Offshore Wind Energy Market
Offshore Wind Energy Market Forecasts to 2032 - Global Analysis By Component (Turbine, Substructure, Electrical Infrastructure, and Other Components), Foundation Type, Water Depth, Turbine Capacity, Ownership, Application and By Geography
|
Years Covered |
2024-2032 |
|
Estimated Year Value (2025) |
US $47.20 BN |
|
Projected Year Value (2032) |
US $175.14 BN |
|
CAGR (2025-2032) |
20.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Offshore Wind Energy Market is accounted for $47.20 billion in 2025 and is expected to reach $175.14 billion by 2032 growing at a CAGR of 20.6% during the forecast period.Offshore wind energy is the generation of electricity using wind turbines located in bodies of water, typically in oceans or large lakes, where wind speeds are stronger and more consistent than on land. These turbines convert wind kinetic energy into electrical power, offering a clean, renewable source of energy. Offshore wind farms help reduce greenhouse gas emissions, support energy diversification, and contribute to the global transition toward sustainable and low-carbon power systems.
According to NREL, as of May 2024, there are 174 MW of offshore wind power in operation globally.
Market Dynamics:
Driver:
Rising energy security concerns
As countries seek to reduce reliance on imported fossil fuels, offshore wind offers a stable and renewable alternative. Governments are increasingly prioritizing offshore wind in national energy strategies to enhance grid resilience. The consistent and high-speed wind conditions offshore make it a reliable source of power generation. Additionally, offshore wind farms contribute to decarbonization goals, aligning with global net-zero commitments. This rising focus on energy security is accelerating investments in offshore wind infrastructure.
Restraint:
Complex installation and logistics
Transporting large turbine components and assembling them at sea requires specialized vessels and equipment. The high cost and technical expertise needed for deep-water installations can deter new entrants. Maintenance operations are also more difficult and expensive compared to onshore wind farms. Furthermore, unpredictable weather conditions can delay construction timelines and increase operational risks. These logistical hurdles continue to restrain the rapid deployment of offshore wind energy.
Opportunity:
Expansion of grid infrastructure
Upgrading transmission systems is essential to integrate large-scale offshore wind power into national grids. Governments are investing in subsea cables and interconnectors to support long-distance energy transfer. Enhanced grid connectivity enables better load balancing and reduces curtailment of renewable energy. Additionally, smart grid technologies are being deployed to manage variable wind power more efficiently. These developments are unlocking new offshore wind zones and boosting investor confidence.
Threat:
Environmental and marine ecosystem concerns
The construction and operation of turbines can disrupt habitats and migration patterns of marine species. Underwater noise from pile driving may affect marine mammals and fish behaviour. There are also concerns about seabed disturbance and changes in sediment transport. Regulatory scrutiny and environmental impact assessments are becoming more stringent as a result. These ecological concerns could delay project approvals and increase compliance costs for developers.
Covid-19 Impact
The COVID-19 pandemic initially disrupted offshore wind supply chains and delayed project timelines. Lockdowns and travel restrictions hindered the movement of personnel and equipment to offshore sites. However, the crisis also highlighted the importance of resilient and decentralized energy systems. Governments responded by including offshore wind in post-pandemic green recovery plans. As a result, the offshore wind sector has rebounded strongly and continues to gain momentum.
The floating segment is expected to be the largest during the forecast period
The floating segment is expected to account for the largest market share during the forecast period, due to its ability to harness wind resources in deep-water locations. Unlike fixed-bottom turbines, floating platforms can be deployed in regions with greater wind speeds and fewer spatial constraints. This flexibility opens up vast new areas for offshore wind development, especially for countries with steep continental shelves. Technological advancements are improving the stability and cost-efficiency of floating systems.
The power generation segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the power generation segment is predicted to witness the highest growth rate, due tothe increasing demand for clean electricity. Offshore wind farms are being scaled up to meet national renewable energy targets and reduce carbon emissions. The sector benefits from strong policy support, including feed-in tariffs, auctions, and tax incentives. Technological improvements in turbine efficiency and capacity are enhancing energy output.
