Offshore Wind Market is predicted to reach USD 117.6 billion at a CAGR of 21.0% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Offshore Wind Market” that contains information from 2018 to 2030. The Offshore Wind Market is estimated to register a CAGR of 21.0% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Offshore Wind Market — ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, and Vestas.

Offshore Wind Market Highlights

The global Offshore Wind Market is accounted to register a CAGR of 21.0% during the forecast period and is estimated to reach USD 117.6 billion by 2030.

the offshore wind market has been experiencing significant growth and development globally. Offshore wind energy involves the generation of electricity from wind turbines installed in bodies of water, typically in the ocean. It has gained momentum as a renewable energy source due to its potential to produce large amounts of electricity with lower environmental impacts compared to fossil fuels.

Segment Analysis

The global Offshore Wind Market has been segmented based on Components.

The Offshore Wind Market segmentation, based on components, includes turbine, tower, blades, electrical infrastructure and nacelle. The turbine segment dominated the market with respect to the Offshore Wind Market revenue.  To lower the installation costs, numerous turbines are installed simultaneously on the same site using wind turbines, which are electricity generators. The turbines are situated in big lakes and oceans. Cathodic protection can be used to stop corrosion.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Offshore Wind Market Research Report

Regional Analysis

The global Offshore Wind Market, based on region, has been divided into North America, Europe, Asia-Pacific and Rest of the World. Europe’s offshore wind market accounted for USD 11.05 billion in 2021 and is expected to exhibit a significant CAGR of 43.2 percent growth during the study period. According to the European Union, Europe accounts for one-fourth of all market installations worldwide. Therefore, Europe (particularly the nations bordering the North Sea) is set to dominate the offshore wind industry. Around 85% of all offshore wind installations worldwide are located in European waters. The development of offshore wind farms within each nation's territorial waters has been established as an ambitious goal by the governments of the European region, notably those in the North Sea region. Further, the German offshore wind market held the largest market share, and the UK offshore wind market was the fastest-growing market in the European region.

Asia Pacific’s offshore wind market accounts for the second-largest market share. Implementing pro-renewable energy government policies by developing countries like China, India, and Japan, among others, may be related to the industry's growth in the Asia Pacific. China is a global leader, with more than 40% of the world's offshore wind capacity. Of China's 18,000 km of coastline, more than 3 million square kilometers are suitable for offshore renewable energy development. Moreover, China's offshore wind market held the largest market share, and the India offshore wind market was the fastest-growing market in the Asia-Pacific region.

The North American offshore wind market is expected to grow at the fastest CAGR from 2022 to 2030. Favorable government regulations, rising investment in wind power projects, and the declining cost of wind energy are major contributors to the rise. The government and utilities across the country are increasingly looking at wind power as a solution to the nation's growing need for an affordable, dependable, clean, and diverse electricity supply. For instance, United States President announced a bold plan to install 30 gigawatts (GW) of offshore wind by 2030, which would deliver sustainable energy to 10 million homes, support 77,000 jobs, and encourage private investment throughout the supply chain. Moreover, the US offshore wind market held the largest market share, and the Canadian offshore wind market was the fastest-growing market in the region.

Key Findings of the Study

• The global Offshore Wind Market is expected to reach USD 117.6 billion by 2030, at a CAGR of 21.0% during the forecast period.


• Europe’s offshore wind market accounted for USD 11.05 billion in 2021 and is expected to exhibit a significant CAGR of 43.2 percent growth during the study period.


• The Offshore Wind Market segmentation, based on components, includes turbine, tower, blades, electrical infrastructure and nacelle. The turbine segment dominated the market with respect to the Offshore Wind Market revenue.


• ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, and Vestas.