Offshore Wind Global Market Report 2024

Offshore wind denotes a sustainable and environmentally friendly energy source harnessed by harnessing the wind's force over the open seas, where it attains a higher and more consistent speed compared to land, owing to the absence of constraints. This energy is utilized for electricity generation through wind farms situated in water bodies, typically at sea.

The primary elements constituting the offshore wind sector encompass turbines, electrical infrastructure, substructures, and other components. A turbine is a device or machine that utilizes a flow of air, gas, water, or steam to rotate a wheel and generate power. Wind power sites include shallow water, transitional water, and deep water. The capacity spans of offshore wind range from up to 3MW, 3MW, and exceeding 5MW. Wind power finds diverse applications in electric power, oil and gas, aviation and transport, and other sectors.

The offshore wind market research report is one of a series of new reports that provides offshore wind market statistics, including offshore wind industry global market size, regional shares, competitors with an offshore wind market share, detailed offshore wind market segments, market trends and opportunities, and any further data you may need to thrive in the offshore wind industry. This offshore wind market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The offshore wind market size has grown rapidly in recent years. It will grow from $42.43 billion in 2023 to $49.79 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The expansion during the historical period can be ascribed to government backing, decreases in costs, and increased awareness of climate change.

The offshore wind market size is expected to see rapid growth in the next few years. It will grow to $89.94 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The anticipated growth in the forecast period can be credited to the expansion of scale and capacity, the implementation of energy transition policies, and enhanced international collaboration. Key trends in the projected period encompass technological innovation, the emergence of floating wind farms, the integration of hybrid projects, digitalization, automation, and improved grid connectivity.

The anticipated surge in global investments in renewable energy is poised to drive the expansion of the offshore wind market in the future. Renewable energy, derived from naturally replenished sources like the sun and wind, is receiving increased government attention as a means to fortify its standing in the offshore wind generation sector. A June 2021 report from the International Energy Source, a Paris-based intergovernmental organization, revealed that renewable energy is expected to attract 70% of global energy investment in 2021. The global energy investment is projected to rebound, experiencing a 10% year-on-year increase to reach approximately $1.9 trillion, further boosting the demand for offshore wind solutions during the forecast period.

The escalating growth of the oil and gas industry is also anticipated to propel the offshore wind market in the coming years. Encompassing activities such as exploration, extraction, refining, and distribution of petroleum and natural gas resources, the oil and gas industry is diversifying its energy sources through offshore wind. This move contributes to energy sustainability, emissions reduction, and repurposing offshore assets for sustainable renewable energy production. Notably, in December 2022, according to the UK government website gov. uk, total government revenues from UK oil and gas production rose to $1.71 billion (£1.4 billion) in the tax year 2021-2022, compared to $0.37 billion (£0.3 billion) in the previous year, indicating a substantial increase of $1.34 billion (£1.1 billion). Consequently, the burgeoning oil and gas industry is a driving force behind the offshore wind market's growth.

A prominent trend in the offshore wind market is the emphasis on product innovation by major companies in the sector. Key players are dedicated to developing novel product offerings to enhance their market position. A case in point is Siemens Gamesa Renewable Energy, a Spain-based company in the renewable energy industry, which, in September 2021, introduced RecyclableBlade, the world's first recyclable turbine blade. Designed for commercial offshore use, the RecyclableBlade technology facilitates the separation of materials in the blade at the end of its lifespan. These turbine blades are constructed from a combination of materials cast together with resin, allowing for efficient separation of the resin from other components when the blade reaches the end of its operational life.

Major companies in the offshore wind market are increasingly focusing on the development of floating wind farms. These renewable energy facilities consist of wind turbines mounted on floating structures, typically in deep offshore waters. For instance, in August 2023, Equinor, a Norway-based energy company, inaugurated Hywind Tampen, the world's largest floating wind farm. Comprising 11 wind turbines based on the floating Hywind concept developed by Equinor, the wind farm boasts a system capacity of 88 MW, establishing itself as the world's largest floating offshore wind farm. Located in the Norwegian North Sea, it is expected to fulfill approximately 35% of the annual electricity power demand for the five Snorre A and B and Gullfaks A, B, and C oil and gas platforms.

In July 2023, JERA, a Japan-based wind energy company, acquired Parkwind NV for $1.58 billion. This strategic acquisition is anticipated to bolster JERA's renewable energy portfolio and enhance its position in the wind energy markets in Taiwan and the UK. Parkwind NV, a Belgium-based green energy company specializing in offshore wind farm projects, aligns with JERA's commitment to strengthening its presence in key markets through strategic acquisitions.

Major companies operating in the in the offshore wind market report are 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, Enercon GmbH, Envision Energy Corporation, Suzlon Energy Limited, China Shipbuilding Industry Corporation, Ming Yang Smart Energy Group Co. Ltd., Senvion S. A., LM Wind Power, Adwen Offshore S. L., Sinovel Wind Group Co. Ltd., XEMC Windpower Co. Ltd., Doosan Heavy Industries & Construction Co. Ltd., Clipper Windpower Inc., 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

Western Europe was the largest region in the offshore wind market in 2023. 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

The countries covered in the offshore wind market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The offshore wind market includes revenues earned by entities by providing services with the help of various floating platforms including spar-buoy, tension leg platform, semi-submersible, and barge. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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