Fixed Offshore Wind Energy Market Research Report By Turbine Capacity (Below 5 MW, 5-10 MW, 10-15 MW, Above 15 MW), By Water Depth (Shallow (0-60m), Intermediate (60-120m), Deep (Above 120m)), By Foundation Type (Monopiles, Jackets, Gravity-based Structures), By End-User (Utilities, Independent Power Producers, Industrials), By Grid Connection (Radial Connection, Hybrid Connection, Multi-Point Connection) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Fixed Offshore Wind Energy Market Overview:

As per MRFR analysis, the Fixed Offshore Wind Energy Market Size was estimated at 59.34 (USD Billion) in 2022. The Fixed Offshore Wind Energy Market Industry is expected to grow from 65.07 (USD Billion) in 2023 to 149.3 (USD Billion) by 2032. The Fixed Offshore Wind Energy Market CAGR (growth rate) is expected to be around 9.66% during the forecast period (2024 - 2032).

Key Fixed Offshore Wind Energy Market Trends Highlighted

The global fixed offshore wind energy market is poised for significant growth in the coming years, driven by the increasing demand for renewable energy. Increased government support and incentives, such as tax credits and feed-in tariffs, are encouraging investment in this sector. Technological advancements and cost reductions in offshore wind turbine installation and maintenance are also facilitating market expansion. Additionally, the growing demand for electricity in coastal areas and the need to reduce carbon emissions are fostering the adoption of fixed offshore wind energy.Key market trends include the development of larger and more efficient turbines, the integration of offshore wind farms into power grids, and the deployment of floating offshore wind turbines in deeper waters. The industry is also witnessing the emergence of new technologies, such as blade coatings and specialized foundations, which enhance turbine performance and reduce environmental impact. Furthermore, the trend of governments setting ambitious targets for renewable energy generation is expected to provide ample opportunities for the growth of the fixed offshore wind energy market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Fixed Offshore Wind Energy Market Drivers

Increasing Demand for Renewable Energy

The increasing demand for renewable energy can be considered one of the most important market drivers for the Global Fixed Offshore Wind Energy Market Industry. As more and more of the globe learns about the need to decrease the volume of greenhouse gas emissions and turn to a more sustainable energy future, offshore wind as a representative of renewable energy becomes more and more appealing. Notably, it is a rather beneficial energy source for numerous countries, as it can be used in areas with strong winds, and no land is needed.This said, the growing demand for renewable energy will likely continue to support the growth of the Global Fixed Offshore Wind Energy Market Industry in the future.

Government Support for Offshore Wind

Government support for offshore wind is another important market driver for the Global Fixed Offshore Wind Energy Market Industry. Many governments around the world are providing financial incentives and other forms of support to encourage the development of offshore wind farms. This support is helping to make offshore wind a more cost-competitive option for electricity generation and is expected to continue to drive the growth of the Global Fixed Offshore Wind Energy Market Industry in the coming years.

Technological Advancements

Technological advancements are also playing a key role in the growth of the Global Fixed Offshore Wind Energy Market Industry. The development of new technologies, such as more efficient turbines and lower-cost foundations, is helping to make offshore wind a more attractive option for electricity generation. These advancements are expected to continue to drive the growth of the Global Fixed Offshore Wind Energy Market Industry in the coming years.

Fixed Offshore Wind Energy Market Segment Insights:

Fixed Offshore Wind Energy Market Turbine Capacity Insights

The market has been segregated by turbine capacity, namely below 5 MW, 5 to 10 MW, 10 to 15 MW, and above 15 MW. In 2023, the 5 to 10 MW segment is expected to account for the largest market share as larger turbines are being increasingly adopted to lower the levelized cost of energy. The below 5 MW segment is also anticipated to register a significant growth rate as there is an increasing demand for smaller turbines for application in shallow water. Similarly, the 10 to 15 MW segment is likely to register moderate growth, and the above 15 MW segment is anticipated to grow at the highest rate during the forecast period.Several manufacturers are developing and installing more powerful and efficient turbines. Vestas Wind Systems, Siemens Gamesa, General Electric, and MingYang Smart Energy are some of the major key players in the global fixed offshore wind energy market for turbine capacity, who are making significant investments in research and development to ensure that the efficiency and performance of turbines are improved.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Fixed Offshore Wind Energy Market Water Depth Insights

