Offshore Wind Market (Component - Turbines, Electrical Infrastructure, Substructure, and Others; Water Depth - Shallow Water, Transitional Water, and Deep Water): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on offshore wind market provides in-depth analysis of segments and sub-segments in the global as well as regional offshore wind market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional offshore wind market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global offshore wind market.

Market Insight:

The offshore wind market was valued at USD 33.70 billion in 2022 and is expected to reach USD 85.67 billion in 2030, with a CAGR of 12.4% during the forecast period 2023-2030.

Offshore wind is the use of wind turbines to generate electricity in the ocean. It is a clean and renewable energy source that has the potential to produce a significant amount of electricity. Offshore wind turbines are typically larger and more powerful than onshore wind turbines, and they can be located in areas where there is more wind. This makes them a more efficient way to generate electricity from wind. Offshore wind farms are typically located several miles from shore, in water that is up to 200 feet deep. The turbines are mounted on steel towers that are anchored to the seabed. The towers are connected to the shore by underwater cables that carry the electricity to the grid. Offshore wind is a rapidly growing industry. This growth is being driven by the declining cost of offshore wind technology and the increasing demand for clean energy.

The growing global investments on renewable energy is poised to propel the offshore wind market. The energy sector is undergoing a significant shift towards renewable and sustainable energy sources, driven by factors such as the need to mitigate carbon emissions, the diminishing availability of fossil fuels, and the escalating concerns about climate change. Various governments have implemented supportive policies to promote this transition towards a greener energy future. Also, many multinational corporations are taking proactive measures to reduce their carbon footprints and contribute to a more sustainable planet. Additionally, the increasing demand for clean energy is propelling the growth of the market. Governments around the world are setting ambitious goals for reducing greenhouse gas emissions, and offshore wind is a key part of the solution. Offshore wind farms can produce electricity without emitting any harmful pollutants, and they can help to reduce reliance on fossil fuels which drive the growth of the market. However, the high upfront costs of offshore wind projects may act as a potential restraint for the market. Furthermore, the increasing governments financial and regulatory support for offshore wind development presents a significant opportunity for the industry's growth.

Europe is projected to hold the most prominent market share in the upcoming forecast period, this supremacy is attributed to the countries like the UK, Germany, and Denmark. The favorable regulatory frameworks, substantial investments in infrastructure, and a commitment to renewable energy. These nations possess extensive coastlines with strong wind resources, fostering the development of offshore wind farms. Additionally, government incentives and ambitious climate targets have propelled the growth of this sector, positioning Europe as a global leader in harnessing offshore wind for sustainable energy production. Moreover, The Asia-Pacific region is the fastest-growing for the offshore wind market in the forecast period. Due to increasing energy demand, favorable government policies, and vast untapped offshore wind potential. Countries like China, Taiwan, and Vietnam are investing heavily in offshore wind projects, driven by a commitment to renewable energy and reducing carbon emissions. This surge is also supported by technological advancements, competitive pricing, and a growing awareness of the need for sustainable energy sources in the region.

Report Scope of the Offshore Wind Market:

Segment wise revenue contribution in the global offshore wind market

The report on global offshore wind market provides a detailed analysis of segments in the market based on Component, and Water Depth .

Segmentation Based on Component

·       Turbines

·       Electrical Infrastructure

·       Substructure

·       Others

Segmentation Based on Water Depth

·       Shallow Water

·       Transitional Water

·       Deep Water

Company Profiled:

·       Shanghai Electric 

·       GENERAL ELECTRIC

·       Ørsted A/S

·       Siemens Gamesa Renewable Energy, S.A.U

·       E.ON UK plc

·       Doosan Heavy Industries and Construction

·       Hitachi

·       Nordex SE

·       Nexans

·       Xinjiang Goldwind Science Technology Co., Ltd.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the offshore wind market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.