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Global Offshore Wind Solutions
Market Report
2025
The global Offshore Wind Solutions market size will be USD 35915.2 million in 2024. Increasing global energy consumption boosts the need for alternative energy sources like offshore wind is expected to boost sales to USD 89869.48 million by 2031, with a Compound Annual Growth Rate (CAGR) of 14.00% from 2024 to 2031.
The base year for the calculation is 2024. The historical will be 2021 to 2024. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Offshore Wind Solutions market size will be USD 35915.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 14.00% from 2024 to 2031.
2021 | 2025 | 2033 | CAGR | |
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Global Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 14% |
North America Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 12.2% |
United States Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 12% |
Canada Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 13% |
Mexico Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 12.7% |
Europe Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 12.5% |
United Kingdom Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 13.3% |
France Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 11.7% |
Germany Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 12.7% |
Italy Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 11.9% |
Russia Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 11.5% |
Spain Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 11.6% |
Rest of Europe Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 11.2% |
Asia Pacific Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 16% |
China Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 15.5% |
Japan Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 14.5% |
India Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 17.8% |
South Korea Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 15.1% |
Australia Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 15.7% |
Rest of APAC Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 15.8% |
South America Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 13.4% |
Brazil Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 14% |
Argentina Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 14.3% |
Colombia Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 13.2% |
Peru Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 13.6% |
Chile Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 13.7% |
Rest of South America Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 12.5% |
Middle East Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 13.7% |
Egypt Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 14% |
Turkey Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 13.2% |
Rest of Middle East Offshore Wind Solutions Market Sales Revenue | 121212 | 121212 | 121212 | 12.7% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
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Offshore Wind Solutions Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The offshore wind solutions market is experiencing rapid growth, driven by the global shift toward renewable energy and the increasing focus on reducing carbon emissions. Offshore wind energy offers significant advantages, including stronger and more consistent winds compared to onshore, leading to higher energy generation potential. Key drivers include government policies and incentives supporting clean energy, technological advancements reducing installation and maintenance costs, and the need for energy security. Countries in Europe, Asia Pacific, and North America are leading in offshore wind development, with growing investments and new projects. Major trends include floating wind turbines, which enable deeper water installations, and digitalization, enhancing operational efficiency. As demand for sustainable energy rises, offshore wind is positioned as a crucial solution for future energy needs.
In July 2021, General Electric (GE) is constructing a facility in Bergen in partnership with cement leader Holcim and 3D printing specialist Cobod. This facility will allow GE to 3D print the lower sections of wind turbine towers directly at wind farms, thereby reducing transportation expenses. (Source: https://www.ge.com/news/reports/fit-to-print-ge-is-looking-at-3d-printing-wind-turbine-towers-from-concrete-for-more-0)
Increasing global energy consumption is driving the need for alternative energy sources like offshore wind, significantly boosting the Offshore Wind Solutions Market. As populations grow and economies expand, the demand for reliable and sustainable energy sources rises. Traditional fossil fuels contribute to environmental degradation and are finite, leading to a global push for cleaner energy alternatives. Offshore wind energy offers a renewable, abundant, and low-carbon solution, helping meet rising energy needs while reducing greenhouse gas emissions. Additionally, offshore wind farms can harness strong, consistent wind resources in open seas, making them highly efficient. Governments and industries worldwide are increasingly adopting offshore wind to ensure energy security, meet sustainability goals, and transition toward a more renewable energy mix, further accelerating market growth. For instance, in August 2022, Ping Petroleum and Cerulean Winds have signed an agreement to develop a wind power solution for the floating production, storage, and offloading vessel (FPSO) designated for the Avalon oil project in the UK North Sea. The plan involves linking a large floating offshore wind turbine to the Sevan Hummingbird FPSO, which Ping acquired from Teekay Corporation in July 2022. The partners intend to establish a joint venture to secure seabed lease rights and oversee the development, installation, and operation of the floating wind unit.
The growing focus on reducing carbon emissions is a key driver of the Offshore Wind Solutions Market, as governments and industries worldwide intensify efforts to combat climate change. Offshore wind energy is a clean, renewable source that produces electricity without emitting greenhouse gases, making it a crucial component of global decarbonization strategies. With rising concerns about the environmental impacts of fossil fuels and international commitments, such as the Paris Agreement, countries are increasingly adopting renewable energy targets. Offshore wind, with its vast potential and ability to generate significant energy, plays a pivotal role in these strategies. This shift toward greener energy sources is supported by government incentives, regulations, and corporate sustainability goals, further driving investments in offshore wind solutions to meet emission reduction targets.
