Home » Energy » Offshore Wind Energy Market

Offshore Wind Energy Market

Offshore Wind Energy Market By Based on Component (Turbine, Electrical Infrastructure, Substructure, Assembly, Transportation, and Installation) By Based on Location (Shallow Water, Transitional Water, Deep Water) By Foundation Type (Monopile, Jacket, Tripod, Floating), Water Depth (Shallow Water (Up to 29m deep), Transitional Water (30-60m deep), Deep Water (Above 60m deep) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2019-2022
Base Year	2023
Forecast Period	2024-2032
Offshore Wind Energy Market Size 2023	USD 43,271.39 million
Offshore Wind Energy Market, CAGR	17.50%
Offshore Wind Energy Market Size 2032	USD 184,731.79 million

Market Overview

The Offshore wind energy market is projected to grow from USD 43,271.39 million in 2023 to an estimated USD 184,731.79 million by 2032, reflecting a robust compound annual growth rate (CAGR) of 17.50% from 2024 to 2032. This significant growth underscores the increasing shift towards renewable energy sources as nations strive to reduce carbon footprints and enhance energy security.

Driving the market are factors such as governmental support through incentives and regulatory frameworks, technological advancements in turbine capacity and efficiency, and a global push for cleaner energy sources to combat climate change. The escalating demand for sustainable energy has also fostered significant investments and partnerships among key stakeholders across various regions, ensuring steady market growth.

Geographically, Europe leads the offshore wind energy market, thanks to early adoption and extensive government support. However, Asia-Pacific is rapidly catching up, with China and Taiwan significantly investing in offshore wind projects. Key players dominating this market include Vestas, Siemens Gamesa Renewable Energy, GE Renewable Energy, and MHI Vestas Offshore Wind, which are pivotal in shaping the competitive landscape through innovation and strategic collaborations.

Access crucial information at unmatched prices!

Request your sample report today & start making informed decisions powered by Credence Research!

Download Sample

Market Drivers

Governmental Support and Regulatory Frameworks

Governmental support and favorable regulatory frameworks are driving significant growth in the offshore wind energy market. Many countries have introduced subsidies, tax incentives, and feed-in tariffs to promote offshore wind projects as part of efforts to reduce emissions and meet climate goals. For instance, data from the UK government shows that its Contracts for Difference scheme has been instrumental in accelerating offshore wind deployment. The European Wind Energy Association reports that stable policy environments in countries like Germany, Denmark and the Netherlands have attracted substantial investment in the sector. In the US, the Bureau of Ocean Energy Management has conducted multiple offshore wind lease auctions, with strong industry participation indicating growing confidence. China’s National Energy Administration has outlined ambitious offshore wind targets in its Five Year Plans, spurring rapid expansion. Industry surveys by groups like WindEurope highlight how streamlined permitting processes and grid connection policies have reduced project risks. Government commitments to develop supporting infrastructure like ports and transmission networks are also facilitating growth. Overall, the policy landscape has evolved to provide the long-term certainty needed for large-scale offshore wind investments.

Technological Advancements in Turbine Design and Efficiency

Technological progress in turbine design and efficiency has been a key driver of offshore wind market growth. Industry data shows a clear trend towards larger, more powerful turbines over the past decade. For example, leading manufacturers like Siemens Gamesa and Vestas now offer turbines in the 14-15 MW range, compared to 3-5 MW models common previously. Surveys of developers indicate these high-capacity turbines enable more cost-effective projects by reducing the number of installations needed. Floating wind technology has expanded the potential for deep water sites, with several commercial-scale projects now in operation or development globally. Materials advances have improved turbine durability in harsh marine conditions, with operators reporting longer operational lifespans. More efficient blade designs and drivetrain components have boosted capacity factors, as evidenced in performance data from operational wind farms. Digital technologies for predictive maintenance and performance optimization are further enhancing productivity. The US National Renewable Energy Laboratory’s cost projections show continued downward trends for offshore wind, driven largely by technology improvements. Overall, these innovations are making offshore wind increasingly competitive with other energy sources.

Global Shift Towards Renewable Energy and Decarbonization

The global push for renewable energy and decarbonization is propelling offshore wind market expansion. Government and industry data reveal accelerating offshore wind deployment across Europe, Asia, and North America as countries seek to meet climate targets. For instance, the International Energy Agency reports offshore wind is expected to become Europe’s largest source of electricity generation by 2040. In Asia, both China and Japan have set ambitious national targets that are driving rapid growth, according to their respective energy agencies. US states along the Atlantic coast have collectively committed to procuring tens of gigawatts of offshore wind capacity. Surveys of utilities and power companies show increasing interest in offshore wind as a scalable, low-carbon generation source. The higher capacity factors of offshore wind compared to other renewables make it attractive for grid operators seeking reliable clean energy. Energy security concerns are also boosting offshore wind adoption in import-dependent regions, as highlighted in policy documents from the European Commission. Major oil and gas companies are increasingly investing in offshore wind as part of diversification strategies, demonstrating the sector’s long-term potential. Overall, offshore wind is playing a growing role in decarbonization efforts worldwide.

Economic Benefits and Job Creation

The offshore wind energy market is also driven by the significant economic benefits and job creation associated with the development and operation of offshore wind farms. The construction and maintenance of offshore wind projects involve a wide range of industries, including manufacturing, engineering, construction, logistics, and environmental services. As a result, offshore wind projects can generate thousands of jobs, particularly in coastal regions where these farms are located. For instance, the offshore wind sector in Europe has already created tens of thousands of jobs, and this number is expected to grow as the industry expands. Moreover, the economic impact extends beyond job creation; offshore wind projects can stimulate local economies by attracting investments in infrastructure and services. Ports, shipyards, and manufacturing facilities are often upgraded or expanded to accommodate the needs of the offshore wind industry, leading to further economic development in these areas. In addition, the increasing competitiveness of offshore wind energy has attracted significant private sector investments, including from major energy companies and institutional investors. These investments not only contribute to the growth of the offshore wind market but also enhance the overall economic resilience of the regions where these projects are developed.

Market Trends

Expansion of Floating Offshore Wind Farms

The offshore wind energy market is experiencing a significant trend towards the expansion of floating offshore wind farms. This innovative technology allows for the installation of wind turbines in deeper waters, opening up vast new areas for offshore wind development. Floating wind farms are gaining traction globally, with several pilot projects already operational and larger commercial-scale projects in various stages of planning and development. For instance, surveys conducted by industry associations have shown a growing pipeline of floating offshore wind projects across multiple countries. Government authorities in coastal nations are increasingly recognizing the potential of floating wind technology and are implementing supportive policies and regulations to encourage its development. This trend is particularly notable in regions with limited shallow water resources suitable for fixed-bottom turbines. The expansion of floating offshore wind farms is driving technological advancements in mooring systems, floating platforms, and installation methods. As the technology matures and economies of scale are achieved, the costs associated with floating wind farms are expected to decrease, further accelerating their adoption and contributing to the overall growth of the offshore wind energy market.

Integration of Digitalization and Smart Technologies

Another prominent trend in the offshore wind energy market is the increasing integration of digitalization and smart technologies. Industry surveys have revealed a growing adoption of advanced data analytics, artificial intelligence (AI), and machine learning across the offshore wind sector. These technologies are being utilized to optimize various aspects of offshore wind farm operations, from performance monitoring to maintenance planning. For example, data from government energy authorities has shown a rise in the implementation of predictive maintenance systems in offshore wind farms, leading to reduced downtime and improved operational efficiency. The use of digital twin technology is also gaining momentum, allowing operators to create virtual replicas of wind farms for simulation and optimization purposes. Furthermore, the integration of offshore wind farms with energy storage solutions and smart grids is becoming more prevalent, as indicated by recent industry reports. This trend is enhancing grid stability and improving the management of intermittent renewable energy sources. The adoption of these digital and smart technologies is contributing to the overall reduction in the levelized cost of energy (LCOE) for offshore wind, making it increasingly competitive with traditional energy sources and driving further market growth.

Market Restraints and Challenges

High Initial Capital Investment and Financing Challenges

The offshore wind energy market faces significant hurdles due to the substantial upfront costs required for project development. For instance, industry surveys conducted by leading energy consultancies have consistently highlighted the capital-intensive nature of offshore wind farms as a primary concern among developers and investors. Government reports from countries actively pursuing offshore wind have also underscored the financial challenges, particularly in emerging markets. Data from financial institutions specializing in renewable energy projects indicates a trend of increasing project sizes, which, while potentially offering economies of scale, also amplify the financing hurdles. Surveys of industry stakeholders reveal a growing interest in innovative financing mechanisms to address these challenges. For example, green bonds have gained traction, with several successful issuances reported by major offshore wind developers. Additionally, public-private partnerships have emerged as a popular model, with government agencies reporting increased collaboration with private sector entities to share risks and costs. Despite these innovations, the long payback periods associated with offshore wind projects remain a concern, as evidenced by investor sentiment surveys conducted by financial advisory firms.

Environmental and Regulatory Hurdles

Environmental and regulatory challenges continue to pose significant restraints on the offshore wind energy market’s growth. Surveys conducted by environmental agencies and marine research institutions have highlighted the complex interactions between offshore wind farms and marine ecosystems. For instance, studies tracking marine mammal populations in areas with offshore wind development have provided valuable data on potential impacts. Regulatory bodies in various countries have reported increasing numbers of environmental impact assessments being conducted, reflecting the growing scrutiny of offshore wind projects. Industry associations have compiled data on permitting timelines, revealing significant variations across different jurisdictions. Stakeholder surveys conducted in coastal communities have shed light on public perceptions of offshore wind farms, with concerns about visual impacts and interference with traditional activities frequently cited. Government reports have also noted the challenges in balancing renewable energy goals with the protection of marine protected areas and fishing grounds. Despite these challenges, data from environmental monitoring programs associated with existing offshore wind farms have provided insights into mitigation strategies and best practices, which are increasingly being incorporated into project planning and regulatory frameworks.

