Offshore Wind Energy Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Offshore Wind Energy Market size is expected to record a 19.1% CAGR between 2024 and 2032, driven by robust investments in renewable energy infrastructure and the accelerating momentum towards decarbonization. Governments worldwide are implementing favorable policies and subsidies to support offshore wind projects, recognizing their potential to provide a reliable and substantial energy yield with minimal environmental impact.
Alliances between companies lead to the development of innovative technologies, optimizing installation techniques, and enhancing the efficiency of offshore wind farms. Organizations are joining forces to tackle the challenges associated with offshore wind energy, such as reducing costs and improving energy output. For instance, in June 2023, NOAA and the University of Rhode Island signed an agreement to explore the effects of offshore wind energy development. This collaboration is enhancing understanding of environmental impacts and optimizing future offshore wind projects.
The offshore wind energy industry is segmented based on component, depth, and region.
The market share from the installation component segment is expected to witness considerable growth through 2032, driven by the need to facilitate the assembly and setup of wind turbines and associated infrastructure. Installation components include various tools, equipment, and structures designed to support the installation process, such as foundation structures, turbine assembly cranes, and underwater cabling systems. Ongoing developments are enhancing the efficiency and safety of these installation components to accommodate the expanding scale and complexity of offshore wind farms.
In terms of depth, the offshore wind energy market value from the >30 ≤ 50 m segment is slated to generate notable revenue during 2024-2032 due to their suitability for turbine installations and efficient energy generation. The >30 ≤ 50 m depths offer a balance between access to strong wind resources and manageable installation challenges. Technologies are being developed to optimize turbine foundations and anchoring systems for these specific depth ranges, improving stability and performance.
Europe offshore wind energy industry size is likely to record a significant growth rate through 2032, with the gradual expansion of transmission infrastructure. New transmission projects are being developed to connect offshore wind farms with existing grids, enhancing the reliability and capacity of power distribution. The continuous development of transmission infrastructure is essential for supporting the expansion of offshore wind energy and ensuring the successful integration of renewable energy sources into the broader energy network across the region.
Offshore Wind Energy Market size is expected to record a 19.1% CAGR between 2024 and 2032, driven by robust investments in renewable energy infrastructure and the accelerating momentum towards decarbonization. Governments worldwide are implementing favorable policies and subsidies to support offshore wind projects, recognizing their potential to provide a reliable and substantial energy yield with minimal environmental impact. Alliances between companies lead to the development of innovative technologies, optimizing installation techniques, and enhancing the efficiency of offshore wind farms. Organizations are joining forces to tackle the challenges associated with offshore wind energy, such as reducing costs and improving energy output. For instance, in June 2023, NOAA and the University of Rhode Island signed an agreement to explore the effects of offshore wind energy development. This collaboration is enhancing understanding of environmental impacts and optimizing future offshore wind projects. The offshore wind energy industry is segmented based on component, depth, and region. The market share from the installation component segment is expected to witness considerable growth through 2032, driven by the need to facilitate the assembly and setup of wind turbines and associated infrastructure. Installation components include various tools, equipment, and structures designed to support the installation process, such as foundation structures, turbine assembly cranes, and underwater cabling systems. Ongoing developments are enhancing the efficiency and safety of these installation components to accommodate the expanding scale and complexity of offshore wind farms. In terms of depth, the offshore wind energy market value from the >30 ≤ 50 m segment is slated to generate notable revenue during 2024-2032 due to their suitability for turbine installations and efficient energy generation. The >30 ≤ 50 m depths offer a balance between access to strong wind resources and manageable installation challenges. Technologies are being developed to optimize turbine foundations and anchoring systems for these specific depth ranges, improving stability and performance. Europe offshore wind energy industry size is likely to record a significant growth rate through 2032, with the gradual expansion of transmission infrastructure. New transmission projects are being developed to connect offshore wind farms with existing grids, enhancing the reliability and capacity of power distribution. The continuous development of transmission infrastructure is essential for supporting the expansion of offshore wind energy and ensuring the successful integration of renewable energy sources into the broader energy network across the region.
- Chapter 1 Methodology and Scope
- 1.1 Market definitions
- 1.2 Base estimates and calculations
- 1.3 Forecast model
- 1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market Definitions
- Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 – 2032
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Regulatory landscape
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls and challenges
- 3.4 Growth potential analysis
- 3.5 Porter's analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
- 3.6 PESTEL analysis
- Chapter 4 Competitive landscape, 2023
- 4.1 Introduction
- 4.2 Strategic dashboard
- 4.3 Innovation and sustainability landscape
- Chapter 5 Market Size and Forecast, By Component, 2021 – 2032 (MW and USD Million)
- 5.1 Key trends
- 5.2 Turbine
- 5.2.1 Rating
- 5.2.1.1 ≤ 2 MW
- 5.2.1.2 >2≤ 5 MW
- 5.2.1.3 >5≤ 8 MW
- 5.2.1.4 >8≤10 MW
- 5.2.1.5 >10≤ 12 MW
- 5.2.1.6 > 12 MW
- 5.2.2 Installation
- 5.2.2.1 Floating
- 5.2.2.1.1 Axis
- 5.2.2.1.1.1 Horizontal
- 5.2.2.1.1.1.1 Up wind
- 5.2.2.1.1.1.2 Down wind
- 5.2.2.1.1.2 Vertical
- 5.2.2.1.2 Component
- 5.2.2.1.2.1 Blades
- 5.2.2.1.2.2 Towers
- 5.2.2.1.2.3 Others
- 5.2.2.2 Fixed
- 5.2.2.2.1 Axis
- 5.2.2.2.1.1 Horizontal
- 5.2.2.2.1.1.1 Up wind
- 5.2.2.2.1.1.2 Down wind
- 5.2.2.2.1.2 Vertical
- 5.2.2.2.2 Component
- 5.2.2.2.2.1 Blades
- 5.2.2.2.2.2 Towers
- 5.2.2.2.2.3 Others
- 5.3 Support Structure
- 5.3.1 Substructure (Steel)
- 5.3.2 Foundation
- 5.3.2.1 Monopile
- 5.3.2.2 Jacket
- 5.3.3 Others
- 5.4 Electrical Infrastructure
- 5.4.1.1 Wires and Cables
- 5.4.1.2 Substation
- 5.4.1.3 Others
- 5.5 Others
- Chapter 6 Market Size and Forecast, By Depth, 2021 – 2032 (MW and USD Million)
- 6.1 Key trends
- 6.2 > 0 to ≤ 30 m
- 6.3 > 30 to ≤ 50 m
- 6.4 > 50 m
- Chapter 7 Market Size and Forecast, By Region, 2021 – 2032 (MW and USD Million)
- 7.1 Key trends
- 7.2 North America
- 7.2.1 U.S.
- 7.2.2 Canada
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 Spain
- 7.3.3 UK
- 7.3.4 France
- 7.3.5 Italy
- 7.3.6 Sweden
- 7.3.7 Poland
- 7.3.8 Denmark
- 7.3.9 Portugal
- 7.3.10 Netherlands
- 7.3.11 Ireland
- 7.3.12 Belgium
- 7.4 Asia Pacific
- 7.4.1 China
- 7.4.2 India
- 7.4.3 Australia
- 7.4.4 Japan
- 7.4.5 South Korea
- 7.4.6 Vietnam
- 7.4.7 Philippines
- 7.4.8 Taiwan
- 7.5 Rest of World
- Chapter 8 Company Profiles
- 8.1 ENESSERE S.r.l.
- 8.2 FURUKAWA ELECTRIC CO., LTD
- 8.3 General Electric
- 8.4 Global Energy (Group) Limited
- 8.5 Goldwind
- 8.6 IMPSA
- 8.7 LS Cable and System Ltd.
- 8.8 Nexans
- 8.9 Nordex SE
- 8.10 Prysmian Group
- 8.11 Siemens Gamesa Renewable Energy
- 8.12 Sumitomo Electric Industries, Ltd.
- 8.13 Southwire Company, LLC
- 8.14 Suzlon Energy Limited
- 8.15 Vestas
- 8.16 WEG
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