Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 36.71 billion

CAGR (2023-2028)

11.52%

Fastest Growing Segment

Substructure

Largest Market

Europe




Market Overview

Global Offshore Wind Market was valued at USD 36.71 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 11.52% through 2028. The urgent need to address climate change and reduce greenhouse gas emissions is a major driver of offshore wind energy. Governments and international organizations have set ambitious targets to mitigate climate change, and offshore wind provides a clean and renewable energy source to replace fossil fuels.

Key Market Drivers

Government Policies and Regulations

Government policies and regulations play a pivotal role in shaping the global offshore wind market. Over the past few decades, numerous countries have recognized the potential of offshore wind energy as a sustainable and reliable source of electricity. To harness this potential, governments have implemented a range of policies and regulations that provide incentives, financial support, and a conducive regulatory environment for offshore wind projects. These policies are designed to promote investment, reduce risks, and facilitate the growth of the industry.

One of the key drivers within this category is feed-in tariffs and power purchase agreements (PPAs). These mechanisms guarantee a fixed price for the electricity generated from offshore wind projects, providing investors with a predictable revenue stream. Additionally, governments often provide tax incentives, grants, and subsidies to offset the high initial capital costs associated with offshore wind installations. These financial incentives encourage both domestic and foreign investment in offshore wind projects.

Another crucial aspect of government involvement is the establishment of clear and consistent regulatory frameworks. These frameworks streamline the permitting and approval processes for offshore wind projects, reducing red tape and expediting development. Governments also set targets and milestones for offshore wind capacity, which create a long-term vision for the industry and provide investors with confidence in the market's growth potential. Furthermore, environmental and safety standards are enforced to ensure responsible development and operation of offshore wind farms.

Government-led initiatives also extend to research and development funding, aimed at advancing offshore wind technology, reducing costs, and enhancing efficiency. Such support encourages innovation and the deployment of next-generation offshore wind technologies, such as floating wind turbines, which can access deeper waters and expand the potential project locations.

In conclusion, government policies and regulations are a primary driver of the global offshore wind market, creating a favorable investment climate, reducing uncertainties, and promoting sustainable growth. These measures not only contribute to the global transition toward cleaner energy sources but also stimulate economic development and job creation in the offshore wind sector.

Technological Advancements and Cost Reduction

Technological advancements are a significant driver of the global offshore wind market, contributing to increased efficiency, reduced costs, and the expansion of viable project sites. As technology evolves, offshore wind becomes more accessible and economically competitive, further accelerating its adoption worldwide.

One of the key technological advancements in offshore wind is the development of larger and more efficient turbines. These turbines can capture more energy from the wind, leading to increased electricity generation and reduced overall project costs. Additionally, improvements in blade design, materials, and manufacturing techniques have enhanced turbine performance, making them more reliable and cost-effective.

Innovation in foundation structures is another crucial aspect of technological progress. Traditional fixed-bottom foundations have limitations in terms of water depth and sea conditions, but innovations like floating platforms enable offshore wind installations in deeper waters and more remote locations. This expansion of potential project sites increases the scalability of the industry and reduces competition for prime locations.

Digitalization and data analytics are also playing a significant role in optimizing offshore wind operations and maintenance. Sensors and monitoring systems provide real-time data on turbine performance, enabling predictive maintenance and minimizing downtime. Advanced software solutions help operators make informed decisions, improve energy yield, and extend the lifespan of wind turbines.

As technology evolves, costs continue to decrease in the offshore wind sector. Economies of scale, coupled with advancements in manufacturing and installation techniques, contribute to cost reductions. Furthermore, competition among suppliers and developers has intensified, leading to more competitive pricing and further cost savings. The declining cost of offshore wind power has made it an attractive option for governments and investors, spurring market growth.

In conclusion, technological advancements are driving the global offshore wind market by making offshore wind energy more competitive, efficient, and accessible. These innovations are not only contributing to the sustainability of the industry but also to the overall transition to cleaner and more reliable sources of energy.

