The global offshore wind market, valued at USD 39.97 billion in 2024, is projected to surge to USD 65.04 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 8.9% from 2025 to 2030. This robust expansion is primarily fueled by the increasing global focus on reducing carbon emissions and the escalating demand for renewable energy sources.
Government initiatives and the commitment of utility companies to decarbonization are key drivers propelling market growth. The U.S. offshore wind sector, in particular, is poised for significant expansion, spurred by the growing need for a reliable, clean, affordable, and diversified electricity supply for industrial and residential consumption. A notable example is the U.S. President's ambitious plan to deploy 30 gigawatts (GW) of offshore wind capacity by 2030, aiming to power 10 million homes, generate 77,000 jobs, and stimulate private investment across the supply chain.
Furthermore, the continuous involvement of organizations like the U.S. Department of Energy’s Bioenergy Technologies, alongside ongoing research, development, demonstration, and deployment of advanced technologies, is expected to overcome existing barriers and accelerate the widespread adoption of offshore wind in the U.S. throughout the forecast period.
Key Market Insights:
- Europe's Dominance: Europe held the largest revenue share in the offshore wind market in 2024, accounting for 47.71%.
- U.S. Market Growth: The offshore wind market in the U.S. is anticipated to experience substantial CAGR growth over the forecast period.
- Capacity Segment Leadership: Turbines with a capacity of "above 5 MW" led the market with the largest revenue share of 43.69% in 2024.
- Installation Method Preference: The "fixed structure" segment dominated the market by installation type, holding a 57.59% revenue share in 2024.
- Water Depth Focus: "Shallow water (<30 M Depth)" projects held the largest share of 44.65% in 2024, driven by easier installation and maintenance.
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Market Size & Forecast:
- 2024 Market Size: USD 39.97 Billion
- 2030 Projected Market Size: USD 65.04 Billion
- CAGR (2025-2030): 8.9%
- Regional Leader (2024): Europe
Key Companies & Market Share Insights:
The global offshore wind industry is highly competitive, characterized by the presence of major players and a trend of acquisitions, mergers, and collaborations.
Leading Companies:
- General Electric
- Vestas
- Shanghai Electric Wind Power Equipment Co.
- Siemens Gamesa
- Doosan Heavy Industries and Construction
- Hitachi
- Rockwell Automation
- Nordex SE
- Hyundai Motor Group
- Schneider Electric
- Zhejiang Windey Co.
- Taiyuan Heavy Industry Co.
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Conclusion
The offshore wind market is witnessing strong growth, driven by rising demand for clean and renewable energy sources and increasing efforts to curb carbon emissions. Government initiatives, especially in the U.S., are playing a crucial role in boosting installations and investments in offshore wind projects. Technological advancements and continued R&D efforts are also helping to overcome deployment challenges. Europe remains a dominant player, while the U.S. market is poised for significant expansion. With favorable policies and private sector collaboration, the offshore wind industry is set to play a vital role in the global energy transition.
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