Market Segmentation Analysis

By Component

The offshore wind energy market is segmented into key components, with turbines playing a leading role. Manufacturers are developing larger, more efficient turbines to boost energy generation. For instance, GE Renewable Energy’s Haliade-X 14 MW turbine, one of the most powerful in the world, is being deployed in several projects. The electrical infrastructure segment, crucial for power transmission, is expanding as wind farms move further offshore. Companies like ABB and Siemens are providing innovative solutions for subsea cables and offshore substations. The substructure segment is evolving with new foundation designs, particularly for floating wind projects. For example, Principle Power’s WindFloat technology has been successfully deployed in multiple floating wind farms. The assembly, transportation, and installation segment is growing in importance, with specialized vessels being developed. Offshore wind energy companies are investing in purpose-built installation vessels to improve efficiency and reduce costs in project development.

By Location

Shallow water locations continue to dominate the offshore wind energy market due to their cost-effectiveness and ease of development. Many large-scale projects, such as Hornsea in the UK, are situated in shallow waters. However, the transitional water segment is gaining traction as technology advances enable development in deeper areas. Projects like Hywind Scotland, the world’s first floating wind farm, demonstrate the feasibility of installations in transitional waters. The deep-water segment is emerging as a frontier for offshore wind, driven by floating turbine technology. Countries with limited shallow water resources, such as Japan and parts of the US West Coast, are particularly interested in deep-water wind farms. Floating wind projects like Hywind Tampen in Norway are paving the way for future deep-water developments. As floating technology matures and costs decrease, deep-water locations are expected to play an increasingly significant role in the offshore wind energy market, offering access to stronger and more consistent wind resources.

Segments

Based on Component

Turbine
Electrical Infrastructure
Substructure
Assembly, Transportation, and Installation

Based on Location

Shallow Water
Transitional Water
Deep Water

Based on Capacity

Up to 3 MW
3 MW – 5 MW
Above 5 MW

Based on Region

Europe
Asia-Pacific
North America
Rest of the World

Regional Analysis

Europe (47%):

Europe continues to dominate the offshore wind energy market, accounting for approximately 47% of the global market share, with the United Kingdom and Germany leading the charge. For instance, the UK’s Crown Estate recently announced plans for a new round of offshore wind leasing, aiming to add up to 7 GW of capacity. Germany has also made significant strides, with the Federal Network Agency reporting record-breaking auction results for offshore wind projects. Denmark and the Netherlands continue to expand their offshore wind portfolios, with Danish energy company Ørsted securing contracts for multiple large-scale projects. The European market’s growth is further supported by technological advancements, such as Siemens Gamesa’s introduction of larger, more efficient turbines specifically designed for offshore use.

Asia-Pacific (34%):

Asia-Pacific is the fastest-growing region in the offshore wind energy market, holding around 34% of the global market share. For instance, the China Renewable Energy Engineering Institute reported that the country’s offshore wind installations more than doubled in the past year. Japan is making significant progress in floating offshore wind technology, with the Ministry of Economy, Trade and Industry approving several demonstration projects. Taiwan has also emerged as a key player, with the Bureau of Energy announcing ambitious targets for offshore wind development. South Korea is ramping up its efforts, with the government unveiling plans for a major offshore wind complex off the coast of Ulsan. The region’s growth is further bolstered by collaborations between local and international companies, such as the partnership between Japan’s JERA and France’s ENGIE for offshore wind projects.

Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!

Customize Now

Key players

Siems Wind Power GmbH & Co. KG
DONG Energy A/S
GE Renewable Energy
Vestas Wind Systems A/S
ADWEN Offshore, SL
Samsung Heavy Industries Co., Ltd.
Senvion S.A.
Suzlon Energy Limited
Nordex SE
Sinovel Wind Group Co., Ltd.

Competitive Analysis

The offshore wind energy market is characterized by intense competition among key players who are continuously innovating to maintain their market positions. Vestas Wind Systems A/S and GE Renewable Energy lead the market with their extensive portfolios of advanced wind turbines and strong global presence. DONG Energy A/S (now Ørsted) is a significant player, particularly in Europe, where it has developed numerous large-scale offshore wind projects. Siems Wind Power GmbH & Co. KG and ADWEN Offshore, SL also contribute to the competitive landscape with their specialized technologies. Asian companies like Samsung Heavy Industries Co., Ltd. and Sinovel Wind Group Co., Ltd. are increasingly making their mark, leveraging their engineering expertise and targeting emerging markets. The competition is further intensified by the ongoing developments in floating wind turbines, with all key players striving to expand their reach into deeper waters.

Recent Developments

In July 2023, Siemens Gamesa‘s first French offshore wind farm, SaintInBrieuc, began supplying electricity to the grid, marking its fourth European offshore project.