Market Demand and Energy Transition Goals

Market demand and global energy transition goals are driving the expansion of the global offshore wind market. As the world seeks to reduce its reliance on fossil fuels and transition to cleaner, more sustainable energy sources, offshore wind has emerged as a key player in meeting these objectives.

One of the primary factors fueling market demand is the increasing need for renewable energy sources to combat climate change. Offshore wind offers a reliable and consistent energy supply, with the potential to replace a significant portion of electricity generated from fossil fuels. This demand is driven by environmental concerns and the desire to reduce greenhouse gas emissions, as offshore wind energy is a low-carbon and clean power source.

Energy transition goals, set by governments and international organizations, are pushing for the rapid deployment of renewable energy technologies, including offshore wind. Many countries have committed to ambitious targets for renewable energy capacity and greenhouse gas reduction, with offshore wind being a crucial component of these plans. These goals create a strong market pull, encouraging investments and the development of offshore wind projects on a large scale.

Offshore wind also benefits from its ability to deliver a stable and consistent energy supply. This reliability is particularly valuable as countries seek to diversify their energy mix and reduce dependence on intermittent renewable sources like solar and onshore wind. Offshore wind can contribute to grid stability and energy security, making it an attractive choice for energy planners.

In addition, the offshore wind market is becoming more global, with projects expanding into new regions and countries. The diversification of markets and project locations spreads the demand for offshore wind technology and creates a more resilient and sustainable industry. As more nations recognize the potential of offshore wind and join the market, it further bolsters its growth and importance.

In conclusion, market demand and energy transition goals are crucial drivers of the global offshore wind market. The need for sustainable and reliable energy sources to combat climate change, coupled with ambitious targets for renewable energy, are propelling offshore wind into a central position in the world's energy landscape.


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Key Market Challenges

High Initial Capital Costs

One of the significant challenges facing the global offshore wind market is the high initial capital costs associated with the development and installation of offshore wind farms. Offshore wind projects require substantial investments in infrastructure, including wind turbines, foundations, substations, and undersea cabling. These upfront costs are considerably higher than those for onshore wind or other conventional energy sources.

The main cost drivers in offshore wind projects are the design and manufacturing of specialized components, such as large and durable turbine blades, complex foundation structures, and subsea cables. Furthermore, the need for vessels, equipment, and skilled labor for offshore installation adds to the overall project cost. In many cases, offshore wind projects are located in challenging and harsh marine environments, necessitating additional engineering and construction efforts to ensure project durability and longevity.

The high initial capital costs can be a barrier to entry for both developers and investors. It may limit the number of projects that can be initiated and completed, particularly in regions with limited financial resources or stringent budget constraints. Reducing these costs is essential to make offshore wind more economically competitive and accessible.

To address this challenge, innovations in turbine design, foundation technologies, and installation methods are crucial. Cost-effective supply chain development and standardization of components can help drive down costs through economies of scale. Additionally, governments can play a role by providing financial incentives, grants, and subsidies to make offshore wind projects more financially viable, encouraging further investment in the sector.

Grid Connection and Infrastructure

Grid connection and infrastructure challenges represent a critical obstacle to the growth of the global offshore wind market. Offshore wind farms are typically situated in remote locations, often far from the onshore electrical grid. Connecting these wind farms to the grid is a complex and costly endeavor.

The primary grid connection challenge lies in the installation of undersea cables, which transfer electricity from the offshore wind turbines to the onshore grid. These high-voltage subsea cables must be carefully engineered to withstand harsh marine conditions, and their installation can be technically challenging and expensive. Additionally, connecting offshore wind farms to the grid may require grid reinforcements and upgrades to accommodate the increased electricity transmission, further adding to the project's cost and timeline.

