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    Offshore Wind Energy Market

    ID: MRFR/E&P/27036-HCR
    111 Pages
    Priya Nagrale
    September 2025

    Offshore Wind Energy Market Research Report By Turbine Capacity (Up to 3 MW, 3-6 MW, 6-10 MW, Above 10 MW), By Water Depth (Shallow (0-50 meters), Transitional (50-200 meters), Deep (>200 meters)), By Foundation Type (Monopile, Jacket, Tripile, Gravity-based), By Voltage Level (33 kV, 66 kV, 132 kV, 220 kV, 400 kV), By Grid Connection Type (Direct Connect, Grid-Connected via Offshore Grid, Grid-Connected via Onshore Grid) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2034.

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    Offshore Wind Energy Market Research Report - Global Forecast by 2034 Infographic
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    Offshore Wind Energy Market Summary

    The Global Offshore Wind Energy Market is projected to experience substantial growth from 197.4 USD Billion in 2024 to 2639.6 USD Billion by 2035.

    Key Market Trends & Highlights

    Offshore Wind Energy Key Trends and Highlights

    • The market is expected to grow at a compound annual growth rate of 26.58 percent from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach approximately 2639.6 USD Billion.
    • In 2024, the market is valued at around 197.4 USD Billion, indicating a robust starting point for future expansion.
    • Growing adoption of offshore wind technology due to increasing demand for renewable energy is a major market driver.

    Market Size & Forecast

    2024 Market Size 197.4 (USD Billion)
    2035 Market Size 2639.6 (USD Billion)
    CAGR (2025-2035) 26.58%

    Major Players

    Vestas, Siemens Gamesa, General Electric, MHI Vestas Offshore Wind, NextEra Energy Resources, Envision Energy, China Three Gorges Corporation, Wpd AG, SSE Renewables, RWE Renewables GmbH, Iberdrola Renewables, Enel Green Power, EDP Renewables, JERA Co., Inc., Vestas Wind Systems A/S

    Offshore Wind Energy Market Trends

    The offshore wind power sector, in particular, has recently seen several developments, including its combination with solar and wave energy and the introduction of floating wind turbines, which allow for usage in more deep sea water locations.

    The global offshore wind energy market is poised for substantial growth, driven by advancements in technology and increasing governmental support for renewable energy initiatives.

    U.S. Department of Energy

    Offshore Wind Energy Market Drivers

    Growing Energy Demand

    The Global Offshore Wind Energy Market Industry is experiencing a surge in demand for renewable energy sources, driven by increasing global energy consumption. As countries strive to meet their energy needs sustainably, offshore wind energy emerges as a viable solution. In 2024, the market is valued at approximately 197.4 USD Billion, reflecting the urgent need for cleaner energy alternatives. This demand is expected to escalate, with projections indicating a market value of 2639.6 USD Billion by 2035. The compound annual growth rate of 26.58% from 2025 to 2035 underscores the industry's potential to address energy shortages while contributing to climate goals.

    Market Growth Projections

    The Global Offshore Wind Energy Market Industry is poised for remarkable growth, with projections indicating a market value of 2639.6 USD Billion by 2035. This growth is underpinned by a compound annual growth rate of 26.58% from 2025 to 2035, reflecting the increasing adoption of offshore wind technology worldwide. The market's expansion is driven by a combination of factors, including rising energy demand, supportive government policies, and technological advancements. As countries continue to invest in renewable energy infrastructure, the offshore wind sector is likely to play a crucial role in achieving global sustainability targets.

    Technological Advancements

    Technological innovations are transforming the Global Offshore Wind Energy Market Industry, enhancing efficiency and reducing costs. Advances in turbine design, such as larger rotor diameters and higher capacity factors, enable the generation of more energy from offshore installations. Additionally, improvements in installation techniques and maintenance practices contribute to lower operational costs. These advancements are crucial as they make offshore wind projects more economically viable, attracting investment. As the industry continues to evolve, the integration of digital technologies and smart grid solutions may further optimize energy production and distribution, positioning offshore wind energy as a leading player in the global energy landscape.

    Government Policies and Incentives

    Supportive government policies and incentives play a pivotal role in the Global Offshore Wind Energy Market Industry. Many nations are implementing favorable regulations and financial incentives to promote the development of offshore wind projects. For instance, countries like the United States and Germany have established ambitious renewable energy targets, which include substantial investments in offshore wind infrastructure. These initiatives not only enhance investor confidence but also stimulate job creation in the renewable sector. As governments prioritize energy transition strategies, the market is likely to witness accelerated growth, further solidifying offshore wind energy's position as a cornerstone of future energy systems.

    Environmental Concerns and Climate Change

    The Global Offshore Wind Energy Market Industry is significantly influenced by growing environmental concerns and the urgent need to combat climate change. As the effects of climate change become increasingly evident, there is a collective push towards reducing greenhouse gas emissions. Offshore wind energy offers a clean and sustainable alternative to fossil fuels, aligning with global climate goals. Countries are recognizing the importance of transitioning to renewable energy sources to mitigate environmental impacts. This shift not only aids in achieving national and international climate commitments but also fosters public support for offshore wind projects, further driving market growth.

    Investment Opportunities and Economic Growth

    The Global Offshore Wind Energy Market Industry presents substantial investment opportunities, attracting both public and private sector funding. As the market expands, it is likely to create numerous jobs and stimulate economic growth in coastal regions. The anticipated growth trajectory, with a market value projected to reach 2639.6 USD Billion by 2035, indicates a robust investment landscape. Furthermore, the development of offshore wind farms can lead to ancillary economic benefits, such as increased tourism and improved local infrastructure. Investors are increasingly recognizing the potential returns associated with offshore wind projects, contributing to the industry's overall expansion.

    Market Segment Insights

    Offshore Wind Energy Market Segment Insights:

    Offshore Wind Energy Market Segment Insights:

    Offshore Wind Energy Market Turbine Capacity Insights

    Offshore Wind Energy Market Turbine Capacity Insights

    The Offshore Wind Energy Market is segmented into turbine capacity, which includes Up to 3 MW, 3-6 MW, 6-10 MW, and Above 10 MW. Among these segments, the 3-6 MW segment held the largest market share in 2023, and it is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing deployment of larger turbines, which are more efficient and cost-effective than smaller turbines.

    The Up to 3 MW segment is expected to witness significant growth during the forecast period, owing to the increasing demand for small-scale offshore wind farms.These turbines are ideal for near-shore applications and can be easily integrated into existing infrastructure. The 6-10 MW segment is also expected to grow steadily, as these turbines offer a good balance between efficiency and cost. The Above 10 MW segment is expected to gain traction in the coming years as technology continues to improve and costs decline.

    These turbines are capable of generating large amounts of power, making them ideal for large-scale offshore wind farms. The growth of the market is attributed to the increasing demand for renewable energy, government incentives, and technological advancements.

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Offshore Wind Energy Market Water Depth Insights

    Offshore Wind Energy Market Water Depth Insights

    The Offshore Wind Energy Market is segmented by water depth into shallow (0-50 meters), transitional (50-200 meters), and deep (>200 meters). In 2023, the shallow water segment accounted for the largest share of the market, at 65.2%. However, the deep water segment is expected to grow at the fastest CAGR of 28.5% over the forecast period. This growth is being driven by the increasing demand for offshore wind energy in deep water areas, where wind speeds are higher and more consistent.

    The shallow water segment is dominated by Europe, which accounted for 72.4% of the market in 2023.The Asia-Pacific region is expected to be the fastest-growing region for the shallow water segment, with a CAGR of 26.7% over the forecast period. This growth is being driven by the increasing demand for offshore wind energy in China, Japan, and South Korea. The transitional water segment is expected to grow at a CAGR of 27.2% over the forecast period.

    This growth is being driven by the increasing demand for offshore wind energy in the United States, which is the largest market for the transitional water segment. The Asia-Pacific region is also expected to be a major growth market for the transitional water segment, with a CAGR of 28.1% over the forecast period.The deep water segment is expected to grow at the fastest CAGR of 28.5% over the forecast period. This growth is being driven by the increasing demand for offshore wind energy in deep water areas, where wind speeds are higher and more consistent.

    The Asia-Pacific region is expected to be the largest market for the deep water segment, with a CAGR of 29.2% over the forecast period.

    Offshore Wind Energy Market Foundation Type Insights

    Offshore Wind Energy Market Foundation Type Insights

    Monopile is the most common type of foundation used in offshore wind farms, accounting for over 70% of the market. It is a single, large-diameter steel pipe that is driven into the seabed to support the wind turbine. Jackets are also commonly used, particularly in deeper waters. They are made up of a steel frame that is attached to the seabed with piles. Triples are similar to jackets, but they have three legs instead of four. Gravity-based foundations are the least common type of foundation used in offshore wind farms.

    They are made up of a large concrete base that is placed on the seabed.

    Offshore Wind Energy Market Voltage Level Insights

    Offshore Wind Energy Market Voltage Level Insights

    Voltage Level is a key segment in the Offshore Wind Energy Market, with different voltage levels catering to the specific needs of offshore wind farms. The market for 33 kV voltage levels is expected to witness significant growth in the coming years, driven by the increasing adoption of medium-scale offshore wind farms. The 66 kV voltage level segment is also anticipated to experience notable growth, supported by growing demand for reliable and efficient power transmission solutions.

