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Offshore Wind Energy Market Size

  • Report ID: GMI229
  • Published Date: Jan 2023
  • Report Format: PDF

Offshore Wind Energy Market Size

Offshore Wind Energy Market size exceeded USD 47.5 billion in 2022 and is projected to expand at more than 16% CAGR from 2023 to 2032. Rising investments towards clean energy infrastructure and favourable government policies will spur the industry expansion. 

 

Offshore Wind Energy Market

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of offshore wind energy crossed USD 73.70 billion in 2023 and is predicted to depict over 17.5% gains through 2032, fueled by strong investments in renewable energy sources and favorable regulatory policies.

The > 0 to <30 m depth segment is poised to rise more than 9% by 2032, driven by favorable regulatory policies and strong government investments.

The APAC market share is poised to increase by more than 12% by 2032, owing to rapid infrastructure expansion initiatives and rising demand for electricity.

Key participants operating in the industry include ENERCON GmbH, Bergey Windpower Co., JDR Cable Systems Ltd., Clipper Windpower, NKT A/S, Vattenfall AB, Northland Power, Inc., among others.

Offshore Wind Energy Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 30
  • Tables & Figures: 1979
  • Countries covered: 22
  • Pages: 1000
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