Interconnection delays and transmission bottlenecks can hinder the deployment of offshore wind projects and result in wasted potential energy production. In some cases, the absence of suitable grid connections has forced developers to limit the capacity of offshore wind farms, impacting the overall energy generation and economic viability of the projects.

To address these challenges, governments and industry stakeholders need to invest in grid infrastructure improvements and grid expansion to accommodate the growing offshore wind capacity. This involves building new substation infrastructure, upgrading existing onshore grids, and optimizing the integration of offshore wind into the broader energy system. Cooperation and coordination between offshore wind developers and grid operators are crucial to ensure efficient grid connection.

Environmental and Regulatory Concerns

Environmental and regulatory concerns are significant challenges in the global offshore wind market. The development and operation of offshore wind farms can have various environmental impacts, including effects on marine ecosystems, wildlife, and local communities. Regulatory and permitting processes aim to strike a balance between renewable energy generation and environmental protection, but these complexities can lead to project delays and increased costs.

One of the main environmental concerns is the potential impact on marine habitats and ecosystems. The installation of offshore wind turbines and associated infrastructure can disturb the seabed, disrupt local marine life, and lead to habitat loss. Additionally, underwater noise during construction and operation can affect marine mammals, such as whales and dolphins. These environmental impacts must be carefully assessed, and mitigation measures put in place, to ensure the sustainability of offshore wind projects.

Regulatory hurdles and permitting processes can be lengthy and complicated, often requiring developers to undergo extensive environmental impact assessments and consult with various stakeholders. Delays in obtaining permits and approvals can result in significant project delays and increased costs. Furthermore, regulations may differ between countries and regions, adding complexity for international developers.

To address these challenges, a collaborative approach is necessary. Developers, environmental organizations, and governments must work together to strike a balance between renewable energy development and environmental protection. Best practices, mitigation measures, and adaptive management strategies should be implemented to minimize the impact of offshore wind projects on the environment. Streamlining and harmonizing regulatory processes across different jurisdictions can also help reduce delays and uncertainties, making it easier to navigate the regulatory landscape.

Key Market Trends

Floating Offshore Wind Farms

One of the prominent trends in the global offshore wind market is the rapid growth of floating offshore wind farms. While traditional fixed-bottom offshore wind structures have been successful in relatively shallow waters, floating wind technology is expanding the possibilities for offshore wind energy generation by allowing projects in deeper waters and more remote locations.

Floating offshore wind turbines are not anchored to the seabed but are instead tethered to the ocean floor by mooring lines. This innovation enables offshore wind installations in areas where traditional fixed foundations are not feasible, such as regions with extremely deep waters or challenging seabed conditions. It also allows for the utilization of stronger and more consistent wind resources further offshore, potentially increasing energy generation capacity.

Several countries, including Japan, France, the United States, and Norway, have invested heavily in developing and implementing floating wind technology. In particular, Scotland's Hywind project, which is the world's first commercial-scale floating wind farm, has demonstrated the viability of this approach. As technology advances and costs continue to decrease, floating offshore wind is becoming an increasingly attractive option for developers and investors.

This trend is expected to have a transformative impact on the offshore wind market. Floating offshore wind has the potential to significantly expand the global offshore wind capacity, open up new areas for development, and contribute to the achievement of renewable energy targets. It also offers opportunities for countries with limited shallow-water coastal areas to harness offshore wind energy and reduce their reliance on fossil fuels.

Cross-Border Collaboration and Multi-National Projects

Another significant trend in the global offshore wind market is the increasing collaboration and development of multinational offshore wind projects. This trend is driven by several factors, including the need for greater energy security, the pursuit of economies of scale, and the desire to optimize the use of shared offshore resources.

One notable example of cross-border collaboration in offshore wind is the North Sea region in Europe. Countries surrounding the North Sea, such as the Netherlands, Belgium, the United Kingdom, Germany, and Denmark, have initiated joint projects and partnerships to harness the potential of this wind-rich region. They are working together to build interconnected offshore wind farms and share the infrastructure for grid connections, reducing overall costs and improving the efficiency of energy generation.