    The 132 kV voltage level segment is projected to hold a substantial market share, owing to its wide usage in large-scale offshore wind projects.The 220 kV voltage level segment is expected to gain traction, driven by increasing grid integration of offshore wind energy. The 400 kV voltage level segment is anticipated to play a niche role in the market, primarily catering to long-distance power transmission requirements for offshore wind farms located far from the shore.

    The Offshore Wind Energy Market segmentation provides valuable insights into the market dynamics and competitive landscape, enabling key stakeholders to make informed decisions and capitalize on growth opportunities.

    Offshore Wind Energy Market Grid Connection Type Insights

    Offshore Wind Energy Market Grid Connection Type Insights

    The Grid Connection Type segment of the Offshore Wind Energy Market is categorized into 'Direct Connect', 'Grid-Connected via Offshore Grid', and 'Grid-Connected via Onshore Grid'. Direct Connect involves connecting offshore wind farms directly to the onshore grid, offering lower transmission losses and costs. Grid-Connected via Offshore Grid involves connecting wind farms to an offshore grid that transmits power to onshore grids, enabling the integration of multiple wind farms.

    Grid-Connected via Onshore Grid connects wind farms to the onshore grid through subsea cables, providing flexibility and reliability.In 2023, the Grid-Connected via Onshore Grid segment held the largest market share due to its established infrastructure and cost-effectiveness. However, the Direct Connect segment is projected to witness significant growth owing to its advantages in terms of efficiency and cost-saving. The Offshore Wind Energy Market revenue is expected to reach USD 1028.0 billion by 2032, growing at a CAGR of 26.58% during the forecast period.

    Get more detailed insights about Offshore Wind Energy Market Research Report - Global Forecast by 2034

    Regional Insights

    The Offshore Wind Energy Market is segmented by region into North America, Europe, APAC, South America, and MEA. The European region dominates the market with a share of over 50%, followed by APAC and North America. The market in Europe is driven by the increasing demand for renewable energy sources and supportive government policies. The APAC region is expected to witness significant growth in the coming years, owing to the increasing investment in offshore wind projects in countries like China and India.

    The North American market is also expected to grow at a steady pace, driven by the increasing demand for clean energy and supportive government policies. The South American and MEA markets are expected to witness moderate growth in the coming years.

    Offshore Wind Energy Market Regional Insights

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

     

    Key Players and Competitive Insights

    Major players in the Offshore Wind Energy Market industry are constantly striving to gain a competitive edge by developing innovative technologies, expanding their geographical presence, and forming strategic partnerships. Leading Offshore Wind Energy Market players are investing heavily in research and development to enhance the efficiency of their turbines and reduce costs. They are also expanding their manufacturing capabilities to meet the growing demand for offshore wind energy.Some of the leading players in the Offshore Wind Energy Market development are Vestas, Siemens Gamesa, General Electric, and MHI Vestas Offshore Wind.

    These companies have a strong track record of success in the offshore wind energy industry and are well-positioned to continue to lead the market. They have a presence, a diverse product portfolio, and a strong financial position.Competitors in the Offshore Wind Energy Market Competitive Landscape are also emerging, such as China Three Gorges, Goldwind, and Envision Energy. These companies are rapidly expanding their market share and are expected to pose a significant challenge to the established players in the coming years. They have a strong presence in the Chinese market and are expanding their operations into other regions.

    Key Companies in the Offshore Wind Energy Market market include

    Industry Developments

    • Q1 2024: South Fork Wind Farm Delivers First Power to New York The South Fork Wind Farm, the first commercial-scale offshore wind power plant in the United States, began delivering power to New York in November 2023 and was fully commissioned on March 14, 2024.
    • Q1 2024: $2.1 Billion Funded Since 2023 for U.S. Offshore Wind Supply Chain Significant investor confidence was demonstrated as $2.1 billion was funded since 2023 for port development, vessel orders, workforce development, research, and other supply chain funding in the U.S. offshore wind sector.
    • Q2 2024: Offshore wind installed capacity reaches 83 GW as new report finds 2024 a record year for construction and auctions The offshore wind industry added 8 GW of capacity in 2024, with government auctions awarding 56 GW of new capacity globally, marking a record year for both construction and auctions.
    • Q2 2024: Accelerator Opens To Increase Tribal Capacity for Engaging in Offshore Wind Energy On January 14, 2025, NREL launched the Capacity Accelerator for Tribal Offshore Wind Engagement, offering $7.1 million in cash awards and technical assistance to support Tribal Nations' involvement in offshore wind decision-making.
    • Q2 2024: Dogger Bank Wind Farm: The World’s Largest Offshore Wind Farm, Largest offshore wind plants in the world progressing off UK coast Dogger Bank Wind Farm, developed by SSE Renewables, Equinor, and Vårgrønn, continued installation in 2024, with a total planned capacity of 5.6 GW, powering up to 6 million homes annually.
    • Q2 2024: Investment decision made: RWE to build wind farms with capacity of …, Vestas secures 900 MW order for the Nordseecluster B offshore … RWE made an investment decision in 2024 to build the Nordseecluster offshore wind farms in Europe, with a total installation capacity of 1.6 GW.
    • Q2 2024: Poland: EIB extends €700 million for development of two major new … The European Investment Bank extended €700 million in funding for the development of the Bałtyk 2 and Bałtyk 3 offshore wind farms in Poland, operated by ORLEN, with a combined capacity of 1.44 GW.