In February 2023, Siemens Gamesa and Doosan Enerbility signed a binding framework agreement for a strategic partnership in South Korea’s offshore wind market.

In March 2024, Ørsted and WindEurope signed an MoU with the Azerbaijan Renewable Energy Agency to promote onshore and offshore wind energy in Azerbaijan and the Caspian Sea region.

In April 2024, GE Vernova (GE’s renewable energy division) continues to develop its HaliadeInX platform, featuring industryInleading capacity factors and producing more energy than any other offshore wind turbine on the market.

In August 2023, Samsung Heavy Industries entered the offshore wind sector through an exclusive agreement with Equinor to supply floating wind turbine substructures for the proposed Bandibuli Offshore Wind Farm in South Korea.

In April 2024, Nordex Group was commissioned by EDF Renewables in South Africa for two wind projects within the Koruson 2 cluster, developed with Anglo American via Envusa Energy.

Market Concentration and Characteristics

The offshore wind energy market is moderately concentrated, with a few dominant players such as Vestas Wind Systems A/S, GE Renewable Energy, and Ørsted (formerly DONG Energy) leading the industry. These companies benefit from their extensive experience, largeInscale project portfolios, and strong technological capabilities. However, the market is also characterized by the presence of several regional and emerging players, including Asian giants like Sinovel Wind Group Co., Ltd. and Samsung Heavy Industries Co., Ltd., who are increasingly gaining traction. The market is highly competitive, driven by continuous innovation, advancements in turbine technology, and the growing adoption of floating wind farms, which are expanding the geographical reach of offshore wind energy projects into deeper waters.

Report Coverage

The research report offers an inIndepth analysis based on Component, Location, Capacity and Region. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

Continued advancements in turbine technology, including larger and more efficient turbines, are expected to drive the growth of the offshore wind energy market, enhancing energy output and reducing costs.

The development and adoption of floating wind turbines will enable the expansion of offshore wind energy into deeper waters, significantly increasing the potential for new project sites.

Strong government support, including subsidies, favorable policies, and ambitious renewable energy targets, will continue to be a major driver of the offshore wind energy market’s growth.

The offshore wind sector is attracting substantial investment from both public and private entities, driven by the growing demand for clean energy and the sector’s proven profitability.

The offshore wind energy market is expected to expand beyond Europe, with significant growth anticipated in AsiaInPacific and North America, driven by increasing energy needs and supportive regulatory frameworks.

Ongoing innovations and economies of scale are expected to further reduce the levelized cost of electricity (LCOE) for offshore wind, making it increasingly competitive with traditional energy sources.

The global shift towards reducing carbon emissions and combating climate change will continue to propel the offshore wind energy market, as it plays a crucial role in the transition to a sustainable energy future.

As the market matures, there will be a greater focus on optimizing the supply chain, improving logistics, and reducing lead times, which will enhance project efficiency and profitability.

The integration of offshore wind energy into national grids, along with the development of energy storage solutions, will be key to managing the variability of wind energy and ensuring a stable energy supply.

Strategic collaborations and partnerships among industry leaders, technology providers, and governments will drive innovation, share risks, and accelerate the deployment of offshore wind projects globally.

