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Global Offshore Wind Market - Industry Trends and Forecast to 2031

OIL, GAS & ENERGY

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Global Offshore Wind Market - Industry Trends and Forecast to 2031

  • OIL, GAS & ENERGY
  • Upcoming Report
  • Apr 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Offshore Wind Market - Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 42.40 Billion
Diagram Market Size (Forecast Year) USD 124.40 Billion
Diagram CAGR %

Major Markets Players

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Global Offshore Wind Market, By  Component (Turbines, Substructure, Electrical Infrastructure), Depth (> 0 ≤ 30 m, > 30 ≤ 50 m, > 50 m), Installation (Fixed Structure, Floating Structure), Location (Shallow Water, Transitional Water, Deepwater), Application (Commercial, Demonstration) - Industry Trends and Forecast to 2031.

Offshore Wind Market Analysis and Size

Grid stabilization utilizes offshore wind energy to enhance the stability and reliability of electrical grids. With their consistent wind patterns and large-scale generation capacity, offshore wind farms provide a steady and predictable source of electricity. Integrating this renewable energy into the grid, fluctuations in supply and demand can be balanced more effectively, reducing the risk of power outages and voltage variations.

Global offshore wind market size was valued at USD 42.40 billion in 2023 and is projected to reach USD 124.40 billion by 2031, with a CAGR of 14.4% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

 Component (Turbines, Substructure, Electrical Infrastructure), Depth (> 0 ≤ 30 m, > 30 ≤ 50 m, > 50 m), Installation (Fixed Structure, Floating Structure), Location (Shallow Water, Transitional Water, Deepwater), Application (Commercial, Demonstration)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Rest of the Middle East and Africa

Market Players Covered

General Electric (U.S.), Vestas (Denmark), Siemens (Germany), goldwind (China), Shanghai Electric (China), ABB (Switzerland), Doosan Corporation (South Korea), Hitachi Energy Ltd. (Japan), Nordex SE (Germany), EEW Holding GmbH & Co (Germany), Nexans (France), DEME (Belgium), Envision Group (China), Rockwell Automation Inc., (U.S.), Hyundai Motor Company (South Korea), Schneider Electric (France), Zhejiang Windey Co., Ltd., (China),, Taiyuan Heavy Industry Co., (China), Sinovel Wind Group Co., Ltd. (China)

Market Opportunities

  • Reduced Cost of Wind Energy Provides Opportunity for New Investors
  • Increasing Government Provides a Supportive Regulatory Environment

Market Definition

Offshore wind refers to generating electricity from wind turbines installed in bodies of water, typically seas or oceans. Depending on water depth and other factors, these wind turbines are erected on fixed foundations attached to the seabed or floating platforms. Offshore wind farms harness the solid and consistent wind speeds found at sea to generate renewable energy. Electricity generated by offshore wind turbines is transmitted to shore via underwater cables and integrated into the electrical grid for distribution to homes, businesses, and industries. Offshore wind has emerged as a significant source of clean energy, offering vast potential for sustainable electricity generation and reducing reliance on fossil fuels.

Offshore Wind Market Dynamics

Drivers

  • Rising Technological Advancements Improve the Efficiency of Wind Energy Production

Innovations in wind turbine design, such as larger rotor diameters, advanced blade materials, and optimized control systems, enhance energy capture and reduce operational costs. Furthermore, the development of floating offshore wind platforms extends the potential deployment areas to deeper waters, accessing vast undiscovered offshore wind resources. Advancements in installation techniques, such as heavy-lift vessels and innovative foundation designs, streamline project construction and reduce installation time. These technological innovations drive down the levelized cost of electricity (LCOE) for offshore wind, making it increasingly competitive with conventional energy sources and accelerating market growth.

  • Rising Climate Change Mitigation Leads to Growing Adoption of Offshore Wind

With increasing concerns over greenhouse gas emissions and their impact on global climate patterns, there is a growing urgency to transition towards low-carbon energy sources. Offshore wind offers a scalable solution for reducing carbon dioxide emissions by providing a renewable alternative to fossil fuel-based electricity generation. Its ability to generate large amounts of clean energy helps countries meet emissions reduction targets outlined in international agreements such as the Paris Agreement. As governments commit to decarbonization goals, offshore wind projects receive support through policies, incentives, and investments, driving market growth and positioning offshore wind as a critical component of global efforts to mitigate climate change.

Opportunities

  • Reduced Cost of Wind Energy Provides Opportunity for New Investors

Advancements in technology, economies of scale, and streamlined project development processes have driven down the levelized cost of electricity (LCOE) for offshore wind projects, making them increasingly competitive with conventional energy sources. This cost reduction opens doors for more significant investment, enabling more extensive deployment of offshore wind farms and accelerating the transition towards renewable energy. Lower costs also attract new market participants, including utilities, investors, and corporate buyers, further stimulating market growth.

