Regional Analysis

Global Offshore Wind Market: Regional Insights

Europe accounted for the highest offshore wind energy market shares in 2022. 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, this is driving the growth of the market. Additionally, the Asia Pacific market is predicted to have the highest CAGR over the forecast years. The adoption of favorable government policies regarding renewable energy throughout rising nations such as China, India, Japan, among others, might be linked to the market expansion in the Asia Pacific region. China is a worldwide leader and provides more than 40% of the world's offshore wind capacity, according to the Global Wind Energy Council's 2019 report. Over 3 million square kilometers of China's 18,000 km of coastline are ideal for offshore renewable energy development. This offers the area tremendous prospects for offshore wind energy market expansion.

North America: U.S. and Canada
Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
Middle East: GCC Countries, Israel, and Rest of Middle East
Africa: South Africa, North Africa, and Central Africa