Offshore Wind Market by Component (Turbines [Nacelle, Rotors & Blades, Tower], Substructure, Electrical Infrastructure), Location (Shallow Water, Transitional Water, Deep Water) and Region, Global trends and forecast from 2023 to 2029

Published on: Apr 2023
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Market Size	CAGR	Dominating Region
USD 118.70 billion by 2029	13.41%	Europe

By Component	By Location	By Region
Turbines Nacelle Rotors & Blades Tower Substructure Electrical Infrastructure	Shallow Water Transitional Water Deepwater	North America Asia Pacific Europe South America Middle East Asia & Africa

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Offshore Wind Market Overview

The offshore wind market is expected to grow at 13.41% CAGR from 2022 to 2029. It is expected to reach above USD 118.70 billion by 2029 from USD 29.15 billion in 2020.

Offshore wind farms are constructed on ocean floors to harness wind power and generate electricity. Offshore wind power uses inshore water areas like fjords, lakes, and protected coastal areas to harvest wind energy and generate electricity. The rise in the percentage of renewable energy is the main factor driving the expansion of the global market.Electricity is produced by offshore wind farms using wind that blows across the water. Due to the higher wind speeds, greater consistency, and lack of physical interference from the land or man-made objects, they are thought to be more efficient than onshore wind farms.

Countries have changed their focus to renewable energy sources to create power in order to reduce greenhouse gas emissions and meet energy demand. As a result, countries have boosted their investment in the fields of renewable energy. In addition, the U.S., EU, China, and India have developed advantageous laws and incentive schemes to boost the wind energy industry. These elements should propel the worldwide offshore wind market. The procedure of installing a wind turbine in shallow water is complicated, and hence requires knowledge and a significant financial commitment.

ATTRIBUTE	DETAILS
Study period	2020-2029
Base year	2021
Estimated year	2022
Forecasted year	2022-2029
Historical period	2018-2020
Unit	Value (USD Billion)
Segmentation	By Component, Location, and Region
By Component	Turbines Nacelle Rotors & Blades Tower Substructure Electrical Infrastructure
By Location	Shallow Water Transitional Water Deepwater
By Region	North America Asia Pacific Europe South America Middle East Asia & Africa

Governments in several countries are taking the required steps to minimize carbon emissions. pushing governments to spend money on renewable energy sources like wind and solar. As a result, there has been a huge increase in the amount of electricity produced by wind energy in recent years. The cost of producing power from wind energy has decreased due to falling wind turbine prices and improvements in wind technology. In addition, increased market competition has reduced installation costs, which has helped to lower the price of electricity produced by wind turbines. As a result, the market is growing as the EU, China, and the US rapidly increase their offshore wind capacity.

The most eco-friendly and likely to provide electricity in the future is offshore wind. In contrast to an onshore wind turbine, the cost of support structures, electrical infrastructure, and turbines is very high. The high-water depth, surface area, and construction method all contribute to the relatively high cost of support structures like foundations. The hostile climate in which wind turbines operate makes them vulnerable to erosion, necessitating routine maintenance.

Wind farms are typically situated far from the coast, making them difficult to access, especially inclement weather. Therefore, resolving even the tiniest technological issue could be challenging and costly. Additional challenging parts of offshore wind power deployment include resource classification, grid connections and operation, and the creation of transmission infrastructure, which are far less challenging in other technologies like solar and onshore wind. Because of this, offshore wind projects encounter logistical difficulties.

Offshore Wind Market | Exactitude Consultancy

Offshore Wind Market Segment Analysis

By component, the market is segmented into turbines, substructure, and electrical infrastructure. The turbine market category held the biggest market share in 2020. The offshore wind market’s turbine segment is further divided into three categories: nacelle, rotors and blades, and tower. The tower-mounted turbines are primarily in charge of capturing wind energy and using it to generate electricity.

Due to the sub-convenient segment’s maintenance and transportation, the majority of projects are undertaken there. In addition, compared to the deep-water sub-segment, the costs of the electrical and foundation structures are relatively low. The market for deep water wind turbines is primarily being driven by improvements in wind technology and increased investments in the development of floating offshore wind turbines.

By location, the market is segmented into shallow water, transitional water, and deep water. The shallow water sector held the largest market share in 2020. The majority of projects are carried out in this sector. This region is suggested for the creation of an offshore wine farm due to the presence of relatively hospitable weather and ease of maintenance. Additionally, building electrical infrastructure is relatively simpler in shallow water when installing a wind turbine. Shallow water offers a somewhat lower wind speed, hence turbines with a lower MW capacity are built here.

