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Offshore Wind Market by Material Type (Silicon, Germanium, Transition Metal Oxides, Gold), Industry (Consumer Electronics, Automotive, Aviation, Energy, Medical Devices), Regional Outlook - Global Forecast up to 2032- Product Image
Offshore Wind Market by Material Type (Silicon, Germanium, Transition Metal Oxides, Gold), Industry (Consumer Electronics, Automotive, Aviation, Energy, Medical Devices), Regional Outlook - Global Forecast up to 2032- Product Image
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Offshore Wind Market by Material Type (Silicon, Germanium, Transition Metal Oxides, Gold), Industry (Consumer Electronics, Automotive, Aviation, Energy, Medical Devices), Regional Outlook - Global Forecast up to 2032

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  • 119 Pages
  • March 2024
  • Region: Global
  • IHR Insights
  • ID: 5948407
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The estimation of the offshore wind market's present size was a substantial undertaking for this study. In-depth secondary research was conducted to gather data on the parent, peer, and market markets. The second stage involved conducting primary research to confirm these conclusions, hypotheses, and market sizing with industry experts along the value chain. To estimate the overall market size, country-by-country analysis was utilized. Subsequently, the market was broken down and data was triangulated in order to determine the market size of the various segments.

The offshore wind industry is made up of a number of supply chain participants, including distributors, manufacturers, service providers, and end users. The industrial end-user industries that make up this market's demand side. Furthermore, the growing need for renewable energy is a major factor driving the need. Growing demand from the industrial sector for contracts and large-scale player mergers and acquisitions characterize the supply side. To gather both qualitative and quantitative data, a range of primary sources from the supply and demand sides of the market were questioned.

For the purpose of this research project, a wide range of secondary sources, directories, and databases - including Hoover's, Bloomberg BusinessWeek, Factiva, and OneSource - were consulted in order to locate and gather data relevant to a technical, business-oriented, and market-oriented analysis of the worldwide offshore wind market. The additional secondary sources included trade directories, databases, white papers, certified publications, essays by renowned authors, manufacturer associations, investor presentations, and press releases from the companies.

Research Methodology:

After secondary research provided a fundamental understanding of the worldwide Offshore Wind Market scenario, extensive primary research was carried out. A number of primary interviews were carried out with industry experts from the supply and demand sides, including C- and D-level executives, product managers, and marketing and sales managers of major manufacturers, distributors, and channel partners from tier 1 and tier 2 companies offering Offshore Wind Market, as well as personnel from academia, research, and CROs. These interviews were conducted across five major regions: North America, Europe, Asia Pacific, and the Rest of the World (Latin America & the Middle East & Africa). Participants from the supply-side and demand-side participated in about 70% and 30% of the primary interviews, respectively. Through the use of questionnaires, emails, online surveys, in-person interviews, and phone interviews, this main data was gathered.

The segmentation coverage of the study is provided below:

Offshore Wind Market based on Component:

  • Turbine
  • Tower
  • Blades
  • Electrical Infrastructure
  • Nacelle

Offshore Wind Market based on Location:

  • Shallow Water
  • Transitional Water
  • Deep Water

Offshore Wind Market based on Geography:

  • North America
  • US
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
  • Asia Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific (RoAPAC)
  • Latin America (LATAM)
  • Brazil
  • Argentina
  • Rest of South America
  • Middle East and Africa (MEA)
  • UAE
  • Turkey
  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa
Turbine, tower, blades, electrical infrastructure, and nacelle are included in the component-based segmentation of the offshore wind market. In terms of offshore wind market revenue, the turbine segment led the industry. Wind turbines, which produce electricity, are used to install multiple turbines concurrently on the same site in order to reduce installation costs. Large lakes and oceans house the turbines. Corrosion can be prevented via cathodic protection.

The nacelle sector is the offshore wind industry's second fastest-growing segment. Technological developments in the design of wind turbine materials, like glass composites, to lower the cost of maintenance and installation, are expected to propel the global wind turbine nacelle market. Modern glass composites are used to create components that are smaller, less costly, easier to transport, and need less effort to assemble.

In November 2021, the wind turbine maker Vestas revealed the world's first customizable modular nacelle design. The device expedites time to market and streamlines a number of building, maintenance, and operations procedures. Additionally, the manufacturer claims that far less specialized handling will be required for transferring the modularized nacelle units of the upcoming product between rail systems, bridge heights, and tunnels. The offshore wind business now has even more growth opportunities thanks to this creation.

Shallow water, transitional water, and deep water categories have been created using the Offshore Wind Market data based on location. Shallow water is expected to have the largest revenue share in 2021 and is expected to lead the market. Most energy-related projects are launched into shallow waters. Installing a shallow water tower is less expensive and easier to finish.

The deepwater sector of the offshore wind business is increasing at the second quickest rate. Increased investments in the development of floating wind turbines and advancements in wind technology are the main drivers of the deep-water wind turbine industry. Therefore, increasing deepwater offshore wind applications have a beneficial effect on market growth.

The report offers market insights for North America, Europe, Asia-Pacific, and the rest of the world by region. The offshore wind industry in Europe was valued at USD 11.05 billion in 2021 and is projected to increase at a substantial compound annual growth rate (CAGR) of 43.2 percent over the course of the study. The European Union claims that one-fourth of the world's market installations are located in Europe. Consequently, the offshore wind sector is expected to be dominated by Europe, especially the countries that border the North Sea. Approximately 85 percent of all offshore wind farms in the globe are situated in European seas. The governments of the European region, particularly those in the North Sea, have set an ambitious goal to create offshore wind farms within each country's territorial seas. Furthermore, the offshore wind market in the UK was developing at the quickest rate in the European region, while the offshore wind market in Germany held the greatest market share.
  • This report illustrates the most vital attributes of the Offshore Wind Market, which are driving and providing opportunities.
  • This research gives an in-depth analysis of the Offshore Wind Market growth on the basis of several segments in the market.
  • This report presents the predictions of the past and present trends of the Offshore Wind Market.
  • This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Offshore Wind Market.

Table of Contents

1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.2.1. Porter Five Forces
3.3. Related Markets
4. Market characteristics
4.1. Market Overview
4.2. Market Segmentation
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. DRO - Impact Analysis
5. Component: Market Size & Analysis
5.1. Overview
5.2. Turbine
5.3. Tower
5.4. Blades
5.5. Electrical Infrastructure
5.6. Nacelle
5.7. Others
6. Location: Market Size & Analysis
6.1. Overview
6.2. Shallow Water
6.3. Transitional Water
6.4. Deep Water
6.5. Others
7. Geography: Market Size & Analysis
7.1. Overview
7.2. North America (U.S., Mexico, Canada)
7.3. Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia, Rest of Europe)
7.4. Asia Pacific (Japan, China, India, Australia, South East Asia, Rest of APAC)
7.5. Latin America (Brazil, Argentina)
7.6. Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East and Africa)
8. Competitive Landscape
8.1. Competitor Comparison Analysis
8.2. Market Developments
8.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
8.2.2. Product Launches and execution
9. Vendor Profiles
9.1. GENERAL ELECTRIC
9.1.1. Overview
9.1.2. Financial Overview
9.1.3. Product Offerings
9.1.4. Developments
9.1.5. Business Strategy
9.2. VESTAS
9.2.1. Overview
9.2.2. Financial Overview
9.2.3. Product Offerings
9.2.4. Developments
9.2.5. Business Strategy
9.3. SIEMENS GAMESA
9.3.1. Overview
9.3.2. Financial Overview
9.3.3. Product Offerings
9.3.4. Developments
9.3.5. Business Strategy
9.4. GOLDWIND
9.4.1. Overview
9.4.2. Financial Overview
9.4.3. Product Offerings
9.4.4. Developments
9.4.5. Business Strategy
9.5. ABB
9.5.1. Overview
9.5.2. Financial Overview
9.5.3. Product Offerings
9.5.4. Developments
9.5.5. Business Strategy
9.6. HITACHI
9.6.1. Overview
9.6.2. Financial Overview
9.6.3. Product Offerings
9.6.4. Developments
9.6.5. Business Strategy
9.7. NORDEX SE
9.7.1. Overview
9.7.2. Financial Overview
9.7.3. Product Offerings
9.7.4. Developments
9.7.5. Business Strategy
9.8. EEW
9.8.1. Overview
9.8.2. Financial Overview
9.8.3. Product Offerings
9.8.4. Developments
9.8.5. Business Strategy
9.9. NEXANS
9.9.1. Overview
9.9.2. Financial Overview
9.9.3. Product Offerings
9.9.4. Developments
9.9.5. Business Strategy
9.10. DEME
9.10.1. Overview
9.10.2. Financial Overview
9.10.3. Product Offerings
9.10.4. Developments
9.10.5. Business Strategy
10. Analyst Opinion
11. Annexure
11.1. Report Scope
11.2. Market Definitions
11.3. Research Methodology
11.3.1. Data Collation and In-house Estimation
11.3.2. Market Triangulation
11.3.3. Forecasting
11.4. Report Assumptions
11.5. Declarations
11.6. Stakeholders
11.7. Abbreviations
List of Tables
Table 1. Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 2. Offshore Wind Market Value for Turbine, by Geography , 2021-2030 (USD Billion)
Table 3. Offshore Wind Market Value for Tower, by Geography, 2021-2030 (USD Billion)
Table 4. Offshore Wind Market Value for Blades, by Geography , 2021-2030 (USD Billion)
Table 5. Offshore Wind Market Value for Nacelle, by Geography , 2021-2030 (USD Billion)
Table 6. Offshore Wind Market Value for Electrical Infrastructure, by Geography, 2021-2030 (USD Billion)
Table 7. Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 8. Offshore Wind Market Value for Shallow Water, by Geography, 2021-2030 (USD Billion)
Table 9. Offshore Wind Market Value for Transitional Water, by Geography, 2021-2030 (USD Billion)
Table 10. Offshore Wind Market Value for Deep Water, by Geography, 2021-2030 (USD Billion)
Table 11. North America Offshore Wind Market Value, by Country, 2021-2030 (USD Billion)
Table 12. North America Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 13. North America Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 14. U.S Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 15. U.S Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 16. Canada Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 17. Canada Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 18. Mexico Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 19. Mexico Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 20. Europe Offshore Wind Market Value, by Country, 2021-2030 (USD Billion)
Table 21. Europe Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 22. Europe Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 23. Germany Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 24. Germany Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 25. U.K Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 26. U.K Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 27. France Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 28. France Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 29. Italy Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 30. Italy Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 31. Spain Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 32. Spain Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 33. Roe Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 34. Roe Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 35. Asia-Pacific Offshore Wind Market Value, by Country, 2021-2030 (USD Billion)
Table 36. Asia-Pacific Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 37. Asia-Pacific Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 38. China Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 39. China Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 40. India Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 41. India Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 42. Japan Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 43. Japan Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 44. Rest of APAC Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 45. Rest of APAC Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 46. Latin America Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 47. Latin America Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 48. Brazil Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 49. Brazil Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 50. Argentina Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 51. Argentina Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 52. Middle East and Africa Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 53. Middle East and Africa Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 54. Saudi Arabia Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 55. Saudi Arabia Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 56. Uae Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 57. Uae Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 58. Rest of Middle East and Africa Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Table 59. Rest of Middle East and Africa Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Table 60. General Electric : Financials
Table 61. General Electric : Products & Services
Table 62. General Electric : Recent Developments
Table 63. Vestas: Financials
Table 64. Vestas: Products & Services
Table 65. Vestas: Recent Developments
Table 66. Siemens Gamesa: Financials
Table 67. Siemens Gamesa: Products & Services
Table 68. Siemens Gamesa: Recent Developments
Table 69. Goldwind: Financials
Table 70. Goldwind: Products & Services
Table 71. Goldwind: Recent Developments
Table 72. Abb: Financials
Table 73. Abb: Products & Services
Table 74. Abb: Recent Developments
Table 75. Hitachi: Financials
Table 76. Hitachi: Products & Services
Table 77. Hitachi: Recent Developments
Table 78. Nordex Se: Financials
Table 79. Nordex Se: Products & Services
Table 80. Nordex Se: Developments
Table 81. Eew: Financials
Table 82. Eew: Products & Services
Table 83. Eew: Recent Developments
Table 84. Nexans: Financials
Table 85. Nexans: Products & Services
Table 86. Nexans: Recent Developments
Table 87. Deme: Financials
Table 88. Deme: Products & Services
Table 89. Deme: Recent Developments
List of Charts
Chart. 1. Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 2. Offshore Wind Market Value for Turbine, by Geography , 2021-2030 (USD Billion)
Chart. 3. Offshore Wind Market Value for Tower, by Geography, 2021-2030 (USD Billion)
Chart. 4. Offshore Wind Market Value for Blades, by Geography , 2021-2030 (USD Billion)
Chart. 5. Offshore Wind Market Value for Nacelle, by Geography , 2021-2030 (USD Billion)
Chart. 6. Offshore Wind Market Value for Electrical Infrastructure, by Geography, 2021-2030 (USD Billion)
Chart. 7. Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 8. Offshore Wind Market Value for Shallow Water, by Geography, 2021-2030 (USD Billion)
Chart. 9. Offshore Wind Market Value for Transitional Water, by Geography, 2021-2030 (USD Billion)
Chart. 10. Offshore Wind Market Value for Deep Water, by Geography, 2021-2030 (USD Billion)
Chart. 11. North America Offshore Wind Market Value, by Country, 2021-2030 (USD Billion)
Chart. 12. North America Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 13. North America Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 14. U.S Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 15. U.S Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 16. Canada Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 17. Canada Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 18. Mexico Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 19. Mexico Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 20. Europe Offshore Wind Market Value, by Country, 2021-2030 (USD Billion)
Chart. 21. Europe Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 22. Europe Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 23. Germany Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 24. Germany Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 25. U.K Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 26. U.K Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 27. France Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 28. France Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 29. Italy Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 30. Italy Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 31. Spain Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 32. Spain Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 33. Roe Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 34. Roe Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 35. Asia-Pacific Offshore Wind Market Value, by Country, 2021-2030 (USD Billion)
Chart. 36. Asia-Pacific Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 37. Asia-Pacific Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 38. China Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 39. China Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 40. India Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 41. India Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 42. Japan Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 43. Japan Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 44. Rest of APAC Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 45. Rest of APAC Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 46. Latin America Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 47. Latin America Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 48. Brazil Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 49. Brazil Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 50. Argentina Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 51. Argentina Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 52. Middle East and Africa Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 53. Middle East and Africa Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 54. Saudi Arabia Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 55. Saudi Arabia Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 56. Uae Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 57. Uae Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 58. Rest of Middle East and Africa Offshore Wind Market Value, by Component, 2021-2030 (USD Billion)
Chart. 59. Rest of Middle East and Africa Offshore Wind Market Value, by Location, 2021-2030 (USD Billion)
Chart. 60. General Electric : Financials
Chart. 61. General Electric : Products & Services
Chart. 62. General Electric : Recent Developments
Chart. 63. Vestas: Financials
Chart. 64. Vestas: Products & Services
Chart. 65. Vestas: Recent Developments
Chart. 66. Siemens Gamesa: Financials
Chart. 67. Siemens Gamesa: Products & Services
Chart. 68. Siemens Gamesa: Recent Developments
Chart. 69. Goldwind: Financials
Chart. 70. Goldwind: Products & Services
Chart. 71. Goldwind: Recent Developments
Chart. 72. Abb: Financials
Chart. 73. Abb: Products & Services
Chart. 74. Abb: Recent Developments
Chart. 75. Hitachi: Financials
Chart. 76. Hitachi: Products & Services
Chart. 77. Hitachi: Recent Developments
Chart. 78. Nordex Se: Financials
Chart. 79. Nordex Se: Products & Services
Chart. 80. Nordex Se: Developments
Chart. 81. Eew: Financials
Chart. 82. Eew: Products & Services
Chart. 83. Eew: Recent Developments
Chart. 84. Nexans: Financials
Chart. 85. Nexans: Products & Services
Chart. 86. Nexans: Recent Developments
Chart. 87. Deme: Financials
Chart. 88. Deme: Products & Services
Chart. 89. Deme: Recent Developments

Companies Mentioned

  • General Electric
  • Vestas
  • Siemens Gamesa
  • Goldwind
  • ABB
  • Hitachi
  • Nordex Se
  • Eew
  • Nexans
  • Deme

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