High initial investment is a major restraint in the Offshore Wind Solutions Market due to the substantial capital required for development, installation, and infrastructure. Building offshore wind farms involves expensive components like wind turbines, specialized vessels for transportation, and subsea cables for grid connections. Additionally, offshore environments are more challenging than onshore, requiring advanced technologies and engineering to manage deep waters and harsh weather conditions. These high upfront costs can deter investors and limit the expansion of offshore wind projects, particularly in regions with limited financial resources or less government support. While long-term returns and operational cost reductions are promising, the initial financial barriers pose a significant challenge, slowing market growth, especially for smaller players and emerging economies.
The COVID-19 pandemic significantly impacted the Offshore Wind Solutions Market, causing delays in project timelines, supply chain disruptions, and workforce shortages. Travel restrictions and lockdowns slowed the manufacturing and transportation of key components like turbines and subsea cables, leading to project postponements and increased costs. Additionally, the reduced availability of skilled labor and delays in government approvals further hindered the progress of offshore wind developments. On the financial side, many investors and governments redirected funds toward pandemic relief efforts, creating uncertainties in funding for renewable energy projects. However, as economies recover, the focus on green energy has intensified, with offshore wind becoming a critical part of post-pandemic recovery plans, driving renewed interest and investment in sustainable energy infrastructure.
Opportunities of the Offshore Wind Solutions Market
Traditional fixed-bottom offshore wind farms are limited to shallow coastal waters, but a vast amount of wind potential lies in deeper seas. This has opened up a major opportunity for floating offshore wind technology, which allows turbines to be deployed in waters deeper than 60 meters. This not only expands geographic potential especially in countries like Japan, the U.S., and Norway but also reduces visual and environmental impacts nearshore.
For instance in 2023, Equinor and Technip Energies formed a strategic partnership to accelerate the industrialization of floating offshore wind solutions, focusing on scalability, cost reduction, and global deployment.
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The competitive landscape of the Offshore Wind Solutions Market is dominated by a few key players like Siemens Gamesa, GE Renewable Energy, and Ørsted, which lead in offshore wind turbine manufacturing and project development. These companies focus on technological innovations, such as floating wind turbines and larger turbine capacities, to enhance efficiency. Other notable players include Vestas, ABB, and Equinor, which offer a range of energy and grid solutions. Intense competition revolves around reducing costs, increasing energy output, and expanding global project portfolios.
In November 2022, The Norwegian Government has unveiled an investment plan to designate sea areas for offshore wind development, aiming for a capacity of 30 GW by 2040. Floating offshore wind presents distinctive opportunities across Europe.
In February 2022, Mahindra Group, a diverse conglomerate with interests ranging from technology to tractor manufacturing, has announced a ?12 billion (USD 144 million) investment in solar and wind energy projects. Mahindra Susten, the group’s renewable energy arm, is expected to develop these projects with a combined capacity of 150 megawatts (MW).
In November 2023, The UK government has boosted subsidies for offshore wind farms by 66%. Ahead of Allocation Round 6 (AR6) next year, the maximum strike price for postponed offshore wind projects has been increased by 52%, from EUR 116/MWh to EUR 176/MWh. Additionally, the strike price for new offshore wind projects has risen by 66%, from EUR 44 (USD 54.5)/MWh to EUR 73/MWh.
Top Companies Market Share in Offshore Wind Solutions Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America currently dominates the Offshore Wind Solutions market, and the region is expected to have significant growth during the projected period. This is due to the region's significant government support, including favorable policies and investments in renewable energy projects. The U.S., in particular, has set ambitious clean energy targets and allocated funds to develop offshore wind farms along its coastlines. Technological advancements and the region's vast offshore wind potential, especially along the East Coast, have further driven market growth. Additionally, declining costs of offshore wind technology have made it increasingly competitive with traditional energy sources.
The Asia Pacific region is growing at the fastest CAGR in the Offshore Wind Solutions Market due to rapid industrialization, increasing energy demands, and strong government support for renewable energy. Countries like China, Japan, and South Korea are investing heavily in offshore wind projects to diversify energy sources and reduce carbon emissions. Favorable coastal conditions, technological advancements, and substantial investments in infrastructure further accelerate growth. Additionally, the region's ambitious clean energy targets and large-scale offshore wind projects drive its rapid expansion.
The current report Scope analyzes Offshore Wind Solutions Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global Offshore Wind Solutions market size was estimated at USD 35915.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 14366.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
According to Cognitive Market Research, the global Offshore Wind Solutions market size was estimated at USD 35915.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 10744.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.
According to Cognitive Market Research, the global Offshore Wind Solutions market size was estimated at USD 35915.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 8260.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.0% from 2024 to 2031.
