Offshore Wind Energy Market Trends, Size, Share and Industry Report 2023-2028

How Big is the Offshore Wind Energy Market ? :

IMARC Group's latest research report, titled "Offshore Wind Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," 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.

What is Offshore Wind Energy and Uses ? :

Offshore wind energy represents clean and renewable energy derived from wind turbines located in ocean waters. In terms of the foundation type, it can be categorized into fixed and floating types. Offshore wind energy solutions provide abundant sources of energy, reduce noise constraints, offer reliable and affordable renewable power, generate improved energy with bigger turbines, minimize greenhouse gas (GHG) emissions, lower turbulence, improve energy security and diversity, and encourage sustainable development and efficiency. Consequently, they are in extensive demand across the globe.

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Who are the key Players in Offshore Wind Energy Market ? :

• 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
• Xinjiang Goldwind Science & Technology Co. Ltd

What are the Growth Prospects and Trends in the Offshore Wind Energy Industry ? :

The growing energy segment and the elevating requirement for electricity across the globe are primarily driving the offshore wind energy market. Furthermore, the expanding number of offshore wind farms and the launch of various advanced technologies, such as the incorporation of multi-turbine technology for generating more energy, are also positively influencing the global market. Apart from this, the escalating popularity of floating-type offshore wind turbines, owing to their low environmental impact and ease of installation, is acting as another significant growth-inducing factor.

Additionally, the rising investments by government bodies across several countries in offshore wind energy projects aimed at encouraging the generation of clean energy are further propelling the global market. Besides this, the inflating expenditure by leading market players in research and development (R&D) activities for innovating lightweight blades and reducing overall production costs and the increasing focus on the deep-water installation of wind towers where the water depth is more than 30 meters are expected to bolster the offshore wind energy market over the forecasted period.

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Key Market Segmentation:

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, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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