Offshore Wind Energy Market Size By Component (Turbine {Rating, Installation}, Fixed {Axis [Horizontal, Vertical], Component), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure), Depth & Forecast, 2024 - 2032

Offshore Wind Energy Market Size

Offshore Wind Energy Market size exceeded USD 73.70 billion in 2023 and is projected to expand at more than 17.5% CAGR from 2024 to 2032. Rising investments towards clean energy infrastructure and favourable government policies will spur the industry expansion. 
 

Several world governments are making considerable investments in clean energy to secure their energy requirements for the future. According to the International Energy Agency (IEA), clean energy investments by nations transitioning to a renewable energy infrastructure have reached over USD 1.2 trillion since the start of the pandemic. Meanwhile, tightening emission norms are also making the case for business growth. In November 2022, U.S. Department of Energy, unveiled a USD 550 million funding for clean energy initiatives from the Biden-Harris administration to lower energy costs for over 250 million Americans.
 

Component installation-related complexities may restrain industry growth

Despite a strong influx of investments, major challenges such as high capital expenses related to the systems and complexities of component installation may constrain the offshore wind industry outlook. Offshore wind farms are constructed off the coast, in the middle of seas and oceans, in regions that witness consistent and high windspeed on a daily basis. The frequent exposure to elements and salt water elevates associated risks such as corrosion, cable failure, and damage. As a result, wind farms need consistent maintenance and upkeep to remain operational, making them an expansive endeavour.
 

Offshore Wind Energy Market Analysis

Offshore wind energy market value from the support structure component segment is anticipated to surpass USD 49 billion by 2032, fueled by growing emphasis on enhancing the design and development of supporting infrastructures for sustaining coincident loads and waves at offshore locations. These efforts are leading to consistent advancements in substructures and foundations such as jacket and monopile for various depth applications such as medium, shallow, and deep water.
 

In terms of depth, the offshore wind energy market from the > 0 to ≤ 30 m segment are predicted to observe nearly 9% gains through 2032, owing to favorable regulatory mandates across emerging economies. Meanwhile, strong investments by major government bodies to encourage the deployment of wind energy is also escalating the segment growth. Europe, with an abundance of sea basins, dominates the industry when it comes to offshore wind investments. in fact, the EU invested over €41 billion ($43.5 billion) in new wind farms in the region 2021. The capital primarily went into financing 25 GW of novel capacity, a new record.
 

Asia Pacific offshore wind energy market revenue share is poised to increase by more than 12% by 2032, driven by the growing electricity demand in the region. This demand is fueling rapid infrastructure expansion initiatives in the region, where a number of new offshore installations are currently under development.
 

Leading industry players that are active in the region are also introducing more initiatives to make offshore farms more economically efficient. For instance, in 2020, a consortium of leading Japanese firms, MODEC, Inc., Toyo Construction Co., Ltd., Furukawa Electric Co., Ltd., unveiled that their proposal for the public offering of R&D for technology to reduce expenses on offshore wind turbines was officially adopted by the country’s largest public management organization, New Energy and Industrial Technology Development Organization.
 

Offshore Wind Energy Market Share

Top companies operating in the offshore wind energy market are

• Nexans
• Prysmian Group
• Sumitomo Electric Industries, Ltd.
• Southwire Company, LLC
• FURUKAWA ELECTRIC CO., LTD
• LS Cable & System Ltd
• IMPSA
• Vestas
• ENESSERE S.r.l.
• General Electric

Many of these companies are focusing on product innovations to gain a competitive advantage. For instance, in November 2020, German engineering firm, Siemens Gamesa Renewable Energy, S.A., unveiled a new advanced low-wind turbine, SG 4.7-155. The product features an operating range of 4 MW to 5 MW and is equipped with 76 m blades and OptimaFlex technology.
 

Impact of COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the offshore wind energy industry as lockdowns brought supply chains to a grinding halt and delayed the construction of novel offshore wind projects temporarily. The market has also struggled to alleviate the economic pressure created by the post-pandemic energy crisis across a number of developed economies. Now, as it faces a new challenge of heightened geopolitical tensions, the industry is expected find itself in a particularly precarious position. However, a steady influx of government investments in clean energy is likely to see the industry through the turmoil.
 

The offshore wind energy market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:

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Market Insights, By Component

• Turbine
  • Rating
    • ≤ 2 MW
    • > 2 to ≤ 5 MW
    • > 5 to ≤ 8 MW
    • > 8 to ≤ 10 MW
    • > 10 to ≤ 12 MW
    • > 12 MW
  • Installation
    • Floating
      • Axis
        • Horizontal (HAWTs)
          • Up-Wind
          • Down-Wind
        • Vertical (VAWTs)
      • Component
        • Blades
        • Towers
        • Others
    • Fixed
      • Axis
        • Horizontal (HAWTs)
          • Up-Wind
          • Down-Wind
        • Vertical (VAWTs)
      • Component
        • Blades
        • Towers
        • Others
• Support Structure
  • Substructure Steel
  • Foundation
    • Monopile
    • Jacket
  • Others
• Electrical Infrastructure
  • Wires & Cables
  • Substation
  • Others
• Others

Market Insights, By Depth

• > 0 to ≤ 30 m
• > 30 to ≤ 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
• Rest of World