Fixed Offshore Wind Energy Market

Fixed Offshore Wind Energy Market Size

The fixed offshore wind energy market size was valued at more than USD 10.7 billion in 2024. The market is expected to grow from USD 22.6 billion in 2025 to USD 59.5 billion by 2034, at a CAGR of 11.3%, according to Global Market Insights, Inc.

• Key factors including favorable measures comprising of set tariffs, technology-specific quotas, and auctions will drive the market growth. Several countries including Denmark, China, France, Japan, Germany, UK and Netherlands are introducing substantial measures to accelerate the business growth. For instance, in February 2022, the UK government introduced its plans to hold yearly Contracts for Difference (CfD) auctions from 2023, in order to support low carbon electricity projects including offshore wind and enhance the renewables deployment.
  
• Implemented policies and incentives to support the development of offshore wind energy, including targets for renewable energy deployment, feed-in tariffs, auction mechanisms, and financial incentives will augment the industry landscape. Growing concerns about climate change and the need to transition to low-carbon energy sources along with adoption of ambitious renewable energy targets to reduce greenhouse gas emissions and achieve climate goals will strengthen the product demand.
  
• Access to high quality wind resources in offshore areas to meet electricity demand in densely populated areas and coastal regions will strengthen the product demand. This further reduces the associated energy losses and transmission distances, thereby making it more efficient to deliver electricity generated from wind farms to urban centers and industrial hubs, thereby driving the business scenario.
  
• The wind turbines operate at higher capacity factors and can capture more energy, contributing to the business scenario. Moreover, advances in foundation design, turbine technology, installation methods, and operations & maintenance practices will improve the reliability, efficiency, and cost-effectiveness, thereby influencing the product adoption.
  
• Growing investments by the industry participants in R&D initiatives to achieve the broader economies of scale and increase the operational efficiency will augment the market landscape. For instance, in April 2022, the Indian National Institute of Wind Energy (NIWE) signed a Joint Declaration of Intent (JDI) with ORE Catapult to develop offshore wind systems, new technology test & demonstration, and also research & development solutions.
  
• Growing robust investments across the public and private sectors along with introduction of large-scale projects using experimental and enhanced construction designs will boost the industry landscape. For instance, in October 2022, Haizea Wind and Iberdrola introduced the MEGAWIND project to improve on the monopiles and integrate it into large wind turbines with capacity of over 15 MW to develop bigger size wind turbines.
  
• In addition, subsequent efforts across the research centers & institutes to overcome the challenges associated with design, manufacturing, and installation of components to cater to advanced offshore infrastructure will positively complement the business scenario in the forecasted timeline.
  

Fixed Offshore Wind Energy Market Trends

• High efficiency in capturing wind energy will maximize the energy capture and enhance overall turbine performance. Moreover, this scalability makes them well suited for large scale offshore wind farms that aim to maximize the cost effectiveness and energy output. Further, tender processes or competitive auctions to award contracts coupled with financial incentives comprising of subsidies, grants, low interest loans and tax credits will support to offset the upfront costs of offshore wind development, therefore improving the project economics.
  
• Stringent government mandates, norms, policies, and targets to accelerate low cost & sustainable electricity generation are the critical factors supporting the offshore wind energy industry. Supportive regulatory frameworks in line with substantial development of renewables have expanded the business growth. Continuous introduction of laws across the emerging nations to develop wind infrastructure coupled with significant efforts across the private & public sectors to accelerate the clean energy production to satisfy electricity requirements have positively impacted the business landscape.
  
• A large number of countries across the globe are continuously implementing & working to introduce favorable directives, reforms and schemes to stimulate the industry. For instance, in November 2022, the Federal government of Australia introduced offshore wind energy licensing regulations to scale up wind energy investments and electricity infrastructure across the country.
  
• Strict regulations & targets pertaining to rising carbon emissions & climate change in line with a positive outlook toward sustainable development will positively drive the business growth. For instance, in April 2021, the U.S. government set a target to reduce its net GHG emissions by around 50-52% below 2005 levels by 2030.
  
• In addition, robust investments and incentives across the authorities pertaining to expand the offshore infrastructure coupled with significant support by the leading players to develop turbine and platforms will enhance the business scenario in the forecasted timeline.
  

Fixed Offshore Wind Energy Market Analysis

• Based on turbine rating, the market is segmented into ≤2 MW, >2≤5 MW, >5≤8 MW, >8≤10 MW, >10≤12 MW and >12 MW. The >5≤8 MW turbine rating segment is projected to reach more than USD 14.5 billion by 2034, owing to greater energy production per turbine and reducing overall project costs.
  
