Off-Shore Wind

Global Off-Shore Wind Market to Reach US$95.0 Billion by 2030

The global market for Off-Shore Wind estimated at US$38.9 Billion in the year 2024, is expected to reach US$95.0 Billion by 2030, growing at a CAGR of 16.0% over the analysis period 2024-2030. Turbine Component, one of the segments analyzed in the report, is expected to record a 17.0% CAGR and reach US$46.3 Billion by the end of the analysis period. Growth in the Substructure Component segment is estimated at 16.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$6.5 Billion While China is Forecast to Grow at 17.6% CAGR

The Off-Shore Wind market in the U.S. is estimated at US$6.5 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$14.4 Billion by the year 2030 trailing a CAGR of 17.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 14.4% and 15.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.7% CAGR.

Global Off-Shore Wind Market - Key Trends & Drivers Summarized

Offshore wind energy is rapidly emerging as a frontrunner in the renewable energy sector, showing significant potential to outpace its onshore counterpart in various aspects. This shift is fueled by several key factors that highlight the inherent advantages and growing appeal of offshore wind farms. Offshore wind farms benefit from higher and more consistent wind speeds compared to onshore locations. The absence of land-based obstacles (such as buildings or mountains) at sea reduces wind turbulence, allowing wind turbines to operate more efficiently and generate more electricity. This advantage translates into higher energy yields and potentially lower costs per megawatt-hour of electricity produced. It is therefore little surprise that offshore wind farms have been attracting significant attention in recent years, with the associated innovations outpacing the developments made in the onshore sector. While offshore wind farms are located in the sea and get powered by wind blowing from the land towards the sea, onshore wind farms are located on the land and utilize wind blowing from the sea towards the land.

The technological advancements in offshore wind energy have been remarkable, driving down costs and increasing the efficiency and capacity of wind turbines. Innovations such as floating wind turbines are opening up new possibilities for deeper waters where traditional fixed-bottom turbines are not feasible. The integration of advanced materials, improved blade designs, and more efficient grid connections has also contributed to the sector`s growth. Additionally, offshore wind farms benefit from economies of scale, as larger projects can be developed to harness significant amounts of energy. Governments worldwide are recognizing the potential of offshore wind and are offering substantial policy support, including subsidies, favorable regulatory frameworks, and long-term planning incentives. These measures are critical in accelerating the deployment of offshore wind and achieving national and international renewable energy targets.

The growth in the offshore wind market is driven by several factors. The increasing demand for clean and sustainable energy from both governments and consumers is pushing for greater investment in offshore wind projects. The commitment to reduce carbon emissions and transition to a low-carbon economy is another significant driver, with many countries setting ambitious renewable energy targets that include substantial contributions from offshore wind. Advances in turbine technology have led to more efficient and reliable systems, reducing the cost of energy production and making offshore wind more competitive with traditional energy sources. Furthermore, the development of robust supply chains and the expansion of port infrastructure are facilitating the construction and maintenance of offshore wind farms. Financial innovations, such as green bonds and new investment models, are also attracting capital to the sector. Lastly, public awareness and support for renewable energy continue to grow, further bolstering the market for offshore wind.

SCOPE OF STUDY:

The report analyzes the Off-Shore Wind market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Component (Turbine Component, Substructure Component, Electrical Infrastructure Component, Other Components); Location (Shallow Water Location, Transitional Water Location, Deep Water Location)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

Select Competitors (Total 60 Featured) -

• ABB Ltd.
• Doosan Enerbility Co., Ltd.
• E.ON SE
• EEW GROUP
• Engie SA
• General Electric
• Ørsted A/S
• Shanghai Electric Wind Power Group Co., Ltd.
• Siemens Gamesa Renewable Energy SA
• Vestas Wind Systems A/S
• Xinjiang Goldwind Science & Technology Co., Ltd.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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