Offshore Wind Market Forecast 2024-2031: Deep-Dive Insights into Shallow, Transitional, and Deep Water Projects, Emerging Technologies, and Regional Market Dynamics

The global offshore wind market size is growing at a significant CAGR during the forecast period (2024-2031).

Offshore wind refers to the generation of electricity using wind turbines installed in bodies of water, typically oceans or large lakes, where wind speeds are higher and more consistent than on land. These turbines convert kinetic energy from wind into electrical power, which is transmitted to the grid via underwater cables. Offshore wind projects are a key component of renewable energy strategies to reduce carbon emissions and transition to sustainable energy sources. The market is driven by technological advancements in turbine design, floating platforms, and grid integration. Government incentives, climate policies, and corporate renewable energy commitments further boost adoption. Offshore wind is increasingly viewed as a reliable and scalable solution for meeting global energy demand while minimizing environmental impact.

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☛ Offshore Wind Market Recent Developments 2025:

United States: Recent Industry Developments

✅ In August 2025, Vineyard Wind commissioned Phase 1 of its 800 MW offshore wind farm off the coast of Massachusetts, supplying clean energy to over 400,000 homes.

✅ In July 2025, Ørsted partnered with U.S. utilities to develop a 1 GW offshore wind project in New York waters, targeting large-scale renewable integration by 2027.

✅ In June 2025, Avangrid Renewables launched advanced floating wind turbines in the Gulf of Maine, testing new technologies for deeper water installations.

Europe: Recent Industry Developments

✅ In July 2025, Siemens Gamesa completed installation of 2.5 GW of offshore turbines in the North Sea, strengthening Europe's renewable energy capacity.

✅ In June 2025, Vattenfall inaugurated the Horns Rev 3 offshore wind farm in Denmark, capable of powering 425,000 households annually.

✅ In May 2025, Equinor expanded its offshore wind portfolio in the UK, deploying floating wind platforms to enhance energy generation in deep-water regions.

Japan: Recent Industry Developments

✅ In July 2025, Mitsubishi Heavy Industries launched a 2 MW offshore wind demonstration project in Akita Prefecture, advancing Japan's renewable energy roadmap.

✅ In June 2025, Tokyo Electric Power Company (TEPCO) partnered with domestic suppliers to expand offshore wind test sites off the coast of Chiba, targeting scalable energy solutions.

✅ In May 2025, JERA initiated development of a floating offshore wind project near Hokkaido, combining wind and wave energy solutions for improved grid stability.

☛ Offshore Wind Market Competitve Landscape:

Vestas Wind Systems A/S, General Electric, ABB, GoldWind, Nordex SE, EEW Group, Nexans, Doosan Heavy Industries & Construction, Siemens Gamesa Renewable Energy, S.A., and Shanghai Electric Power Generation Equipment Co., Ltd.

Research Methodology

We follow a hybrid research approach, combining qualitative insights with rigorous quantitative analysis to deliver reliable and comprehensive market intelligence. Our process begins with extensive secondary research, drawing on trusted industry reports, proprietary databases, and credible market sources. This is then reinforced through targeted primary research, including structured surveys and in-depth interviews with industry leaders, subject matter experts, and key market participants.

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☛ Segment Covered in the Offshore Wind Market:

By Component: Turbines | Electrical Infrastructure | Substructure | Others

By Location: Shallow Water | Transitional Water | Deep Water

☛ This Report Includes:

✔ Comprehensive go-to-market strategies with actionable insights.

✔ Unbiased evaluation of overall market performance.

✔ Deep-dive analysis into development trends, competitive landscape, supply-demand dynamics, YoY growth, benchmarking, vendor mapping, market access, and overall progress.

✔ Tailored regional and country-level reports with detailed localized analysis available on request.

✔ Identification of niche segments and high-growth regions presenting strong opportunities.

✔ Accurate regional forecasts using both top-down and bottom-up approaches.

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☛ Regional Analysis for Offshore Wind Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

☛ Frequently asked questions:

➠ What is the global sales, production, consumption, import, and export value of the Offshore Wind Market?
➠ Who are the key global manufacturers, and what is their operational performance?
➠ What are the major opportunities and threats in the global Offshore Wind Market?
➠ Which product types or end-users show the most growth potential and market share?
➠ What challenges and constraints are impacting the Offshore Wind Market?
➠ What sales, marketing, and distribution channels are used globally?

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