Offshore Wind Energy Market Size worth over $60bn by 2024

Offshore Wind Energy Market size is poised to reach USD 60 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Increasing inclination pertaining to the renewable power generation to curtail the carbon emissions along with the introduction of stringent regulatory framework subject to the adoption of clean energy sources will foster the offshore wind energy market growth. Financial support to capitalize on the untapped offshore potential coupled with diminishing project development prices owing to declining component costs will positively influence the industry dynamics. Furthermore, increasing funding pertaining to the adoption of clean energy sources from several financial institutions including the World Bank, ADB and IFC will enhance the product penetration.


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Improved energy efficiencies along with cost effective structure accompanied by robust technological enhancements in turbine designs will stimulate the business growth. Positive industrial outlook toward the development and integration of large units coupled with improved foundation techniques will augment the offshore wind energy market dynamics. In addition, manufacturers across the industry through effective thermodynamic cycles, optimization and standardized product processes have incorporated environmental compatibility, power output and low installation costs which in turn will increase the product penetration.

Offshore Wind Energy Market

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The Canada offshore wind energy market is anticipated to surpass USD 55 Million by 2024. Imperative investments to scale up the offshore supply chain along with recent discovery of potential sites will boost the business growth. Determined initiatives associated with new capacity addition from renewable energy assets coupled with reducing cost of components and budding turbine manufacture will foster the industry outlook. Moreover, increasing investments to establish a sustainable electrical infrastructure favored by legislative reforms will further energize the industry growth.

Browse key industry insights spread across 800 pages with 5798 market data tables & 9 figures & charts from the report, “Offshore Wind Energy Market Size By Component (Turbine {Rating (< 100 kW, 100 kW to 250 kW, > 250 kW to 500 kW, > 500 kW to 1 MW, 1 MW to 2 MW, > 2 MW), Installation (Floating {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Structure {Rotor Module, Nacelle Module, Tower Module}}, Fixed {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Structure {Rotor Module, Nacelle Module, Tower Module}}}), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure (Wires & Cables, Substation)), By Depth (0 – 30 m, 30 – 50 m, > 50 m), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, Spain, UK, France, Italy, Sweden, Poland, Denmark, Portugal, Netherlands, Ireland, Romania, Belgium, Austria, China, India, Australia, Japan, South Korea, Vietnam, Thailand, Philippines, Taiwan, South Africa, Egypt, Morocco, Ethiopia, Tunisia, Jordan, Brazil, Chile, Argentina, Uruguay), Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

Prevailing advancements in turbine size and length for offshore installations, new blade designs and enhancing turbine assembly concepts are some of the prime factors which will propel the turbine component growth. Increasing R&D reforms toward the product enhancement accompanied by positive outlook toward distributed offshore wind energy technologies will encourage the product penetration.

Enhanced generator speed, superconducting generators and introduction of flexible transmission devices are some of the essential parameters which will drive the offshore wind energy market share. In addition, utilization of HV array cables and technological enhancements in the construction of efficient cooling systems will positively impact the business potential. Rising demand for small-scale renewable energy systems across commercial establishments along with increasing need sustainable energy environment will energize the industry growth.

The Germany offshore wind energy market was valued over USD 5 Billion in 2017. Decarbonization reforms, energy security initiatives and favorable regulatory measures are some of the prime factors which will favor the industry outlook. Rising fund allocation by major industry players to develop the offshore wind energy potential will propel the business landscape. In addition, increasing concern to supply reliable and uninterrupted power to remote consumers will strengthen the product demand.

Prominent offshore wind energy market industry players include MHI-Vestas, United Power, Envision Energy, Enercon, Nordex Acciona, Siemens Gamesa, Goldwind, Wobben, Bergey, Enessere, Northern Power Systems, Senvion, Mingyang, Clipper, Availon, Global Energy Services, Furukawa Electric, Suzlon, Impsa, LM, Prysmian, General Cable, Southwire, Nexans, Vestas, G, WEG SA, LS Cable, Sumitomo and RTS.

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The offshore wind energy market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2013 to 2024, for the following segments:

By Component

  • Turbine
    • Rating
      • < 100 kW
      • 100 kW to 250 kW
      • > 250 kW to 500 kW
      • > 500 kW to 1 MW
      • 1 MW to 2 MW
      • > 2 MW
    • Installation
      • Floating
        • Axis
          • Horizontal (HAWTs)
            • Up-wind
            • Down-wind
          • Vertical (VAWTs)
        • Structure
          • Rotor Module
          • Nacelle Module
          • Tower Module
      • Fixed
        • Axis
          • Horizontal (HAWTs)
          • Vertical (VAWTs)
        • Structure
          • Rotor Module
          • Nacelle Module
          • Tower Module
  • Support Structure
    • Substructure
    • Foundation
      • Monopile
      • Jacket
    • Others
  • Electrical Infrastructure
    • Wires & Cables
    • Substation
    • Others
  • Others

By Depth

  • 0 – 30 m
  • 30 – 50 m
  • > 50 m

The above information is provided on a regional & country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Spain
    • UK
    • France
    • Italy
    • Sweden
    • Poland
    • Denmark
    • Portugal
    • Netherlands
    • Ireland
    • Romania
    • Belgium
    • Austria
  • Asia Pacific
    • China
    • India
    • Australia
    • Japan
    • South Korea
    • Vietnam
    • Thailand
    • Philippines
    • Taiwan
  • Middle East & Africa
    • South Africa
    • Egypt
    • Morocco
    • Ethiopia
    • Tunisia
    • Jordan
  • Latin America
    • Brazil
    • Chile
    • Argentina
    • Uruguay


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