Global Offshore Wind Energy Market Size To Worth USD 248.6 Billion By 2033

According to a research report published by Spherical Insights & Consulting, the Global Offshore Wind Energy Market Size is Expected to Grow from USD 43.6 Billion in 2023 to USD 248.6 Billion by 2033, at a CAGR of 19.01% during the forecast period 2023-2033.

Browse key industry insights spread across 276 pages with 110 Market data tables and figures & charts from the report on the " Global Offshore Wind Energy Market Size, Share, and COVID-19 Impact Analysis, By Components (Turbines, Electrical Infrastructure, Substructure, and Others), By Location (Shallow Water, Transitional Water, and Deep Water), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/offshore-wind-energy-market

Offshore wind energy is a process for the generation of electricity from wind blowing over the sea. These winds are harnessed at sea, which is faster and more reliable compared to wind on land because of the lack of barriers. Such electricity is supplied to the onshore electricity network. It is considered that offshore wind farms are more efficient than on-shore ones because of the higher wind speeds, greater consistency, and lack of physical interference.  Governments in many countries are making efforts to get carbon either way down after announcing the targets. Governments elevating the investment in renewable power sources such as wind and solar. Thus, the activeness is seen to rise and reach enormous volumes of electricity generated in recent years using wind energy. Offshore wind turbines are prone to erosion since they operate for several decades in harsh marine environments. With the growing size of offshore wind farms over time, challenges related to construction, transportation, installation, and operation have also increased. Challenges associated with logistics in general are a greater task in an offshore wind farm. Normally, wind farms lie very far away from the shore, and often accessibility to these farms is quite difficult, especially in bad weather conditions.

The turbines segment is predicted to hold the largest market share through the forecast period.

Based on the component, the offshore wind energy market is classified into turbines, electrical infrastructure, substructure, and others. Among these, the turbines segment is predicted to hold the largest market share through the forecast period. This is due to wind turbines can capture more wind energy and are more efficient, reducing the cost per megawatt-hour (MWh) of electricity generated. Further longer blades and taller towers allow them to capture more wind energy, especially at higher altitudes where wind speeds are greater and more consistent, thereby contributing to the industry landscape. They are typically much larger than onshore wind turbines, ranging from 5–10 MW per turbine, compared to 2–3 MW for onshore turbines. They are around with blades that are 600 feet high and weigh almost 30 tons each.

The shallow water segment is anticipated to hold the highest market share during the projected timeframe.

Based on the location, the offshore wind energy market is divided into shallow water, transitional water, and deep water. Among these, the service vessels segment is anticipated to hold the highest market share during the projected timeframe. Shallow water, typically defined as areas with water depths of up to 60 meters, is the most accessible and cost-effective location for offshore wind farm development. It's like having prime real estate with a great view and easy access - that's what the shallow water sites offer to wind farm developers. The lower construction and installation costs, as well as the availability of established infrastructure and supply chains, make shallow water sites the preferred choice for many offshore wind projects. Additionally, the technological advancements in foundation designs and turbine sizes have further enhanced the feasibility and competitiveness of shallow water offshore wind farms.  

Europe is estimated to hold the largest share of the offshore wind energy market over the forecast period.

Europe is estimated to hold the largest share of the offshore wind energy market over the forecast period. This can be attributed to the growing investments in renewable energy coupled with favorable government policies. Various key offshore renewable power companies in Europe, such as Vestas, ABB, Siemens, and Nordex SE, are anticipated to boost the market's growth. Furthermore, EWI supports offshore wind energy market development and a research & development program for renewable power. Additionally, various countries across Europe are increasing their focus on upgrading their electrical infrastructure, and the governments in these nations are promoting the use of renewable energy for power generation. Thus, this is driving the growth of the market. Europe’s offshore capacity is sufficiently large enough to supply the electricity demand in Europe which will only continue to grow within the upcoming years. Europe requires major investment in infrastructure and increased installation rates if it aims to deliver its climate targets.

Asia Pacific is expected to grow the fastest during the forecast period. This is because the offshore wind energy market is driven in the Asia Pacific region by the rapid rise of offshore wind energy projects in the region including a continually rising demand for green energy sources, extensive coastlines, and rich wind resources. While countries are approving promising wind projects, the industry faces various challenges, such as unpredictable sea conditions and large distances. This presents a crucial task for operators of offshore wind farms, ensuring seamless communication across all sites to guarantee the safety and efficiency of offshore operations. According to the Global Wind Energy Council, the global offshore wind industry is expected to add 380GW of capacity across 32 markets by 2032, with nearly half of that growth predicted to come from the APAC region. The long coastlines and high offshore wind speeds create great opportunities for offshore wind energy development. Therefore, countries here are investing substantially in renewable energy sources and implementing government policies to support industry growth.

Major key players in the offshore wind energy market include WEG, Goldwind, Suzlon Energy Limited, ENESSERE S.r.l., FURUKAWA ELECTRIC CO., LTD, General Electric, Global Energy (Group) Limited, IMPSA, LS Cable & System Ltd., Nexans, Nordex SE, Prysmian Group, Siemens Gamesa Renewable Energy, Sumitomo Electric Industries, Ltd., Southwire Company, LLC, Vestas, and Others.

Recent Developments

• In August 2024, The first floating offshore wind energy research lease in the United States was granted to the state of Maine by the Bureau of Ocean Energy Management (BOEM), the United States Ocean Energy Agency.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the offshore wind energy market based on the below-mentioned segments:

Global Offshore Wind Energy Market, By Component

• Turbines
• Electrical Infrastructure
• Substructure
• Others

Global Offshore Wind Energy Market, By Location

• Shallow Water
• Transitional Water
• Deep Water

Global Offshore Wind Energy Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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