Offshore Wind Power Market size to grow by USD USD 30,744.65 million from 2022 to 2027, Europe to account for 53% of the market growth – Technavio

NEW YORK, June 9, 2023 /PRNewswire/ — The global offshore wind power market size is estimated to grow by USD 30,744.65 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 17.59% during the forecast period. Europe is estimated to account for 53% of the global market growth during the forecast period. The UK registered the highest share of offshore wind installations, followed by Germany, in this region. But since the prices of international offshore wind power have reduced by more than 50%, the auctions for offshore wind power are expected to resume, and tariffs are anticipated to reduce to around USD 0.18 per kW in the upcoming projects. Factors such as the rapid deployment of renewable energy sources in the region, the technological developments reducing the cost per unit of offshore wind power, and the government initiatives to boost the efficiency of offshore wind farms are expected to support the growth of the market in Europe during the forecast period. For more insights on the market share of various regions – Request a sample report

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• Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report!

Offshore Wind Power Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on type (monopile, jacket, and others), product type (fixed structure and floating structure), and geography (Europe, APAC, North America, South America, and Middle East and Africa). 

• The market share growth by the monopile segment will be significant for overall market growth during the forecast period. This segment is made up of a cylindrical steel tube and has a relatively simple design wherein the tower is supported by the monopile either directly or through a transition piece. The monopile runs down into the seabed, and its penetration can be adjusted based on the seabed and environmental conditions. Hence, such factors drive the segment growth during the forecast period.

Insights on the market contribution of various segments, including country and region-wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report

Offshore Wind Power Market – Market Dynamics

Key factor driving market growth

The rise in global energy demand is a major factor that drives global offshore wind power market growth. The global economy grew at a rate of 6.0% in 2021, as compared to 2020. Owing to robust economic growth, there was strong growth in the global energy demand. Resultantly, in 2021, the global energy demand grew by 4.6% compared with 2020. This growth was mainly propelled by countries such as China, the US, and India, which accounted for nearly 70% of this growth. Thus, due to the growth of the population and the resulting increase in economic activities, electricity demand is expected to grow significantly during the forecast period.

Leading trends influencing the market 

The rising popularity of clean energy technologies is an emerging trend in the global offshore wind power market. Due to the rapid growth in the global demand for electricity and the extensive use of fossil fuels such as coal and natural gas to fulfill the demand. There has been substantial growth in global carbon dioxide (CO2) emissions resulting from fuel combustion. Furthermore, electricity and heat generation have been the largest sources of CO2 emissions and accounted for more than 42% of the global CO2 emissions in 2022. Moreover, wind and solar power registered a double-digit growth rate in 2021, mainly propelled by China, Europe, and the US. Hence, such trends boost market growth during the forecast period.

Major challenges hindering the market growth

The competition from alternative energy sources is a major challenge hindering the global offshore wind power market growth. In spite of the rapid growth in the adoption of renewable energy sources such as offshore wind power generation, the use of fossil fuels such as oil, coal, and natural gas still accounts for a substantial portion of the global energy mix. Furthermore, clean coal technologies such as supercritical and ultra-supercritical coal-fired power plants have been further boosting the operations and sustenance of coal-fired power plants. Additionally, various countries prefer using fossil fuels rather than renewable energy sources due to the abundance of fossil fuels. Hence, such challenges impede market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Offshore Wind Power Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the offshore wind power market between 2023 and 2027
• Precise estimation of the size of the offshore wind power market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the offshore wind power market across Europe, APAC, North America, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of offshore wind power market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global offshore wind power market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global offshore wind power market 2017 – 2021 ($ million)

• 4.2 Type Segment Analysis 2017 – 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 – 2021 ($ million)

• 4.3 Produt Type Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – Produt Type Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type – Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Monopile – Market size and forecast 2022-2027
• Exhibit 34: Chart on Monopile – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Monopile – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Monopile – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Monopile – Year-over-year growth 2022-2027 (%)

