Offshore Wind Energy Market Size, By Component (Turbine {Rating (≤ 2 MW, >2 to ≤ 5 MW, > 5 to ≤ 8 MW, > 8 to ≤ 10 MW, > 10 to ≤ 12 MW, > 12 MW), Installation (Floating {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical

Offshore Wind Energy Market Size, By Component (Turbine {Rating (≤ 2 MW, >2 to ≤ 5 MW, > 5 to ≤ 8 MW, > 8 to ≤ 10 MW, > 10 to ≤ 12 MW, > 12 MW), Installation (Floating {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Component [Blades, Tower]}, Fixed {Axis [Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)], Component [Blades, Tower]}}}), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure (Wires & Cables, Substation)), By Depth (> 0 ≤ 30 m, > 30 ≤ 50 m, > 50 m), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

The offshore wind energy market is projected to expand considerably by 2027 owing to prevalent adoption of clean energy sources across the world.

Offshore wind energy is renewable energy that is generated by harnessing the force of the wind on the high seas. Offshore winds travel at a faster and more consistent speed as compared to onshore winds due to the absence of obstructions. Megastructures are installed on the seabed, equipped with the latest technology, to efficiently tap into the abundant resource.

This form of renewable energy source has various advantages, such as steadier wind speeds, effective domestic energy sources, renewability and sustainability, and low visual and acoustic impact, among others. Mounting demand for electricity around the world has augmented industry uptake in recent years. Moreover, latest technological advancements intended to tap into the enormous energy potential have also driven product demand.

Furthermore, to accommodate the surging demand for clean energy sources, industry players have been employing profitable strategies, which has favorably impacted the global business outlook. For instance, in November 2021, Nexans, a global company specializing in cable and optical fiber, announced the opening of its U.S.-based facility in Charleston, South Carolina. The transformed high voltage subsea cable plant has been established to cater to the booming offshore wind energy market in the United States.

Similarly, in October 2021, Siemens Gamesa Renewable Energy, a leading onshore and offshore wind turbines manufacturer, announced the launch of its first offshore wind turbine plant in the United States. The novel OEM blade facility is envisioned to help Siemens Gamesa establish a strong presence in the booming U.S. offshore wind energy market.

The offshore wind energy market has been segregated on the basis of depth, component, and country. With respect to component, the market has further been classified into turbine, support structure, electrical infrastructure, and others. Under turbine, the market has been divided into installation (fixed and floating) and rating.

The floating segment is expected to witness robust growth over the analysis period owing to rapid development of advanced floating offshore wind infrastructure. Meanwhile, the fixed segment is set to register volumes of 1,173 MW by 2027.

The others component segment is slated to exhibit a solid growth trajectory through the assessment period. The development of hybrid units to sustain long-route electrical transmission is likely to bolster segmental growth over the forthcoming years.

From the country point of view, the North America offshore wind energy market is poised to garner significant gains by 2027, progressing at a CAGR of approximately 102% over the review timeline.