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Offshore Wind Farms Market
| Status : Published | Published On : Dec, 2023 | Report Code : VREP3029 | Industry : Energy & Power | Available Format :
|
Page : 200 |
Global Offshore Wind Farms Market – Analysis and Forecast (2025-2030)
Industry Insight by Power Rating, by Installation (fixed and floating) and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The Global Offshore Wind Farms Market was worth USD 30.9 billion in 2023 and is expected to reach USD 58.8 billion by 2030 with a CAGR of 13.2% during the forecast period.
Offshore wind farms imply the large-scale wind farms located in waterbodies such as seas and oceans. There are several wind turbines secured to the seabed, each with rotor blades. These turbines harness wind energy. The rotational motion of the blades drives a generator that converts kinetic energy into electric energy. This electrical energy is then transmitted to the substations located onshore via underwater cables to integrate into the electrical grid from where it is distributed to homes and businesses.
These units are usually located offshore because powerful winds blow consistently. This ensures higher efficiency and energy output than onshore farms. These farms reduced dependence on depleting fossil fuels due to sustainable and continuous production of energy to fulfill the increasing needs across a wide range of industries including energy storage, consumer electronics, transportation, and others.
The global offshore wind farms market is divided by the power rating where the > 8 ≤ 10 MW segment is high in demand and is expected to grow in the forecast period at a significantly high rate. It is also divided into fixed and floating segments based on their installation where the fixed segment dominates the market.
According to installation location, the market is divided as well where shallow water segment is expected to surpass others in terms demand and growth. And, according to the components, the market is divided into turbines, electrical infrastructure, and others where the turbine segment holds the larger share and is expected to grow significantly during the forecast period.
Market Segmentation
Insight by Power Rating
The global offshore wind farms market is divided by the power rating into ≤ 2 MW, >2 ≤ 5 MW, > 5 ≤ 8 MW, > 8 ≤ 10 MW, > 10 ≤ 12 MW, > 12 MW. In 2022, > 8 ≤ 10 MW. Out of these segments, the > 8 ≤ 10 MW segment is high in demand and is expected to grow in the forecast period at a significantly high rate as a result of this high demand. However, the > 10 ≤ 12 MW power rating segment is also emerging fast due to its promising future, especially in deep-sea locations.
Insight by Installation
The global offshore wind farms market is divided into fixed and floating segments based on their installation. Out of these two segments, the fixed segment dominates the market due to its cost-effectiveness and established technology that makes it simple and more economical to anchor the turbines onto the seabed. However, the floating platforms are more efficient in deeper waters.
Insight by Installation Location
The global offshore wind farms market is divided into shallow water, transitional water, and deepwater segments based on the installation location. Out of these three segments, the shallow water segment recorded to hold the largest revenue share and is expected to lead the market in the forecast period due to extensive demand and use and higher accessibility and lower capital investment. Moreover, the ideal weather conditions, easy maintenance, and simpler infrastructure construction propels the expansion of this segment.
However, the deepwater segment is also growing at a reasonably faster rate and will continue to do so in the forecast period due to higher demand and rising investments.
Insight by Components
The offshore wind farms market is divided into turbines, electrical infrastructure, substructure, and other segments based on the different components. Out of these segments, the turbine segment accounts for the larger market share and is expected to grow significantly during the forecast period due to greater utilization.
Global Offshore Wind Farms Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 30.5 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 59.9 Billion |
|
Growth Rate |
15.4% |
|
Segments Covered in the Report |
By Power Rating and By Installation |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
Major players of the industry are expanding their investments and efforts in the research and development of better models.
Rapid technological advancements are reducing the initial investments as well as the cost of generating electricity from offshore farms.
The rise in demand for generating clean energy has fueled the growth of the market in the European countries like UK, Germany, Denmark, and Belgium.
Growth Drivers
Favorable government initiatives and designing more liberal policies are driving the growth of the global offshore wind farms market.
Several countries are employing ambitious targets to produce renewable energy facilitating the rise in number of several offshore wind projects, and thereby pushing the market forward.
Additionally, collaboration between governments and industry leaders is also accelerating the expansion of offshore wind energy market on a global scale.
