Offshore Wind Energy Market value is set to grow by USD 137 Billion from 2022 to 2030

The Global Offshore Wind Energy Market Size accounted for USD 29 Billion in 2021 and is estimated to garner a market size of USD 137 Billion by 2030 rising at a CAGR of 19% from 2022 to 2030.

Offshore Wind Energy Market Report Key Highlights
• Global offshore wind energy market value was USD 29 Billion in 2021 and expected to grow at CAGR of 19% from 2022 to 2030
• Europe offshore wind energy market occupied over 40% market share in coming years
• According to the U.S. Department of Energy, a record 16,836 megawatts (MW) of wind capacity was installed in the United States in 2020.
• Asia-Pacific offshore wind energy market will grow at fastest CAGR during the forecast period from 2022 to 2030
• Among water depth, up to 30m occupied over 70% of the total market share in 2021

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Offshore Wind Energy Market Regional Outlook

The North American region is estimated to lead the market with noteworthy shares in the coming years, due to enhancing investment in wind energy and the emerging popularity of the wind power sector in the region. In addition, the major contributor economies in wind energy are Canada and the United States. According to the US Department of Energy (DOE), the DOE collaborates closely with educational and industrial institutions to address research challenges specific to US offshore wind power. Furthermore, the high presence of vendors in North America is fueling the region's offshore wind energy market growth. Furthermore, Asia Pacific is predicted to expand the offshore wind energy market growth over the estimated years due to rigorous installations and deployment of offshore wind technologies by China by installing 50% of all new global offshore wind capacity in a record year. In addition to that, China also launched an Emission Trading Scheme (ETS), which will be a critical step toward carbon neutrality and will be the world's biggest emissions management scheme, with over 2,200 power generators participating.

Offshore Wind Energy Market Dynamics

The growing popularity of renewable energy sources in power generation is likely to fuel the growth of the offshore wind energy market, which is expected to grow over the forecast period because it meets global electricity needs and has the ability to produce more energy in the ocean. Among renewable energy sources, offshore wind energy is the second most producer of electricity. For example, the United Kingdom's (UK) goal in 2020 was to have 15% of final energy consumption come from renewable sources. Furthermore, offshore wind is stable and stronger than land-based wind and can generate 14 to 15 megawatts of electricity (MW). For example, the National Renewable Energy Laboratory recorded that the technical resource potential for offshore wind in the United States exceeded 2,000 GW by 2020.

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Offshore Wind Energy Market Segmentation

The offshore wind energy market is divided into three segments: installation, water depth, and regions. The installation segment is divided into two sections: fixed structure and floating structure. The water depth segment is divided into two sections: up to 30m and above 30m. North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the offshore wind energy market industry.

The fixed offshore structure conquers the segment with notable shares in 2021

The fixed offshore structure segment valuated for the majority of the market in 2021 and is expected to grow over the forecast period due to cost productivity and ease of operation. The global expansion of fixed offshore structures includes a extensive range of geotechnical conditions that must be integrated into the design and installation scheme while taking into account various regulatory constraints. However, the floating offshore wind sector is anticipated to grow because it can be deployed in deep water projects and is less expensive. The high wind speed creates a more favorable operating environment, boosting the offshore wind energy market.

The up to 30m water depth occupied the utmost shares in 2021

The up to 30m water depth segment leads the offshore wind energy market share and is expected to grow at a significant rate in the coming years due to the ease of wind tower installation in lower depths, i.e. up to 30 meters. Furthermore, an increase in the use of offshore wind energy and a reduction in capital costs will drive the market forward.

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Offshore Wind Energy Market Players

Enessere, Envision Group, Siemens Gamesa Renewable Energy, S.A., Goldwin, LS Cable & System Ltd., Nordex SE, Prysmian Group, RTS Wind AG, smart dolphin Gmbh, Sumitomo Electric Industries, Ltd., Southwire Company, LLC., Suzlon Energy Limited, Vestas, and WEG are some of the leading offshore wind energy competitors.
• In April 2021, The Argentine National Electricity Mar approved and commissioned the Loma Blanca VI wind farm (100MW) provided and constructed by Gold wind.
• In November 2021, Siemens Gamesa and Vattenfall collaborated by using the latest Siemens Gamesa offshore turbines in large offshore wind projects in Norfolk.

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