• Better economies of scale owing to decrease in number of turbines required to achieve a given project capacity, lowering the operation, installation, and maintenance costs per MWh of electricity generated, will stimulate the business landscape. Larger turbines are capable of capturing more energy leading to increased energy production and higher capacity factors over the lifetime of the turbine, thereby improving the overall economics of offshore wind projects.
  
• The ≤ 2 MW wind turbine market is set to reach more than USD 8 billion by 2034, on account of suitability for niche applications such as nearshore, island, and microgrid projects where large scale installations are not feasible. These are cost-effective for remote coastal areas and developing economies with limited grid infrastructure, lower electricity demand, and shallow waters. Further, growing interest in hybrid renewable systems, favorable policy incentives and renewable energy targets in emerging markets will contribute to the market growth.
  
• The offshore wind turbines in the >8 MW to ≤10 MW are gaining traction as a balance between high power output and proven reliability. These turbines are especially attractive for markets with medium- to large-scale offshore projects in Asia and Europe, where port, vessel, and grid infrastructure can more readily accommodate them, thereby driving the market growth. Additionally, robust O&M service networks, strong OEM support, and maturing supply chains will accelerate the product adoption.
  
• The >10 to ≤12 MW offshore wind turbines will grow more than 6% CAGR till 2034. Their penetration is driven by the industry’s shift toward larger and more efficient machines that deliver higher energy yields per unit. They offer significant LCOE reductions by cutting the number of cables, foundations, and installation activities needed per project. In addition, large capacity turbines are appealing for large scale projects in the U.S., Europe, and Asia Pacific, thereby driving the market growth.
  
• >12 MW will grow more than USD 6 billion by 2034, owing to the industry’s push to achieve maximum energy output with few units, thereby significantly reducing the project CAPEX and OPEX. Advances in blade design, turbine technology, and digital monitoring will improve the reliability and performance, thereby driving the product demand. Moreover, growing investment in specialized vessels and port upgrades, will drive the industry scenario.
  

• Based on depth, the fixed offshore wind energy market is segmented into >0 to ≤30 m, >30 to ≤50 m and >50 m. The >30 to ≤ 50 m is set to grow at a CAGR of over 11.5% till 2034, as they are cost-effective and technically mature. Falling costs of turbine installation vessels, improved piling technologies, and larger turbine ratings have will make the range highly attractive for utility-scale projects.
  
• Rising research & development activities to explore deep water technologies in line with significant development of specifically designed & engineered projects is augmenting the industry landscape. Moreover, countries such as U.S. is deploying projects in deeper water across the west coast owing to the narrow continental shelf & sharply declining continental slope, thereby contributing the industry scenario.
  
• The >30 to ≤50 m will grow over USD 27 billion on account of introduction of various technologies enabling the advancement of wind infrastructures. The commencement of several projects at higher water depth to provide increased output in line with rapid expansion of coastal wind farms has positively accelerated the industry dynamics. In addition, favorable government subsidies to support the development of floating substructures & turbines for higher depth projects will drive the market growth.
  
• The >0 to ≤30 m is anticipated to grow owing to investments for small- to medium-scale projects, demonstration farms, and in countries entering offshore wind energy. Increasing importance in emerging markets and repowering opportunities along with growing concentration across nearshore regions, leveraging the simplicity and low cost of installing fixed-bottom monopile foundations in shallow waters, will augment the business landscape.
  

• The U.S. fixed offshore wind energy market recorded a valuation of USD 1.8 billion by 2024. North America accounted for 17.4% of the global market share in 2024.
  

• North America, led by the U.S., is considered as an emerging market for the industry. The U.S. has established incentive programs and offshore wind targets comprising of wind leasing and permitting processes which will strengthen the product penetration. Moreover, significant investments from various energy players in wind projects in the U.S. East Coast, will lead to long term growth.
  
• Europe fixed offshore wind energy market is anticipated to cross over USD 30 billion by 2034. Establishment of ambitious renewable energy targets and policy frameworks including the Renewable Energy Directive sets binding targets for EU member states to increase the share of renewable energy in their energy mix will promote the deployment of offshore wind energy.
  
• Additionally, governments in countries including the UK, Germany, Denmark, the Netherlands, and Belgium among others have implemented various financial incentives and support mechanisms to encourage the technology adoption. In addition, increasing investments in grid infrastructure to support the integration of offshore wind energy into the electricity grid will drive the market outlook.
  