According to Cognitive Market Research, the global Offshore Wind Solutions market size was estimated at USD 35915.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 1795.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.4% from 2024 to 2031.
According to Cognitive Market Research, the global Offshore Wind Solutions market size was estimated at USD 35915.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 718.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031..
Global Offshore Wind Solutions Market Report 2025 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Offshore Wind Solutions Industry growth. Offshore Wind Solutions market has been segmented with the help of its Components, Location , and others. Offshore Wind Solutions market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, Turbine are likely to dominate the Offshore Wind Solutions Market over the forecast period. Turbine components captured the largest market share in the Offshore Wind Solutions Market due to their critical role in the performance and efficiency of wind turbines. Key components like blades, nacelles, and drivetrains are essential for harnessing wind energy and converting it into electricity. Advances in turbine technology such as larger blades and improved materials, enhance energy capture and reduce costs. The growing number of offshore wind projects and the need for reliable, high-performance turbines drive significant demand for these components.
Tower components are growing at the highest CAGR in the Offshore Wind Solutions Market due to the increasing size and height of offshore wind turbines. Taller towers are essential for accessing stronger and more consistent winds, which enhance energy production. Advances in materials and engineering, such as stronger and lighter steel or hybrid materials, support these larger structures. Additionally, technological improvements in tower design and installation are making them more cost-effective, driving significant growth in this segment.
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According to Cognitive Market Research, the Shallow Water segment holds the largest share of the market. Shallow water locations captured the largest market share in the Offshore Wind Solutions Market due to their easier accessibility and lower installation costs compared to deeper waters. Turbines in shallow waters benefit from simpler and less expensive foundation designs and construction. Additionally, the proximity to shore reduces the complexity of grid connections and logistics. These factors make shallow water sites more economically viable and attractive for initial offshore wind projects, leading to their dominant market share.
Transitional water locations are growing at the highest CAGR in the Offshore Wind Solutions Market due to their advantageous balance between cost and performance. These sites, typically located in deeper waters than shallow areas but not as deep as those requiring floating platforms, benefit from stronger and more consistent wind resources. Advancements in turbine technology and foundation designs, such as jacket foundations, are making these locations more accessible and economically feasible, driving rapid growth in this segment.
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Senior Research Analyst at Cognitive Market Research
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Conclusion
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Components | Turbine, Tower, Blades, Electrical Infrastructure, Nacelle |
Location | Shallow Water, Transitional Water, Deep Water |
List of Competitors | Siemens Gamesa Renewable Energy, GE Renewable Energy, Vestas Wind Systems, Ørsted A/S, MHI Vestas Offshore Wind, ABB Ltd., Schneider Electric, Equinor ASA, Senvion SA, Nordex SE, Hitachi Energy, Engie SA, Envision Energy, Suzlon Energy Ltd., Doosan Heavy Industries & Construction |
This chapter will help you gain GLOBAL Market Analysis of Offshore Wind Solutions. Further deep in this chapter, you will be able to review Global Offshore Wind Solutions Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Offshore Wind Solutions. Further deep in this chapter, you will be able to review North America Offshore Wind Solutions Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Offshore Wind Solutions. Further deep in this chapter, you will be able to review Europe Offshore Wind Solutions Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Offshore Wind Solutions. Further deep in this chapter, you will be able to review Asia Pacific Offshore Wind Solutions Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Offshore Wind Solutions. Further deep in this chapter, you will be able to review South America Offshore Wind Solutions Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East Market Analysis of Offshore Wind Solutions. Further deep in this chapter, you will be able to review Middle East Offshore Wind Solutions Market Split by various segments and Country Split.
Chapter 6 Middle East Market Analysis
This chapter will help you gain Middle East Market Analysis of Offshore Wind Solutions. Further deep in this chapter, you will be able to review Middle East Offshore Wind Solutions Market Split by various segments and Country Split.
Chapter 7 Africa Market Analysis
This chapter provides an in-depth analysis of the market share among key competitors of Offshore Wind Solutions. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Components Analysis 2019 -2031, will provide market size split by Components. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Components Analysis 2021 - 2033
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Chapter 11 Market Split by Location Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Offshore Wind Solutions market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Chapter 13 Research Methodology and Sources
Why Turbine have a significant impact on Offshore Wind Solutions market? |
What are the key factors affecting the Turbine and Tower of Offshore Wind Solutions Market? |
What is the CAGR/Growth Rate of Shallow Water during the forecast period? |
By type, which segment accounted for largest share of the global Offshore Wind Solutions Market? |
Which region is expected to dominate the global Offshore Wind Solutions Market within the forecast period? |
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