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Offshore Wind Energy Market Size, Share & Growth Report 2031
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Offshore Wind Energy Market Size, Share & Growth Report 2031

Segments - Global Offshore Wind Energy Market by Components (Turbine, Support Structure, and Electrical Infrastructure), Installations (Fixed Structure and Floating Structure), Water Depths (Shallow Water, Transitional Water, and Deep Water), Capacity (Up to 3MW, 3MW - 5MW, and Above 5MW), And Regions (Europe, North America, Asia Pacific, Latin America and Middle East & Asia) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Swapnil Hedau

Upcoming | Report ID :EP-238 | 4.6 Rating | 63 Reviews | 131 Pages | Format : PDF Excel PPT

Report Description


Offshore Wind Energy Market outlook 2031

The global offshore wind market size was valued at USD 39.43 billion in 2022, and is likely reach to USD 174.89 billion by 2031, expanding at a CAGR of around 18% during the forecast period, 2023 – 2031. Offshore wind energy or offshore wind power is renewable energy produced from wind using windmills. Wind farms constructed on the inland shelf of fjords, lakes, and sheltered coastal areas produce wind energy for electricity generation.

The offshore wind energy market is estimated to witness considerable growth, owing to rising demand for clean energy. According to the Bloomberg New Energy Finance (BNEF), the global investment towards development of clean energy was around USD 332 billion in 2019, which marks the fifth consecutive year in which the investment exceeded USD 300 billion marks.

Offshore Wind Energy Market Outlook

  • Increase in investments, R&D, government schemes, activities and regulations encouraging the development of offshore wind energy are anticipated to boost the market growth.
  • Rising global concerns for climate change and its impact on the environment are key factors driving the market growth. Unlike the conventional power depending on fossil fuels, the offshore wind energy technology uses renewable sources of energy to generate electricity power. Hence, the latter is slowly replacing the conventional systems, which is anticipated to push the market growth.
  • Cost efficiency in the development of offshore wind energy in the long run is a key factor that can propel the market expansion, since large sizes of wind turbines and blades are economical in the long run. High maintenance cost of offshore winds turbines and rising concerns for sea life are the key challenges that can hamper the market growth.

Scope of Offshore Wind Energy Market Report

The report on the global offshore wind energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Offshore Wind Energy Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Components (Turbine, Support Structure, and Electrical Infrastructure), Installations (Fixed Structure and Floating Structure), Water Depths (Shallow Water, Transitional Water, and Deep Water), Capacity (Up to 3MW, 3MW - 5MW, and Above 5MW)

Regional Scope

Europe, North America, Asia Pacific, Latin America and Middle East & Asia.

E Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Key Players Covered

ABB, Doosan Heavy Industries & Construction, EEW GROUP, ENERCON GmbH, General Electric, Nordex SE, Siemens Gamesa Renewable Energy SA, Suzlon energy Limited, and Vestas Wind Systems A/S

Offshore Wind Energy Market Segment Insights

Turbines to account for 30% share of the market

In terms of components, the global offshore wind energy market can be segmented into turbines, support structure, and electrical infrastructures. The turbine segment is expected to account for a major share of the market during the forecast period. Rapid advancements in technology of aerodynamics, material composition, and power output are key factors that are estimated to increase the demand for turbine, which contains nacelle, rotor, and blades.

Increase in new types of turbines are estimated to fuel the growth of the market. According to Renewables Now, a new prototype of E-138 EP3 for their E2 wind turbines is expected to generate an additional power of 1.5 million kWh every year in Schleswig-Holstein, Germany.

Offshore Wind Energy Market Components

Fixed structure to be the most preferred offshore installation

On the basis of installations, the market can be bifurcated into fixed structures and floating structures. The fixed structure segment is anticipated to expand its share in the market, due to its cost effectiveness and easy operations. On the other hand, the floating structures segment is estimated to witness significant growth during the forecast period.

