Press release
Offshore Wind Market Revenue Share, Insights & Future Outlook
How Is Offshore Wind Power Driving the Global Renewable Energy Transition?The global Offshore Wind market was valued at US$ 40,610 million in 2023 and is anticipated to reach US$ 92,990 million by 2030, witnessing a CAGR of 12.3% during the forecast period 2024-2030.
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Which Regions Are Leading the Offshore Wind Market and Why?
Offshore Wind Market Share
The market in Europe is currently the largest market for offshore wind, followed by Asia-Pacific and North America, driven by strong government incentives, technological advancements, and infrastructure investments in these regions.
What Are the Major Trends Shaping the Offshore Wind Industry?
Major Trends
The Offshore Wind market is expanding due to global commitments toward renewable energy and decarbonization. Offshore wind farms provide higher capacity factors compared to onshore projects, making them attractive for large-scale power generation. Governments across Europe, North America, and Asia are supporting offshore wind through policy incentives, auctions, and investments in grid infrastructure.
Advances in floating wind technology allow deployment in deeper waters, opening new markets. Additionally, declining turbine costs and improvements in supply chain efficiency are accelerating adoption. Energy security concerns and the need to diversify energy sources further position offshore wind as a vital solution.
Offshore Wind Market Trends
One important trend is the rapid deployment of floating offshore wind turbines. Traditional fixed-bottom turbines are limited to shallow waters, but floating technology allows expansion into deepwater regions, increasing the addressable market. This trend is particularly strong in Japan, South Korea, and parts of Europe.
Another significant trend is the growing scale of offshore wind projects. Developers are building larger turbines exceeding 15 MW capacity, coupled with expansive offshore farms that deliver gigawatt-scale power. This scaling up lowers levelized cost of energy (LCOE) and enhances the competitiveness of offshore wind compared to fossil fuels.
A third trend is the integration of offshore wind with hydrogen production. Offshore wind farms are increasingly linked to green hydrogen projects, where electricity is used for water electrolysis, supporting decarbonization of hard-to-abate sectors such as steel and transport.
Finally, digitalization is reshaping offshore wind management. The use of digital twins, predictive analytics, and AI-based monitoring optimizes turbine maintenance, reduces costs, and improves energy output, making offshore wind farms more reliable and sustainable.
Key Segmentations
By Type
• Turbine
• Substructure
• Electrical Infrastructure
By Application
• Shallow Water
• Transitional Water
• Deep Water
By Company
• Adwen - Specializes in offshore wind turbines and floating wind technology for global projects.
• Ming Yang Smart Energy - Provides innovative offshore wind solutions with advanced turbine designs.
• Doosan Heavy Industries - Focuses on large-scale offshore wind infrastructure and turbine manufacturing.
• General Electric (GE) - Offers high-capacity offshore wind turbines and integrated energy solutions.
• MHI Vestas Offshore Wind - Known for robust turbine systems and large offshore wind farm deployments.
• Senvion - Specializes in high-efficiency offshore wind turbines for deep and transitional waters.
• Siemens - Provides end-to-end offshore wind solutions including turbines, digital monitoring, and grid integration.
• Sinovel Wind - Focused on renewable energy systems and offshore wind turbine innovations.
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