Offshore Wind Energy Market to reach $61.6 Billion by 2030; The global offshore wind energy market is booming, driven by the global shift to renewable energy, supportive government policies, and technological advancements.

The Offshore Wind Energy Market size is estimated to reach $61.6 Billion by 2030, growing at a CAGR of 13.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Offshore Wind Energy Market - By Component (Turbine (Nacelle, Rotors and Blades, Tower), Substructure (Monopile, Jacket and Gravity Based, Others), Electrical Infrastructure, Others), By Water Depth (Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth), Deep Water (> 60m Depth))By Installation (Fixed Structure, Floating Structure), By Capacity (Upto 3 MW, 3MW to 5 MW, Above 5 MW), By Application (Electric Power, Oil and Gas, Aviation, Transport, Others)

The global offshore wind energy market is on the rise, propelled by the urgent need to transition to clean energy sources. Governments worldwide are recognizing the potential of offshore wind and are implementing supportive policies to foster industry growth. Coupled with rapid technological advancements, the offshore wind sector is well-positioned to play a pivotal role in shaping a sustainable energy future.

Europe dominates the offshore wind energy market with a market share of 39% in 2023. Strong government regulations and home of major wind energy companies are some of the contributing elements to this supremacy. The EU leads the world in manufacturing key wind turbine components and foundations/cables. Nearly half of all global wind energy companies are headquartered in the EU. According to European Commission, The EU aims to significantly increase its offshore renewable energy capacity to meet ambitious climate and energy goals. In 2020, the EU Commission proposed targets of at least 60 GW of offshore wind and 1 GW of ocean energy by 2030, and 300 GW and 40 GW, respectively by 2050. EU countries have already surpassed these targets demonstrating strong commitment to offshore renewable energy. These factors make Europe dominant player in the field of offshore wind energy market.

The global offshore wind energy market is experiencing rapid growth, with new projects being initiated and developed worldwide. The International Renewable Energy Agency (IRENA) predicts a substantial increase in offshore wind capacity in the coming years, particularly in Europe, Asia, and North America. In December 2024, Vestas announced it received an order from RWE to supply 60 of its V236-15.0 wind turbines for the 900-MW Nordseecluster wind farm development offshore Germany. RWE is implementing the Nordseecluster in two phases, A and B. Wind turbine installation for Nordseecluster B should take place in 2028 with commercial operations starting in 2029. This surge in offshore wind development is driven by the increasing demand for clean and sustainable energy sources coupled with advancements in technology and favorable government policies.

The offshore wind energy market is undergoing a technological revolution, with innovations reshaping its potential to meet global energy demands sustainably. As the world transitions toward renewable energy, cutting-edge developments in offshore wind technology are improving efficiency, scalability, and economic viability. Larger turbines are becoming the standard for new projects, significantly increasing energy output. Offshore wind is expected to establish itself as a key component of global renewable energy portfolios as technology advancements continue to push boundaries.

Key companies profiled in the Offshore Wind Energy Market are Vestas Wind Systems A/S, Ørsted A/S, Siemens Energy, GE Vernova, Equinor ASA, Nordex SE, Vattenfall AB, Sinovel Wind Group Co Ltd, Suzlon Group, China Ming Yang Wind Power Group Limited and others.

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