Offshore Wind Power Market Forecasts to 2032 – Global Analysis By Component (Wind Turbines, Electrical Infrastructure, and Other Components), Installation Type (Fixed Structure, and Floating Structure), Turbine Capacity, Location/Water Depth, Application,
Description
According to Stratistics MRC, the Global Bioenergy Power Generation Market is accounted for $134.1 billion in 2025 and is expected to reach $219.6 billion by 2032, growing at a CAGR of 7.3% during the forecast period. Bioenergy power generation converts biomass wood residues, agricultural waste, and biogas into electricity and heat through combustion, gasification, or anaerobic digestion. It offers dispatchable renewable energy and waste diversion benefits, often used in combined heat and power setups. Sustainability depends on feedstock sourcing, lifecycle emissions, and land-use impacts. Technology trends include co-firing with coal, advances in gas cleanup, and integration with carbon capture for negative emissions potential.
According to IRENA and the IEA Bioenergy reports, bioenergy power capacity was ~151 GW by 2024.
Market Dynamics:
Driver:
Growing need for sustainable waste management solutions
The pressing global challenge of mounting municipal and agricultural waste is a significant market driver. Bioenergy facilities directly address the matter by converting organic waste, such as crop residues and forestry by-products, into valuable electricity. This process not only diverts waste from landfills, reducing methane emissions, but also creates a circular economy model. Consequently, governments and industries are increasingly investing in bioenergy as a dual-purpose solution for clean power generation and effective waste management, thereby accelerating market expansion.
Restraint:
Complex supply chain logistics and seasonal variability
The intricate and often costly logistics of sourcing, transporting, and storing biomass feedstocks hinder the market growth. Unlike fossil fuels, biomass is bulky, has a low energy density, and can be highly seasonal, resulting in supply inconsistencies and price volatility. These challenges necessitate significant investment in infrastructure and inventory management, which can erode profit margins and deter new entrants, ultimately restraining the pace of market development, especially in regions with underdeveloped supply networks.
Opportunity:
Integration with carbon capture for carbon-negative power generation
The emerging integration of bioenergy with carbon capture and storage (BECCS) presents a transformative opportunity. This technology combination enables the generation of power while removing carbon dioxide from the atmosphere, creating a carbon-negative energy cycle. This positions bioenergy as a crucial technology in global net-zero strategies, potentially unlocking substantial value and new revenue streams from carbon credits. This strategic advantage can attract significant investment and policy support, propelling the market into a new phase of growth.
Threat:
Competition from solar and wind with declining costs
Many regions have achieved grid parity with these intermittent renewables, often prioritizing them due to their lower levelized cost of energy. This intense competition for grid capacity and renewable energy investments can limit the growth potential for bioenergy projects, which typically require higher capital and operational expenditures, thereby challenging their economic viability and market share in the broader clean energy landscape.
Covid-19 Impact:
The pandemic first hurt the bioenergy market by causing delays in project construction, labor shortages, and supply chain problems. Lockdowns impeded the collection and transportation of biomass feedstocks, while economic uncertainty temporarily slowed investment. However, the sector demonstrated resilience, as bioenergy is a dispatchable power source essential for grid stability. Furthermore, the crisis amplified the focus on sustainable recovery and energy security, leading to renewed governmental support that has helped the market rebound and reinforced its long-term strategic importance.
The solid biofuels segment is expected to be the largest during the forecast period
The solid biofuels segment is expected to account for the largest market share during the forecast period, attributed to the widespread availability and established conversion technologies, such as direct combustion, which are well-understood and commercially mature. Furthermore, the segment directly supports waste-to-energy initiatives, providing a reliable and baseload power source. Its extensive use in industrial heat and power applications, particularly in European forest-rich nations, solidifies its leading position in the market landscape.
The anaerobic digestion segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the anaerobic digestion segment is predicted to witness the highest growth rate, driven by its efficient ability to process wet organic waste, like animal manure and food scraps, into biogas and digestate. The process simultaneously addresses waste management regulations and produces renewable energy. Also, helpful government rules, like payments for biogas energy and the important by-product of organic fertilizer, are major reasons why this area is growing quickly around the world.