Offshore Wind Market Key Players

The offshore wind market key players include General Electric, Vestas, Siemens Gamesa, Goldwind, Shanghai Electric Wind Power Equipment Co., ABB, Doosan Heavy Industries and Construction, Hitachi, Nordex SE, EEW, Nexans, DEME, Ming Yang Smart Energy Group Co, Envision, Rockwell Automation, Hyundai Motor Group, Schneider Electric, Zhejiang Windey Co, Taiyuan Heavy Industry Co., Sinovel, and others.

Recent News

Siemens Gamesa has been officially named the preferred supplier for the 1,044 MW Hai Long offshore wind projects in Taiwan as of May 2021. The third and final stages of the Dogger Bank offshore wind farm’s turbine supply, service, and warranty contracts were signed, according to a May 2021 announcement by GE Renewable Energy.

Three V164-10.0MW turbines from MHI Vestas Offshore Wind will be provided as part of a contract for the EolMed floating project in October 2020.

Who Should Buy? Or Key stakeholders

Energy & Power Industry
Research Organizations
Investors
Regulatory Authorities
Others

Offshore Wind Market Regional Analysis

The offshore wind market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).

North America: includes the US, Canada, Mexico
Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC
Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe
South America: includes Brazil, Argentina and Rest of South America
Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA

In 2020, Europe held the largest market share for offshore wind power worldwide. Several significant offshore wind companies, including Siemens, Nordex SE, Vestas, ABB, and many others, are based in the European region. In terms of offshore wind technology and offshore wind farm development, Europe has been a pioneer. The European Wind Initiative (EWI), a wind energy R&D program created to advance the wind industry in Europe, supports the development of offshore wind energy.

The EU’s member states are primarily concentrating on updating their deteriorating electrical infrastructure, and their governments are encouraging the use of renewable energy sources for power generation and creating networks from sources to end users to facilitate effective power and energy trading. A number of encouraging actions have been done to assist wind energy projects since lowering carbon emissions is a vital aspect in the expansion of the global market. According to predictions, North America is expected to be the second-largest market for offshore wind.

Key Market Segments: Offshore wind market

Offshore Wind Market by Component, 2020-2029, (USD Billion)

Turbines
Nacelle
Rotors & Blades
Tower
Substructure
Electrical Infrastructure

Offshore Wind Market by Location, 2020-2029, (USD Billion)

Shallow Water
Transitional Water
Deepwater

Offshore Wind Market by Region, 2020-2029, (USD Billion)

North America
Europe
Asia Pacific
South America
Middle East And Africa

Important Countries In All Regions Are Covered.

Exactitude Consultancy Services Key Objectives

Increasing sales and market share
Developing new technology
Improving profitability
Entering new markets
Enhancing brand reputation

Key Questions Answered

What is the expected growth rate of the offshore wind market over the next 7 years?
Who are the major players in the offshore wind market and what is their market share?
What are the end-user industries driving demand for market and what is their outlook?
What are the opportunities for growth in emerging markets such as Asia-Pacific, Middle East, and Africa?
How is the economic environment affecting the offshore wind market, including factors such as interest rates, inflation, and exchange rates?
What is the expected impact of government policies and regulations on the offshore wind market?
What is the current and forecasted size and growth rate of the global offshore wind market?
What are the key drivers of growth in the offshore wind market?
Who are the major players in the market and what is their market share?
What are the distribution channels and supply chain dynamics in the offshore wind market?
What are the technological advancements and innovations in the offshore wind market and their impact on product development and growth?
What are the regulatory considerations and their impact on the market?
What are the challenges faced by players in the offshore wind market and how are they addressing these challenges?
What are the opportunities for growth and expansion in the offshore wind market?
What are the service offerings and specifications of leading players in the market?

