The global offshore wind energy market had reached USD 39.52 billion in 2024, and is expected to grow at a CAGR of 12.1% during the forecast period. Offshore wind power/energy refers to deploying offshore wind farms in water bodies. It is clean & renewable power acquired by capitalizing on the wind force.
Industry Dynamics
Growth Drivers
One of the key drivers fueling the expansion of the worldwide sector is the increased investment in renewable power. Due to the increased emphasis on environmental sustainability, the power industry has shifted toward green and renewable power to, among other things, slow down the depletion of fossil fuels, regulate climate change, and cut carbon emissions. Additionally, several government rules are being implemented to support renewable energy programs.
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Report Segmentation
The market is primarily segmented on the basis of component, location, and region.
| By Component | By Location | By Region |
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Competitive Insight
Some of the major players operating in the global offshore wind energy market include ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, and Vestas.
Offshore Wind Energy Market Report Scope
| Report Attributes | Details |
| Market size value in 2021 | USD 39.52 billion |
| Revenue forecast in 2030 | USD 101.76 billion |
| CAGR | 12.1% from 2022 – 2030 |
| Base year | 2021 |
| Historical data | 2018 – 2020 |
| Forecast period | 2022 – 2030 |
| Quantitative units | Revenue in USD billion and CAGR from 2022 to 2030 |
| Segments covered | By Component, By Location, By Region |
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Geographic Overview
Europe accounted for the highest offshore wind energy market shares in 2021. This huge market share 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 government in these nations is promoting the use of renewable energy for power generation. Thus, driving the growth of the market.
Competitive Insight
Some of the major players operating in the global offshore wind energy market include ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, and Vestas.
