Offshore Wind Energy Market Size Share and Growth 2034

Offshore Wind Energy Market Size- By Component, By Depth - Regional Outlook, Competitive Strategies and Segment Forecast to 2034

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Published: Jul-2025	Report ID: POAE25124	Pages: 1 - 249	Formats^*:
Category : Power & Energy

Offshore Wind Energy Market Introduction and Overview

According to SPER Market Research, the Global Offshore Wind Energy Market is estimated to reach USD 223.41 billion by 2034 with a CAGR of 14.86%.

The report includes an in-depth analysis of the Global Offshore Wind Energy Market, including market size and trends, product mix, Applications, and supplier analysis. The Global Offshore Wind Energy Market was valued at USD 55.9 billion in 2024 and is estimated to grow at a CAGR 14.86% from 2025 to 2034. The rising demand for clean and renewable energy, benevolent government regulations, and developments in wind turbine design and installation technology are all contributing to the substantial expansion of the global offshore wind energy market. With their increased energy production and ability to minimize land-use conflicts, offshore wind farms are a desirable alternative for nations with a shortage of onshore acreage. Innovation and the expansion of offshore capacities in North America, Asia-Pacific, and Europe are being propelled by significant investments and partnerships. However, the industry is constrained by factors like high upfront installation costs and intricate regulatory frameworks, which can make it difficult to scale projects and meet deadlines, especially in emerging nations.

By Component Insights:

The global transition to renewable energy is expected to propel significant growth in the turbine industry by 2034, according to component analysis. The cost per megawatt-hour is reduced with larger wind turbines because they capture more wind energy, particularly at higher elevations where wind speeds are stronger and more constant. With the growing use of deep-water projects and the development of hybrid foundations to improve performance and cost-efficiency, the support structure market will grow. Technological developments and the growing size of offshore projects will propel electrical infrastructure's rapid expansion. HVDC systems and substations are also becoming more popular for large-scale energy transmission.

By Depth Insights:

The offshore wind energy market, segmented by depth, shows strong adoption in the >0 â‰¤ 30 m range due to easier, cost-efficient installation, simpler foundations, and hybrid substation use. The >30 â‰¤ 50 m segment is expanding with the rise of jacket foundations and larger turbines, supported by global collaborations like the India-Denmark offshore wind study. Growth beyond 50 m is driven by floating turbine innovations, including spar-buoy and semi-submersible platforms, as seen in the Kincardine project off Scotlandâ€™s coast.

Regional Insights:

In 2024, the offshore wind energy market in the United States expanded rapidly due to favorable regulations, advances in technology, and growing environmental consciousness. With large expenditures in offshore wind projects and infrastructure, North America held a sizable market share, and adoption is anticipated to grow even further. Although offshore wind is still in its infancy in Canada, onshore developments are currently the region's main focus. With aggressive goals for renewable energy, ongoing innovation, and supportive regulations, Europe is well-positioned for consistent growth through 2034.

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Market Competitive Landscape:

Key players in the offshore wind energy market focus on technological advancements, strategic partnerships, and global expansion. Companies compete through innovation, cost reduction, and large-scale projects to strengthen their market position and meet the growing renewable energy demand. Some of the key market players are ENESSERE, Furukawa Electric, General Electric, Global Energy (Group) Limited, Goldwind, IMPSA, LS Cable & System, Nexans, Nordex SE, Prysmian Group.

Recent Developments:

In February 2025, In Japan, Mitsubishi Corporation announced that it was reassessing the direction of its offshore wind projects. The notable change in the business climate also suggests that the nation may not be immune to the growing costs of offshore wind projects throughout the world.

In December 2024, In Japan, Vestas landed a contract for a 15 MW offshore wind turbine. In addition to 21 V236-15.0 MW turbines, the 315 MW Oga Katagami Akita Offshore Wind Project comes with a long-term service contract that is intended to guarantee optimal asset performance. Under the Japanese government's offshore wind auctions, this market is the first to order the company's turbine in the APAC area.

Scope of the report:

Report Metric	Details
Market size available for years	2021-2034
Base year considered	2024
Forecast period	2025-2034
Segments covered	By Component, By Depth
Regions covered	North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa
Companies Covered	ENESSERE, Furukawa Electric, General Electric, Global Energy (Group) Limited, Goldwind, IMPSA, LS Cable & System, Nexans, Nordex SE, Prysmian Group

Key Topics Covered in the Report:

Global Offshore Wind Energy Market Size (FY 2021-FY 2034)
Overview of Global Offshore Wind Energy Market
Segmentation of Global Offshore Wind Energy Market By Component (Turbine, Support Structure, Electrical Infrastructure, Others)
Segmentation of Global Offshore Wind Energy Market By Depth (>0 â‰¤ 30 m, >30 â‰¤ 50 m, > 50 m)
Statistical Snap of Global Offshore Wind Energy Market
Expansion Analysis of Global Offshore Wind Energy Market
Problems and Obstacles in Global Offshore Wind Energy Market
Competitive Landscape in the Global Offshore Wind Energy Market
Details on Current Investment in Global Offshore Wind Energy Market
Competitive Analysis of Global Offshore Wind Energy Market
Prominent Players in the Global Offshore Wind Energy Market
SWOT Analysis of Global Offshore Wind Energy Market
Global Offshore Wind Energy Market Future Outlook and Projections (FY 2025-FY 2034)
Recommendations from Analyst

1. Introduction

1.1. Scope of the report
1.2. Market segment analysis

2. Research Methodology

2.1. Research data source

2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs

2.2. Market size estimation

2.2.1. Top-down and Bottom-up approach

2.3. Data triangulation

3. Executive Summary

4. Market Dynamics

4.1. Driver, Restraint, Opportunity and Challenges analysis

4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges

5. Market variable and outlook

5.1. SWOT Analysis

5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats

5.2. PESTEL Analysis

5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape

5.3. PORTERs Five Forces

5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry

5.4. Heat Map Analysis

6. Competitive Landscape

6.1. Global Offshore Wind Energy Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Offshore Wind Energy Market

7. Global Offshore Wind Energy Market, By Component (USD Million) 2021-2034

7.1. Turbine

7.1.1. Rating
7.1.2. Installation

7.2. Support Structure
7.3. Electrical Infrastructure
7.4. Others

8. Global Offshore Wind Energy Market, By Depth (USD Million) 2021-2034

8.1. >0 â‰¤ 30 m
8.2. >30 â‰¤ 50 m
8.3. > 50 m

9. Global Offshore Wind Energy Market (USD Million) 2021-2034

9.1. Global Offshore Wind Energy Market Size and Market Share

10. Global Offshore Wind Energy Market, By Region, (USD Million) 2021-2034

10.1. Asia-Pacific

10.1.1. Australia
10.1.2. China
10.1.3. India
10.1.4. Japan
10.1.5. South Korea
10.1.6. Rest of Asia-Pacific

10.2. Europe

10.2.1. France
10.2.2. Germany
10.2.3. Italy
10.2.4. Spain
10.2.5. United Kingdom
10.2.6. Rest of Europe

10.3. Middle East and Africa

10.3.1. Kingdom of Saudi Arabia
10.3.2. United Arab Emirates
10.3.3. Qatar
10.3.4. South Africa
10.3.5. Egypt
10.3.6. Morocco
10.3.7. Nigeria
10.3.8. Rest of Middle-East and Africa

10.4. North America

10.4.1. Canada
10.4.2. Mexico
10.4.3. United States

10.5. Latin America

10.5.1. Argentina
10.5.2. Brazil
10.5.3. Rest of Latin America

11. Company Profile

11.1. ENESSERE

11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments

11.2. Furukawa Electric

11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments

11.3. General Electric

11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments

11.4. Global Energy (Group) Limited

11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments

11.5. Goldwind

11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments

11.6. IMPSA

11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments

11.7. LS Cable & System

11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments

11.8. Nexans

11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments

11.9. Nordex SE

11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments

11.10. Prysmian Group

11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments

11.11. Others

12. Conclusion

13. List of Abbreviations

14. Reference Links

SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

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Frequently Asked Questions About This Report

How big is the Offshore Wind Energy Market?

Offshore Wind Energy Market is projected to reach USD 223.41 billion by 2034, growing at a CAGR of of 14.86% during the forecast period.

What is the growth rate of the Offshore Wind Energy Market?

Offshore Wind Energy Market grew in Market size from 2025. The Market is expected to reach USD 223.41 billion by 2034, at a CAGR of 14.86% during the forecast period.

What is the anticipated CAGR of the Offshore Wind Energy Market?

Offshore Wind Energy Market CAGR of 14.86% during the forecast period.

How can I get a sample report on the Offshore Wind Energy Market?

You can get the sample pages by clicking the link - Click Here

What is the Market size of the Offshore Wind Energy Market?

Offshore Wind Energy Market size is USD 223.41 billion from 2025 to 2034.

Which segment is expected to Offshore Wind Energy Market?

Offshore Wind Energy Market is covered By Component, By Depth

Which region is expected to have the highest Market share in the Offshore Wind Energy Market?

The North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa is the highest Market share in the Offshore Wind Energy Market.

Who are the key players in Offshore Wind Energy Market?

ENESSERE, Furukawa Electric, General Electric, Global Energy (Group) Limited, Goldwind, IMPSA, LS Cable & System, Nexans, Nordex SE, Prysmian Group

What is the conclusion of the Offshore Wind Energy Market?

The report includes an in-depth analysis of the Global Offshore Wind Energy Market, including market size and trends, product mix, Applications, and supplier analysis.