Visiongain has published a new report entitled Offshore Wind Power Market Report 2025-2035: Forecasts by Location (Shallow Water, Transitional Water, Deep Water), by Component (Turbines, Electrical Infrastructure, Substructure, Others) AND Leading National Market Analysis PLUS Analysis of Leading Companies.

The offshore wind power market is estimated at US$56.5 billion in 2025 and is projected to grow at a CAGR of 10.1% during the forecast period 2025-2035

Advancements in Offshore Wind Turbine Technology to Drive the Market

Offshore wind turbine technology has been continuously advancing to enhance efficiency, reduce costs, and overcome the challenges associated with harnessing wind energy in marine environments. A key trend in this evolution is the development of larger and more powerful offshore wind turbines. These larger turbines can capture more wind energy, leading to higher energy production and a lower overall cost per unit of energy generated. Turbines with capacities exceeding 10 megawatts (MW) are already under development.

For example, recognizing the immense potential of offshore wind energy, GE has invested over $400 million to develop the most powerful offshore wind turbine, a move that will contribute to reducing the levelized cost of energy (LCOE) for offshore wind farms. This investment aims to make offshore wind energy more competitive and accessible to customers. The Haliade-X platform, which features cutting-edge offshore wind technology, is designed to help customers succeed in an increasingly competitive market.

How will this Report Benefit you?

Visiongain’s 321-page report provides 112 tables and 163 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the offshore wind power market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Offshore Wind Power. Get financial analysis of the overall market and different segments including location and component and capture higher market share. We believe that there are strong opportunities in this fast-growing offshore wind power market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Grid Integration and Energy Storage to Drive Offshore Wind Power Industry

Grid integration and energy storage are pivotal factors that will drive the future growth and success of the offshore wind power industry. Efficiently incorporating offshore wind energy into the electrical grid is essential for ensuring the sustainability and scalability of the sector. Upgrading and expanding existing grid infrastructure to accommodate renewable energy sources, such as offshore wind, is a key requirement.

Moreover, enhanced interconnection between national and regional grids enables more effective distribution of wind-generated electricity. This reduces grid congestion, improves system reliability, and ensures a stable supply of renewable energy across regions, fostering the growth of offshore wind power as a mainstream energy source.

Abundant Wind Resources to Drive Offshore Wind Power Industry

The offshore wind power industry is positioned for substantial growth, driven by the vast wind resources available in coastal and offshore areas. Offshore wind farms can capture stronger and more consistent winds compared to onshore farms, leading to higher energy output and improved efficiency. Additionally, these wind resources are often found in regions where land-based renewable energy options are limited, making offshore wind a highly attractive solution for achieving clean energy targets.

Where are the Market Opportunities?

Government Initiatives to Reduce Carbon Emissions to Open New Avenues

The United States introduced the Net-Zero Government Initiative at the United Nations Climate Change Conference of the Parties (COP27) in 2022, calling on other nations to follow suit and attain net-zero emissions from their national government activities by the year 2050 at the latest. 18 countries have joined the United States in this new initiative, according to a statement made by U.S. Special Presidential Envoy for Climate John Kerry and Chair of the Council on Environmental Quality Brenda Mallory during a COP27 session with partner governments.

As countries strive to meet their net-zero goals, offshore wind power has emerged as a key component of the global renewable energy strategy. With vast untapped potential, offshore wind farms are becoming integral to both national and international efforts to reduce carbon emissions, provide clean energy, and create jobs. The momentum generated by the Net-Zero Government Initiative is expected to accelerate the development and deployment of offshore wind projects worldwide, offering significant opportunities in the growing renewable energy market.

Competitive Landscape

The global offshore wind power market is highly competitive in nature as large number of well-established companies are operating in this industry. Some leading companies are General Electric, Vestas Wind Systems A/S, Siemens Gamesa, ABB, Goldwind, Doosan Enerbility, Nordex, Nexans, EEW Group, Shanghai Electric Wind Power Equipment Co., Ltd., Rockwell Automation, Envision Group, Hitachi Energy Ltd, DEME Group, and RENOVA. Companies operating in this industry are adopting technology development, production expansion, investment, and partnership to stay competitive in this industry and gain competitive advantage over other companies.

Recent Developments

• On 11^th November 2024, ScottishPower sealed £1BN (US$ 1.24 Bn) offshore wind turbine deal with Siemens Gamesa.

• On 27^th November 2024, DEME was awarded a contract for the construction of an offshore wind terminal in the Port of Cuxhaven in Germany. The terminal will boost Cuxhaven’s position as a key offshore industrial hub to support the handling of heavy-duty loads, particularly components for offshore wind farms.

Notes for Editors

If you are interested in a more detailed overview of this report, please send an e-mail to contactus@visiongain.com or call +44 207 336 6100.

About Visiongain

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