The Baltic Sea is another region where cross-border collaboration is gaining traction. Baltic Sea countries are exploring the possibility of interconnecting their offshore wind projects to create a shared offshore grid and facilitate the transfer of renewable energy between countries. Such collaboration not only enhances energy security but also promotes the integration of renewable energy into the wider European energy market.

Cross-border collaboration is also being pursued in regions outside of Europe. For example, the United States and Canada are exploring the development of joint offshore wind projects in the Gulf of Maine, with the aim of utilizing the shared wind resources between the two nations and increasing energy generation capacity.

This trend is expected to continue to grow as countries recognize the benefits of cooperation in the offshore wind sector. Multinational projects enable the optimization of offshore wind resources, the sharing of infrastructure costs, and the creation of more robust and interconnected energy systems. As offshore wind continues to expand and mature, cross-border collaboration will play a crucial role in achieving renewable energy goals and enhancing the sustainability of the global offshore wind market.

Segmental Insights

Components Insights

The Turbines segment emerged as the dominating segment in 2022. One of the prominent trends in offshore wind turbines is the continuous increase in turbine capacity and size. Turbine manufacturers are developing larger and more powerful turbines to capture more wind energy and improve the overall efficiency of offshore wind farms. Modern turbines often exceed 10 megawatts (MW) in capacity, with some even reaching 15 MW or more. Benefits of Larger Turbines: Larger turbines offer several advantages, including higher energy output, reduced installation and maintenance costs per megawatt-hour generated, and a reduced environmental footprint as fewer turbines are needed for the same capacity. However, these massive turbines require specialized installation vessels and infrastructure.

Floating wind turbines are gaining prominence, especially in regions with deep waters where fixed-bottom structures are not feasible. These turbines are tethered to the seabed using mooring lines, allowing them to operate in deep ocean waters. Floating turbines have the potential to unlock vast offshore wind resources and expand the global offshore wind market. Ongoing technological advancements in floating wind turbines are improving their efficiency, stability, and cost-effectiveness. Countries like Japan, France, and the United States are investing in research and development to commercialize floating offshore wind projects.

Intense competition among turbine manufacturers has driven innovation and cost reductions in the sector. Manufacturers are investing in research and development to create cutting-edge turbine technologies that are reliable, efficient, and durable. Some countries are promoting local turbine manufacturing to boost their domestic offshore wind industry. This approach helps create jobs, reduce transportation costs, and support local economic development.

Location Insights

The Shallow Water segment is projected to experience rapid growth during the forecast period. Shallow water offshore wind projects, typically located in waters up to 60 meters deep, represent a significant segment within the broader global offshore wind market. Shallow water offshore wind projects are typically located closer to the coast and in relatively calm marine environments. These locations are preferred for their ease of development, proximity to onshore infrastructure, and reduced installation and maintenance costs compared to deep-water projects. Shallow water projects are prominent in regions with extensive shallow coastal areas. This includes countries in Northern Europe, such as the United Kingdom, the Netherlands, and Germany, where shallow waters in the North Sea have facilitated the rapid growth of offshore wind farms.

Shallow water projects are predominantly based on fixed-bottom foundation structures. These structures include monopiles, jackets, and gravity-based foundations, which are anchored to the seabed. Fixed-bottom foundations are well-suited for shallow waters, providing stability and cost-efficiency. Foundation materials and designs are optimized to withstand the relatively benign marine conditions found in shallow waters. Monopiles, for example, are commonly used in shallow waters and consist of steel or concrete structures that are driven into the seabed.

