Demand for Offshore Wind Is Expected to Surge at A CAGR of 14.5% By 2032 | General Electric Company, Hitachi Ltd., Nordex SE, Envision

The Offshore Wind market size was approximately USD 36.2 Billion in 2022 and is anticipated to reach over USD 132.8 Billion by 2032, growing at a rate of nearly 14.5% from 2023 to 2032.

Offshore wind is a type of wind energy that is harvested from wind turbines that are built in bodies of water, such as oceans, lakes, and rivers. The main benefit of offshore wind farms is that they can generate large amounts of electricity without taking up a lot of space on land. In addition, offshore winds tend to be stronger and more consistent than onshore winds, making them a more reliable source of energy.

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Key Trends

Offshore wind technology has seen dramatic improvements in the last few years. The key trends are:

Turbine Size: Turbines are getting larger and more powerful. The average turbine size has increased from 2 MW in 2010 to 4 MW in 2018. This trend is expected to continue as manufacturers continue to push the limits of turbine size and power output.

Turbine Efficiency: Turbines are becoming more efficient as manufacturers continue to improve design and technology. The average turbine efficiency has increased from 33% in 2010 to 41% in 2018. This trend is expected to continue as manufacturers strive to improve turbine efficiency.

Cost: The cost of offshore wind energy has fallen dramatically in recent years. The levelized cost of energy (LCOE) has fallen from $180/MWh in 2010 to $110/MWh in 2018. This trend is expected to continue as the industry scales up and becomes more efficient.

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Key Drivers

The key drivers of this market are the increasing demand for renewable energy, the declining cost of offshore wind technology, and the need to diversify energy sources.

The demand for renewable energy is increasing due to the growing awareness of the negative impacts of fossil fuels on the environment. The use of renewable energy is seen as a way to reduce greenhouse gas emissions and combat climate change. The Paris Agreement, which was signed by nearly 200 countries in 2015, calls for a transition to renewable energy in order to keep global temperature rise below 2 degrees Celsius.

The cost of offshore wind technology has declined significantly in recent years, making it more economically viable. The cost of offshore wind turbines has fallen by 50% since 2010, and the cost of offshore wind energy is now comparable to the cost of other forms of energy such as natural gas and coal.

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Market Segments

By Component

Turbines
Electrical Infrastructure
Substructure
Others

By Location

Shallow Water
Transitional Water
Deep Water

Key Players

General Electric
Vestas
Siemens Gamesa
Goldwind
Shanghai Electric Wind Power Equipment Co.
ABB
Doosan Heavy Industries and Construction
Hitachi
Nordex SE
EEW

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