The Global Fixed Offshore Wind Energy Market is segmented by water depth into shallow (0-60m), intermediate (60-120m), and deep (above 120m) categories. The shallow water depth segment holds the majority of the market share due to the lower installation costs and higher accessibility of these sites. However, the intermediate and deep water depth segments are expected to witness significant growth in the coming years, driven by technological advancements and the availability of more suitable offshore sites. The Global Fixed Offshore Wind Energy Market revenue from the intermediate water depth segment is projected to reach USD 43.54 billion by 2024, growing at a CAGR of 10.2%.The deep water depth segment is also anticipated to grow rapidly, with a CAGR of 12.1%, reaching a market value of USD 25.67 billion by 2024.

Fixed Offshore Wind Energy Market Foundation Type Insights

The Global Fixed Offshore Wind Energy Market is segmented by foundation type into monopiles, jackets, and gravity-based structures. Monopiles accounted for the largest market share in 2023 and are expected to continue to dominate the market through 2032. This is due to their lower cost and ease of installation compared to other foundation types. Jackets are expected to experience the fastest growth over the forecast period, as they are well-suited for deeper waters and more challenging seabed conditions. Gravity-based structures are expected to account for a small share of the market but are expected to see increased adoption in regions with high seismic activity.The Global Fixed Offshore Wind Energy Market was valued at USD 65.07 billion in 2023 and is expected to grow to USD 149.3 billion by 2032 at a CAGR of 9.66%.

Fixed Offshore Wind Energy Market End-User Insights

The Global Fixed Offshore Wind Energy Market is segmented by end-user into utilities, independent power producers (IPPs), and industrials. Utilities are the largest end-user segment, accounting for over 60% of the global market in 2023. This is due to the increasing demand for renewable energy from governments and consumers. IPPs are also a major end-user segment, accounting for over 25% of the global market in 2023. IPPs are investing in offshore wind projects to take advantage of the growing demand for renewable energy and the declining costs of offshore wind technology.Industrials are a smaller end-user segment, accounting for less than 15% of the global market in 2023. Industrials are using offshore wind to power their operations and reduce their carbon footprint. The Global Fixed Offshore Wind Energy Market is expected to grow significantly in the coming years. This growth is being driven by the increasing demand for renewable energy, the declining costs of offshore wind technology, and supportive government policies.

Fixed Offshore Wind Energy Market Grid Connection Insights

The Grid Connection segment of the Global Fixed Offshore Wind Energy Market is categorized into Radial Connection, Hybrid Connection, and Multi-Point Connection. Among these, Radial Connection held the largest market share in 2023, accounting for over 60% of the total revenue. This dominance is attributed to its cost-effectiveness, simplicity, and ease of implementation. However, Hybrid Connection is projected to witness the highest growth rate during the forecast period, owing to its ability to enhance grid stability and reduce power losses. Multi-Point Connection, though currently holding a smaller market share, offers advantages such as increased reliability and flexibility, making it a promising solution for future offshore wind projects.Overall, the Grid Connection segment is expected to contribute significantly to the Global Fixed Offshore Wind Energy Market growth, driven by rising demand for renewable energy and technological advancements in grid infrastructure.