CHAPTER NO. 1 , INTRODUCTION 19

1.1.1. Report Description 19

Purpose of the Report 19

USP & Key Offerings 19

1.1.2. Key Benefits for Stakeholders 19

1.1.3. Target Audience 20

1.1.4. Report Scope 20

CHAPTER NO. 2 , EXECUTIVE SUMMARY 21

2.1. Offshore Wind Energy Farms Market Snapshot 21

2.1.1. Global Offshore Wind Energy Farms Market, 2018 In 2032 (USD Million) 22

CHAPTER NO. 3 , GEOPOLITICAL CRISIS IMPACT ANALYSIS 23

3.1. RussiaInUkraine and IsraelInPalestine War Impacts 23

CHAPTER NO. 4 , OFFSHORE WIND ENERGY FARMS MARKET – INDUSTRY ANALYSIS 24

4.1. Introduction 24

4.2. Market Drivers 25

4.2.1. Driving Factor 1 Analysis 25

4.2.2. Driving Factor 2 Analysis 26

4.3. Market Restraints 27

4.3.1. Restraining Factor Analysis 27

4.4. Market Opportunities 28

4.4.1. Market Opportunity Analysis 28

4.5. Porter’s Five Forces Analysis 29

CHAPTER NO. 5 , ANALYSIS COMPETITIVE LANDSCAPE 30

5.1. Company Market Share Analysis – 2023 30

5.1.1. Global Offshore Wind Energy Farms Market, Company Market Share, by Volume, 2023 30

5.1.2. Global Offshore Wind Energy Farms Market, Company Market Share, by Revenue, 2023 31

5.1.3. Global Offshore Wind Energy Farms Market, Top 6 Company Market Share, by Revenue, 2023 31

5.1.4. Global Offshore Wind Energy Farms Market, Top 3 Company Market Share, by Revenue, 2023 32

5.2. Global Offshore Wind Energy Farms Market Company Revenue Market Share, 2023 33

5.3. Company Assessment Metrics, 2023 34

5.3.1. Stars 34

5.3.2. Emerging Leaders 34

5.3.3. Pervasive Players 34

5.3.4. Participants 34

5.4. StartInups /SMEs Assessment Metrics, 2023 34

5.4.1. Progressive Companies 34

5.4.2. Responsive Companies 34

5.4.3. Dynamic Companies 34

5.4.4. Starting Blocks 34

5.5. Strategic Developments 35

5.5.1. Acquisitions & Mergers 35

New Product Launch 35

Global Expansion 35

5.6. Key Players Product Matrix 36

CHAPTER NO. 6 , PESTEL & ADJACENT MARKET ANALYSIS 37

6.1. PESTEL 37

6.1.1. Political Factors 37

6.1.2. Economic Factors 37

6.1.3. Social Factors 37

6.1.4. Technological Factors 37

6.1.5. Environmental Factors 37

6.1.6. Legal Factors 37

6.2. Adjacent Market Analysis 37

CHAPTER NO. 7 , OFFSHORE WIND ENERGY FARMS MARKET – BY COMPONENT SEGMENT ANALYSIS 38

7.1. Offshore Wind Energy Farms Market Overview, by Component Segment 38

7.1.1. Offshore Wind Energy Farms Market Revenue Share, By Component, 2023 & 2032 39

7.1.2. Offshore Wind Energy Farms Market Attractiveness Analysis, By Component 40

7.1.3. Incremental Revenue Growth Opportunity, by Component, 2024 In 2032 40

7.1.4. Offshore Wind Energy Farms Market Revenue, By Component, 2018, 2023, 2027 & 2032 41

7.2. Turbine 42

7.3. Electrical Infrastructure 43

7.4. Substructure 44

7.5. Assembly 45

7.6. Transportation and Installation 46

CHAPTER NO. 8 , OFFSHORE WIND ENERGY FARMS MARKET – BY LOCATION SEGMENT ANALYSIS 47

8.1. Offshore Wind Energy Farms Market Overview, by Location Segment 47

8.1.1. Offshore Wind Energy Farms Market Revenue Share, By Location, 2023 & 2032 48

8.1.2. Offshore Wind Energy Farms Market Attractiveness Analysis, By Location 49

8.1.3. Incremental Revenue Growth Opportunity, by Location, 2024 In 2032 49

8.1.4. Offshore Wind Energy Farms Market Revenue, By Location, 2018, 2023, 2027 & 2032 50

8.2. Shallow Water 51

8.3. Transitional Water 52

8.4. Deep Water 53

CHAPTER NO. 9 , OFFSHORE WIND ENERGY FARMS MARKET – BY CAPACITY SEGMENT ANALYSIS 54

9.1. Offshore Wind Energy Farms Market Overview, by Capacity Segment 54

9.1.1. Offshore Wind Energy Farms Market Revenue Share, By Capacity, 2023 & 2032 55

9.1.2. Offshore Wind Energy Farms Market Attractiveness Analysis, By Capacity 56

9.1.3. Incremental Revenue Growth Opportunity, by Capacity, 2024 In 2032 56

9.1.4. Offshore Wind Energy Farms Market Revenue, By Capacity, 2018, 2023, 2027 & 2032 57

9.2. Up to 3 MW 58

9.3. 3MW In 5 MW 59

9.4. Above 5 MW 60

CHAPTER NO. 10 , OFFSHORE WIND ENERGY FARMS MARKET – GLOBAL ANALYSIS 61

10.1. Component 61

10.1.1. Global Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 61

10.1.2. Global Offshore Wind Energy Farms Market Revenue, By Component, 2024 In 2032 (USD Million) 61

10.2. Location 62

10.2.1. Global Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 62

10.2.2. Global Offshore Wind Energy Farms Market Revenue, By Location, 2024 In 2032 (USD Million) 62

10.3. Capacity 63

10.3.1. Global Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 63

10.3.2. Global Offshore Wind Energy Farms Market Revenue, By Capacity, 2024 In 2032 (USD Million) 63

CHAPTER NO. 11 , OFFSHORE WIND ENERGY FARMS MARKET – NORTH AMERICA 64

11.1. North America 64

11.1.1. Key Highlights 64

11.1.2. North America Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 65

11.1.3. North America Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 66

11.1.4. North America Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 67

11.1.5. North America Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 68

11.2. U.S. 69

