"Actionable Insights to Fuel Your Growth"

Offshore Wind Power Market Size, Share and Industry Analysis By Installation (Fixed Structure, Floating Structure), By Water Depth (Up to 30m, Above 30m), By Capacity (Up to 3MW, 3MW to 5MW, Above 5MW) and Regional Forecast, 2019-2026

Last Updated: April 08, 2024 | Format: PDF | Report ID: FBI100148



Play Audio Listen to Audio Version

The global offshore wind power market size installed capacity was valued more than 23 GW in 2018 and is projected to reach 94 GW by 2026, exhibiting a CAGR of 19.2% during the forecast period. The market is surging due to rising energy demand, technological advancements, government support, and environmental concerns. Expanding offshore wind projects and favorable policies contribute to market growth.

Offshore wind power market plays a significant role in achieving the renewable target in most of the countries around the world. Countries around the world are formulating rules and regulations to make offshore wind power a much feasible option for the clean source of energy. Also, with the introduction of advanced technology, the efficiency of wind power has increased significantly and the installation cost is showing negative growth.

The Europe leads the offshore wind power industry, generating 25% of the continent's electricity from wind power.The rising demand for clean energy is likely to boost the offshore wind power growth during the forecast period. The demand for offshore wind installation is on the rise due to the availability of advanced technology and solution provided by various service providers. 

Countries such as China, U.K., Germany, Belgium, and Denmark are one of the leading geographies in this arena. In terms of new offshore wind power installation, the U.K. and China have shown tremendous growth in the year 2018 and the trend is going to follow as per their latest renewable energy investment plan. The global offshore wind power installation was above 23 GW in 2018 with the U.K., Germany and China are the leading economies. 

Request a Free sample to learn more about this report.

Market Segmentation

"Fixed Offshore Structure Segment to Dominate the Market by Installation"

Countries around the world are focusing on increasing investment in offshore wind power projects to extract energy from natural wind resources available in the environment, thereby fueling the global market. Installing offshore wind power is a challenging task because it requires movement of heavy and big equipment to the project location which increases the overall cost per kW. But with the introduction of advanced technology and cost-effective solutions for offshore installation & wind turbines, the overall cost has become lower than earlier which makes the offshore wind a feasible option among the renewable energy category. In terms of installation type, the most preferred technology for offshore wind power is the fixed structure due to the ease of operation and cost-effectiveness. Currently, the fixed structure segment dominates the global offshore wind power market share with floating structure is at a very introductory stage, however, on the basis of planned and upcoming projects, floating structure type is going to see a significant growth rate during the forecast period.

"Increasing Focus Toward Deeper Installation to Augment the Global Offshore Wind Power Market Growth"

In terms of water depth, the majority of the market growth accounts for shallow water i.e. up to 30m segment, an increasingly popular offshore wind power type, as installing wind tower in lower depth is much easier and reduces capital expenditure at the same time. But, the trend in the global market potential is expected to shift toward deep-water installation where water depth is more than 30 meters. In 2018, the above 30m segment holds around 30 % of the market in terms of installed capacity, this share is likely to reach 50% mark in the forecast period owing to increasing investment in floating offshore wind power projects which mostly installed in a deeper location.

To know how our report can help streamline your business, Speak to Analyst

"Higher Turbine Capacity to Gain Momentum in the Global Market"

On the basis of installed capacity, wind turbine having a power rating range in 3MW to 5MW is a widely accepted form of offshore wind power due to much-explored technology and cost-effectiveness. But as per the shifting trend toward deeper installation and floating type structure, the demand for a higher power rating turbine is most preferred to make offshore wind power generation energy-efficient and economically feasible. The demand for the above 5MW segment is expected to cross 50% of the global offshore wind power market share whereas below 3MW segment is expected to have a major decline during the forecast period.

Regional Analysis

"China is Going to Dominate the Market with a Significant Growth Rate"

At present, the U.K. accounted for a major share of the installed offshore wind power in the global market, followed by Germany and China respectively. The market trend is anticipated to witness a tremendous shift where China would become the market leader in offshore wind power followed by the U.K., Germany, France, and Spain.  In 2018, China has installed approximately 40% of the world's offshore wind power paving the way for other countries. In addition to that, the country has lots of under-construction and upcoming projects lined up in the forecast period. Key emerging countries in offshore wind power are Taiwan, South Korea, Japan, India, Vietnam, and the U.S.

Key Market Drivers 

"Highly Fragmented Market Dominated by Major Market Players"

The market for offshore wind power is highly fragmented with the presence of lots of competitive players around the world. Some of the leading players are Siemens Gamesa, MHI Vestas Offshore Wind, Senvion, Adwen Offshore, ABB, GE Renewable Energy, Ming Yang Smart Energy, Nordex Group, Goldwind, Envision Energy, Suzlon Group, and Hitachi.