Fixed Offshore Wind Energy Market Regional Insights

The Global Fixed Offshore Wind Energy Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, it is expected to hold the largest market share in 2023 due to the presence of a number Europe of countries with favorable conditions for offshore wind energy development, such as the UK, Germany, and Denmark. The APAC region is expected to be the fastest-growing market for fixed offshore wind energy over the forecast period due to the increasing demand for renewable energy in countries such as China, India, and Japan.North America is also expected to be a significant market for fixed offshore wind energy, with the US being the largest market in the region. South America and MEA are expected to have a relatively small market share for fixed offshore wind energy, but they are expected to grow at a steady pace over the forecast period. The Global Fixed Offshore Wind Energy Market is driven by a number of factors, including the increasing demand for renewable energy, the decreasing cost of offshore wind energy, and the development of new technologies. The market is also supported by government policies that promote the development of renewable energy.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Fixed Offshore Wind Energy Market Key Players And Competitive Insights:

Major players in the Fixed Offshore Wind Energy Market industry are continuously focusing on new product development and innovation to strengthen their position in the market and gain a competitive edge over other players. Leading Fixed Offshore Wind Energy Market players are collaborating with other companies to expand their product portfolio and increase their market reach. The Fixed Offshore Wind Energy Market is highly competitive, with several key players operating in the market. These players are constantly innovating and expanding their product offerings to meet the growing demand for fixed offshore wind energy.Vestas is a leading company in the Global Fixed Offshore Wind Energy Market. The company has a strong track record of innovation and has developed a wide range of fixed offshore wind turbines. Vestas has a global presence and has installed turbines in over 80 countries. The company has a strong commitment to sustainability and is working to develop new technologies that will reduce the environmental impact of wind energy.Siemens Gamesa is a leading competitor in the Global Fixed Offshore Wind Energy Market. The company offers a range of fixed offshore wind turbines that are designed to meet the needs of different customers. Siemens Gamesa has a strong global presence and has installed turbines in over 90 countries. The company is committed to innovation and is working to develop new technologies that will improve the efficiency and reliability of wind energy.

Key Companies in the Fixed Offshore Wind Energy Market Include:

• ACCIONA S.A.


• China Three Gorges Corp


• Dongfang Electric Corporation


• wpd AG


• Ming Yang Smart Energy Group Ltd


• Senvion SEN AG


• Siemens Gamesa Renewable Energy S.A.


• Goldwind International Holdings Ltd


• General Electric Company


• China General Nuclear Power Corporation


• Enercon GmbH


• Xinjiang Goldwind Science Technology Co., Ltd.


• Vestas Wind Systems A/S

Fixed Offshore Wind Energy Market Industry Developments

The global fixed offshore wind energy market is projected to grow from an estimated $65.07 billion in 2023 to $149.3 billion by 2032, at a CAGR of 9.66%. This growth is attributed to the increasing demand for renewable energy, government incentives, and technological advancements.Recent developments in the market include: In February 2023, the world's largest offshore wind farm, Hornsea 2, became fully operational in the UK. In March 2023, the US government announced a goal of deploying 30 gigawatts of offshore wind by 2030. In April 2023, the European Union launched a new strategy to accelerate the development of offshore wind energy.These developments indicate a bright future for the fixed offshore wind energy market. As the world transitions to a clean energy economy, offshore wind is expected to play a major role.

Fixed Offshore Wind Energy Market Segmentation Insights

• Fixed Offshore Wind Energy Market Turbine Capacity Outlook


• Below 5 MW


• 5-10 MW


• 10-15 MW


• Above 15 MW

• Fixed Offshore Wind Energy Market Water Depth Outlook


• Shallow (0-60m)


• Intermediate (60-120m)


• Deep (Above 120m)

• Fixed Offshore Wind Energy Market Foundation Type Outlook


• Monopiles


• Jackets


• Gravity-based Structures

• Fixed Offshore Wind Energy Market End-User Outlook


• Utilities


• Independent Power Producers


• Industrials

• Fixed Offshore Wind Energy Market Grid Connection Outlook


• Radial Connection


• Hybrid Connection


• Multi-Point Connection

• Fixed Offshore Wind Energy Market Regional Outlook


• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa