Offshore Wind Market 2025-2032: Where the Smart Capital Is Flowing Next | MHI Vestas, Siemens AG, General Electric, ABB

The offshore wind industry continues to demonstrate robust momentum driven by the increasing global emphasis on renewable energy and decarbonization targets. Governments worldwide, particularly in Europe and Asia Pacific, are allocating substantial investments to scale up offshore wind capacity addressing energy security and sustainability goals. In parallel, technological advancements in turbine design and installation methods are accelerating project viability and reducing costs. The Global Offshore Wind Market size is estimated to be valued at USD 63.43 billion in 2025 and is expected to reach USD 175.83 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15% from 2025 to 2032. This significant market growth reinforces the urgency for stakeholders to adopt strategic market insights and capitalize on emerging trends shaping business growth and market share in this dynamic sector.

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➤Strategic Actionable Insights for the Market

● Supply capacity expansion remains a key quantitative driver influencing the offshore wind market size. Notably, in 2024, Europe commissioned over 4 GW of new offshore wind capacity, contributing to a 20% increase in global installed capacity. This supply-side growth directly fuels market revenue opportunities for turbine manufacturers and service providers.

● Pricing dynamics are evolving due to increased competition and technological efficiencies. In 2025, the average Levelized Cost of Energy (LCOE) for offshore wind projects decreased to USD 0.045/kWh, down from USD 0.06/kWh in 2022, indicating improved project economics that stimulate demand across varied geographies.

● Demand patterns show diversification beyond traditional utility-scale projects. The emergence of hybrid offshore wind projects coupling energy storage is evidenced by a 15% rise in such installations across Asia Pacific in 2024, heightening market segments and revenue potential.

● Import-export activities notably affect market dynamics, with turbine components increasingly sourced globally. For example, in 2025, China exported turbine components worth USD 2.5 billion, underscoring both regional specialization and supply chain integration pivotal for market growth.

➤Market Taxonomy and Regional coverage of Report

● Comprehensive Segmentation and Classification of the Report:
» By Turbine Type: Fixed-Bottom, Floating, Semi-Floating, Others
» By Capacity: 10 MW, Others
» By Application: Utility, Industrial, Offshore Oil & Gas Support, Others

● Regional and Country Analysis:
» North America: U.S. and Canada
» Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
» Europe: Germany, U.K., Spain, France, Italy, Benelux, Denmark, Norway, Sweden, Russia, and Rest of Europe
» Asia Pacific: China, Taiwan, India, Japan, South Korea, Indonesia, Malaysia, Philippines, Singapore, Australia, and Rest of Asia Pacific
» Middle East & Africa: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, Israel, South Africa, North Africa, Central Africa, and Rest of MEA

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➤Leading Companies of the Market

● Major market players include MHI Vestas, Siemens AG, General Electric, ABB Ltd., EEW Group, Nexans, and A2SEA A/S, all of which have demonstrated significant industry share through advanced technology integrations and capacity scale-up.

● Siemens AG led with a notable offshore turbine order book exceeding 3 GW in 2024, exemplifying strategic project acquisitions that boost market competitiveness.

● MHI Vestas successfully leveraged floating wind technology, closing a partnership in 2025 to supply turbines for a pioneering 400 MW floating offshore wind farm in Asia Pacific, thereby expanding its market footprint.

● ABB Ltd. enhanced its market position by launching digital grid management solutions in 2024, exponentially improving offshore wind farm operational efficiency and positioning it distinctively in market revenue generation.

➤Key Growth Drivers Fueling Market Expansion

The offshore wind market growth is principally driven by:

● Increasing governmental renewable energy mandates, with over 30 countries committing to offshore wind targets by 2030, directly impacting industry size and market revenue.

● Technological innovation in turbine efficiency and floating platforms reducing installation and maintenance costs, thereby overcoming prior market restraints. For instance, turbine sizes increased by 12% in average rotor diameter from 2023 to 2025, enabling higher energy yields.