List of Key Companies Profiled

  • Siemens Gamesa Renewable Energy S.A.

  • MHI Vestas Offshore Wind

  • Senvion S.A.

  • Adwen

  • ABB Ltd.

  • General Electric

  • Ming Yang Smart Energy Group Co.

  • Nordex SE

  • Goldwind

  • Envision Energy

  • Suzlon Energy Limited

  • Hitachi Ltd.

  • Other prominent players

Report Coverage

With the increasing focus toward a sustainable source of energy around the world, offshore wind power has emerged as a lucrative solution to various countries, which bodes well for the global market. International and local governments are focusing more on creating smooth policies and regulations to push offshore wind energy a much feasible option among other renewable energy sources. Companies are focusing on increasing energy production from a renewable source, such as offshore wind power, to fulfill the ever-increasing demand for electricity and at the same time adhere to the zero-emission mission. The technological advancement and energy-efficient solutions have made offshore wind energy a much preferred clean energy source for many countries around the world, increasing opportunities in the global offshore wind power market. Till 2017, European countries were the leader in offshore wind power installation but in 2018, China alone has installed 1.8 GW of offshore wind capacity which brings the country to the first place. By looking at the planned projects in the pipeline stage, China is likely to dominate the global market with a major focus on floating structure type wind power turbines.

The report provides qualitative and quantitative insights on the offshore wind power industry and detailed analysis of market size & growth rate for all possible segments in the market. The global market is segmented by installation, water depth, capacity, and geography. Based on the installation, the global market is segmented into Fixed structure and Floating structure.

To gain extensive insights into the market, Request for Customization

Based on the water depth, the global market is segmented into Up to 30m and Above 30m. On the basis of capacity, the global offshore wind power market is segmented into Up to 3MW, 3MW to 5MW and Above 5MW category. Geographically, the market is segmented into major countries, which are U.K., Germany, China, Denmark, Belgium, Netherlands, Sweden, Vietnam, South Korea, Japan, U.S., Ireland, Spain, France and Rest of the World.

Along with this, the report provides an elaborative analysis of the market trends, dynamics and competitive landscape for offshore wind power. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, investment scenario, technological advancement, and key industry trends.




By Installation

  • Fixed Structure

  • Floating Structure

By Water Depth

  • Up to 30m

  • Above 30m

By Capacity

  • Up to 3MW

  • 3MW to 5MW

  • Above 5MW

By Geography

  • U.K.

  • Germany

  • China

  • Denmark

  • Belgium

  • Netherlands

  • Sweden

  • Vietnam

  • South Korea

  • Japan

  • U.S.

  • Ireland

  • Spain

  • France

  • Rest of the World

Key Industry Developments

  • In May 2021, Hecate Independent Power Limited (HIP), a U.S.-based renewable power project company, introduced its HIP Atlantic Project to deploy about 10 GW floating and fixed wind power in the North Atlantic, UK. The project with a total expenditure of around USD 30 billion or GBP 21 billion is projected to connect offshore farms with the national grid network.

  • In May 2021, the renewable energy division of GE confirmed to receive an order within the third phase of the Dogger Bank offshore wind farm. The company is set to deliver 87 units of their Haliade-X 14 MW offshore wind turbine along with a five-year full-service agreement for the project commencing installation in 2025 ahead of its completion in 2026.

  • In February 2021, Vestas launched a new model of offshore wind turbine called V236 with a total power rating output of 15 MW. The new units are designed to deliver a swept area of 43,743 m2 to capture most winds, rotor diameter of 236 meters, and high nominal power rating making the system able to support energy generation of up to 80 GWh per annum.

Frequently Asked Questions

Fortune Business Insights says that the offshore wind power market is projected to reach a cumulative installed capacity of 94GW by 2026.

In 2018, the offshore wind power market was valued at 23GW of cumulative installation globally.

Growing at a CAGR of 19.2%, the offshore wind power market will exhibit steady growth in the forecast period.

Offshore wind power installation in water depth below 30m holds the major share in the market and is expected to dominate in the coming years.

Increasing focus on renewable energy source and rise in energy demand are the key factor driving the growth of the global offshore wind power market.

Siemens Gamesa Renewable Energy S.A., MHI Vestas Offshore Wind, Senvion S.A., ABB, GE, Nordex SE, Goldwind, and Envision Energy are among the top players in the offshore wind power market.

The United Kingdom and Germany account for more than half of the global share in the offshore wind power market

China, United Kingdom, and Germany are the fastest growing countries in the global offshore wind power installations.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
    (In Process)
  • 2023
    (In Process)

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.