Region with largest share:
During the forecast period, the Europe region is expected to hold the largest market share. This leadership is firmly rooted in stringent EU-wide renewable energy and waste diversion directives, such as the Renewable Energy Directive (RED II). Strong policy support, coupled with advanced infrastructure and significant investments in both solid biofuel and biogas technologies, drives the market. Moreover, the region's well-established forestry and agricultural sectors provide a consistent feedstock supply, cementing Europe's dominant position in the bioenergy generation sector.
Region with highest CAGR:
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR, fueled by rapidly increasing energy demand, supportive government policies in countries like China and India, and a pressing need to manage agricultural and municipal waste. The region's vast biomass potential from its extensive agricultural activities presents a significant untapped resource. Key drivers behind this exceptional growth trajectory include investments in new bioenergy capacity that enhance energy security and reduce coal dependency.
Key players in the market
Some of the key players in Bioenergy Power Generation Market include Drax Group plc, Veolia Environnement S.A., ANDRITZ AG, Wärtsilä Corporation, ENGIE SA, RWE AG, Covanta Holding Corporation, Enviva Inc., Fortum Oyj, Enel S.p.A., Abengoa S.A., Renewable Energy Group, Inc., POET LLC, Stora Enso Oyj, Babcock & Wilcox Enterprises, Inc., Hitachi Zosen Inova AG, and Siemens Energy AG.
Key Developments:
In October 2025, Drax, the renewable energy business, is partnering with NGIS, a global leader in Geospatial technology, to model and monitor the carbon stocks of the US and Canadian forests that Drax sources its sustainable biomass from.
In October 2025, Drax launched a partnership with NGIS to map and monitor carbon stocks across its North American biomass sourcing areas.
In July 2025, Veolia signed a three-year strategic partnership with the Agence Française de Développement to accelerate ecological transformation including local renewable energy and biomass projects.
Sources Covered:
• Solid Biofuels
• Biogas
• Liquid Biofuels
• Municipal Solid Waste (MSW)
Technologies Covered:
• Combustion (Steam Turbines)
• Gasification
• Anaerobic Digestion
• Landfill Gas Recovery
• Other Technologies
Applications Covered:
• Baseload Power Generation
• Peak Load Shaving
• Combined Heat and Power (CHP)/Cogeneration
End Users Covered:
• Utilities/Centralized Power Plants
• Independent Power Producers (IPPs)
• Commercial & Industrial (C&I)
• Residential
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
According to IRENA and the IEA Bioenergy reports, bioenergy power capacity was ~151 GW by 2024.
Market Dynamics:
Driver:
Growing need for sustainable waste management solutions
The pressing global challenge of mounting municipal and agricultural waste is a significant market driver. Bioenergy facilities directly address the matter by converting organic waste, such as crop residues and forestry by-products, into valuable electricity. This process not only diverts waste from landfills, reducing methane emissions, but also creates a circular economy model. Consequently, governments and industries are increasingly investing in bioenergy as a dual-purpose solution for clean power generation and effective waste management, thereby accelerating market expansion.
Restraint:
Complex supply chain logistics and seasonal variability
The intricate and often costly logistics of sourcing, transporting, and storing biomass feedstocks hinder the market growth. Unlike fossil fuels, biomass is bulky, has a low energy density, and can be highly seasonal, resulting in supply inconsistencies and price volatility. These challenges necessitate significant investment in infrastructure and inventory management, which can erode profit margins and deter new entrants, ultimately restraining the pace of market development, especially in regions with underdeveloped supply networks.
Opportunity:
Integration with carbon capture for carbon-negative power generation
The emerging integration of bioenergy with carbon capture and storage (BECCS) presents a transformative opportunity. This technology combination enables the generation of power while removing carbon dioxide from the atmosphere, creating a carbon-negative energy cycle. This positions bioenergy as a crucial technology in global net-zero strategies, potentially unlocking substantial value and new revenue streams from carbon credits. This strategic advantage can attract significant investment and policy support, propelling the market into a new phase of growth.