Technological advancement is also helping the market to grow due to designing more efficient turbines and streamlining the installation processes. This reduces the cost of the overall project.
Increase in investments and high production targets are also underscoring the growth potential of the global offshore wind farms market.
The rising awareness of the benefits offered by these offshore farms to generate electricity is also fueling the market growth.
Abundance of wind resources over oceans and seas promote the growth of offshore wind farms and allows more consistent wind speeds than onshore locations allowing energy production in a large scale.
Challenge
The high cost of transmission and grid integration infrastructure, high variability of wind patterns at sea, need for more advanced grid management techniques, logistical and technical hurdles hinder the growth of the market.
Opportunities
Progress in technology, reduced cost, economies of scale, and streamlined project development processes creates new opportunities for new investors in the market. Also, the rise in government initiatives and favorable regulatory environment and renewable energy targets, tac incentives, feed-in tariffs, and competitive bidding processes provides opportunities for the market players to expand their projects.
Geographic Overview
The global offshore wind farms market was dominated by the Asia-Pacific due to a large number of projects installed in countries like China and Vietnam. It is expected to grow more during the forecast period due to favorable and supportive government policies, higher investments, and strategic collaborations between key players.
Europe also accounts for a large share of the market and is expected to grow significantly during the forecast period. This is attributed to the rising investments in renewable energy, favorable government policies, and rising demand for generating clean energy.
North America however dominates the market as before due to the increased development of offshore wind energy, government policy support, favorable regulations and incentive programs.
Competitive Insight
Ørsted stands at the forefront of the global offshore wind farm market, holding a dominant position. Renowned for its pioneering role, Ørsted has spearheaded numerous significant projects worldwide including notable partnerships with major energy companies and governments. For instance, in the US, Ørsted collaborated with Eversource to develop critical wind farms like Revolution Wind and South Fork Wind. The company's substantial investment in research and development further solidifies its leadership, enhancing turbine efficiency and lowering costs. With an impressive production capacity and a track record of successful ventures, Ørsted continues to drive the industry's transition towards sustainable energy solutions.
Siemens Gamesa Renewable Energy is formidable in the global offshore wind farm market. The company's strategic collaborations with industry leaders and governments, such as Ørsted and Orsted, have propelled its influence. Noteworthy projects like the Hornsea One and Hornsea Two wind farms in the UK exemplify Siemens Gamesa's technical prowess and scale of operation. Substantial investments in cutting-edge technology and infrastructure underscore their commitment to advancing the sector. With an impressive production capacity and a strong track record of successful ventures, Siemens Gamesa remains a vital force in driving the transition towards sustainable offshore wind energy solutions around the world.
Recent Development by Key Players
Oct 26, 2023 - Statkraft completed the acquisition of Njordr Offshore Wind (NOW) from Vindkraft Värmland and Njordr. NOW holds a pre-permit portfolio of nine offshore wind projects in the Swedish economic zone with a total potential for up to 21 GW of installed capacity and as part of the acquisition agreement, Statkraft has committed to fully fund the maturation of the portfolio in the coming two years.
A consortium of leading Danish players, DTU, DHI, Siemens-Gamesa Renewable Energy, Stiesdal Offshore, Stromning, and Ørsted, established a test lab for floating wind turbines in the 20 MW class. The lab includes wind, waves, and a model scale wind turbine with measurements connected directly to calculation models in a 'Digital Twin' setup.
Key Players Covered in the Report
Ørsted, Siemens Gamesa, Vestas, Equinor, RWE, E.ON, Enbridge, EnBW, Dominion Energy, Vattenfall, SSE, Iberdrola, ScottishPower, Shell, Northland Power, wpd, EDPR, CGN (China General Nuclear Power Group), Macquarie Group, and Copenhagen Infrastructure Partners (CIP).
The Offshore wind farms market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
-
Power Rating
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≤ 2 MW
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>2 ≤ 5 MW
-
> 5 ≤ 8 MW
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> 8 ≤ 10 MW
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> 10 ≤ 12 MW
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> 12 MW
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Installation
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Floating
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Fixed
Region Covered in the Report
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North America
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U.S.
-
Canada
-
Mexico
-
Europe
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Germany
-
U.K.
-
France
-
Italy
-
Spain
-
Russia
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Rest of Europe
-
Asia-Pacific (APAC)
-
China
-
Japan
-
Vietnam
-
India
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South Korea
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Rest of Asia-Pacific
-
Rest of the World
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Middle East and Africa (MEA)
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Latin America
Primary Research Interviews Breakdown
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1. Research Overview
1.1. The Report Offers
1.2. Market Coverage
1.2.1. By Power Rating
1.2.2. By Installation
1.2.3. By Region
1.3. Research Phases
1.4. Limitations
1.5. Market Methodology
1.5.1. Data Sources
1.5.1.1. Primary Research
1.5.1.2. Secondary Research
1.5.2. Methodology
1.5.2.1. Data Exploration
1.5.2.2. Forecast Parameters
1.5.2.3. Data Validation
1.5.2.4. Assumptions
1.5.3. Study Period & Data Reporting Unit
2. Executive Summary
3. Industry Overview
3.1. Industry Dynamics
3.1.1. Market Growth Drivers
3.1.2. Market Restraints
3.1.3. Key Market Trends
3.1.4. Major Opportunities
3.2. Industry Ecosystem
3.2.1. Porter’s Five Forces Analysis
3.2.2. Recent Development Analysis
3.2.3. Value Chain Analysis
3.3. Competitive Insight
3.3.1. Competitive Position of Industry Players
3.3.2. Market Attractive Analysis
3.3.3. Market Share Analysis
4. Global Market Estimate and Forecast
4.1. Global Market Overview
4.2. Global Market Estimate and Forecast to 2030
5. Market Segmentation Estimate and Forecast
5.1. By Power Rating
5.1.1. ≤ 2 MW
5.1.1.1. Market Definition
5.1.1.2. Market Estimation and Forecast to 2030
5.1.2. >2 ≤ 5 MW
5.1.2.1. Market Definition
5.1.2.2. Market Estimation and Forecast to 2030
5.1.3. > 5 ≤ 8 MW
5.1.3.1. Market Definition
5.1.3.2. Market Estimation and Forecast to 2030
5.1.4. > 8 ≤ 10 MW
5.1.4.1. Market Definition
5.1.4.2. Market Estimation and Forecast to 2030
5.1.5. > 10 ≤ 12 MW
5.1.5.1. Market Definition
5.1.5.2. Market Estimation and Forecast to 2030
5.1.6. > 12 MW
5.1.6.1. Market Definition
5.1.6.2. Market Estimation and Forecast to 2030
5.1.7. > 8 ≤ 10 MW
5.1.7.1. Market Definition
5.1.7.2. Market Estimation and Forecast to 2030
5.2. By Installation
5.2.1. Established Technology
5.2.1.1. Market Definition
5.2.1.2. Market Estimation and Forecast to 2030
5.2.2. Cost-Effectiveness
5.2.2.1. Market Definition
5.2.2.2. Market Estimation and Forecast to 2030
6. North America Market Estimate and Forecast
6.1. By Power Rating
6.2. By Installation
6.3. By Country
6.3.1. U.S. Market Estimate and Forecast
6.3.2. Canada Market Estimate and Forecast
6.3.3. Mexico Market Estimate and Forecast
7. Europe Market Estimate and Forecast
7.1. By Power Rating
7.2. By Installation
7.3. By Country
7.3.1. Germany Market Estimate and Forecast
7.3.2. France Market Estimate and Forecast
7.3.3. U.K. Market Estimate and Forecast
7.3.4. Italy Market Estimate and Forecast
7.3.5. Spain Market Estimate and Forecast
7.3.6. Rest of Europe Market Estimate and Forecast
8. Asia-Pacific Market Estimate and Forecast
8.1. By Power Rating
8.2. By Installation
8.3. By Country
8.3.1. China Market Estimate and Forecast
8.3.2. Japan Market Estimate and Forecast
8.3.3. India Market Estimate and Forecast
8.3.4. South Korea Market Estimate and Forecast
8.3.5. Singapore Market Estimate and Forecast
8.3.6. Rest of Asia-Pacific Market Estimate and Forecast
9. Rest of the World (RoW) Market Estimate and Forecast
9.1. By Power Rating
9.2. By Installation
9.3. By Country
9.3.1. Brazil Market Estimate and Forecast
9.3.2. Saudi Arabia Market Estimate and Forecast
9.3.3. South Africa Market Estimate and Forecast
9.3.4. Other Countries Market Estimate and Forecast
10. Company Profiles
10.1. Ørsted
10.1.1. Snapshot
10.1.2. Overview
10.1.3. Offerings
10.1.4. Financial Insight
10.1.5. Recent Developments
10.2. Siemens Gamesa
10.2.1. Snapshot
10.2.2. Overview
10.2.3. Offerings
10.2.4. Financial Insight
10.2.5. Recent Developments
10.3. Vestas
10.3.1. Snapshot
10.3.2. Overview
10.3.3. Offerings
10.3.4. Financial Insight
10.3.5. Recent Developments
10.4. Equinor
10.4.1. Snapshot
10.4.2. Overview
10.4.3. Offerings
10.4.4. Financial Insight
10.4.5. Recent Developments
10.5. RWE
10.5.1. Snapshot
10.5.2. Overview
10.5.3. Offerings
10.5.4. Financial Insight
10.5.5. Recent Developments
10.6. E.ON
10.6.1. Snapshot
10.6.2. Overview
10.6.3. Offerings
10.6.4. Financial Insight
10.6.5. Recent Developments
10.7. Enbridge
10.7.1. Snapshot
10.7.2. Overview
10.7.3. Offerings
10.7.4. Financial Insight
10.7.5. Recent Developments
10.8. EnBW
10.8.1. Snapshot
10.8.2. Overview
10.8.3. Offerings
10.8.4. Financial Insight
10.8.5. Recent Developments
10.9. Dominion Energy
10.9.1. Snapshot
10.9.2. Overview
10.9.3. Offerings
10.9.4. Financial Insight
10.9.5. Recent Developments
10.10. Vattenfall
10.10.1. Snapshot
10.10.2. Overview
10.10.3. Offerings
10.10.4. Financial Insight
10.10.5. Recent Developments
10.11. SSE
10.11.1. Snapshot
10.11.2. Overview
10.11.3. Offerings
10.11.4. Financial Insight
10.11.5. Recent Developments
10.12 Iberdrola
10.12.1. Snapshot
10.12.2. Overview
10.12.3. Offerings
10.12.4. Financial Insight
10.12.5. Recent Developments
10.13. ScottishPower
10.13.1. Snapshot
10.13.2. Overview
10.13.3. Offerings
10.13.4. Financial Insight
10.13.5. Recent Developments
10.14 Shell
10.14.1. Snapshot
10.14.2. Overview
10.14.3. Offerings
10.14.4. Financial Insight
10.14.5. Recent Developments
10.15. Ultramet
10.15.1. Snapshot
10.15.2. Overview
10.15.3. Offerings
10.15.4. Financial Insight
10.15.5. Recent Developments
10.16. Northland Power
10.16.1. Snapshot
10.16.2. Overview
10.16.3. Offerings
10.16.4. Financial Insight
10.16.5. Recent Developments
10.17. Wpd
10.17.1. Snapshot
10.17.2. Overview
10.17.3. Offerings
10.17.4. Financial Insight
10.17.5. Recent Developments
10.18. EDPR
10.18.1. Snapshot
10.18.2. Overview
10.18.3. Offerings
10.18.4. Financial Insight
10.18.5. Recent Developments
10.19. CGN (China General Nuclear Power Group)
10.19.1. Snapshot
10.19.2. Overview
10.19.3. Offerings
10.19.4. Financial Insight
10.19.5. Recent Developments
10.20. Macquarie Group
10.20.1. Snapshot
10.20.2. Overview
10.20.3. Offerings
10.20.4. Financial Insight
10.20.5. Recent Developments
10.21. Copenhagen Infrastructure Partners (CIP)
10.21.1. Snapshot
10.21.2. Overview
10.21.3. Offerings
10.21.4. Financial Insight
10.21.5. Recent Developments
11. Appendix
11.1. Exchange Rates
11.2. Abbreviations
Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.