Shallow water projects often include a large number of turbines, allowing for economies of scale. As turbine sizes and capacities continue to increase, shallow water projects are expanding in size and overall capacity. This scalability is advantageous in terms of optimizing energy production and project economics. The shallow waters offer proximity to population centers and industrial hubs, which increases the demand for renewable energy. Larger projects in shallow waters can provide substantial energy generation, helping nations meet their renewable energy targets.


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Regional Insights

Europe emerged as the dominating region in 2022, holding the largest market share. Europe has been a pioneering region in the development and expansion of the offshore wind market. It has played a central role in shaping industry trends, policies, and technologies. Here's an analysis of the Europe segment within the global offshore wind market:

Europe has established itself as a global leader in the offshore wind market, with the largest installed capacity and a substantial number of operational offshore wind farms. The region has been a frontrunner in advancing offshore wind technologies and policies. Europe has witnessed rapid growth in offshore wind capacity, driven by the European Union's ambitious renewable energy targets, national commitments to decarbonization, and favorable policy frameworks. The region has leveraged its vast coastline and shallow waters, making it conducive to offshore wind development.

European governments and the European Union have been instrumental in driving offshore wind growth. Policy instruments such as feed-in tariffs, auctions, and green certificates have provided financial incentives for investors and created a stable regulatory environment.

The North Sea and Baltic Sea regions have been focal points for offshore wind development. Countries bordering these seas, such as the United Kingdom, Germany, the Netherlands, and Denmark, have seen significant project deployments. The region's shallow waters have made it ideal for fixed-bottom foundations. While the North Sea and Baltic Sea regions have historically dominated European offshore wind development, the industry is now expanding to encompass other parts of Europe, including the Mediterranean Sea, the Irish Sea, and the Atlantic Ocean.

Europe has set ambitious offshore wind capacity targets, with plans to significantly expand its installed capacity in the coming decades. The European Green Deal and the EU Offshore Renewable Energy Strategy aim to reach 60 GW of offshore wind by 2030 and 300 GW by 2050.

In conclusion, Europe continues to lead the global offshore wind market, driven by its robust policy frameworks, technological innovations, and a commitment to decarbonization. As Europe advances towards its ambitious renewable energy targets, the offshore wind sector in the region is expected to play a pivotal role in the transition to clean and sustainable energy sources.

Key Market Players

  • General Electric Company
  • Siemens Gamesa Renewable Energy Sociedad Anonima
  • Shanghai Electric Wind Power Equipment Co.
  • ABB Limited
  • Doosan Heavy Industries and Construction
  • Hitachi Limited
  • Nordex SE
  • Schneider Electric SE
  • Ming Yang Smart Energy Group Co
  • Rockwell Automation (US)               

By Components

By Location

By Region

  • Turbines
  • Substructure
  • Shallow Water
  • Transitional Water
  • Deepwater
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Offshore Wind Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Offshore Wind Market, By Components:

o   Turbines

o   Substructure  

  • Offshore Wind Market, By Location:

o   Shallow Water

o   Transitional Water

o   Deepwater   

  • Offshore Wind Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

§  Netherlands

§  Belgium

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

§  Thailand

§  Malaysia

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Chile

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Offshore Wind Market.

Available Customizations:

Global Offshore Wind Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Offshore Wind Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.         Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.Markets Covered

1.2.2.Years Considered for Study

1.2.3.Key Market Segmentations

2.         Research Methodology

2.1.    Objective of the Study

2.2.    Baseline Methodology

2.3.    Formulation of the Scope

2.4.    Assumptions and Limitations

2.5.    Sources of Research

2.5.1.Secondary Research

2.5.2.Primary Research

2.6.    Approach for the Market Study

2.6.1.The Bottom-Up Approach

2.6.2.The Top-Down Approach

2.7.    Methodology Followed for Calculation of Market Size & Market Shares

2.8.    Forecasting Methodology

2.8.1.Data Triangulation & Validation

3.         Executive Summary

4.         Impact of COVID-19 on Global Offshore Wind Market

5.         Voice of Customer

6.         Global Offshore Wind Market Overview

7.         Global Offshore Wind Market Outlook

7.1.    Market Size & Forecast

7.1.1.By Value

7.2.    Market Share & Forecast

7.2.1.By Components (Turbines and Substructure)

