Offshore Wind Energy Market
Report ID: SQMIG55F2070
Report ID: SQMIG55F2070
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Report ID:
SQMIG55F2070 |
Region:
Global |
Published Date: February, 2025
Pages:
198
|Tables:
118
|Figures:
77
Offshore Wind Energy Market size was valued at USD 37.79 Billion in 2024 and is poised to grow from USD 44.7 Billion in 2025 to USD 171.47 Billion by 2033, growing at a CAGR of 18.3% during the forecast period (2026–2033).
Growing demand for renewable energy, advancements in wind turbine technologies, declining costs of offshore wind projects, and availability of subsidies and incentives from governments are slated to help bolster the demand for offshore wind energy on a global level over the coming years.
Growing emphasis on sustainability has led to the launch of new efforts to reduce reliance on fossil fuels. Renewable energy is emerging as a popular clean alternative to traditional energy sources. Offshore wind energy is a key component of this shift towards clean energy due to its high efficiency, consistent wind speeds, and large-scale power generation potential. Even though establishing a new offshore wind energy project might seem expensive, the costs of these projects have been significantly reduced in recent years. This decline in costs can be attributed to improved manufacturing processes, economies of scale, and better supply chain management.
High emphasis of governments of countries to improve their energy security has led to launch of multiple new supportive initiatives that provide incentives and subsidies for offshore wind energy projects. Policies such as feed-in tariffs, renewable portfolio standards, and green financing initiatives encourage private investments in offshore wind energy projects thereby favoring global offshore wind energy market growth as well.
Advancements in offshore wind turbine technology, including larger rotor diameters, higher capacity turbines, and improved efficiency, have significantly increased energy output. These advancements in turbine technologies have made offshore wind energy more productive and efficient. On the contrary, challenges in grid integration, environmental and marine ecosystem concerns, dependence on government subsidies and incentives, and competition from other renewable energy sources are slated to impede the adoption of offshore wind energy across the study period and beyond.
In February 2025, German Federal Network Agency (BNetzA) announced the launch of a new tender for an offshore wind energy project in North Sea. The maximum bidding value is set for 6.2 eurocents/kWh as per Section 19 of the Offshore Wind Energy Act (WindSeeG) and the tender is open for bids until 1st June 2025. The new offshore wind energy project at the N-9.4 site is expected to feature 1 GW capacity and is expected to be operational in 2032 whilst connecting with the NOR-9-4 (BalWin5) offshore grid which will be built by TenneT.
In September 2024, The Solar Energy Corporation of India (SECI), a public sector company in India announced the launch of tender for a new offshore wind energy project located off the coast of Gujrat. The project has a deadline for completion of 48 months with an initial deposit of INR 3,700,000. The new 500 MW offshore wind energy project is estimated to span across 202 square kilometers in the Gulf of Khambhat, Gujrat. After a successful bid, the bidder is also expected to enter into a power purchase agreement (PPA) with SECI for a period of 25 years.
Bids for new offshore wind energy projects around the world are offering highly lucrative opportunities for market players. Companies can focus on participating in these bids to win projects and enhance their market presence by collaborating with different governments. Launch of new offshore wind energys are as more countries commit to sustainability goals is also offering new business scope on a global level.
In February 2025, the Polish Prime Minister, Donald Tusk announced the launch of the Baltica 2 project. The new offshore wind farm is being developed in collaboration with Ørsted and PGE and is expected to generate an impressive 1.5 GW over 190 km² area of the Baltic Sea. The project has commissioning scheduled for the year 2027. The prime minister also stated that this project is the initial part of Poland’s effort to reach 18 GW of national offshore capacity by 2040.
Facilitating better design and engineering capabilities for offshore wind energy equipment and solutions is also a key strategy helping companies expand their revenue generation. In February 2025, ABL Group, a renowned marine and energy consulting company announced the launch of its new business unit specializing in offshore wind foundation design. The new business unit is intended to bring together multi-disciplined engineering and offshore wind foundation design expertise from Longitude and other parts of the Group to expand its business scope in the long run.
Market snapshot - 2026-2033
Global Market Size
USD 31.94 billion
Largest Segment
Shallow Water
Fastest Growth
Deep Water
Growth Rate
18.3% CAGR
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Global Offshore Wind Energy Market is segmented by Component, Water Depth, Installation, Capacity, Application and region. Based on Component, the market is segmented into Turbine, Substructure, Electrical Infrastructure and Others. Based on Water Depth, the market is segmented into Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth) and Deep Water (> 60m Depth). Based on Installation, the market is segmented into Fixed Structure and Floating Structure. Based on Capacity, the market is segmented into Upto 3 MW, 3MW to 5 MW and Above 5 MW. Based on Application, the market is segmented into Electric Power, Oil and Gas, Aviation, Transport and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Location
The shallow water segment is estimated to account for the largest global offshore wind energy market share over the coming years. Shallow water allows for easy and cost-effective installation of wind energy farms thereby making the whole offshore wind energy project more affordable as well as sustainable for end users and developers alike. Easy transmission of energy to land-based grids and better foundational stability offered by offshore wind energy projects built in shallow water locations are also expected to cement the dominance of this segment in the long run. High accessibility for maintenance and better scope of development are helping generate new opportunities via this segment.