List of Tables
Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Offshore Wind Farms Market Size, by Power Rating, 2018-2023 (USD Billion)
Table 5 Global Offshore Wind Farms Market Size, by Power Rating, 2025 – 2030 (USD Billion)
Table 6 Global Offshore Wind Farms Market Size, by Installation, 2018-2023 (USD Billion)
Table 7 Global Offshore Wind Farms Market Size, by Installation, 2025 – 2030 (USD Billion)
Table 10 Global Offshore Wind Farms Market Size, by Region, 2018-2023 (USD Billion)
Table 11 Global Offshore Wind Farms Market Size, by Region, 2025 – 2030 (USD Billion)
Table 12 North America Offshore Wind Farms Market Size, by Power Rating, 2018-2023 (USD Billion)
Table 13 North America Offshore Wind Farms Market Size, by Power Rating, 2025 – 2030 (USD Billion)
Table 14 North America Offshore Wind Farms Market Size, by Installation, 2018 - 2023 (USD Billion)
Table 15 North America Offshore Wind Farms Market Size, by Installation, 2020–2025 (USD Billion)
Table 18 North America Offshore Wind Farms Market Size, by Country, 2018-2023 (USD Billion)
Table 19 North America Offshore Wind Farms Market Size, by Country, 2025 – 2030 (USD Billion)
Table 20 Europe Offshore Wind Farms Market Size, by Power Rating, 2018-2023 (USD Billion)
Table 21 Europe Offshore Wind Farms Market Size, by Power Rating, 2025 – 2030 (USD Billion)
Table 22 Europe Offshore Wind Farms Market Size, by Installation, 2018-2023 (USD Billion)
Table 23 Europe Offshore Wind Farms Market Size, by Installation, 2025 – 2030 (USD Billion)
Table 26 Europe Offshore Wind Farms Market Size, by Country, 2018-2023 (USD Billion)
Table 27 Europe Offshore Wind Farms Market Size, by Country, 2025 – 2030 (USD Billion)
Table 28 Asia-Pacific Offshore Wind Farms Market Size, by Power Rating, 2018-2023 (USD Billion)
Table 29 Asia-Pacific Offshore Wind Farms Market Size, by Power Rating, 2025 – 2030 (USD Billion)
Table 30 Asia-Pacific Offshore Wind Farms Market Size, by Installation, 2015–19 (USD Billion)
Table 31 Asia-Pacific Offshore Wind Farms Market Size, by Installation, 2020–25 (USD Billion)
Table 34 Asia-Pacific Offshore Wind Farms Market Size, by Country, 2018-2023 (USD Billion)
Table 35 Asia-Pacific Offshore Wind Farms Market Size, by Country, 2025 – 2030 (USD Billion)
Table 36 RoW Offshore Wind Farms Market Size, by Power Rating, 2018-2023 (USD Billion)
Table 37 RoW Offshore Wind Farms Market Size, by Power Rating, 2025 – 2030 (USD Billion)
Table 38 RoW Offshore Wind Farms Market Size, by Installation, 2018-2023 (USD Billion)
Table 39 RoW Offshore Wind Farms Market Size, by Installation, 2025 – 2030 (USD Billion)
Table 42 RoW Offshore Wind Farms Market Size, by Country, 2018-2023 (USD Billion)
Table 43 RoW Offshore Wind Farms Market Size, by Country, 2025 – 2030 (USD Billion)
Table 44 Snapshot – Ørsted
Table 45 Snapshot – Siemens Gamesa
Table 46 Snapshot – Vestas
Table 47 Snapshot – Equinor
Table 48 Snapshot – RWE
Table 49 Snapshot – E.ON
Table 50 Snapshot – Enbridge
Table 51 Snapshot – EnBW
Table 52 Snapshot – Dominion Energy
Table 53 Snapshot – Vattenfall
Table 54 Snapshot – Iberdrola
Table 55 Snapshot – ScottishPower
Table 56 Snapshot – Shell
Table 57 Snapshot – Northland Power
Table 58 Snapshot – Wpd
Table 59 Snapshot – EDPR
Table 60 Snapshot – CGN (China General Nuclear Power Group)
Table 61 Snapshot – Macquarie Group
Table 62 Snapshot – Copenhagen Infrastructure Partners (CIP)
List of Figures
Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Offshore Wind Farms Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Offshore Wind Farms Market Highlight
Figure 12 Global Offshore Wind Farms Market Size, by Power Rating, 2018 - 2030 (USD Billion)
