Offshore Wind Market Expected to Achieve 15.9% CAGR by 2029: Growth Forecast Insights

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How Large Will the Offshore Wind Market Size By 2025?
Significant expansion has been observed in the offshore wind market in the past few years. It is projected to expand from $49.69 billion in 2024 to $58.22 billion in 2025 at a compound annual growth rate (CAGR) of 17.2%. This historical growth was primarily fueled by government backing, cost-efficiency, and increased awareness about climate change.

How Big Is the Offshore Wind Market Size Expected to Grow by 2029?
In the upcoming years, significant growth is projected for the offshore wind market, which is due to scale to $104.95 billion in 2029, boasting a compound annual growth rate (CAGR) of 15.9%. This expected growth during the forecast period can be traced back to expansion in scale and capacity, transition policies related to energy, and international cooperation. The primary driving trends over this forecast period range from technological innovations and the emergence of floating wind farms, to hybrid projects, increased digitalization and automation, and improved grid connectivity.

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Which Key Market Drivers Powering Offshore Wind Market Expansion and Growth?
The expansion of the offshore wind market is anticipated to be driven by the surge in global investments in renewable energy. The energy produced from perpetually renewing resources like wind and sun is referred to as renewable energy. To bolster its stronghold in the offshore wind generation industry, the government is channeling funds into renewable energy resources. For example, in 2023, a record high of roughly USD 622.5 billion was achieved in new global investments in renewable power and fuels, suggesting an 8.1% rise from 2022. Hence, this escalation in global renewable energy investments is presumed to boost the demand for offshore wind solutions in the projected timeframe.

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Which Fast-Growing Trends Are Poised to Disrupt the Offshore Wind Market?
Big corporations in the offshore wind market are channeling their efforts towards technological advancements such as the tender, to optimize project bidding processes, boost competitive pricing, and foster better cooperation among stakeholders. This ultimately fuels the initiation of more offshore wind projects and expands the scope of renewable energy capacity. Essentially, an offshore wind tender is an official procedure wherein governmental bodies or organizations solicit bids from firms for the execution of offshore wind projects. Take Denmark for instance, in April 2024. The country, headquartered in Fredericia, hosts several leading companies in the offshore wind sector, notably Ørsted, formerly known DONG Energy. Denmark is widely recognized for its pioneering role in renewable energy, and particularly for offshore wind development, exhibiting a profound commitment to sustainability and eco-friendly technologies. It uses the structured offshore wind tender process to call for bids from companies to build wind projects, providing specifications such as project magnitude, location, and expected energy generation. Additionally, proposals are evaluated based on cost-effectiveness, technical viability, and regulatory adherence to identify qualified developers.

What Are the Emerging Segments in the Offshore Wind Market?
The offshore windmarket 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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Who Are the Global Leaders in the Offshore Wind Market?
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 are the Top Profitable Regional Markets for the Offshore Wind Industry?
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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