North America Offshore Wind Energy Market Size By Component (Turbine, Support Structure, Electrical Infrastructure), By Depth (> 0 to <= 30 m, > 30 to <= 50 m, > 50 m), 2024 - 2032

North America Offshore Wind Energy Market will observe a CAGR of 25% from 2024 to 2032, driven by huge investments by major companies. As global attention shifts towards sustainable and renewable energy, major corporations are committing huge sums of money to offshore wind projects. For instance, in March 2024, Homecoming Capital, which invests in zero-carbon projects, announced an initial $50 million round of funding for Clean Energy Terminals ("CET"), a U.S. pioneer of offshore wind (OSW") port system development and innovation in the U.S.

These investments not only increase but also encourage technological development in wind power generation and infrastructure. Government incentives and policies that support renewable energy further highlight this trend, attracting more investment and creating a competitive market. The influx of capital creates a great infrastructure that promises to deliver cleaner, more efficient energy solutions, reduce carbon footprints, and create new business opportunities. This dynamic economic environment highlights the importance and potential of the offshore wind energy market in North America.

The overall North America Offshore Wind Energy Industry size is classified based on component, depth, and country.

The support structure segment will witness remarkable growth from 2024 to 2032. These infrastructures are essential to cope with a complex marine environment and to ensure the longevity of offshore wind turbines. The technology is being developed and innovated continuously, making it more susceptible to expansion in the offshore wind energy market. This preference and popularity contribute to the sustainable energy goals of the region.

North America offshore wind energy market revenue from the greater than 30m to less than or equal to 50m segment will register a noteworthy CAGR from 2024 to 2032. This intermediate depth is ideal for maximizing wind energy availability while balancing construction costs. Advances in turbine engineering and foundation engineering have enabled wind energy to be exploited more efficiently at these depths. This demand is driven by the need to expand renewable energy, reduce carbon emissions, and set ambitious energy targets to develop offshore wind projects in these prime offshore locations.

Canada offshore wind energy market will exhibit a commendable CAGR from 2024 to 2032. Canada's vast offshore areas provide important opportunities for offshore wind projects, attracting investment and technological advances. Supportive policies and incentives from the Government of Canada further stimulate this demand, encouraging the development of sustainable energy policy. As a result, Canada is poised to become a major player in offshore wind, contributing to the sector's overall growth in renewable energy and to its environmental and economic goals.