Summary

The global offshore wind energy market size reached US$ 12.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 38.8 Billion by 2032, exhibiting a growth rate (CAGR) of 12.9% during 2024-2032.

Offshore wind energy relies on wind turbines located in ocean waters to generate electricity, which is transmitted via cables to the mainland grid. It is a cost-effective, abundant, and clean source of energy. It can provide reliable and affordable renewable power near coastal energy load centers wherein there is a scarcity of sites for large-scale renewable energy development. It helps reduce greenhouse gas (GHG) emissions, increase energy security and diversity, create jobs, and promote sustainable development. At present, there is a rise in the adoption of renewable sources of energy production and consumption across the globe, which is catalyzing the demand for offshore wind energy.

Offshore Wind Energy Market Trends:
There is presently a considerable increase in the number of offshore wind farms worldwide. This, in confluence with the burgeoning energy sector, represents one of the key factors impelling the growth of the market. Moreover, onshore wind energy is nowadays near the development limit in several countries on account of the visual and noise impact constraints that make it increasingly challenging to find appropriate sites. Besides this, physical blockages from buildings and landscapes like hills or mountains can also cause inconsistencies in production, and consequently, onshore wind cannot fails in generating energy year-round. However, recent developments in offshore wind energy are reducing visual impacts, minimizing turbulence, and lowering noise constraints. It is also more productive than land-based wind energy due to higher and more consistent wind speeds, which is impelling the market growth. Furthermore, the construction of offshore wind turbine plants is more feasible as large offshore turbines can be transported using barges or ships. This, coupled with increasing investments in upcoming offshore wind power projects by governing authorities, is driving the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global offshore wind energy market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on component, foundation type, capacity and location.

Breakup by Component:

Turbine
Substructure
Electrical Infrastructure
Others

Breakup by Foundation Type:

Fixed Foundation
Floating Foundation

Breakup by Capacity:

Less Than 5 MW
Greater than or Equal to 5 MW

Breakup by Location:

Shallow Water
Transitional Water
Deep Water

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being E.ON SE, Électricité de France S.A., Equinor ASA, General Electric Company, Nordex SE, Northland Power Inc., Ørsted A/S, Siemens Gamesa Renewable Energy S.A. (Siemens Energy AG), Suzlon Energy Limited, Vestas Wind Systems A/S and Xinjiang Goldwind Science & Technology Co. Ltd.

Key Questions Answered in This Report

1. What was the size of the global offshore wind energy market in 2023?
2. What is the expected growth rate of the global offshore wind energy market during 2024-2032?
3. What are the key factors driving the global offshore wind energy market?
4. What has been the impact of COVID-19 on the global offshore wind energy market?
5. What is the breakup of the global offshore wind energy market based on the component?
6. What is the breakup of the global offshore wind energy market based on the capacity?
7. What is the breakup of the global offshore wind energy market based on the location?
8. What are the key regions in the global offshore wind energy market?
9. Who are the key players/companies in the global offshore wind energy market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Offshore Wind Energy Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 Turbine
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Substructure
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Electrical Infrastructure
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Foundation Type
7.1 Fixed Foundation
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Floating Foundation
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Capacity
8.1 Less Than 5 MW
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Greater than or Equal to 5 MW
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Location
9.1 Shallow Water
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Transitional Water
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Deep Water
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 E.ON SE
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Électricité de France S.A.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Equinor ASA
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 General Electric Company
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.4.4 SWOT Analysis
15.3.5 Nordex SE
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 Northland Power Inc.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Ørsted A/S
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
15.3.8 Siemens Gamesa Renewable Energy S.A. (Siemens Energy AG)
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.9 Suzlon Energy Limited
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 Vestas Wind Systems A/S
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT Analysis
15.3.11 Xinjiang Goldwind Science & Technology Co. Ltd.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 Financials
15.3.11.4 SWOT Analysis
List of Figures
Figure 1: Global: Offshore Wind Energy Market: Major Drivers and Challenges
Figure 2: Global: Offshore Wind Energy Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Offshore Wind Energy Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Offshore Wind Energy Market: Breakup by Component (in %), 2023
Figure 5: Global: Offshore Wind Energy Market: Breakup by Foundation Type (in %), 2023
Figure 6: Global: Offshore Wind Energy Market: Breakup by Capacity (in %), 2023
Figure 7: Global: Offshore Wind Energy Market: Breakup by Location (in %), 2023
Figure 8: Global: Offshore Wind Energy Market: Breakup by Region (in %), 2023
Figure 9: Global: Offshore Wind Energy (Turbine) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Offshore Wind Energy (Turbine) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Offshore Wind Energy (Substructure) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Offshore Wind Energy (Substructure) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Offshore Wind Energy (Electrical Infrastructure) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Offshore Wind Energy (Electrical Infrastructure) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Offshore Wind Energy (Other Components) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Offshore Wind Energy (Other Components) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Offshore Wind Energy (Fixed Foundation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Offshore Wind Energy (Fixed Foundation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Offshore Wind Energy (Floating Foundation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Offshore Wind Energy (Floating Foundation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Offshore Wind Energy (Less Than 5 MW) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Offshore Wind Energy (Less Than 5 MW) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: Global: Offshore Wind Energy (Greater than or Equal to 5 MW) Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: Global: Offshore Wind Energy (Greater than or Equal to 5 MW) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: Global: Offshore Wind Energy (Shallow Water) Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: Global: Offshore Wind Energy (Shallow Water) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Global: Offshore Wind Energy (Transitional Water) Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Global: Offshore Wind Energy (Transitional Water) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: Global: Offshore Wind Energy (Deep Water) Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: Global: Offshore Wind Energy (Deep Water) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: North America: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: North America: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: United States: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: United States: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: Canada: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: Canada: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: Asia-Pacific: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: Asia-Pacific: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: China: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: China: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: Japan: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: Japan: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: India: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: India: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: South Korea: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: South Korea: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: Australia: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: Australia: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: Indonesia: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: Indonesia: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: Others: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: Others: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: Europe: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: Europe: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: Germany: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: Germany: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: France: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: France: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: United Kingdom: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: United Kingdom: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: Italy: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: Italy: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: Spain: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: Spain: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: Russia: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: Russia: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Others: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Others: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Latin America: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Latin America: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 71: Brazil: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 72: Brazil: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 73: Mexico: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 74: Mexico: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 75: Others: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 76: Others: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 77: Middle East and Africa: Offshore Wind Energy Market: Sales Value (in Million US$), 2018 & 2023
Figure 78: Middle East and Africa: Offshore Wind Energy Market: Breakup by Country (in %), 2023
Figure 79: Middle East and Africa: Offshore Wind Energy Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 80: Global: Offshore Wind Energy Industry: SWOT Analysis
Figure 81: Global: Offshore Wind Energy Industry: Value Chain Analysis
Figure 82: Global: Offshore Wind Energy Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Offshore Wind Energy Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Offshore Wind Energy Market Forecast: Breakup by Component (in Million US$), 2024-2032
Table 3: Global: Offshore Wind Energy Market Forecast: Breakup by Foundation Type (in Million US$), 2024-2032
Table 4: Global: Offshore Wind Energy Market Forecast: Breakup by Capacity (in Million US$), 2024-2032
Table 5: Global: Offshore Wind Energy Market Forecast: Breakup by Location (in Million US$), 2024-2032
Table 6: Global: Offshore Wind Energy Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 7: Global: Offshore Wind Energy Market: Competitive Structure
Table 8: Global: Offshore Wind Energy Market: Key Players