Offshore Wind Energy Market Size, Share, And Growth Report 2032

Offshore Wind Energy Market Size

Zion Market Research has published a report on the global Offshore Wind Energy Market, estimating its value at USD 39.89 Billion in 2023, with projections indicating that it will reach USD 110.62 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 12% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Offshore Wind Energy Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Offshore Wind Energy Market: Overview

Wind power generation is that the connecting of kinetic energy from the wind and its conversion into electric energy. This is often achieved through the use of wind turbines to get electricity. The energy within the wind turns three propeller-like blades around a rotor. The rotor is connected to the most shaft, which spins the generator to supply electricity. Onshore wind energy has been utilized for several years however, offshore wind energy may be a relatively newer phenomenon.

The rising electricity demand along with quickly increasing emission levels related to traditional power plants is likely to drive the industry growth. A large number of offshore wind energy projects are under the planning and construction phase. Advantages of offshore wind energy installations include an overall reduction in project cost and unhindered primary fuel (wind) required for energy generation since wind speeds are high at offshore than onshore.

COVID-19 Impact Analysis  

COVID-19 has impacted businesses across the globe. However, Europe is one of the leading regions in offshore wind energy and one among the foremost severely suffering from COVID-19, which has restrained the continued growth owing to delays in projects. Following the pandemic, several oil and gas companies around the world have announced job cuts as part of their efforts to reduce expenses.

It has further disrupted supply chains, delayed projects on an oilfield, and power generation, and created labor shortages. The disruption in European and global trade restricted the project construction, which also resulted in increased CAPEX for the projects. As per IEA, the post-pandemic offshore wind energy market is projected to witness higher growth than the onshore wind market.

Offshore Wind Energy Market: Growth Factors

A growing share of renewable energy is predicted to drive the worldwide offshore wind energy market. Increasing awareness about global climate change and technological development is expected to further boost the market. Additionally, the governments of the prevailing offshore markets shall increase their targets and volume towards 2030, which can cause a big increase in offshore installation and therefore the new projects being awarded. However, high-cost risks, and provide chain bottlenecks associated with offshore wind energy projects are expected to hamper the expansion of the market.

Segment Analysis Preview  

The global offshore wind energy market is segmented based on foundation type and water depth. Based on water depth, the worldwide offshore wind energy market is segmented into shallow and deep water. Currently, most offshore wind energy projects are based in shallow water. Constructing a shallow water offshore wind park incurs lesser efforts and overall project cost.

Though, the share of deepwater offshore wind energy projects is projected to extend during the forecast period. Most offshore wind energy projects across the world are constructed at a water depth of up to 40 meters. However, many plans are being administered to construct wind farms in water depths of quite 50 meters. 

On the essential foundation type, the global offshore wind energy market is segmented into monopile, jacket, tripod, and floating. Monopile foundations held the leading share of the worldwide wind energy market. These sorts of foundations are easy to construct and comparatively cheaper than other types. However, monopolies aren't fitted to deepwater projects.

During the forecast period, floating-type foundations are expected to grow at the fastest rate. Offshore floating foundations are advantageous over fixed structures in terms of the entire cost incurred in installation and production.

On the opposite hand, traditional offshore plants need fixing of foundations to the seafloor and bolting of massive turbines on them, which may hamper the ecology also.

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Offshore Wind Energy Market: Report Scope

Offshore Wind Energy Market: Regional Analysis

Europe dominated the worldwide offshore wind energy market in 2016. Countries like the U.K., Germany, Denmark, Netherlands, Belgium, and Sweden among others are leading players in Europe's offshore wind energy market. The Asia Pacific followed Europe in terms of offshore wind energy cumulative installed capacity.

China is the leading player in Asia Pacific offshore wind energy market and is predicted to grow at the fastest rate across the world. Japan, South Korea, and India among others are expected to further boost the market during the forecast period.

The U.S. is additionally expected to witness numerous offshore wind energy projects during the forecast period.  Other countries including Finland, Ireland, Spain, Norway, and Portugal also are expected to spice up the worldwide offshore wind energy market during the forecast period.

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Offshore Wind Energy Market: Competitive Players

The major players that are comprised in Offshore Wind Energy Market are:

• Northland Power
• Enercon GmbH
• Siemens Wind Power
• Gamesa Corporacion Technologica S.A.
• Guodian United Power Technology Company Ltd
• Nordex S.E.
• Vestas Wind Systems A/S
• Upwind Solutions Inc.
• Suzlon Group
• Xinjiang Goldwind Science & Technologies Co. Ltd
• GE Wind Energy
• China Ming Yang Wind Power
• Dong Energy
• Sinovel

The global Offshore Wind Energy Market is segmented as follows:

By Foundation Type

• Monopile 
• Jacket 
• Tripod 
• Floating

By Water Type

• Shallow Water
• Deep Water

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa