Press release
2025-2034 Offshore Wind Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Offshore Wind
What Will the Offshore Wind Industry Market Size Be by 2025?
In recent times, the offshore wind market has experienced swift expansion. A growth from $49.69 billion in 2024 to $58.22 billion in 2025 is expected, registering a compound annual growth rate (CAGR) of 17.2%. Factors such as governmental backing, decreased costs, and increasing awareness about climate change have contributed to the growth in the historic period.
What's the Long-Term Growth Forecast for the Offshore Wind Market Size Through 2029?
The size of the offshore wind market is forecasted to experience a significant increase in the coming years. It is predicted to reach a value of $104.95 billion by 2029, with a compound annual growth rate (CAGR) of 15.9%. This surge during the prediction period can be credited to factors like expansion in scale and capacity, energy transition policies, and global collaboration. Notable trends to watch for in this period include advancements in technology, the emergence of floating wind farms, hybrid initiatives, digitization, automation, and grid connectivity.
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What Are the Key Growth Drivers Fueling the Offshore Wind Market Expansion?
The surge in global investments toward renewable energy is anticipated to drive offshore wind market growth in the future. Renewable energy, which includes natural, renewable resources like sun and wind, is witnessing significant investment from governments as they strive to establish a strong market presence in offshore wind generation. For example, in 2023, fresh global investment in renewable power and fuels touched a record-breaking high near USD 622.5 billion, an 8.1% growth compared to 2022. Thus, rising global investments in the renewable energy sector are predicted to bolster demand for offshore wind solutions during the projected timeframe.
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What Are the Key Trends Driving Offshore Wind Market Growth?
Leading corporations in the offshore wind market are concentrating on advancements and developmental efforts like tendering to streamline project bidding, raise competitive pricing, and strengthen stakeholder collaboration. All of this aims to expedite the realization of offshore wind projects and boost the capacity of renewable energy. In simple terms, an offshore wind tender is a formal procedure where companies are invited by governments or organizations to bid for the development of offshore wind projects. Case in point, in April 2024, Denmark, home to several prominent organizations in the offshore wind industry such as Ørsted, previously known as DONG Energy. This country is recognized for its leadership in renewable energy, especially in offshore wind development, and reveals a solid dedication to sustainability and eco-friendly technologies. Essentially, an offshore wind tender provides a well-defined process for inviting bids from corporations to construct wind projects, specifying details like project scale, location, and anticipated energy generation. The evaluation of these proposals is based on cost, technical viability, and regulatory adherence to pinpoint suitable developers.
How Is the Offshore Wind Market Segmented?
The offshore wind market covered in this report is segmented -
1) By Component: Turbines, Electrical Infrastructure, Substructure, Other Components
2) By Location: Shallow Water, Transitional Water, Deep Water
3) By Capacity: Up to 3MW, 3MW to 5MW, Above 5MW
4) By Application: Electric Power, Oil and Gas, Aviation, Transport, Other Applications
Subsegments:
1) By Turbines: Wind Turbine Generators (WTGs), Rotor Blades, Nacelle, Gearbox And Drive Train
2) By Electrical Infrastructure: Offshore Substations, Undersea Cables (Inter-Array And Export Cables), Transformers, Switchgear And Circuit Breakers
3) By Substructure: Monopile Foundations, Jacket Foundations, Floating Platforms, Gravity-Based Structures
4) By Other Components: Maintenance And Service Equipment, SCADA Systems (Supervisory Control And Data Acquisition), Energy Storage Systems, Monitoring And Control Systems
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Which Companies Are Leading the Charge in Offshore Wind Market Innovation?
Major companies operating in the offshore wind market include General Electric Company, Siemens Gamesa Renewable Energy S. A., MHI Vestas Offshore Wind A/S, Xinjiang Goldwind Science & Technology Co. Ltd., Shanghai Electric Wind Power Group Co. Ltd., Vestas Wind Systems A/S, Nordex SE, Envision Energy Corporation, China Shipbuilding Industry Corporation, Ming Yang Smart Energy Group Co. Ltd., LM Wind Power, Sinovel Wind Group Co. Ltd., XEMC Windpower Co. Ltd., Doosan Heavy Industries & Construction Co. Ltd., Dongfang Electric Corporation, United Power Technology Company Limited, Hitachi Ltd., Toshiba Corporation, ABB Ltd., Nexans S. A., Prysmian Group S. p. A., General Cable Corporation, JDR Cable Systems Ltd., LS Cable & System Ltd., NKT A/S, Subsea 7 S. A., TechnipFMC plc, Van Oord Dredging and Marine Contractors BV
Which Regions Are Leading the Global Offshore Wind Market in Revenue?
Western Europe was the largest region in the offshore wind market in 2024.North America is expected to be the fastest-growing region in the offshore wind market share during the forecast period. The regions covered in the offshore wind market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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