11.3. Canada 69

11.4. Mexico 69

CHAPTER NO. 12 , OFFSHORE WIND ENERGY FARMS MARKET – EUROPE 70

12.1. Europe 70

12.1.1. Key Highlights 70

12.1.2. Europe Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 71

12.1.3. Europe Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 72

12.1.4. Europe Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 73

12.1.5. Europe Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 74

12.2. UK 75

12.3. France 75

12.4. Germany 75

12.5. Italy 75

12.6. Spain 75

12.7. Russia 75

12.8. Belgium 75

12.9. Netherland 75

12.10. Austria 75

12.11. Sweden 75

12.12. Poland 75

12.13. Denmark 75

12.14. Switzerland 75

12.15. Rest of Europe 75

CHAPTER NO. 13 , OFFSHORE WIND ENERGY FARMS MARKET – ASIA PACIFIC 76

13.1. Asia Pacific 76

13.1.1. Key Highlights 76

13.1.2. Asia Pacific Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 77

13.1.3. Asia Pacific Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 78

13.1.4. Asia Pacific Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 79

13.1.5. Asia Pacific Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 80

13.2. China 81

13.3. Japan 81

13.4. South Korea 81

13.5. India 81

13.6. Australia 81

13.7. Thailand 81

13.8. Indonesia 81

13.9. Vietnam 81

13.10. Malaysia 81

13.11. Philippines 81

13.12. Taiwan 81

13.13. Rest of Asia Pacific 81

CHAPTER NO. 14 , OFFSHORE WIND ENERGY FARMS MARKET – LATIN AMERICA 82

14.1. Latin America 82

14.1.1. Key Highlights 82

14.1.2. Latin America Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 83

14.1.3. Latin America Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 84

14.1.4. Latin America Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 85

14.1.5. Latin America Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 86

14.2. Brazil 87

14.3. Argentina 87

14.4. Peru 87

14.5. Chile 87

14.6. Colombia 87

14.7. Rest of Latin America 87

CHAPTER NO. 15 , OFFSHORE WIND ENERGY FARMS MARKET – MIDDLE EAST 88

15.1. Middle East 88

15.1.1. Key Highlights 88

15.1.2. Middle East Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 89

15.1.3. Middle East Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 90

15.1.4. Middle East Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 91

15.1.5. Middle East Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 92

15.2. UAE 93

15.3. KSA 93

15.4. Israel 93

15.5. Turkey 93

15.6. Iran 93

15.7. Rest of Middle East 93

CHAPTER NO. 16 , OFFSHORE WIND ENERGY FARMS MARKET – AFRICA 94

16.1. Africa 94

16.1.1. Key Highlights 94

16.1.2. Africa Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 95

16.1.3. Africa Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 96

16.1.4. Africa Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 97

16.1.5. Africa Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 98

16.2. Egypt 99

16.3. Nigeria 99

16.4. Algeria 99

16.5. Morocco 99

16.6. Rest of Africa 99

CHAPTER NO. 17 , COMPANY PROFILES 100

17.1. Siems Wind Power GmbH & Co.KG 100

17.1.1. Company Overview 100

17.1.2. Product Portfolio 100

17.1.3. Swot Analysis 100

17.1.4. Business Strategy 101

17.1.5. Financial Overview 101

17.2. DONG Energy A/S 102

17.3. GE Renewable Energy 102

17.4. Vestas Wind Systems A/S 102

17.5. ADWEN Offshore, SL. 102

17.6. Samsung Heavy Industries Co., Ltd. 102

17.7. Senvion S.A. 102

17.8. Suzlon Energy Limited 102

17.9. Nordex SE 102

17.10. Sinovel Wind Group Co., Ltd 102

CHAPTER NO. 18 , RESEARCH METHODOLOGY 103

18.1. Research Methodology 103

18.1.1. Phase I In Secondary Research 104

18.1.2. Phase II In Data Modeling 104

Company Share Analysis Model 105

Revenue Based Modeling 105

18.1.3. Phase III In Primary Research 106

18.1.4. Research Limitations 107

Assumptions 107

List of Figures

FIG NO. 1. Global Offshore Wind Energy Farms Market Revenue, 2018 In 2032 (USD Million) 23

FIG NO. 2. Porter’s Five Forces Analysis for Global Offshore Wind Energy Farms Market 30

FIG NO. 3. Company Share Analysis, 2023 31

FIG NO. 4. Company Share Analysis, 2023 32

FIG NO. 5. Company Share Analysis, 2023 32

FIG NO. 6. Company Share Analysis, 2023 33

FIG NO. 7. Offshore Wind Energy Farms Market – Company Revenue Market Share, 2023 34

FIG NO. 8. Offshore Wind Energy Farms Market Revenue Share, By Component, 2023 & 2032 40

FIG NO. 9. Market Attractiveness Analysis, By Component 41

FIG NO. 10. Incremental Revenue Growth Opportunity by Component, 2024 In 2032 41

FIG NO. 11. Offshore Wind Energy Farms Market Revenue, By Component, 2018, 2023, 2027 & 2032 42

FIG NO. 12. Global Offshore Wind Energy Farms Market for Turbine, Revenue (USD Million) 2018 In 2032 43

FIG NO. 13. Global Offshore Wind Energy Farms Market for Electrical Infrastructure, Revenue (USD Million) 2018 In 2032 44

FIG NO. 14. Global Offshore Wind Energy Farms Market for Substructure, Revenue (USD Million) 2018 In 2032 45

FIG NO. 15. Global Offshore Wind Energy Farms Market for Assembly, Revenue (USD Million) 2018 In 2032 46