• Asia Pacific fixed offshore wind energy market is set to grow at a CAGR of 11.5% through 2034. Growing electricity demand across the emerging nations including China, India, among others have accelerated the business growth. Paradigm shift toward the renewable power adoption in line with stringent government mandates and targets have positively enhanced the wind power generation. Rising inclination to reduce the dependency on conventional sources to bring in the energy transition have provided an opportunity to deliver low-cost energy across the region.
  
• Robust project development favored by supportive regulatory framework in form of feed in tariff schemes and strategies to deploy clean power will augment the business landscape. In addition, subsidies provided by the provincial governments in China along with release of five-year plans is set to augment the visibility around the local support schemes.
  

Fixed Offshore Wind Energy Market Share

• The top five players in the fixed offshore wind energy industry include SGRE, GE, Vestas, Goldwind, and Envision. The competitive landscape of the fixed offshore wind energy industry is characterized by a mix of large vertically integrated developers, OEM’s and specialist EPC/installation players. OEMs that can offer proven large turbines with good availability and a global service footprint capture major projects and long O&M contracts.
  
• Many markets require or reward local content and partners, creating space for regional players and joint ventures with global OEMs. Market entrants thus need local partnerships or manufacturing plans. Vertical integration and strategic alliances further reduce tender risk and win share in auctions. Recent manufacturing expansions and supplier deals will contribute to the business momentum.
  
• Equinor has a diversified portfolio including low-carbon technologies and aims to transition to net-zero by 2050. The company amounted a total revenue of USD 103.8 billion in 2024. In early 2025, the company reduced its renewable energy capacity target for 2030 from 12-16 GW to 10-12 GW.
  
• Siemen Gamesa Renewable Energy reported a revenue of USD 2,854 Million in Q1 2025. The company invested USD 236.2 Million to expand the blade manufacturing facility in Le Havre to produce 115 m blades (B115) for 14 MW turbines. The expansion will be completed by 2026, increasing the capacity to support its large turbine models.
  
• Vestas designs, manufactures, installs and services both onshore and offshore wind turbines worldwide and has installed more turbine capacity globally than virtually any other company. The company further reported the revenue of USD 20.4 Billion in 2024. In addition, in June 2024, Vestas received an order to deliver turbines for the first phase of Nordseecluster, with delivery & commissioning expected in 2026.
  

Fixed Offshore Wind Energy Market Companies

Eminent players operating in the fixed offshore wind energy industry are:

• China Three Gorges
• Enessere
• Equinor
• Furukawa Electric
• General Electric
• GE Vernova
• Goldwind
• Impsa
• Iberdrola
• JERA
• Ls Cable & System
• Nexans
• Prysmian Group
• RWE Renewables
• SSE Renewables
• Sumitomo Electric Industries
• Southwire Company
• Siemens Gamesa Renewable Energy
• Vestas
• Vattenfall

Fixed Offshore Wind Energy Industry News:

• In July 2025, SGRE entered in an agreement with Ocean Winds to supply SG 14-236 wind turbines, for the offshore BC-Wind project in the Polish Baltic Sea. It further covers the delivery of 26 wind turbines, equipped with a power boost feature proficient of increasing capacity to 15 MW. In addition, installation and commissioning for these will complete in 2028.
  
• In May 2024, Vestas supplied its V236-15.0 MW for the 810 MW Empire Wind 1 project. The turbines installed in 2022, are currently in the verification stage before initiating the production and installation of first offshore projects in New York, U.S. This will further support the country achieve its set offshore wind energy goals providing resilient energy to the consumers.
  
• In April 2023, Siemens Gamesa Renewable Energy announced the GreenerTower, a  turbine tower built of sustainable steel. It consist of 80% steel plates leading to nearly 63% reduction in the carbon emissions. Further, this enables the company to lead in its efforts for wind circularity and net zero emissions.
  

This fixed offshore wind energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in (USD Million & MW) from 2021 to 2034, for the following segments:

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Market, By Turbine Rating

• ≤ 2 MW
• >2≤ 5 MW
• >5≤ 8 MW
• >8≤10 MW
• >10≤ 12 MW
• > 12 MW

Market, By Axis

• Horizontal
  • Up-wind
  • Down-wind
• Vertical

Market, By Component

• Blades
• Towers
• Others

Market, By Depth

• >0 ≤ 30 m
• >30 ≤ 50 m
• > 50 m

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Spain
  • UK
  • France
  • Italy
  • Sweden
  • Poland
  • Denmark
  • Portugal
  • Netherlands
  • Ireland
  • Belgium
• Asia Pacific
  • China
  • India
  • Australia
  • Japan
  • South Korea
  • Vietnam
  • Philippines
  • Taiwan