7.2.2.By Location (Shallow Water, Transitional Water and Deepwater)

7.2.3.By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3.    By Company (2022)

7.4.    Market Map

8.         North America Offshore Wind Market Outlook

8.1.    Market Size & Forecast

8.1.1.By Value

8.2.    Market Share & Forecast

8.2.1.By Components

8.2.2.By Location

8.2.3.By Country

8.3.    North America: Country Analysis

8.3.1.United States Offshore Wind Market Outlook

8.3.1.1.      Market Size & Forecast

8.3.1.1.1.    By Value

8.3.1.2.      Market Share & Forecast

8.3.1.2.1.    By Components

8.3.1.2.2.    By Location

8.3.2.Canada Offshore Wind Market Outlook

8.3.2.1.      Market Size & Forecast

8.3.2.1.1.    By Value

8.3.2.2.      Market Share & Forecast

8.3.2.2.1.    By Components

8.3.2.2.2.    By Location

8.3.3.Mexico Offshore Wind Market Outlook

8.3.3.1.      Market Size & Forecast

8.3.3.1.1.    By Value

8.3.3.2.      Market Share & Forecast

8.3.3.2.1.    By Components

8.3.3.2.2.    By Location

9.         Europe Offshore Wind Market Outlook

9.1.    Market Size & Forecast

9.1.1.By Value

9.2.    Market Share & Forecast

9.2.1.By Components

9.2.2.By Location

9.2.3.By Country

9.3.    Europe: Country Analysis

9.3.1.Germany Offshore Wind Market Outlook

9.3.1.1.      Market Size & Forecast

9.3.1.1.1.    By Value

9.3.1.2.      Market Share & Forecast

9.3.1.2.1.    By Components

9.3.1.2.2.    By Location

9.3.2.France Offshore Wind Market Outlook

9.3.2.1.      Market Size & Forecast

9.3.2.1.1.    By Value

9.3.2.2.      Market Share & Forecast

9.3.2.2.1.    By Components

9.3.2.2.2.    By Location

9.3.3.United Kingdom Offshore Wind Market Outlook

9.3.3.1.      Market Size & Forecast

9.3.3.1.1.    By Value

9.3.3.2.      Market Share & Forecast

9.3.3.2.1.    By Components

9.3.3.2.2.    By Location

9.3.4.Italy Offshore Wind Market Outlook

9.3.4.1.      Market Size & Forecast

9.3.4.1.1.    By Value

9.3.4.2.      Market Share & Forecast

9.3.4.2.1.    By Components

9.3.4.2.2.    By Location

9.3.5.Spain Offshore Wind Market Outlook

9.3.5.1.      Market Size & Forecast

9.3.5.1.1.    By Value

9.3.5.2.      Market Share & Forecast

9.3.5.2.1.    By Components

9.3.5.2.2.    By Location

9.3.6.Netherlands Offshore Wind Market Outlook

9.3.6.1.      Market Size & Forecast

9.3.6.1.1.    By Value

9.3.6.2.      Market Share & Forecast

9.3.6.2.1.    By Components

9.3.6.2.2.    By Location

9.3.7.Belgium Offshore Wind Market Outlook

9.3.7.1.      Market Size & Forecast

9.3.7.1.1.    By Value

9.3.7.2.      Market Share & Forecast

9.3.7.2.1.    By Components

9.3.7.2.2.    By Location

10.      South America Offshore Wind Market Outlook

10.1. Market Size & Forecast

10.1.1.     By Value

10.2. Market Share & Forecast

10.2.1.     By Components

10.2.2.     By Location

10.2.3.     By Country

10.3. South America: Country Analysis

10.3.1.     Brazil Offshore Wind Market Outlook

10.3.1.1.   Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2.   Market Share & Forecast