FIG NO. 16. Global Offshore Wind Energy Farms Market for Transportation and Installation, Revenue (USD Million) 2018 In 2032 47

FIG NO. 17. Offshore Wind Energy Farms Market Revenue Share, By Location, 2023 & 2032 49

FIG NO. 18. Market Attractiveness Analysis, By Location 50

FIG NO. 19. Incremental Revenue Growth Opportunity by Location, 2024 In 2032 50

FIG NO. 20. Offshore Wind Energy Farms Market Revenue, By Location, 2018, 2023, 2027 & 2032 51

FIG NO. 21. Global Offshore Wind Energy Farms Market for Shallow Water, Revenue (USD Million) 2018 In 2032 52

FIG NO. 22. Global Offshore Wind Energy Farms Market for Transitional Water, Revenue (USD Million) 2018 In 2032 53

FIG NO. 23. Global Offshore Wind Energy Farms Market for Deep Water, Revenue (USD Million) 2018 In 2032 54

FIG NO. 24. Offshore Wind Energy Farms Market Revenue Share, By Capacity, 2023 & 2032 56

FIG NO. 25. Market Attractiveness Analysis, By Capacity 57

FIG NO. 26. Incremental Revenue Growth Opportunity by Capacity, 2024 In 2032 57

FIG NO. 27. Offshore Wind Energy Farms Market Revenue, By Capacity, 2018, 2023, 2027 & 2032 58

FIG NO. 28. Global Offshore Wind Energy Farms Market for Up to 3 MW, Revenue (USD Million) 2018 In 2032 59

FIG NO. 29. Global Offshore Wind Energy Farms Market for 3MW In 5 MW, Revenue (USD Million) 2018 In 2032 60

FIG NO. 30. Global Offshore Wind Energy Farms Market for Above 5 MW, Revenue (USD Million) 2018 In 2032 61

FIG NO. 31. North America Offshore Wind Energy Farms Market Revenue, 2018 – 2032 (USD Million) 65

FIG NO. 32. Europe Offshore Wind Energy Farms Market Revenue, 2018 – 2032 (USD Million) 71

FIG NO. 33. Asia Pacific Offshore Wind Energy Farms Market Revenue, 2018 – 2032 (USD Million) 77

FIG NO. 34. Latin America Offshore Wind Energy Farms Market Revenue, 2018 – 2032 (USD Million) 83

FIG NO. 35. Middle East Offshore Wind Energy Farms Market Revenue, 2018 – 2032 (USD Million) 89

FIG NO. 36. Africa Offshore Wind Energy Farms Market Revenue, 2018 – 2032 (USD Million) 95

FIG NO. 37. Research Methodology – Detailed View 104

FIG NO. 38. Research Methodology 105

List of Tables

TABLE NO. 1. , Global Offshore Wind Energy Farms Market, Snapshot 22

TABLE NO. 2. , Drivers for the Offshore Wind Energy Farms Market, Impact Analysis 26

TABLE NO. 3. , Restraints for the Offshore Wind Energy Farms Market, Impact Analysis 28

TABLE NO. 4. , Global Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 62

TABLE NO. 5. , Global Offshore Wind Energy Farms Market Revenue, By Component, 2024 In 2032 (USD Million) 62

TABLE NO. 6. , Global Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 63

TABLE NO. 7. , Global Offshore Wind Energy Farms Market Revenue, By Location, 2024 In 2032 (USD Million) 63

TABLE NO. 8. , Global Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 64

TABLE NO. 9. , Global Offshore Wind Energy Farms Market Revenue, By Capacity, 2024 In 2032 (USD Million) 64

TABLE NO. 10. , North America Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 66

TABLE NO. 11. , North America Offshore Wind Energy Farms Market Revenue, By Country, 2024 In 2032 (USD Million) 66

TABLE NO. 12. , North America Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 67

TABLE NO. 13. , North America Offshore Wind Energy Farms Market Revenue, By Component, 2024 In 2032 (USD Million) 67

TABLE NO. 14. , North America Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 68

TABLE NO. 15. , North America Offshore Wind Energy Farms Market Revenue, By Location, 2024 In 2032 (USD Million) 68

TABLE NO. 16. , North America Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 69

TABLE NO. 17. , North America Offshore Wind Energy Farms Market Revenue, By Capacity, 2024 In 2032 (USD Million) 69

TABLE NO. 18. , Europe Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 72

TABLE NO. 19. , Europe Offshore Wind Energy Farms Market Revenue, By Country, 2024 In 2032 (USD Million) 72

TABLE NO. 20. , Europe Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 73

TABLE NO. 21. , Europe Offshore Wind Energy Farms Market Revenue, By Component, 2024 In 2032 (USD Million) 73

TABLE NO. 22. , Europe Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 74

TABLE NO. 23. , Europe Offshore Wind Energy Farms Market Revenue, By Location, 2024 In 2032 (USD Million) 74