INTRODUCTION
1. MARKET DEFINITION
2. MARKET SEGMENTATION
3. RESEARCH TIMELINES
4. ASSUMPTIONS AND LIMITATIONS
RESEARCH METHODOLOGY
1. DATA MINING
  1. SECONDARY RESEARCH
  2. PRIMARY RESEARCH
  3. SUBJECT-MATTER EXPERTS’ ADVICE
2. QUALITY CHECKS
  1. FINAL REVIEW
3. DATA TRIANGULATION
  1. BOTTOM-UP APPROACH
  2. TOP-DOWN APPROACH
  3. RESEARCH FLOW
4. DATA SOURCES
EXECUTIVE SUMMARY
MARKET OVERVIEW
1. GLOBAL OFFSHORE WIND MARKET OUTLOOK
  1. MARKET DRIVERS
  2. MARKET RESTRAINTS
  3. MARKET OPPORTUNITIES
2. IMPACT OF COVID-19 ON OFFSHORE WIND MARKET
3. PORTER’S FIVE FORCES MODEL
  1. THREAT FROM NEW ENTRANTS
  2. THREAT FROM SUBSTITUTES
  3. BARGAINING POWER OF SUPPLIERS
  4. BARGAINING POWER OF CUSTOMERS
  5. DEGREE OF COMPETITION
4. INDUSTRY VALUE CHAIN ANALYSIS
GLOBAL OFFSHORE WIND MARKET BY COMPONENT, 2020-2029, (USD BILLION)
1. TURBINES
  1. NACELLE
  2. ROTORS & BLADES
  3. TOWER
2. SUBSTRUCTURE
3. ELECTRICAL INFRASTRUCTURE
GLOBAL OFFSHORE WIND MARKET BY LOCATION, 2020-2029, (USD BILLION)
1. SHALLOW WATER
2. TRANSITIONAL WATER
3. DEEPWATER
GLOBAL OFFSHORE WIND MARKET BY REGION, 2020-2029, (USD BILLION)
1. NORTH AMERICA
  1. US
  2. CANADA
  3. MEXICO
2. SOUTH AMERICA
  1. BRAZIL
  2. ARGENTINA
  3. COLOMBIA
  4. REST OF SOUTH AMERICA
3. EUROPE
  1. GERMANY
  2. UK
  3. FRANCE
  4. ITALY
  5. SPAIN
  6. RUSSIA
  7. REST OF EUROPE
4. ASIA PACIFIC
  1. INDIA
  2. CHINA
  3. JAPAN
  4. SOUTH KOREA
  5. AUSTRALIA
  6. SOUTH-EAST ASIA
  7. REST OF ASIA PACIFIC
5. MIDDLE EAST AND AFRICA
  1. UAE
  2. SAUDI ARABIA
  3. SOUTH AFRICA
  4. REST OF MIDDLE EAST AND AFRICA

COMPANY PROFILES* (BUSINESS OVERVIEW, COMPANY SNAPSHOT, PRODUCTS OFFERED, RECENT DEVELOPMENTS)
1. GENERAL ELECTRIC
2. VESTAS
3. SIEMENS GAMESA
4. GOLDWIND
5. SHANGHAI ELECTRIC WIND POWER EQUIPMENT CO.
6. ABB
7. DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION
8. HITACHI
9. NORDEX SE
10. EEW *THE COMPANY LIST IS INDICATIVE

LIST OF TABLES

TABLE 1 GLOBAL OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 2 GLOBAL OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 3 GLOBAL OFFSHORE WIND MARKET BY REGION (USD BILLION) 2020-2029

TABLE 4 NORTH AMERICA OFFSHORE WIND MARKET BY COUNTRY (USD BILLION) 2020-2029

TABLE 5 NORTH AMERICA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 6 NORTH AMERICA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 7 US OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 8 US OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 9 CANADA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 10 CANADA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 11 MEXICO OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 12 MEXICO OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 13 SOUTH AMERICA OFFSHORE WIND MARKET BY COUNTRY (USD BILLION) 2020-2029

TABLE 14 SOUTH AMERICA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 15 SOUTH AMERICA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 16 BRAZIL OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 17 BRAZIL OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 18 ARGENTINA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 19 ARGENTINA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 20 COLOMBIA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 21 COLOMBIA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 22 REST OF SOUTH AMERICA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 23 REST OF SOUTH AMERICA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 24 ASIA-PACIFIC OFFSHORE WIND MARKET BY COUNTRY (USD BILLION) 2020-2029

TABLE 25 ASIA-PACIFIC OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 26 ASIA-PACIFIC OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 27 INDIA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 28 INDIA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 29 CHINA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 30 CHINA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 31 JAPAN OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 32 JAPAN OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 33 SOUTH KOREA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 34 SOUTH KOREA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 35 AUSTRALIA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 36 AUSTRALIA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 37 SOUTH-EAST ASIA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 38 SOUTH-EAST ASIA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 39 REST OF ASIA PACIFIC OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 40 REST OF ASIA PACIFIC OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 41 EUROPE OFFSHORE WIND MARKET BY COUNTRY (USD BILLION) 2020-2029

