Offshore Wind Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Offshore Wind Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global offshore wind energy market size reached US$ 10.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.8 Billion by 2028, exhibiting a growth rate (CAGR) of 16.1% during 2023-2028.

Offshore wind energy relies on wind turbines located in ocean waters to generate electricity, which is transmitted via cables to the mainland grid. It is a cost-effective, abundant, and clean source of energy. It can provide reliable and affordable renewable power near coastal energy load centers wherein there is a scarcity of sites for large-scale renewable energy development. It helps reduce greenhouse gas (GHG) emissions, increase energy security and diversity, create jobs, and promote sustainable development. At present, there is a rise in the adoption of renewable sources of energy production and consumption across the globe, which is catalyzing the demand for offshore wind energy. 

Offshore Wind Energy Market Trends:

There is presently a considerable increase in the number of offshore wind farms worldwide. This, in confluence with the burgeoning energy sector, represents one of the key factors impelling the growth of the market. Moreover, onshore wind energy is nowadays near the development limit in several countries on account of the visual and noise impact constraints that make it increasingly challenging to find appropriate sites. Besides this, physical blockages from buildings and landscapes like hills or mountains can also cause inconsistencies in production, and consequently, onshore wind cannot fails in generating energy year-round. However, recent developments in offshore wind energy are reducing visual impacts, minimizing turbulence, and lowering noise constraints. It is also more productive than land-based wind energy due to higher and more consistent wind speeds, which is impelling the market growth. Furthermore, the construction of offshore wind turbine plants is more feasible as large offshore turbines can be transported using barges or ships. This, coupled with increasing investments in upcoming offshore wind power projects by governing authorities, is driving the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global offshore wind energy market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, foundation type, capacity and location.

Breakup by Component:

Turbine
Substructure
Electrical Infrastructure
Others

Breakup by Foundation Type:

Fixed Foundation
Floating Foundation

Breakup by Capacity:

Less Than 5 MW
Greater than or Equal to 5 MW

Breakup by Location:

Shallow Water
Transitional Water
Deep Water

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being E.ON SE, Électricité de France S.A., Equinor ASA, General Electric Company, Nordex SE, Northland Power Inc., Ørsted A/S, Siemens Gamesa Renewable Energy S.A. (Siemens Energy AG), Suzlon Energy Limited, Vestas Wind Systems A/S and Xinjiang Goldwind Science & Technology Co. Ltd.

Key Questions Answered in This Report:

What was the size of the global offshore wind energy market in 2022?

What is the expected growth rate of the global offshore wind energy market during 2023-2028?

What are the key factors driving the global offshore wind energy market?

What has been the impact of COVID-19 on the global offshore wind energy market?

What is the breakup of the global offshore wind energy market based on the component?

What is the breakup of the global offshore wind energy market based on the capacity?

What is the breakup of the global offshore wind energy market based on the location?

What are the key regions in the global offshore wind energy market?

Who are the key players/companies in the global offshore wind energy market?