Offshore Wind Market Size To Reach $65.04 Billion By 2030

Offshore Wind Market Growth & Trends

The global offshore wind market size is projected to reach USD 65.04 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to grow at a CAGR of 7.97% from 2023 to 2030. Favorable government regulations, higher investment in upcoming offshore wind power projects, and lower wind energy costs, which have contributed to increased wind energy adoption, are projected to drive the market growth over the forecast period.

Most countries globally are dependent on offshore wind generation to meet their renewable energy targets. Countries globally are developing rules and regulations to make offshore wind power a more viable alternative to a clean energy source. The increased efforts made by governments and electricity suppliers to minimize carbon emissions are the key factors accelerating market expansion. Furthermore, turbine installation is expected to increase globally, propelling the market growth.

Moreover, due to factors such as the desire to minimize carbon emissions, the depletion of fossil fuels, and climate change, there has been a considerable movement in the energy sector toward renewable and green energy. Several government policies are in place to help the initiative toward greener energy. Many multinational corporations are taking steps to reduce their carbon footprint to contribute to a greener planet and sustainability.

The advancements in wind turbine technology are likely to assist the industry's growth over the forecast period. Furthermore, falling wind power generation costs and increased environmental sensitivity are predicted to boost wind power demand during the forecast period. Europe is a major market for offshore wind energy, and it was particularly hard hit by COVID-19, which hampered further expansion due to project delays. Projects under construction were delayed due to disruptions in European and global trade, resulting in increased CAPEX for such projects.

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Offshore Wind Market Report Highlights

• Based on region, Europe dominated the overall market in terms of revenue over the forecast period. The EU countries are primarily focusing on upgrading their aging electrical infrastructure, and their governments are promoting renewable energy generation and energy trading. These factors are likely to contribute to the growth of the market

• Based on installation, the fixed structure segment dominated the market in 2022 with the largest revenue share of over 57.0%. The market for offshore wind installation is growing due to the increased need for clean energy. The fixed structure installation segment is likely to play a key role among most nations globally in meeting the renewable target

• Based on water depth, the shallow water (<30 M Depth) segment dominated the market in 2022 with a revenue share of over 44.0% because of advancements in wind technology and increased investment in the development of floating wind turbines. As a result, expanding offshore wind applications in shallow water has a beneficial impact on market growth

• In terms of capacity, the above 5 MW segment dominated the market in 2022 with the largest revenue share of over 48.0% in 2022 due to advanced capacity and low costs. Higher power rating turbines are in high demand to make offshore wind power generation more energy-efficient and economically sustainable

• In May 2023, RWE and Siemens Gamesa signed a framework agreement. RWE intends to construct 1,000-megawatt onshore wind farms across Europe utilizing Siemens Gamesa turbines by 2027. RWE will primarily purchase the Siemens Gamesa 5.X onshore platform, which offers a flexible rated output of 6.6 to 7.0 MW and will be installed in Germany

Offshore Wind Market Segmentation

Grand View Research has segmented the global offshore wind market based on installation, capacity, water depth, and region:

Offshore Wind Installation Outlook (Volume, MW; Revenue, USD Billion, 2018 - 2030)

• Fixed Structure

• Floating Structure

Offshore Wind Capacity Outlook (Volume, MW; Revenue, USD Billion, 2018 - 2030)

• Up to 3 MW

• 3 MW to 5 MW

• Above 5 MW

Offshore Wind Water Depth Outlook (Volume, MW; Revenue, USD Billion, 2018 - 2030)

• Shallow Water (<30 M Depth)

• Transitional Water (30-60 M Depth)

• Deepwater (More than 60 M Depth)

Offshore Wind Regional Outlook (Volume, MW; Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Malaysia

  • Singapore

  • Thailand

  • Vietnam

• Central & South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Offshore Wind Market

• General Electric

• Vestas

• Shanghai Electric Wind Power Equipment Co.

• Siemens Gamesa

• Doosan Heavy Industries and Construction

• Hitachi

• Rockwell Automation

• Nordex SE

• Hyundai Motor Group

• Schneider Electric

• Zhejiang Windey Co.

• Taiyuan Heavy Industry Co.