● Rising offshore wind integration with grid systems to support electrification and decarbonization, evidenced by integration projects in the U.S. East Coast valued above USD 1 billion in 2024.

● Declining costs and enhanced financing mechanisms catalyzing new projects, with green bonds issuance related to offshore wind exceeding USD 5 billion in 2024, demonstrating strong investor confidence impacting market growth strategies.

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➤Key Reasons for Buying the Offshore Wind Market Report

✦ Comprehensive analysis of the changing competitive landscape
✦ Assists in decision-making processes for the businesses along with detailed strategic planning methodologies
✦ The report offers forecast data and an assessment of the offshore wind market
✦ Helps in understanding the key product segments and their estimated growth rate
✦ In-depth analysis of market drivers, restraints, trends, and opportunities
✦ Comprehensive regional analysis of the offshore wind market
✦ Extensive profiling of the key stakeholders of the business sphere
✦ Detailed analysis of the factors influencing the growth of the offshore wind market

➤ Emerging Trends and Market Shift

Industry trends reveal a pronounced shift towards floating offshore wind farms, unlocking previously inaccessible deep-water sites with high wind potential. Data from 2024 shows floating wind capacity increased by 25%, notably in Japan and Norway, positioning these regions as emerging hotspots. Another pivotal trend is the integration of AI and IoT in predictive maintenance, which has reduced downtime by up to 18% according to operational reports from 2025 offshore installations. Additionally, hybrid projects combining offshore wind with hydrogen production are gaining traction, with pilot schemes in Europe projecting a potential market shift towards green hydrogen export by 2030, underlining evolving market dynamics and growth prospects.

➤High-Impact Market Opportunities by Segment and Region

The fixed-bottom turbine segment is poised for continued dominance due to cost advantages and proven technology, with a forecasted increase in market share of 10% by 2030, notably in shallow coastal waters of Europe. Capacity segment >10 MW presents a critical opportunity as demand grows for higher output turbines, accelerating market revenue due to better efficiency and economies of scale. Application-wise, utility-scale offshore projects remain the largest revenue contributor, supported by governmental incentives, particularly across North America where the U.S. plans to expand offshore wind capacity to over 30 GW by 2030. Regionally, Asia Pacific offers high-impact growth opportunities driven by aggressive installations and policy frameworks in China and Taiwan, where offshore wind market size is growing at over 18% CAGR, reflecting substantial business growth potential underpinned by rising energy demand.

❓ Frequently Asked Questions

1. Who are the dominant players in the Offshore Wind Market?
Key market players include MHI Vestas, Siemens AG, General Electric, ABB Ltd., EEW Group, Nexans, and A2SEA A/S, all maintaining substantial market share through innovation and capacity expansion.

2. What will be the size of the Offshore Wind Market in the coming years?
The offshore wind market size is projected to reach USD 175.83 billion by 2032, growing at a CAGR of 15% from USD 63.43 billion in 2025, reflecting robust industry growth.

3. Which end users industry has the largest growth opportunity?
The utility sector remains the largest end-user segment, driven by large-scale projects supported by governmental renewable energy policies across Europe and North America.

4. How will market development trends evolve over the next five years?
Trends indicate a significant pivot towards floating offshore wind technology, integration of AI-driven operational tools, and hybrid systems coupling wind with energy storage and hydrogen production.

5. What is the nature of the competitive landscape and challenges in the Offshore Wind Market?
The competitive landscape is characterized by strategic partnerships, technological innovation, and regional diversification while facing market challenges such as supply chain constraints and regulatory complexities.

6. What go-to-market strategies are commonly adopted in the Offshore Wind Market?
Key strategies include project co-development partnerships, investments in R&D for turbine technology, and digital transformation initiatives to enhance operational efficiency and reduce costs.

✍️ Author of this marketing PR:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.

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