Offshore Wind Energy Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Offshore Wind Energy Market was valued at USD 43.6 billion in 2023 and is expected to grow at a CAGR of 19.1% from 2024 to 2032. Offshore wind energy generates electricity using wind turbines located in bodies of water, typically on the continental shelf. This energy source leverages the stronger and more consistent winds over oceans or large lakes to produce renewable energy. Technological advancements, including larger turbines, improved construction techniques, and innovations like floating platform solutions and better foundation designs, will also drive demand.

The offshore wind energy overall industry is divided into component, depth and region.

In terms of components, the turbine segment is projected to surpass USD 10 million by 2032, driven by the global shift towards renewable energy. Larger turbines capture more wind energy and are more efficient, reducing the cost per megawatt-hour (MWh) of electricity generated. Longer blades and taller towers enable turbines to harness more wind energy, especially at higher altitudes wherein wind speeds are greater and more consistent. The use of advanced composite materials makes blades lighter and more durable for enhancing performance and longevity.

Based on depth, the > 50 m segment is expected to grow at a CAGR of over 41.5% through 2032, fueled by the development of floating wind turbine technology and other innovations. Designs, such as spar-buoy, semi-submersible, and tension leg platforms are being developed to improve stability and efficiency. Advanced composite materials reduce the weight of turbine components, making them suitable for floating structures, thus boosting the market landscape.

North America offshore wind energy market is projected to exceed USD 26 billion by 2032, driven by supportive policies, technological advancements, and increasing environmental concerns. Significant investments in offshore wind projects and infrastructure will accelerate adoption. While offshore wind energy is still in its early stages in Canada, provinces like Nova Scotia and Newfoundland and Labrador are exploring its potential, contributing to market growth. The development of floating offshore wind platforms is expanding the potential for wind farms in deeper waters, further driving regional market growth.

Product Code: 229

Chapter 1 Methodology and Scope

1.1 Market definitions
1.2 Base estimates and calculations
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market Definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.5 Porter's analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
3.6 PESTEL analysis

Chapter 4 Competitive landscape, 2023

4.1 Introduction
4.2 Strategic dashboard
4.3 Innovation and sustainability landscape

Chapter 5 Market Size and Forecast, By Component, 2021 - 2032 (MW and USD Million)

5.1 Key trends
5.2 Turbine
- 5.2.1 Rating
  - 5.2.1.1 <= 2 MW
  - 5.2.1.2 >2<= 5 MW
  - 5.2.1.3 >5<= 8 MW
  - 5.2.1.4 >8<=10 MW
  - 5.2.1.5 >10<= 12 MW
  - 5.2.1.6 > 12 MW
- 5.2.2 Installation
  - 5.2.2.1 Floating
    - 5.2.2.1.1 Axis
    - 5.2.2.1.1.1 Horizontal
    - 5.2.2.1.1.1.1 Up wind
    - 5.2.2.1.1.1.2 Down wind
    - 5.2.2.1.1.2 Vertical
    - 5.2.2.1.2 Component
    - 5.2.2.1.2.1 Blades
    - 5.2.2.1.2.2 Towers
    - 5.2.2.1.2.3 Others
  - 5.2.2.2 Fixed
    - 5.2.2.2.1 Axis
    - 5.2.2.2.1.1 Horizontal
    - 5.2.2.2.1.1.1 Up wind
    - 5.2.2.2.1.1.2 Down wind
    - 5.2.2.2.1.2 Vertical
    - 5.2.2.2.2 Component
    - 5.2.2.2.2.1 Blades
    - 5.2.2.2.2.2 Towers
    - 5.2.2.2.2.3 Others
5.3 Support Structure
- 5.3.1 Substructure (Steel)
- 5.3.2 Foundation
  - 5.3.2.1 Monopile
  - 5.3.2.2 Jacket
- 5.3.3 Others
5.4 Electrical Infrastructure
5.5 Others

Chapter 6 Market Size and Forecast, By Depth, 2021 - 2032 (MW and USD Million)

6.1 Key trends
6.2 > 0 to <= 30 m
6.3 > 30 to <= 50 m
6.4 > 50 m

Chapter 7 Market Size and Forecast, By Region, 2021 - 2032 (MW and USD Million)

7.1 Key trends
7.2 North America
- 7.2.1 U.S.
- 7.2.2 Canada
7.3 Europe
- 7.3.1 Germany
- 7.3.2 Spain
- 7.3.3 UK
- 7.3.4 France
- 7.3.5 Italy
- 7.3.6 Sweden
- 7.3.7 Poland
- 7.3.8 Denmark
- 7.3.9 Portugal
- 7.3.10 Netherlands
- 7.3.11 Ireland
- 7.3.12 Belgium
7.4 Asia Pacific
- 7.4.1 China
- 7.4.2 India
- 7.4.3 Australia
- 7.4.4 Japan
- 7.4.5 South Korea
- 7.4.6 Vietnam
- 7.4.7 Philippines
- 7.4.8 Taiwan
7.5 Rest of World

Chapter 8 Company Profiles

8.1 ENESSERE S.r.l.
8.2 FURUKAWA ELECTRIC CO., LTD
8.3 General Electric
8.4 Global Energy (Group) Limited
8.5 Goldwind
8.6 IMPSA
8.7 LS Cable and System Ltd.
8.8 Nexans
8.9 Nordex SE
8.10 Prysmian Group
8.11 Siemens Gamesa Renewable Energy
8.12 Sumitomo Electric Industries, Ltd.
8.13 Southwire Company, LLC
8.14 Suzlon Energy Limited
8.15 Vestas
8.16 WEG