Offshore wind energy utilizes wind farms constructed in oceans, seas or lakes to produce electricity from wind. Offshore wind farms deliver higher energy production with less environmental impact and noise pollution as compared to onshore wind farms. Additionally, offshore wind turbines are taller and more powerful than onshore turbines, allowing them to access stronger and more consistent winds offshore.
The global offshore wind market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing investments in offshore wind projects is one of the major trends driving the growth of the offshore wind market. Governments across several countries are strongly promoting investments in offshore wind power and offering several incentives to developers. For instance, the U.S. government has set a target of developing 30 GW of offshore wind power by 2030 and aims to invest over $12 billion in offshore wind projects. Similarly, the UK government plans to invest $33 billion to support its target of producing 40 GW offshore wind power by 2030. Such significant planned investments are expected to boost the installation of new offshore wind projects, propelling the market growth over the forecast period.
Segment Analysis
The global offshore wind market is dominated by the bottom fixed segment due to its ease of installation and operation on costal waters, seas and oceans. The bottom fixed segment accounted for over 80% share of the global market in 2023. Offshore floating wind which uses floating structures instead of fixed foundations is emerging as a promising segment. It allows operations in deep waters where bottom fixed structures cannot be installed.
Key Takeaways
The Global Offshore Wind Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Favorable government policies and clean energy targets are driving investments in offshore wind energy capacity additions globally. The global offshore wind market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.
Regional analysis
Europe currently dominates the offshore wind market with over 80% share, led by countries such as the UK, Germany, Belgium, Denmark, Sweden and the Netherlands. Asia Pacific is emerging as the fastest growing regional market for offshore wind driven by rising installations in China. North America is also witnessing growth with projects coming up in the US.
Key players
Key players operating in the offshore wind market are Groupe Danone, Fonterra Co-operative Group Ltd., Proliant Inc., Koninklijke DSM N.V., E.I. DuPont De Nemours and Company, Arla Foods amba, Cargill Inc., Groupe Lactalis S.A., APS BioGroup, and Nestle S.A.
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