On the other hand, the demand for offshore wind energy in deep water locations is slated to rise at a notable pace in the future. High availability of consistent and better wind resources in deep water offshore wind energy projects is helping boost their popularity around the world. Advancements in floating turbine technologies and growing investments in the establishment of floating wing energy farms are also slated to help this segment boost revenue generation for market players going forward. Moreover, minimal impact on coastal communities and reduced disruptions to marine life are other benefits of deep water offshore wind energy projects helping this segment boost business scope.
Analysis by Component
Turbine are estimated to bring in the most revenue for all offshore wind energy companies going forward. Essential and indispensable role of turbines in wind energy generation allows this segment to hold a dominant global offshore wind energy market share. Turbines are primarily responsible for converting mechanical kinetic energy into electrical energy in offshore wind energy projects. Advancements in turbine technologies and growing use of advanced wind energy turbines to optimize energy generation in offshore wind energy projects are also slated to cement the high share of this segment over the coming years.
Meanwhile, the demand for electrical infrastructure is anticipated to rise at a notable CAGR going forward. Electrical infrastructure plays a vital role in storing as well as transmission of the energy generated by offshore wind energy farms. Electrical infrastructure also enables seamless integration with current power grids to improve reliability and stability for energy providers. The intermittent nature of wind energy necessitates the need for a developed electrical infrastructure to enhance the practicality and profitability of offshore wind energy projects. Growing investments in renewable energy grids and infrastructure development are also slated to offer new business scope for offshore wind energy companies focusing on this segment.
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Europe is anticipated to account for a prominent chunk of the global offshore wind energy market share in the future. High emphasis on adoption of renewable energy sources, growing investments development of new offshore wind energy projects, and availability of supportive government initiatives and funding are cementing the dominance of this region.
The United Kingdom is slated to emerge as the top country for offshore wind energy companies owing to the presence of the largest installed capacity of offshore wind energy farms in Europe. Favorable geographic location of the United Kingdom and the availability of shallow waters are helping the United Kingdom lead revenue generation in this region. Denmark, the Netherlands, and Germany are also slated to emerge as highly opportune countries owing to high emphasis on sustainability.
The Asia Pacific region is estimated to emerge as the fastest-expanding market for offshore wind energy providers in the world. Rising investments in development of new offshore energy projects, commitment of governments and companies to sustainability, and rising consumer awareness regarding clean energy are offering new business scope in this region.
China is slated to emerge as the top country for offshore wind energy suppliers operating in the Asia Pacific. Accessibility to extensive offshore wind resources, active support of the government to promote the use of clean energy, and low-cost turbine manufacturing make China a highly lucrative market. Japan, Taiwan, India, and Australia are also emerging as attractive countries for offshore wind energy companies looking to make a mark in the Asia Pacific.
North America is also slated to emerge as an opportune regional market for offshore wind energy projects going forward. Surging demand for electricity to support digitization, visions for ambitious renewable energy goals, and presence of leading offshore wind energy companies are estimated to offer new revenue generation potential in the long run.
The United States is predicted to emerge as the leading country for offshore wind energy providers looking to make a mark in the North American region. The Great Plains region, particularly states like North Dakota and South Dakota, offers highly favorable conditions for the installation of new offshore wind energy farms and boosting clean energy generation for consumers. Launch of federal legislation such as Bill C-49 has also opened up new avenues of opportunities for offshore wind energy companies focusing on Canada.
The Middle East and Africa region is also expected to be a highly opportune regional offshore wind energy market through 2032 and beyond. Launch of government initiatives to unlock the full potential of their wind resources are driving up the establishment of new offshore wind energy projects in this region. Saudi Arabia, Morocco, Oman, and Egypt are slated to emerge as the leading countries for offshore wind energy providers looking to boost their business scope in this region.
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Offshore Wind Energy Market Drivers
High Emphasis on Improving Energy Security
Corporate Demand for Clean Energy
Offshore Wind Energy Market Restraints
High Initial Investments
Challenges in Grid Integration
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Offshore wind energy companies should focus on collaborating with governments to enhance their business scope. Targeting Europe and Asia Pacific regions is slated to be the best opportunity for all types of companies as per this global offshore wind energy market analysis. Use of highly advanced turbines and electrical infrastructure can improve the energy generation capacity of offshore wind energy projects going forward.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising demand for renewable energy and advancements in wind turbine technologies are projected to primarily drive the demand for offshore wind energy over the coming years. However, high initial costs and challenges in integration with power grids are expected to slow down the adoption of offshore wind energy in the future. Europe is slated to spearhead the global offshore wind energy demand outlook owing to high investments in renewable energy infrastructure development and supportive government policies and funding. Use of offshore floating turbines and development of hybrid energy projects are estimated to offer new business scope for offshore wind energy companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 37.79 Billion |
| Market size value in 2033 | USD 171.47 Billion |
| Growth Rate | 18.3% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Offshore Wind Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Offshore Wind Energy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Offshore Wind Energy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Offshore Wind Energy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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