-Wind Energy Market by Location
12.6.4 Latin America Offshore-Wind Energy Market by Depth
12.6.5 Latin America Offshore-Wind Energy Market by Capacity
12.6.6 Brazil
12.6.6.1 Brazil Offshore-Wind Energy Market by Components
12.6.6.2 Brazil Africa Offshore-Wind Energy Market by Location
12.6.6.3 Brazil Offshore-Wind Energy Market by Depth
12.6.6.4 Brazil Offshore-Wind Energy Market by Capacity
12.6.7 Argentina
12.6.7.1 Argentina Offshore-Wind Energy Market by Components
12.6.7.2 Argentina Offshore-Wind Energy Market by Location
12.6.7.3 Argentina Offshore-Wind Energy Market by Depth
12.6.7.4 Argentina Offshore-Wind Energy Market by Capacity
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Offshore-Wind Energy Market by Components
12.6.8.2 Rest of Latin America Offshore-Wind Energy Market by Location
12.6.8.3 Rest of Latin America Offshore-Wind Energy Market by Depth
12.6.8.4 Rest of Latin America Offshore-Wind Energy Market by Capacity
13. Company Profile
13.1 Siemens Wind Power
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Vestas Wind Systems A/S
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Goldwind Science and Technology Co. Ltd.
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Gamesa Corporacion Technologica SA
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 GE Wind Energy
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Sinovel Wind Group Co. Ltd.
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Dong Energy A/S
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Suzlon Group
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Nordex SE
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 China Ming Yang Wind Power Group Limited
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View
13.13.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. USE Cases And Best Practices
16. Conclusion
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