    Future Outlook

    Offshore Wind Energy Market Future Outlook

    The Offshore Wind Energy Market is projected to grow at a 26.58% CAGR from 2024 to 2035, driven by technological advancements, regulatory support, and increasing energy demand.

    New opportunities lie in:

    • Invest in floating wind turbine technology to access deeper waters.
    • Develop strategic partnerships with local governments for project approvals.
    • Enhance supply chain logistics to reduce operational costs and improve efficiency.

    By 2035, the Offshore Wind Energy Market is expected to be a dominant force in the global energy landscape.

    Market Segmentation

    Offshore Wind Energy Market Regional Outlook

    • North America
    • Europe
    • South America
    • Asia-Pacific
    • Middle East and Africa

    Offshore Wind Energy Market Water Depth Outlook

    • Shallow (0-50 meters)
    • Transitional (50-200 meters)
    • Deep (>200 meters)

    Offshore Wind Energy Market Voltage Level Outlook

    • 33 kV
    • 66 kV
    • 132 kV
    • 220 kV
    • 400 kV

    Offshore Wind Energy Market Foundation Type Outlook

    • Monopile
    • Jacket
    • Tripile
    • Gravity-based

    Offshore Wind Energy Market Turbine Capacity Outlook

    • Up to 3 MW
    • 3-6 MW
    • 6-10 MW
    • Above 10 MW

    Offshore Wind Energy Market Grid Connection Type Outlook

    • Direct Connect
    • Grid-Connected via Offshore Grid
    • Grid-Connected via Onshore Grid

    Report Scope

    Report Attribute/Metric Details
    Market Size 2024  197.45 (USD Billion)
    Market Size 2025  249.93 (USD Billion)
    Market Size 2034  2,085.32 (USD Billion)
    Compound Annual Growth Rate (CAGR)  26.58% (2025 - 2034)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Base Year 2024
    Market Forecast Period 2025 - 2034
    Historical Data 2019 - 2023
    Market Forecast Units USD Billion
    Key Companies Profiled NextEra Energy Resources, Envision Energy, China Three Gorges Corporation, Siemens Gamesa Renewable Energy SA, Wpd AG, SSE Renewables, RWE Renewables GmbH, MHI Vestas Offshore Wind A/S, Iberdrola Renewables, Enel Green Power SpA, GE Renewable Energy, EDP Renewables, JERA Co., Inc., Vestas Wind Systems A/S
    Segments Covered Turbine Capacity, Water Depth, Foundation Type, Voltage Level, Grid Connection Type, Regional
    Key Market Opportunities Increasing energy demand Technological advancements Government incentives Rising concerns about climate change Growth in offshore infrastructure
    Key Market Dynamics Increasing government incentives, advancements in technology, rising demand for renewable energy, geopolitical tensions and supply chain disruptions
    Countries Covered North America, Europe, APAC, South America, MEA

    FAQs

    What is the projected market size of the offshore wind energy market in 2025?

    The offshore wind energy market is expected to reach USD 249.93 billion in 2025.

    What is the projected CAGR of the offshore wind energy market from 2025 to 2034?

    The offshore wind energy market is projected to grow at a CAGR of 26.58% from 2025 to 2034.

    What is the expected market size of the offshore wind energy market in 2034?

    The offshore wind energy market is expected to reach USD 1028.0 billion by 2034.

    Which region was expected to dominate the offshore wind energy market in 2023?

    Europe was expected to dominate the offshore wind energy market in 2023.

    What are the key growth drivers of the offshore wind energy market?

    The key growth drivers of the offshore wind energy market include increasing demand for renewable energy, government incentives, and technological advancements.

    Who are the major competitors in the offshore wind energy market?

    Major competitors in the offshore wind energy market include Vestas, Siemens Gamesa, and General Electric.

    What are the major applications of offshore wind energy?

    Major applications of offshore wind energy include electricity generation and desalination.

    What are the challenges facing the offshore wind energy market?

    Challenges facing the offshore wind energy market include high costs, environmental concerns, and technical challenges.

    What are the opportunities for the offshore wind energy market?

    Opportunities for the offshore wind energy market include increasing demand for renewable energy, government incentives, and technological advancements.

    What are the trends shaping the offshore wind energy market?

    Trends shaping the offshore wind energy market include the development of floating offshore wind turbines and the use of artificial intelligence.

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