Summary

Offshore Wind Market Growth & Trends The global offshore wind market size is projected to reach USD 65.04 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to grow at a CAGR of 7.97% from 2023 to 2030. Favorable government regulations, higher investment in upcoming offshore wind power projects, and lower wind energy costs, which have contributed to increased wind energy adoption, are projected to drive the market growth over the forecast period. Most countries globally are dependent on offshore wind generation to meet their renewable energy targets. Countries globally are developing rules and regulations to make offshore wind power a more viable alternative to a clean energy source. The increased efforts made by governments and electricity suppliers to minimize carbon emissions are the key factors accelerating market expansion. Furthermore, turbine installation is expected to increase globally, propelling the market growth. Moreover, due to factors such as the desire to minimize carbon emissions, the depletion of fossil fuels, and climate change, there has been a considerable movement in the energy sector toward renewable and green energy. Several government policies are in place to help the initiative toward greener energy. Many multinational corporations are taking steps to reduce their carbon footprint to contribute to a greener planet and sustainability. The advancements in wind turbine technology are likely to assist the industry's growth over the forecast period. Furthermore, falling wind power generation costs and increased environmental sensitivity are predicted to boost wind power demand during the forecast period. Europe is a major market for offshore wind energy, and it was particularly hard hit by COVID-19, which hampered further expansion due to project delays. Projects under construction were delayed due to disruptions in European and global trade, resulting in increased CAPEX for such projects. Offshore Wind Market Report Highlights • Based on region, Europe dominated the overall market in terms of revenue over the forecast period. The EU countries are primarily focusing on upgrading their aging electrical infrastructure, and their governments are promoting renewable energy generation and energy trading. These factors are likely to contribute to the growth of the market • Based on installation, the fixed structure segment dominated the market in 2022 with the largest revenue share of over 57.0%. The market for offshore wind installation is growing due to the increased need for clean energy. The fixed structure installation segment is likely to play a key role among most nations globally in meeting the renewable target • Based on water depth, the shallow water (<30 M Depth) segment dominated the market in 2022 with a revenue share of over 44.0% because of advancements in wind technology and increased investment in the development of floating wind turbines. As a result, expanding offshore wind applications in shallow water has a beneficial impact on market growth • In terms of capacity, the above 5 MW segment dominated the market in 2022 with the largest revenue share of over 48.0% in 2022 due to advanced capacity and low costs. Higher power rating turbines are in high demand to make offshore wind power generation more energy-efficient and economically sustainable • In May 2023, RWE and Siemens Gamesa signed a framework agreement. RWE intends to construct 1,000-megawatt onshore wind farms across Europe utilizing Siemens Gamesa turbines by 2027. RWE will primarily purchase the Siemens Gamesa 5.X onshore platform, which offers a flexible rated output of 6.6 to 7.0 MW and will be installed in Germany

