Global Offshore Wind Market was valued at US$ 41.8 Billion in 2022, according to Global Offshore Wind Market Report by Location (Deep-water (depth >60 m), Transitional Water (depth 30-60 m), and Shallow water (depth < 30 m)), by Component (Substructure, Turbine, Electrical Infrastructure, and Others).
The offshore wind market is expected to register a CAGR of 15.68% over the forecast period (2023 - 2030) to reach US$ 131.4 billion by 2030. The major drivers propelling the growth of this market, include increased demand for electrical energy and increased awareness about new technologies in renewable sources of energy. According to the U.S Energy Information Administration, the world energy consumption between the years 2012 to 2040 is expected to grow by 48%. Also in the U.S., out of the total electric energy generation from all sources, around 15% of electricity was generated through renewable sources of energy in 2022.
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Browse 250 market data tables* and 50 figures* on "Global Offshore Wind Market” - Global forecast to 2030.
Key Trends and Analysis of Offshore Wind Market:
- On the basis of location, shallow water segment held a dominant position in the global offshore wind market. This is owing to major developments of the shallow water offshore wind projects that are cost-effective and depend on weather conditions. The installation and maintenance cost of deep water turbines is high compared to shallow water. Furthermore, suitable favorable weather conditions affect the choice of location. For instance, in Europe shallow water wind turbines are the most lucrative.
- On the basis of the component, turbine segment held a dominant position in the market, owing to several advancements in Furthermore, the increase in the size and improved design of turbines enables high energy production. Therefore, key energy companies are focused on upgrading the turbines to expand their market share and fulfill energy demands.
Key Takeaways of the Market:
- Europe led the offshore wind market in 2022 and is expected to lead the market over the forecast period. The market was valued at US$ 131.4 billion in 2022 and is projected to witness a CAGR of 15.68% in terms of revenue during the forecast period 2023 - 2030. In Europe, the energy grid offshore wind turbine power generation is increasing with a capacity of over 3000 MW, which was built in Europe in 2015. According to the European Wind Energy Association estimation, around 26 gigawatts (GW) of new capacity could be built in the near future. The U.K. contributes roughly 46% of current offshore market capacity, followed by Germany (30%) and Denmark (12%).
- Asia Pacific is the fastest-growing region for the offshore wind market. China is the leading economy in offshore wind development with the installation of 1.6 GW of new capacity at the end of 2016. China, followed by Taiwan, Japan, and South Korea are the major economies for developing new offshore wind projects.
- North America is the emerging offshore wind market in 2022. According to the U.S. Department of Energy in the U.S, up to US$ 50 billion would be saved from the global damage of greenhouse gases by introducing offshore wind projects.
Some of the major companies in the global Offshore Wind market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S.
