What are the Historical Developments and Current Growth Metrics of the Offshore Wind Market?
The offshore wind market has seen considerable growth due to a variety of factors.
• The size of the offshore wind market has seen a significant expansion in the past few years. The industry, which will be worth $49.69 billion in 2024, is expected to swell to $58.22 billion in 2025, marking a compound annual growth rate (CAGR) of 17.2%.
Factors such as government backing, cost trimming, and escalating concerns about climate change are credited for the remarkable growth experienced during the historic period.
What Does Future Hold for The Offshore Wind Market Size?
The offshore wind market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the offshore wind market, with predictions of substantial growth over the coming years. The market is projected to escalate to a sizeable $104.95 billion by 2029, boasting a compound annual growth rate (CAGR) of 15.9%.
The expansion in scale and capacity, energy transition strategies, and international collaboration are the primary drivers of growth in this period. Noteworthy trends predicted during this period include technological advancements, the development of floating wind farms and hybrid projects, as well as the rise of digitalization, automation, and grid connectivity.
What Are The Primary Growth Drivers In The Offshore Wind Market?
The projected growth of the offshore wind market is anticipated to be driven by burgeoning global investments in renewable energy. Renewable energy, which encompasses energy made from sources naturally replenished like the sun and wind, is receiving significant government investment to enhance its standing within the offshore wind generation sphere. For example, global investments in renewable power and fuels reached a record peak of nearly USD 622.5 billion in 2023, indicating an 8.1% rise from 2022. As a result, the growing global investments in renewable energy are likely to fuel the demand for offshore wind solutions throughout the predicted period.
What Is The Segmentation Of The Global Offshore Wind Market?
The offshore wind market covered in this report is segmented –
1) By Component: Turbines, Electrical Infrastructure, Substructure, Other Components
2) By Location: Shallow Water, Transitional Water, Deep Water
3) By Capacity: Up to 3MW, 3MW to 5MW, Above 5MW
4) By Application: Electric Power, Oil and Gas, Aviation, Transport, Other Applications
Subsegments:
1) By Turbines: Wind Turbine Generators (WTGs), Rotor Blades, Nacelle, Gearbox And Drive Train
2) By Electrical Infrastructure: Offshore Substations, Undersea Cables (Inter-Array And Export Cables), Transformers, Switchgear And Circuit Breakers
3) By Substructure: Monopile Foundations, Jacket Foundations, Floating Platforms, Gravity-Based Structures
4) By Other Components: Maintenance And Service Equipment, SCADA Systems (Supervisory Control And Data Acquisition), Energy Storage Systems, Monitoring And Control Systems
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What Emerging Trends Are Shaping The Offshore Wind Market Landscape?
Leading enterprises in the offshore wind market are prioritizing the development and technological progression, such as tenders to optimize project bidding processes, intensify competitive pricing, and foster stakeholder cooperation, with the goal of expediting offshore wind project deployment and bolstering renewable energy capacity. An offshore wind tender is a methodical practice by which bids for offshore wind projects are solicited from companies by governments or organizations. For example, in April 2024, Denmark, the base for a multitude of prominent offshore wind industry companies such as Ørsted, formerly known as DONG Energy, exemplified its commitment to sustainable and eco-friendly technologies while establishing their leading role in renewable energy, primarily offshore wind development. In an offshore wind tender, the solicitation of company proposals for wind project development involves details such as project scale, location, and anticipated energy yield. Proposals are evaluated based on cost, technical viability, and regulatory adherence to select capable developers.
Who Are the Key Players in the Offshore Wind Market?
Major companies operating in the offshore wind market include:
• General Electric Company
• Siemens Gamesa Renewable Energy S. A.
• MHI Vestas Offshore Wind A/S
• Xinjiang Goldwind Science & Technology Co. Ltd.
• Shanghai Electric Wind Power Group Co. Ltd.
• Vestas Wind Systems A/S
• Nordex SE
• Envision Energy Corporation
• China Shipbuilding Industry Corporation
• Ming Yang Smart Energy Group Co. Ltd.
• LM Wind Power
• Sinovel Wind Group Co. Ltd.
• XEMC Windpower Co. Ltd.
• Doosan Heavy Industries & Construction Co. Ltd.
• Dongfang Electric Corporation
• United Power Technology Company Limited
• Hitachi Ltd.
• Toshiba Corporation
• ABB Ltd.
• Nexans S. A.
• Prysmian Group S. p. A.
• General Cable Corporation
• JDR Cable Systems Ltd.
• LS Cable & System Ltd.
• NKT A/S
• Subsea 7 S. A.
• TechnipFMC plc
• Van Oord Dredging and Marine Contractors BV
What are the Regional Insights into the Offshore Wind Market?
Western Europe was the largest region in the offshore wind market in 2024.North America is expected to be the fastest-growing region in the offshore wind market share during the forecast period. The regions covered in the offshore wind market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