Region with largest share:
During the forecast period, the Asia Pacific region is expected to hold the largest market sharedue toits vast coastline and strong policy support. Countries like China, Japan, South Korea, and Taiwan are aggressively expanding their offshore wind capacity. Government-backed auctions, subsidies, and long-term energy plans are accelerating project development. The region also benefits from a robust manufacturing base and growing expertise in offshore construction.Rapid urbanization and rising electricity demand are further driving the need for renewable energy.
Region with highest CAGR:
Over the forecast period, the North America region is anticipated to exhibit the highest CAGR, owing to favorable regulatory frameworks and ambitious clean energy goals. The United States and Canada are investing heavily in offshore wind to diversify their energy mix and reduce emissions. Federal and state-level initiatives, including lease auctions and tax credits, are attracting major developers. Additionally, public support for renewable energy is growing amid concerns about climate change and energy security.
Key players in the market
Some of the key players profiled in the Offshore Wind Energy Market include Ørsted, Iberdrola, RWE, Ocean Winds, NextEra Energy Resources, Siemens Gamesa Renewable Energy, Equinor, Vestas, Vattenfall, GE Renewable Energy, EDF Renewables, Mingyang Smart Energy, Northland Power, Goldwind, and SSE Renewables.
Key Developments:
In June 2025, Iberdrola launches niba, its own 100% digital corporate start-up, with a proposal focused on agility, artificial intelligence and customer orientation. The project was created with the aim of continuing to respond to new market needs.
In May 2023, Siemens Gamesa and Repsol have strengthened their commercial ties with the signing of two new contracts for the supply of 40 SG 5.0-145 onshore turbines for six wind farms in Spain, totaling 200 MW. Following this agreement, Repsol will have eight wind farms employing Siemens Gamesa technology, reaching a total of 324 MW.
Components Covered:
• Turbine
• Substructure
• Electrical Infrastructure
• Other Components
Foundation Types Covered:
• Fixed-Bottom
• Floating
Water Depth Covered:
• Shallow Water
• Transitional Water
• Deep Water
Turbine Capacity Covered:
• Up to 3 MW
• 3-6 MW
• 6-10 MW
• Above 10 MW
Ownership Covered:
• Utility Companies
• Government/Public Sector
• Independent Power Producers (IPPs)
• Oil & Gas Companies
Applications Covered:
• Power Generation
• Hybrid Systems
• Green Hydrogen Production
• Demonstration
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Offshore Wind Energy Market, By Component
5.1 Introduction
5.2 Turbine
5.2.1 Rotor blades
5.2.2 Tower
5.2.3 Nacelle
5.3 Substructure
5.4 Electrical Infrastructure
5.4.1 Subsea cables
5.4.2 Substations
5.5 Other Components
6 Global Offshore Wind Energy Market, By Foundation Type
6.1 Introduction
6.2 Fixed-Bottom
6.2.1 Monopile
6.2.2 Jacket
6.2.3 Gravity-Based
6.3 Floating
6.3.1 Spar-buoy
6.3.2 Semi-submersible
6.3.3 Tension Leg Platforms (TLPs)
7 Global Offshore Wind Energy Market, By Water Depth
7.1 Introduction
7.2 Shallow Water
7.3 Transitional Water
7.4 Deep Water
8 Global Offshore Wind Energy Market, By Turbine Capacity
8.1 Introduction
8.2 Up to 3 MW
8.3 3-6 MW
8.4 6-10 MW
8.5 Above 10 MW
9 Global Offshore Wind Energy Market, By Ownership
9.1 Introduction
9.2 Utility Companies
9.3 Government/Public Sector
9.4 Independent Power Producers (IPPs)
9.5 Oil & Gas Companies
10 Global Offshore Wind Energy Market, By Application
10.1 Introduction
10.2 Power Generation
10.3 Hybrid Systems
10.4 Green Hydrogen Production
10.5 Demonstration
10.6 Other Applications
11 Global Offshore Wind Energy Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Ørsted