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Table of Contents

Table of Contents Chapter 1. Methodology and Scope 1.1. Information Procurement 1.1.1. Purchased Database 1.1.2. GVR’s Internal Database 1.1.3. Secondary Sources & Third-Party Perspectives 1.1.4. Primary Research 1.2. Information Analysis & Data Analysis Models 1.3. List of Data Sources Chapter 2. Executive Summary 2.1. Market Insights 2.2. Market Outlook 2.3. Segmental Outlook 2.4. Competitive Outlook Chapter 3. Market Variables, Trends, and Scope 3.1. Market Lineage Outlook 3.2. Industry Value Chain Analysis 3.2.1. Raw Material Trends 3.3. Capacity Overview 3.4. Regulatory Framework 3.5. Market Dynamics 3.5.1. Market Driver Analysis 3.5.2. Market Restraint Analysis 3.5.3. Industry Challenges 3.6. Business Environment Analysis: Offshore Wind Market 3.6.1. Industry Analysis - Porter’s Five Force Analysis 3.6.1.1. Bargaining Power of Suppliers 3.6.1.2. Bargaining Power of Buyers 3.6.1.3. Competitive Rivalry 3.6.1.4. Threat of Substitutes 3.6.1.5. Threat of New Entrants 3.6.2. PESTEL Analysis 3.6.2.1. Political Analysis 3.6.2.2. Economic Analysis 3.6.2.3. Social Analysis 3.6.2.4. Capacity Analysis 3.6.2.5. Environment Analysis 3.6.2.6. Legal Analysis 3.7. Impact of Covid-19 on Offshore Wind Market 3.8. Eastern European Geopolitical Implication Overview Chapter 4. Offshore Wind Market: Installation Estimates & Trend Analysis 4.1. Definition & Scope 4.2. Installation Movement & Market Share Analysis, 2022 & 2030 4.2.1. Fixed Structure 4.2.1.1. Offshore Wind Market Estimates and Forecasts, in fixed structure, 2018 - 2030 (MW) (USD Billion) 4.2.2. Floating Structure 4.2.2.1. Offshore Wind Market Estimates and Forecasts, in floating structure, 2018 - 2030 (MW) (USD Billion) Chapter 5. Offshore Wind Market: Capacity Estimates & Trend Analysis 5.1. Definition & Scope 5.2. Capacity Movement & Market Share Analysis, 2022 & 2030 5.2.1. Up to 3MW 5.2.1.1. Offshore Wind Market Estimates and Forecasts, in Up to 3MW, 2018 - 2030 (MW) (USD Billion) 5.2.2. 3 MW to 5 MW 5.2.2.1. Offshore Wind Market Estimates and Forecasts, in 3 MW to 5 MW, 2018 - 2030 (MW) (USD Billion) 5.2.3. Above 5MW 5.2.3.1. Offshore Wind Market Estimates and Forecasts, in Above 5MW, 2018 - 2030 (MW) (USD Billion) Chapter 6. Offshore Wind Market: Water Depth Capacity Estimates & Trend Analysis 6.1. Definition & Scope 6.2. Water Depth Movement & Market Share Analysis, 2022 & 2030 6.2.1. Shallow Water (<30 M Depth) 6.2.1.1. Offshore Wind Market Estimates and Forecasts, in Shallow Water (<30 M Depth), 2018 - 2030 (MW) (USD Billion) 6.2.2. Transitional Water (30-60 M Depth) 6.2.2.1. Offshore Wind Market Estimates and Forecasts, Transitional Water (30-60 M Depth), 2018 - 2030 (MW) (USD Billion) 6.2.3. Deepwater (More than 60 M Depth) 6.2.3.1. Offshore Wind Market Estimates and Forecasts, in Deepwater (More than 60 M Depth), 2018 - 2030 (MW) (USD Billion) Chapter 7. Offshore Wind Market: Regional Estimates & Trend Analysis 7.1. Regional Movement & Market Share Analysis, 2022 & 2030 7.2. North America 7.2.1. North America Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.2.1.1. U.S. Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.2.1.2. Canada Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.2.1.3. Mexico Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.3. Europe 7.3.1. Europe Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.3.1.1. Germany Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.3.1.2. UK Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.3.1.3. France Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.3.1.4. Italy Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.3.1.5. Spain Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.3.1.6. The Netherlands Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4. Asia Pacific 7.4.1. Asia Pacific Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4.1.1. China Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4.1.2. India Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4.1.3. Japan India Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4.1.4. South Korea Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4.1.5. Australia Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4.1.6. Malaysia Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4.1.7. Singapore Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4.1.8. Thailand Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.4.1.9. Vietnam Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.5. Central & South America 7.5.1. Central & South America Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.5.2. Brazil Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.5.3. Argentina Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.6. Middle East & Africa 7.6.1. Middle East & Africa Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.6.2. Saudi Arabia Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.6.3. UAE Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) 7.6.4. South Africa Offshore Wind Market Estimates and Forecasts, 2018 - 2030 (MW) (USD Billion) Chapter 8. Competitive Landscape 8.1. Recent Developments & Impact Analysis, By Key Market Participants 8.2. Company Categorization 8.3. Participant’s Overview 8.4. Financial Performance 8.5. Product Benchmarking 8.5.1. General Electric 8.5.2. Vestas 8.5.3. Shanghai Electric Wind Power Equipment Co. 8.5.4. Siemens Gamesa 8.5.5. Doosan Heavy Industries and Construction 8.5.6. Hitachi 8.5.7. Rockwell Automation 8.5.8. Nordex SE 8.5.9. Hyundai Motor Group 8.5.10. Schneider Electric 8.5.11. Zhejiang Windey Co. 8.5.12. Taiyuan Heavy Industry Co. 8.6. Company Market Positioning 8.7. Company Market Share Analysis, 2022 8.8. Company Heat Map Analysis 8.9. Strategy Mapping 8.9.1. Expansion 8.9.2. Mergers & Acquisition 8.9.3. Collaborations 8.9.4. New Product Launches 8.9.5. Research & Development