10.3.1.2.1. By Components

10.3.1.2.2. By Location

10.3.2.     Colombia Offshore Wind Market Outlook

10.3.2.1.   Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2.   Market Share & Forecast

10.3.2.2.1. By Components

10.3.2.2.2. By Location

10.3.3.     Argentina Offshore Wind Market Outlook

10.3.3.1.   Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2.   Market Share & Forecast

10.3.3.2.1. By Components

10.3.3.2.2. By Location

10.3.4.     Chile Offshore Wind Market Outlook

10.3.4.1.   Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2.   Market Share & Forecast

10.3.4.2.1. By Components

10.3.4.2.2. By Location

11.      Middle East & Africa Offshore Wind Market Outlook

11.1. Market Size & Forecast

11.1.1.     By Value

11.2. Market Share & Forecast

11.2.1.     By Components

11.2.2.     By Location

11.2.3.     By Country

11.3. Middle East & Africa: Country Analysis

11.3.1.     Saudi Arabia Offshore Wind Market Outlook

11.3.1.1.   Market Size & Forecast

11.3.1.1.1. By Value

11.3.1.2.   Market Share & Forecast

11.3.1.2.1. By Components

11.3.1.2.2. By Location

11.3.2.     UAE Offshore Wind Market Outlook

11.3.2.1.   Market Size & Forecast

11.3.2.1.1. By Value

11.3.2.2.   Market Share & Forecast

11.3.2.2.1. By Components

11.3.2.2.2. By Location

11.3.3.     South Africa Offshore Wind Market Outlook

11.3.3.1.   Market Size & Forecast

11.3.3.1.1. By Value

11.3.3.2.   Market Share & Forecast

11.3.3.2.1. By Components

11.3.3.2.2. By Location

11.3.4.     Turkey Offshore Wind Market Outlook

11.3.4.1.   Market Size & Forecast

11.3.4.1.1. By Value

11.3.4.2.   Market Share & Forecast

11.3.4.2.1. By Components

11.3.4.2.2. By Location

12.      Asia Pacific Offshore Wind Market Outlook

12.1. Market Size & Forecast

12.1.1.     By Value

12.2. Market Share & Forecast

12.2.1.     By Components

12.2.2.     By Location

12.2.3.     By Country

12.3. Asia-Pacific: Country Analysis

12.3.1.     China Offshore Wind Market Outlook

12.3.1.1.   Market Size & Forecast

12.3.1.1.1. By Value

12.3.1.2.   Market Share & Forecast

12.3.1.2.1. By Components

12.3.1.2.2. By Location

12.3.2.     India Offshore Wind Market Outlook

12.3.2.1.   Market Size & Forecast

12.3.2.1.1. By Value

12.3.2.2.   Market Share & Forecast

12.3.2.2.1. By Components

12.3.2.2.2. By Location

12.3.3.     Japan Offshore Wind Market Outlook

12.3.3.1.   Market Size & Forecast

12.3.3.1.1. By Value

12.3.3.2.   Market Share & Forecast

12.3.3.2.1. By Components

12.3.3.2.2. By Location

12.3.4.     South Korea Offshore Wind Market Outlook

12.3.4.1.   Market Size & Forecast

12.3.4.1.1. By Value

12.3.4.2.   Market Share & Forecast

12.3.4.2.1. By Components

12.3.4.2.2. By Location

12.3.5.     Australia Offshore Wind Market Outlook

12.3.5.1.   Market Size & Forecast

12.3.5.1.1. By Value

12.3.5.2.   Market Share & Forecast

12.3.5.2.1. By Components

12.3.5.2.2. By Location

12.3.6.     Thailand Offshore Wind Market Outlook

12.3.6.1.   Market Size & Forecast

12.3.6.1.1. By Value

12.3.6.2.   Market Share & Forecast

12.3.6.2.1. By Components

12.3.6.2.2. By Location

12.3.7.     Malaysia Offshore Wind Market Outlook

12.3.7.1.   Market Size & Forecast

12.3.7.1.1. By Value

12.3.7.2.   Market Share & Forecast

12.3.7.2.1. By Components

12.3.7.2.2. By Location

13.      Market Dynamics

13.1. Drivers

13.2. Challenges

14.      Market Trends and Developments