Threat:
Competition from solar and wind with declining costs
Many regions have achieved grid parity with these intermittent renewables, often prioritizing them due to their lower levelized cost of energy. This intense competition for grid capacity and renewable energy investments can limit the growth potential for bioenergy projects, which typically require higher capital and operational expenditures, thereby challenging their economic viability and market share in the broader clean energy landscape.
Covid-19 Impact:
The pandemic first hurt the bioenergy market by causing delays in project construction, labor shortages, and supply chain problems. Lockdowns impeded the collection and transportation of biomass feedstocks, while economic uncertainty temporarily slowed investment. However, the sector demonstrated resilience, as bioenergy is a dispatchable power source essential for grid stability. Furthermore, the crisis amplified the focus on sustainable recovery and energy security, leading to renewed governmental support that has helped the market rebound and reinforced its long-term strategic importance.
The solid biofuels segment is expected to be the largest during the forecast period
The solid biofuels segment is expected to account for the largest market share during the forecast period, attributed to the widespread availability and established conversion technologies, such as direct combustion, which are well-understood and commercially mature. Furthermore, the segment directly supports waste-to-energy initiatives, providing a reliable and baseload power source. Its extensive use in industrial heat and power applications, particularly in European forest-rich nations, solidifies its leading position in the market landscape.
The anaerobic digestion segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the anaerobic digestion segment is predicted to witness the highest growth rate, driven by its efficient ability to process wet organic waste, like animal manure and food scraps, into biogas and digestate. The process simultaneously addresses waste management regulations and produces renewable energy. Also, helpful government rules, like payments for biogas energy and the important by-product of organic fertilizer, are major reasons why this area is growing quickly around the world.
Region with largest share:
During the forecast period, the Europe region is expected to hold the largest market share. This leadership is firmly rooted in stringent EU-wide renewable energy and waste diversion directives, such as the Renewable Energy Directive (RED II). Strong policy support, coupled with advanced infrastructure and significant investments in both solid biofuel and biogas technologies, drives the market. Moreover, the region's well-established forestry and agricultural sectors provide a consistent feedstock supply, cementing Europe's dominant position in the bioenergy generation sector.
Region with highest CAGR:
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR, fueled by rapidly increasing energy demand, supportive government policies in countries like China and India, and a pressing need to manage agricultural and municipal waste. The region's vast biomass potential from its extensive agricultural activities presents a significant untapped resource. Key drivers behind this exceptional growth trajectory include investments in new bioenergy capacity that enhance energy security and reduce coal dependency.
Key players in the market
Some of the key players in Bioenergy Power Generation Market include Drax Group plc, Veolia Environnement S.A., ANDRITZ AG, Wärtsilä Corporation, ENGIE SA, RWE AG, Covanta Holding Corporation, Enviva Inc., Fortum Oyj, Enel S.p.A., Abengoa S.A., Renewable Energy Group, Inc., POET LLC, Stora Enso Oyj, Babcock & Wilcox Enterprises, Inc., Hitachi Zosen Inova AG, and Siemens Energy AG.
Key Developments:
In October 2025, Drax, the renewable energy business, is partnering with NGIS, a global leader in Geospatial technology, to model and monitor the carbon stocks of the US and Canadian forests that Drax sources its sustainable biomass from.
In October 2025, Drax launched a partnership with NGIS to map and monitor carbon stocks across its North American biomass sourcing areas.
In July 2025, Veolia signed a three-year strategic partnership with the Agence Française de Développement to accelerate ecological transformation including local renewable energy and biomass projects.