13.2 Iberdrola
13.3 RWE
13.4 Ocean Winds
13.5 NextEra Energy Resources
13.6 Siemens Gamesa Renewable Energy
13.7 Equinor
13.8 Vestas
13.9 Vattenfall
13.10 GE Renewable Energy
13.11 EDF Renewables
13.12 Mingyang Smart Energy
13.13 Northland Power
13.14 Goldwind
13.15 SSE Renewables
List of Tables
1 Global Offshore Wind Energy Market Outlook, By Region (2024-2032) ($MN)
2 Global Offshore Wind Energy Market Outlook, By Component (2024-2032) ($MN)
3 Global Offshore Wind Energy Market Outlook, By Turbine (2024-2032) ($MN)
4 Global Offshore Wind Energy Market Outlook, By Rotor blades (2024-2032) ($MN)
5 Global Offshore Wind Energy Market Outlook, By Tower (2024-2032) ($MN)
6 Global Offshore Wind Energy Market Outlook, By Nacelle (2024-2032) ($MN)
7 Global Offshore Wind Energy Market Outlook, By Substructure (2024-2032) ($MN)
8 Global Offshore Wind Energy Market Outlook, By Electrical Infrastructure (2024-2032) ($MN)
9 Global Offshore Wind Energy Market Outlook, By Subsea cables (2024-2032) ($MN)
10 Global Offshore Wind Energy Market Outlook, By Substations (2024-2032) ($MN)
11 Global Offshore Wind Energy Market Outlook, By Other Components (2024-2032) ($MN)
12 Global Offshore Wind Energy Market Outlook, By Foundation Type (2024-2032) ($MN)
13 Global Offshore Wind Energy Market Outlook, By Fixed-Bottom (2024-2032) ($MN)
14 Global Offshore Wind Energy Market Outlook, By Monopile (2024-2032) ($MN)
15 Global Offshore Wind Energy Market Outlook, By Jacket (2024-2032) ($MN)
16 Global Offshore Wind Energy Market Outlook, By Gravity-Based (2024-2032) ($MN)
17 Global Offshore Wind Energy Market Outlook, By Floating (2024-2032) ($MN)
18 Global Offshore Wind Energy Market Outlook, By Spar-buoy (2024-2032) ($MN)
19 Global Offshore Wind Energy Market Outlook, By Semi-submersible (2024-2032) ($MN)
20 Global Offshore Wind Energy Market Outlook, By Tension Leg Platforms (TLPs) (2024-2032) ($MN)
21 Global Offshore Wind Energy Market Outlook, By Water Depth (2024-2032) ($MN)
22 Global Offshore Wind Energy Market Outlook, By Shallow Water (2024-2032) ($MN)
23 Global Offshore Wind Energy Market Outlook, By Transitional Water (2024-2032) ($MN)
24 Global Offshore Wind Energy Market Outlook, By Deep Water (2024-2032) ($MN)
25 Global Offshore Wind Energy Market Outlook, By Turbine Capacity (2024-2032) ($MN)
26 Global Offshore Wind Energy Market Outlook, By Up to 3 MW (2024-2032) ($MN)
27 Global Offshore Wind Energy Market Outlook, By 3-6 MW (2024-2032) ($MN)
28 Global Offshore Wind Energy Market Outlook, By 6-10 MW (2024-2032) ($MN)
29 Global Offshore Wind Energy Market Outlook, By Above 10 MW (2024-2032) ($MN)
30 Global Offshore Wind Energy Market Outlook, By Ownership (2024-2032) ($MN)
31 Global Offshore Wind Energy Market Outlook, By Utility Companies (2024-2032) ($MN)
32 Global Offshore Wind Energy Market Outlook, By Government/Public Sector (2024-2032) ($MN)
33 Global Offshore Wind Energy Market Outlook, By Independent Power Producers (IPPs) (2024-2032) ($MN)
34 Global Offshore Wind Energy Market Outlook, By Oil & Gas Companies (2024-2032) ($MN)
35 Global Offshore Wind Energy Market Outlook, By Application (2024-2032) ($MN)
36 Global Offshore Wind Energy Market Outlook, By Power Generation (2024-2032) ($MN)
37 Global Offshore Wind Energy Market Outlook, By Hybrid Systems (2024-2032) ($MN)
38 Global Offshore Wind Energy Market Outlook, By Green Hydrogen Production (2024-2032) ($MN)
39 Global Offshore Wind Energy Market Outlook, By Demonstration (2024-2032) ($MN)
40 Global Offshore Wind Energy Market Outlook, By Commercial (2024-2032) ($MN)
41 Global Offshore Wind Energy Market Outlook, By Other Applications (2024-2032) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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