  • Increasing Government Initiatives Provide a Supportive Regulatory Environment

Governments worldwide are implementing renewable energy targets, feed-in tariffs, tax incentives, and competitive bidding processes to encourage investment in offshore wind projects. These policies create a stable market framework, reduce investment risks, and attract capital from the public and private sectors. Governments prioritize offshore wind as part of their energy transition strategies to achieve climate goals and enhance energy security. This growing political support for offshore wind provides opportunities for industry players to expand their project pipelines, drive down costs through economies of scale, and accelerate the deployment of offshore wind capacity globally.

 Restraints/Challenges

  • Transportation of Heavy and Large Equipment Slows Down the Pace of Offshore Wind Development

The transportation of heavy and oversized equipment, such as wind turbine components and support structures, to offshore locations poses significant logistical and operational challenges, restraining the offshore wind market. The need for specialized vessels, equipment, and skilled personnel increases project costs and complexity. These challenges may lead to project delays, cost overruns, and increased risk, impacting investor confidence and slowing the pace of offshore wind development.

  • Rising Complex Grid Connection Limits the Expansion of Offshore Wind Capacity

Connecting offshore wind farms to the onshore electrical grid involves complex logistical and technical considerations. This process requires the installation of underwater cables, substations, and other infrastructure, which can be costly and time-consuming. Limited grid connection capacity and competing demands from different renewable energy projects further exacerbate these challenges, leading to delays and uncertainty in project development. Insufficient grid infrastructure in coastal areas may restrict the expansion of offshore wind capacity, hindering the integration of this abundant renewable energy resource into the broader energy system.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In May 2021, GE Renewable Energy completed contracts for the Dogger Bank offshore wind farm's third phase, committing to supply 87 Haliade-X 14 MW turbines, marking the commercial debut of this model
  • In May 2021, Siemens Gamesa secured the preferred supplier status for the 1,044 MW Hai Long offshore wind project, solidifying their partnership with the Hai Long Offshore Wind Project
  • In May 2020, Siemens Gamesa achieved a milestone by installing the nacelle of its SG 14-222 DD offshore wind turbine prototype at its test facility in Sterild, Denmark. The lightweight nacelle, weighing 500 tonnes, is designed to enhance safety and enable the use of a more efficient tower and foundation substructure

Offshore Wind Market Scope

The market is segmented on the basis of component, depth, installation, location, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

  • Turbines
  • Substructure
  • Electrical Infrastructure

Depth

  • 0 ≤ 30 m
  • 30 ≤ 50 m
  • 50 m

Installation

  • Fixed Structure
  • Floating Structure

Location

  • Shallow Water
  • Transitional Water
  • Deepwater

Application

  • Commercial
  • Demonstration

Offshore Wind Market Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, component, depth, installation, location, and application, as referenced above.

The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the market due to initiatives aimed at modernizing aging electrical infrastructure across the region. European governments' strong support and promotion of renewable energy sources, including offshore wind, also further fuel market expansion. These factors collectively contribute to Europe's flourishing offshore wind industry during the forecast period.

The Asia-Pacific is expected to experience substantial growth in offshore wind market, primarily driven by China's significant installations in this sector. This growth is supported by favorable government policies, including subsidies and incentive schemes, which aim to promote renewable energy adoption. Additionally, robust regulatory and policy frameworks provide a stable environment for investment and development in the offshore wind energy sector, further bolstering its acceptance and integration into the regional economy.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Offshore Wind Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are

  • General Electric (U.S.)
  • Vestas (Denmark)
  • Siemens (Germany)
  • goldwind (China)
  • Shanghai Electric (China)
  • ABB (Switzerland)
  • Doosan Corporation (South Korea)
  • Hitachi Energy Ltd. (Japan)
  • Nordex SE (Germany)
  • EEW Holding GmbH & Co (Germany)
  • Nexans (France)
  • DEME (Belgium)
  • Envision Group (China)
  • Rockwell Automation Inc., (U.S.)
  • Hyundai Motor Company (South Korea)
  • Schneider Electric (France)
  • Zhejiang Windey Co., Ltd., (China)
  • Taiyuan Heavy Industry Co., (China)
  • Sinovel Wind Group Co., Ltd. (China)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The offshore wind market size will be worth USD 124.40 billion by 2031.
The growth rate of the offshore wind market is 14.4%.
Rising Technological Advancements Improve the Efficiency of Wind Energy Production & Rising Climate Change Mitigation Leads to Growing Adoption of Offshore Wind are the growth drivers of the offshore wind market.
Component, depth, installation, location, and application are the factors on which the offshore wind market research is based.
Major companies in the offshore wind market are General Electric (U.S.), Vestas (Denmark), Siemens (Germany), goldwind (China), Shanghai Electric (China), ABB (Switzerland), Doosan Corporation (South Korea), Hitachi Energy Ltd. (Japan), Nordex SE (Germany), EEW Holding GmbH & Co (Germany), Nexans (France), DEME (Belgium), Envision Group (China), Rockwell Automation Inc., (U.S.), Hyundai Motor Company (South Korea), Schneider Electric (France), Zhejiang Windey Co., Ltd., (China),, Taiyuan Heavy Industry Co., (China), Sinovel Wind Group Co., Ltd. (China).
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