Sources Covered:
• Solid Biofuels
• Biogas
• Liquid Biofuels
• Municipal Solid Waste (MSW)
Technologies Covered:
• Combustion (Steam Turbines)
• Gasification
• Anaerobic Digestion
• Landfill Gas Recovery
• Other Technologies
Applications Covered:
• Baseload Power Generation
• Peak Load Shaving
• Combined Heat and Power (CHP)/Cogeneration
End Users Covered:
• Utilities/Centralized Power Plants
• Independent Power Producers (IPPs)
• Commercial & Industrial (C&I)
• Residential
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Table of Contents
200 Pages
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Offshore Wind Power Market, By Component
- 5.1 Introduction
- 5.2 Wind Turbines
- 5.2.1 Rotor Blades
- 5.2.2 Nacelle
- 5.2.3 Tower
- 5.3 Electrical Infrastructure
- 5.3.1 Array Cables and Export Cables
- 5.3.2 Offshore Substation (AC/DC)
- 5.3.3 Onshore Substation
- 5.4 Other Components
- 6 Global Offshore Wind Power Market, By Installation Type
- 6.1 Introduction
- 6.2 Fixed Structure
- 6.2.1 Monopile
- 6.2.2 Jacket
- 6.2.3 Gravity-Based Structures (GBS)
- 6.2.4 Tripod/Tripile
- 6.3 Floating Structure
- 6.3.1 Semi-Submersible
- 6.3.2 Spar-Buoy
- 6.3.3 Tension-Leg Platform (TLP)
- 6.3.4 Barge
- 7 Global Offshore Wind Power Market, By Turbine Capacity
- 7.1 Introduction
- 7.2 Up to 5 MW
- 7.3 5 MW to 10 MW
- 7.4 Above 10 MW
- 8 Global Offshore Wind Power Market, By Location (Water Depth)
- 8.1 Introduction
- 8.2 Shallow Water (< 30m Depth)
- 8.3 Transitional Water (30m – 60m Depth)
- 8.4 Deep Water (> 60m Depth - Primarily Floating Wind)
- 9 Global Offshore Wind Power Market, By Application
- 9.1 Introduction
- 9.2 Utility-Scale Power Generation
- 9.3 Commercial & Industrial (C&I) Projects
- 9.4 Green Hydrogen Production
- 10 Global Offshore Wind Power Market, By Geography
- 10.1 Introduction
- 10.2 North America
- 10.2.1 US
- 10.2.2 Canada
- 10.2.3 Mexico
- 10.3 Europe
- 10.3.1 Germany
- 10.3.2 UK
- 10.3.3 Italy
- 10.3.4 France
- 10.3.5 Spain
- 10.3.6 Rest of Europe
- 10.4 Asia Pacific
- 10.4.1 Japan
- 10.4.2 China
- 10.4.3 India
- 10.4.4 Australia
- 10.4.5 New Zealand
- 10.4.6 South Korea
- 10.4.7 Rest of Asia Pacific
- 10.5 South America
- 10.5.1 Argentina
- 10.5.2 Brazil
- 10.5.3 Chile
- 10.5.4 Rest of South America
- 10.6 Middle East & Africa
- 10.6.1 Saudi Arabia
- 10.6.2 UAE
- 10.6.3 Qatar
- 10.6.4 South Africa
- 10.6.5 Rest of Middle East & Africa
- 11 Key Developments
- 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 11.2 Acquisitions & Mergers
- 11.3 New Product Launch
- 11.4 Expansions
- 11.5 Other Key Strategies
- 12 Company Profiling
- 12.1 Ørsted A/S
- 12.2 Vestas Wind Systems A/S
- 12.3 Siemens Gamesa Renewable Energy S.A.
- 12.4 GE Renewable Energy
- 12.5 Equinor ASA
- 12.6 RWE AG
- 12.7 Iberdrola S.A.
- 12.8 SSE plc
- 12.9 Vattenfall AB
- 12.10 EnBW Energie Baden-Württemberg AG
- 12.11 China Three Gorges Corporation
- 12.12 Mingyang Smart Energy Group Co., Ltd.
- 12.13 Goldwind Science & Technology Co., Ltd.
- 12.14 BP plc
- 12.15 Shell plc
- 12.16 Northland Power Inc.