Figure 13 Global Offshore Wind Farms Market Size, by Installation, 2018 - 2030 (USD Billion)
Figure 15 Global Offshore Wind Farms Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 16 North America Offshore Wind Farms Market Highlight
Figure 17 North America Offshore Wind Farms Market Size, by Power Rating, 2018 - 2030 (USD Billion)
Figure 18 North America Offshore Wind Farms Market Size, by Installation, 2015–2025 (USD Billion)
Figure 20 North America Offshore Wind Farms Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 21 Europe Offshore Wind Farms Market Highlight
Figure 22 Europe Offshore Wind Farms Market Size, by Power Rating, 2018 - 2030 (USD Billion)
Figure 23 Europe Offshore Wind Farms Market Size, by Installation, 2018 - 2030 (USD Billion)
Figure 25 Europe Offshore Wind Farms Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 26 Asia-Pacific Offshore Wind Farms Market Highlight
Figure 27 Asia-Pacific Offshore Wind Farms Market Size, by Power Rating, 2018 - 2030 (USD Billion)
Figure 28 Asia-Pacific Offshore Wind Farms Market Size, by Installation, 2018 - 2030 (USD Billion)
Figure 30 Asia-Pacific Offshore Wind Farms Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 31 RoW Offshore Wind Farms Market Highlight
Figure 32 RoW Offshore Wind Farms Market Size, by Power Rating, 2018 - 2030 (USD Billion)
Figure 33 RoW Offshore Wind Farms Market Size, by Installation, 2018 - 2030 (USD Billion)
Figure 35 RoW Offshore Wind Farms Market Size, by Country, 2018 - 2030 (USD Billion)
Global Offshore Wind Farms Market Coverage
- Power Rating Insight and Forecast 2025-2030
- ≤ 2 MW
- >2 ≤ 5 MW
- > 5 ≤ 8 MW
- > 8 ≤ 10 MW
- > 10 ≤ 12 MW
- > 12 MW
- Installation Insight and Forecast 2025-2030
- Floating
- Fixed
Geographical Segmentation
Offshore Wind Farms Market by Region
- North America
- By Power Rating
- By Installation
- By Country – U.S., Canada, and Mexico
- Europe
- By Power Rating
- By Installation
- By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
- Asia-Pacific (APAC)
- By Power Rating
- By Installation
- By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
- Rest of the World (RoW)
- By Power Rating
- By Installation
- By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
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Offshore Wind Farms Market
Global Offshore Wind Farms Market – Analysis and Forecast (2025-2030)
- The global offshore wind farms market is expected to grow from USD 30.9 billion in 2023 to USD 58.8 billion by 2030 with a CAGR of 13.2%.
- The market is divided by the power rating, installation type, installation location, and according to the components. Each of these segments or a specific subsection has a huge potential for growth during the forecast period.
- The growth of the offshore wind farms is attributed to the rise in demand for clean, continuous, renewable energy supply. Moreover, the rapid technological advancements have reduced the cost which fuels expansion along with the government incentives and favorable policies that facilitates the growth further.
- High initial costs, potential environmental issues, complex regulatory approvals, limitations of transmission infrastructure, and geopolitical considerations in shared water areas are hindering the market growth. However, rapid technological advancements, changes in government regulations, and growing demand for clean and continuous energy supply are creating better opportunities for the market expansion.
- Geographically, the global offshore wind farms market is expanding rapidly in Asia Pacific and Europe regions. This is mainly due to the suitable conditions, growing investment in renewable energy, and favorable government policies.