Global offshore wind energy market to witness substantial growth in transitional water installations

In terms of water depths, the market can be divided into below 30m, 30m - 50m, and above 50m. The 30-50m segment is estimated to expand at a CAGR of around 85% during the forecast period,  2023-2031. while the below 30m segment is projected to dominate the market in the coming years, due to its low maintenance cost and easy installation.

Offshore Wind Energy Market Water Depths

3MW - 5MW capacity to find wide applications in the global offshore wind energy market

Based on capacity, the market can be divided into upto 3mw, 3mw - 5mw, and above 5mw. The demand for 3MW - 5MW is anticipated to increase, due to increasing demand for floating structure and transitional water installations.

Offshore Wind Energy Market Regional Outlook

Europe to witness growth around 30% and stay as a dominant region in the market

In terms of regions, the market can be divided into Europe, North America, Asia Pacific, Latin America, and Middle East & Asia. Europe is anticipated to hold a significant share of the market in the coming years. The market in the UK is anticipated to grow at around 28% during the forecast period, owing to increase in investments, large scale utility projects, and leveraging schemes.

Countries like UK, Norway, Denmark, Germany, Netherlands, Belgium, and France in Europe region, which are near the North Sea, are expected to hold around 50% of total offshore wind energy installation of Europe. China is estimated to contribute to the growth of Asia Pacific offshore wind energy market by installing major floating structure wind turbines.

Offshore Wind Energy Market Region

Segments

Components

  • Turbine
  • Support Structure
  • Electrical Infrastructure

Installations

  • Fixed Structure
  • Floating Structure

Water Depths

  • Shallow Water
  • Transitional Water
  • Deep Water

Capacity

  • Up to 3MW
  • 3MW - 5MW
  • Above 5MW

Regions

  • Europe
  • North America
  • Asia Pacific
  • Latin America
  • Middle East & Asia

Key Players

  • ABB
  • Doosan Heavy Industries & Construction
  • EEW GROUP
  • ENERCON GmbH
  • General Electric
  • Nordex SE
  • Siemens Gamesa Renewable Energy SA
  • Suzlon energy Limited
  • Vestas Wind Systems A/S

Competitive Landscape

The global offshore wind energy market is relatively fragmented as there are numerous players present. ABB, Doosan Heavy Industries & Construction, EEW GROUP, ENERCON GmbH, General Electric, Nordex SE, Siemens Gamesa Renewable Energy SA, Suzlon energy Limited, and Vestas Wind Systems A/S are the key players in the market

Offshore Wind Energy Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Offshore Wind Energy Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Offshore Wind Energy Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Offshore Wind Energy Market - Supply Chain
  4.5. Global Offshore Wind Energy Market Forecast
     4.5.1. Offshore Wind Energy Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Offshore Wind Energy Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Offshore Wind Energy Market Absolute $ Opportunity
5. Global Offshore Wind Energy Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Offshore Wind Energy Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Offshore Wind Energy Demand Share Forecast, 2019-2026
6. North America Offshore Wind Energy Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Offshore Wind Energy Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Offshore Wind Energy Demand Share Forecast, 2019-2026
7. Latin America Offshore Wind Energy Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Offshore Wind Energy Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Offshore Wind Energy Demand Share Forecast, 2019-2026
8. Europe Offshore Wind Energy Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Offshore Wind Energy Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Offshore Wind Energy Demand Share Forecast, 2019-2026
9. Asia Pacific Offshore Wind Energy Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Offshore Wind Energy Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Offshore Wind Energy Demand Share Forecast, 2019-2026
10. Middle East & Africa Offshore Wind Energy Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Offshore Wind Energy Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Offshore Wind Energy Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Offshore Wind Energy Market: Market Share Analysis
  11.2. Offshore Wind Energy Distributors and Customers
  11.3. Offshore Wind Energy Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. ABB
     11.4.2. Doosan Heavy Industries & Construction
     11.4.3. EEW GROUP
     11.4.4. ENERCON GmbH
     11.4.5. General Electric
     11.4.6. Nordex SE
     11.4.7. Siemens Gamesa Renewable Energy SA
     11.4.8. Suzlon energy Limited
     11.4.9. Vestas Wind Systems A/S

Methodology

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