- 12.17 Jan De Nul Group
- 12.18 Royal Van Oord N.V.
- List of Tables
- 1 Global Offshore Wind Power Market Outlook, By Region (2024–2032) ($MN)
- 2 Global Offshore Wind Power Market Outlook, By Component (2024–2032) ($MN)
- 3 Global Offshore Wind Power Market Outlook, By Wind Turbines (2024–2032) ($MN)
- 4 Global Offshore Wind Power Market Outlook, By Rotor Blades (2024–2032) ($MN)
- 5 Global Offshore Wind Power Market Outlook, By Nacelle (2024–2032) ($MN)
- 6 Global Offshore Wind Power Market Outlook, By Tower (2024–2032) ($MN)
- 7 Global Offshore Wind Power Market Outlook, By Electrical Infrastructure (2024–2032) ($MN)
- 8 Global Offshore Wind Power Market Outlook, By Array Cables and Export Cables (2024–2032) ($MN)
- 9 Global Offshore Wind Power Market Outlook, By Offshore Substation (AC/DC) (2024–2032) ($MN)
- 10 Global Offshore Wind Power Market Outlook, By Onshore Substation (2024–2032) ($MN)
- 11 Global Offshore Wind Power Market Outlook, By Other Components (2024–2032) ($MN)
- 12 Global Offshore Wind Power Market Outlook, By Installation Type (2024–2032) ($MN)
- 13 Global Offshore Wind Power Market Outlook, By Fixed Structure (2024–2032) ($MN)
- 14 Global Offshore Wind Power Market Outlook, By Monopile (2024–2032) ($MN)
- 15 Global Offshore Wind Power Market Outlook, By Jacket (2024–2032) ($MN)
- 16 Global Offshore Wind Power Market Outlook, By Gravity-Based Structures (GBS) (2024–2032) ($MN)
- 17 Global Offshore Wind Power Market Outlook, By Tripod/Tripile (2024–2032) ($MN)
- 18 Global Offshore Wind Power Market Outlook, By Floating Structure (2024–2032) ($MN)
- 19 Global Offshore Wind Power Market Outlook, By Semi-Submersible (2024–2032) ($MN)
- 20 Global Offshore Wind Power Market Outlook, By Spar-Buoy (2024–2032) ($MN)
- 21 Global Offshore Wind Power Market Outlook, By Tension-Leg Platform (TLP) (2024–2032) ($MN)
- 22 Global Offshore Wind Power Market Outlook, By Barge (2024–2032) ($MN)
- 23 Global Offshore Wind Power Market Outlook, By Turbine Capacity (2024–2032) ($MN)
- 24 Global Offshore Wind Power Market Outlook, By Up to 5 MW (2024–2032) ($MN)
- 25 Global Offshore Wind Power Market Outlook, By 5 MW to 10 MW (2024–2032) ($MN)
- 26 Global Offshore Wind Power Market Outlook, By Above 10 MW (2024–2032) ($MN)
- 27 Global Offshore Wind Power Market Outlook, By Location (Water Depth) (2024–2032) ($MN)
- 28 Global Offshore Wind Power Market Outlook, By Shallow Water (<30m Depth) (2024–2032) ($MN)
- 29 Global Offshore Wind Power Market Outlook, By Transitional Water (30m–60m Depth) (2024–2032) ($MN)
- 30 Global Offshore Wind Power Market Outlook, By Deep Water (>60m Depth - Primarily Floating Wind) (2024–2032) ($MN)
- 31 Global Offshore Wind Power Market Outlook, By Application (2024–2032) ($MN)
- 32 Global Offshore Wind Power Market Outlook, By Utility-Scale Power Generation (2024–2032) ($MN)
- 33 Global Offshore Wind Power Market Outlook, By Commercial & Industrial (C&I) Projects (2024–2032) ($MN)
- 34 Global Offshore Wind Power Market Outlook, By Green Hydrogen Production (2024–2032) ($MN)
- Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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