TABLE NO. 24. , Europe Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 75

TABLE NO. 25. , Europe Offshore Wind Energy Farms Market Revenue, By Capacity, 2024 In 2032 (USD Million) 75

TABLE NO. 26. , Asia Pacific Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 78

TABLE NO. 27. , Asia Pacific Offshore Wind Energy Farms Market Revenue, By Country, 2024 In 2032 (USD Million) 78

TABLE NO. 28. , Asia Pacific Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 79

TABLE NO. 29. , Asia Pacific Offshore Wind Energy Farms Market Revenue, By Component, 2024 In 2032 (USD Million) 79

TABLE NO. 30. , Asia Pacific Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 80

TABLE NO. 31. , Asia Pacific Offshore Wind Energy Farms Market Revenue, By Location, 2024 In 2032 (USD Million) 80

TABLE NO. 32. , Asia Pacific Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 81

TABLE NO. 33. , Asia Pacific Offshore Wind Energy Farms Market Revenue, By Capacity, 2024 In 2032 (USD Million) 81

TABLE NO. 34. , Latin America Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 84

TABLE NO. 35. , Latin America Offshore Wind Energy Farms Market Revenue, By Country, 2024 In 2032 (USD Million) 84

TABLE NO. 36. , Latin America Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 85

TABLE NO. 37. , Latin America Offshore Wind Energy Farms Market Revenue, By Component, 2024 In 2032 (USD Million) 85

TABLE NO. 38. , Latin America Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 86

TABLE NO. 39. , Latin America Offshore Wind Energy Farms Market Revenue, By Location, 2024 In 2032 (USD Million) 86

TABLE NO. 40. , Latin America Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 87

TABLE NO. 41. , Latin America Offshore Wind Energy Farms Market Revenue, By Capacity, 2024 In 2032 (USD Million) 87

TABLE NO. 42. , Middle East Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 90

TABLE NO. 43. , Middle East Offshore Wind Energy Farms Market Revenue, By Country, 2024 In 2032 (USD Million) 90

TABLE NO. 44. , Middle East Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 91

TABLE NO. 45. , Middle East Offshore Wind Energy Farms Market Revenue, By Component, 2024 In 2032 (USD Million) 91

TABLE NO. 46. , Middle East Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 92

TABLE NO. 47. , Middle East Offshore Wind Energy Farms Market Revenue, By Location, 2024 In 2032 (USD Million) 92

TABLE NO. 48. , Middle East Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 93

TABLE NO. 49. , Middle East Offshore Wind Energy Farms Market Revenue, By Capacity, 2024 In 2032 (USD Million) 93

TABLE NO. 50. , Africa Offshore Wind Energy Farms Market Revenue, By Country, 2018 In 2023 (USD Million) 96

TABLE NO. 51. , Africa Offshore Wind Energy Farms Market Revenue, By Country, 2024 In 2032 (USD Million) 96

TABLE NO. 52. , Africa Offshore Wind Energy Farms Market Revenue, By Component, 2018 In 2023 (USD Million) 97

TABLE NO. 53. , Africa Offshore Wind Energy Farms Market Revenue, By Component, 2024 In 2032 (USD Million) 97

TABLE NO. 54. , Africa Offshore Wind Energy Farms Market Revenue, By Location, 2018 In 2023 (USD Million) 98

TABLE NO. 55. , Africa Offshore Wind Energy Farms Market Revenue, By Location, 2024 In 2032 (USD Million) 98

TABLE NO. 56. , Africa Offshore Wind Energy Farms Market Revenue, By Capacity, 2018 In 2023 (USD Million) 99

TABLE NO. 57. , Africa Offshore Wind Energy Farms Market Revenue, By Capacity, 2024 In 2032 (USD Million) 99

Frequently Asked Questions:

What is the projected growth of the offshore wind energy market?

The offshore wind energy market is projected to grow from USD 43,271.39 million in 2023 to USD 184,731.79 million by 2032, with a robust CAGR of 17.50%.

What factors are driving the growth of the offshore wind energy
market?

The market is driven by governmental support, technological advancements in turbine efficiency, and a global shift towards renewable energy and decarbonization efforts.

Which regions are leading in the offshore wind energy market?

Europe currently leads the market, but Asia-Pacific, particularly China and Taiwan, is rapidly catching up with significant investments in offshore wind projects.

Who are the key players in the offshore wind energy market?

Key players include Vestas, Siemens Gamesa Renewable Energy, GE Renewable Energy, and MHI Vestas Offshore Wind, all of whom are pivotal in shaping the market through innovation and strategic collaborations.

Purchase Options

Single User

$4699

Multi User

$5699

Custom Report

$7699

Let us help you

MIKE, North America

+1 304 308 1216

KEITH PHILLIPS, Europe

+44 7809 866 263

EMAIL US

Request Sample

Report delivery within 24 to 48 hours

– Other Info –

–What people say?-

I am very impressed with the information in this report. The author clearly did their research when they came up with this product and it has already given me a lot of ideas.

Jana Schmidt
CEDAR CX Technologies

– Connect with us –