15.      Company Profiles

15.1.  General Electric Company

15.1.1.     Business Overview

15.1.2.     Key Revenue and Financials 

15.1.3.     Recent Developments

15.1.4.     Key Personnel/Key Contact Person

15.1.5.     Key Product/Services Offered

15.2.  Siemens Gamesa Renewable Energy Sociedad Anonima

15.2.1.     Business Overview

15.2.2.     Key Revenue and Financials 

15.2.3.     Recent Developments

15.2.4.     Key Personnel/Key Contact Person

15.2.5.     Key Product/Services Offered

15.3.  Shanghai Electric Wind Power Equipment Co.

15.3.1.     Business Overview

15.3.2.     Key Revenue and Financials 

15.3.3.     Recent Developments

15.3.4.     Key Personnel/Key Contact Person

15.3.5.     Key Product/Services Offered

15.4.  ABB Limited

15.4.1.     Business Overview

15.4.2.     Key Revenue and Financials 

15.4.3.     Recent Developments

15.4.4.     Key Personnel/Key Contact Person

15.4.5.     Key Product/Services Offered

15.5.  Doosan Heavy Industries and Construction

15.5.1.     Business Overview

15.5.2.     Key Revenue and Financials 

15.5.3.     Recent Developments

15.5.4.     Key Personnel/Key Contact Person

15.5.5.     Key Product/Services Offered

15.6.  Hitachi Limited

15.6.1.     Business Overview

15.6.2.     Key Revenue and Financials 

15.6.3.     Recent Developments

15.6.4.     Key Personnel/Key Contact Person

15.6.5.     Key Product/Services Offered

15.7.  Nordex SE

15.7.1.     Business Overview

15.7.2.     Key Revenue and Financials 

15.7.3.     Recent Developments

15.7.4.     Key Personnel/Key Contact Person

15.7.5.     Key Product/Services Offered

15.8.  Schneider Electric SE

15.8.1.     Business Overview

15.8.2.     Key Revenue and Financials 

15.8.3.     Recent Developments

15.8.4.     Key Personnel/Key Contact Person

15.8.5.     Key Product/Services Offered

15.9.  Ming Yang Smart Energy Group Co

15.9.1.     Business Overview

15.9.2.     Key Revenue and Financials 

15.9.3.     Recent Developments

15.9.4.     Key Personnel/Key Contact Person

15.9.5.     Key Product/Services Offered

15.10.   Rockwell Automation (US)   

15.10.1.   Business Overview

15.10.2.   Key Revenue and Financials 

15.10.3.   Recent Developments

15.10.4.   Key Personnel/Key Contact Person

15.10.5.   Key Product/Services Offered

16.      Strategic Recommendations

17.      About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Offshore Wind Market was USD 36.71 billion in 2022

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The Shallow Water segment demonstrated significant dominance in 2022. Shallow water offshore wind projects are typically located closer to the coast and in relatively calm marine environments. These locations are preferred for their ease of development, proximity to onshore infrastructure, and reduced installation and maintenance costs compared to deep-water projects.

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Market Demand and Energy Transition Goals are some of the major drivers for the Global Offshore Wind Market.

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Parvati Sharma

Account Manager BD
Press Release

Offshore Wind Market is expected to grow at a CAGR of 11.52%

Jan, 2024

Global Offshore Wind Market is expected to grow owing to countries having established renewable energy targets and commitments to reduce their reliance on non-renewable sources throughout the forecas