TABLE 42 ASIA-PACIFIC OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 43 ASIA-PACIFIC OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 44 GERMANY OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 45 GERMANY OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 46 UK OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 47 UK OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 48 FRANCE OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 49 FRANCE OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 50 ITALY OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 51 ITALY OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 52 SPAIN OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 53 SPAIN OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 54 RUSSIA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 55 RUSSIA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 56 REST OF EUROPE OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 57 REST OF EUROPE OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 58 MIDDLE EAST AND AFRICA OFFSHORE WIND MARKET BY COUNTRY (USD BILLION) 2020-2029

TABLE 59 MIDDLE EAST AND AFRICA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 60 MIDDLE EAST AND AFRICA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 61 UAE OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 62 UAE OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 63 SAUDI ARABIA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 64 SAUDI ARABIA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 65 SOUTH AFRICA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 66 SOUTH AFRICA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

TABLE 67 REST OF MIDDLE EAST AND AFRICA OFFSHORE WIND MARKET BY COMPONENT (USD BILLION) 2020-2029

TABLE 68 REST OF MIDDLE EAST AND AFRICA OFFSHORE WIND MARKET BY LOCATION (USD BILLION) 2020-2029

LIST OF FIGURES

FIGURE 1 MARKET DYNAMICS

FIGURE 2 MARKET SEGMENTATION

FIGURE 3 REPORT TIMELINES: YEARS CONSIDERED

FIGURE 4 DATA TRIANGULATION

FIGURE 5 BOTTOM-UP APPROACH

FIGURE 6 TOP-DOWN APPROACH

FIGURE 7 RESEARCH FLOW

FIGURE 8 GLOBAL OFFSHORE WIND MARKET BY COMPONENT, USD BILLION, 2020-2029

FIGURE 9 GLOBAL OFFSHORE WIND MARKET BY LOCATION, USD BILLION, 2020-2029

FIGURE 10 GLOBAL OFFSHORE WIND MARKET BY REGION, USD BILLION, 2020-2029

FIGURE 11 PORTER’S FIVE FORCES MODEL

FIGURE 12 GLOBAL OFFSHORE WIND MARKET BY COMPONENT, USD BILLION, 2021

FIGURE 13 GLOBAL OFFSHORE WIND MARKET BY LOCATION, USD BILLION, 2021

FIGURE 14 GLOBAL OFFSHORE WIND MARKET BY REGION, USD BILLION, 2021

FIGURE 15 MARKET SHARE ANALYSIS

FIGURE 16 GENERAL ELECTRIC: COMPANY SNAPSHOT

FIGURE 17 VESTAS: COMPANY SNAPSHOT

FIGURE 18 SIEMENS GAMESA: COMPANY SNAPSHOT

FIGURE 19 GOLDWIND: COMPANY SNAPSHOT

FIGURE 20 SHANGHAI ELECTRIC WIND POWER EQUIPMENT CO.: COMPANY SNAPSHOT

FIGURE 21 ABB: COMPANY SNAPSHOT

FIGURE 22 DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION: COMPANY SNAPSHOT

FIGURE 23 HITACHI: COMPANY SNAPSHOT

FIGURE 24 NORDEX SE: COMPANY SNAPSHOT

FIGURE 25 EEW: COMPANY SNAPSHOT

FIGURE 26 NEXANS: COMPANY SNAPSHOT

FIGURE 27 DEME: COMPANY SNAPSHOT

FIGURE 28 MING YANG SMART ENERGY GROUP CO: COMPANY SNAPSHOT

FIGURE 29 ENVISION: COMPANY SNAPSHOT

FIGURE 30 ROCKWELL AUTOMATION: COMPANY SNAPSHOT

FIGURE 31 HYUNDAI MOTOR GROUP: COMPANY SNAPSHOT

FIGURE 32 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT

FIGURE 33 ZHEJIANG WINDEY CO: COMPANY SNAPSHOT

FIGURE 34 TAIYUAN HEAVY INDUSTRY CO.: COMPANY SNAPSHOT

FIGURE 35 SINOVEL: COMPANY SNAPSHOT

• What is the worth of offshore wind market?

The offshore wind market is expected to grow at 13.41% CAGR from 2022 to 2029. It is expected to reach above USD 118.70 billion by 2029 from USD 29.15 billion in 2020.

• What is the size of the Europe offshore wind market?

Europe held more than 38% of the offshore wind market revenue share in 2020 and will witness expansion in the forecast period.

• What is the main driving force behind the offshore wind market's expansion?

The offshore wind market is projected to be driven by rising global investments in renewable energy.

• Which are the top companies to hold the market share in offshore wind market?

• Which is the largest regional market for offshore wind market?

Europe is the largest regional market for offshore wind market.

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