Global Offshore Wind Energy Market Forecast, 2023-2028 - An US$ 28.8 Billion Opportunity, Overview and Industry Analysis

Published March 14, 2023

How Big is the Offshore Wind Energy Market ? : 

IMARC Group’s latest research report, titled “Offshore Wind Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global offshore wind energy market size reached US$ 10.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.8 Billion by 2028, exhibiting a growth rate (CAGR) of 16.1% during 2023-2028.

Offshore wind energy plays a significant role in achieving the renewable target in most countries worldwide. It generates electricity by wind using wind turbines near the coastline of oceans and lakes. It offers various advantages, such as the generation of energy from renewable sources. It helps provide adequate and clean energy, reduce greenhouse gas (GHG) emissions, and promote sustainable development.

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Who are the key Players in Offshore Wind Energy Market ? : 

  • E.ON SE
  • Électricité de France S.A
  • Equinor ASA
  • General Electric Company
  • Nordex SE
  • Northland Power Inc
  • Ørsted A/S
  • Siemens Gamesa Renewable Energy S.A. (Siemens Energy AG)
  • Suzlon Energy Limited
  • Vestas Wind Systems A/S 
  • Xinjiang Goldwind Science & Technology Co. Ltd

Offshore Wind Energy Market Development: 

The global market is primarily driven by increasing demand for renewable sources in power generation. In line with this, rising energy consumption and growing environmental concerns regarding the depletion of natural resources are other growth-inducing factors. Furthermore, heavy investments by governments and private players in the wind energy sector are creating a positive outlook for the market. Apart from this, the market players are strongly focusing on updating the wind turbines with advanced technologies such as onboard sensors and advanced rotors with injection and compression molding features. Moreover, the ongoing shift from conventional energy sources to renewable energy technologies due to the implementation of strict environmental policies is strengthening the market growth worldwide. Besides, the development of a robust commercial and industrial sector base is offering numerous opportunities for market expansion. Additionally, the growing requirement to provide energy to multiple sectors, including residential, healthcare, services, and food and beverages, is providing a boost to the market.

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Key Market Segmentation:

Breakup by Component:

  • Turbine
  • Substructure
  • Electrical Infrastructure
  • Others 

Breakup by Foundation Type:

  • Fixed Foundation
  • Floating Foundation 

Breakup by Capacity:

  • Less Than 5 MW
  • Greater than or Equal to 5 MW 

Breakup by Location:

  • Shallow Water
  • Transitional Water
  • Deep Water

 Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report: 

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape 

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About Us: 

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. 

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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