• 6.4 Jacket – Market size and forecast 2022-2027
• Exhibit 38: Chart on Jacket – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Jacket – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Jacket – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Jacket – Year-over-year growth 2022-2027 (%)

• 6.5 Others – Market size and forecast 2022-2027
• Exhibit 42: Chart on Others – Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Others – Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Others – Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Others – Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Type 
• Exhibit 46: Market opportunity by Type ($ million)

7 Market Segmentation by Product Type

• 7.1 Market segments 
• Exhibit 47: Chart on Product Type – Market share 2022-2027 (%)
• Exhibit 48: Data Table on Product Type – Market share 2022-2027 (%)

• 7.2 Comparison by Product Type 
• Exhibit 49: Chart on Comparison by Product Type
• Exhibit 50: Data Table on Comparison by Product Type

• 7.3 Fixed structure – Market size and forecast 2022-2027
• Exhibit 51: Chart on Fixed structure – Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Fixed structure – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Fixed structure – Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Fixed structure – Year-over-year growth 2022-2027 (%)

• 7.4 Floating structure – Market size and forecast 2022-2027 
• Exhibit 55: Chart on Floating structure – Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Floating structure – Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Floating structure – Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Floating structure – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Product Type 
• Exhibit 59: Market opportunity by Product Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 Europe – Market size and forecast 2022-2027
• Exhibit 65: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.4 APAC – Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.5 North America – Market size and forecast 2022-2027
• Exhibit 73: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027
• Exhibit 77: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 81: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 UK – Market size and forecast 2022-2027
• Exhibit 85: Chart on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.9 Germany – Market size and forecast 2022-2027
• Exhibit 89: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.10 Belgium – Market size and forecast 2022-2027
• Exhibit 93: Chart on Belgium – Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Belgium – Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Belgium – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Belgium – Year-over-year growth 2022-2027 (%)

• 9.11 US – Market size and forecast 2022-2027
• Exhibit 97: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.12 Japan – Market size and forecast 2022-2027
• Exhibit 101: Chart on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 CAPE Holland BV 
• Exhibit 112: CAPE Holland BV – Overview
• Exhibit 113: CAPE Holland BV – Product / Service
• Exhibit 114: CAPE Holland BV – Key offerings

• 12.4 China Steel Corp. 
• Exhibit 115: China Steel Corp. – Overview
• Exhibit 116: China Steel Corp. – Product / Service
• Exhibit 117: China Steel Corp. – Key offerings

• 12.5 Dongfang Electric Corp. 
• Exhibit 118: Dongfang Electric Corp. – Overview
• Exhibit 119: Dongfang Electric Corp. – Product / Service
• Exhibit 120: Dongfang Electric Corp. – Key offerings

• 12.6 Doosan Corp. 
• Exhibit 121: Doosan Corp. – Overview
• Exhibit 122: Doosan Corp. – Business segments
• Exhibit 123: Doosan Corp. – Key news
• Exhibit 124: Doosan Corp. – Key offerings
• Exhibit 125: Doosan Corp. – Segment focus

• 12.7 Erndtebcker Eisenwerk GmbH and Co KG
• Exhibit 126: Erndtebcker Eisenwerk GmbH and Co KG – Overview
• Exhibit 127: Erndtebcker Eisenwerk GmbH and Co KG – Product / Service
• Exhibit 128: Erndtebcker Eisenwerk GmbH and Co KG – Key offerings

• 12.8 General Electric Co. 
• Exhibit 129: General Electric Co. – Overview
• Exhibit 130: General Electric Co. – Business segments
• Exhibit 131: General Electric Co. – Key news
• Exhibit 132: General Electric Co. – Key offerings
• Exhibit 133: General Electric Co. – Segment focus

• 12.9 Hyosung Heavy Industries Corp. 
• Exhibit 134: Hyosung Heavy Industries Corp. – Overview
• Exhibit 135: Hyosung Heavy Industries Corp. – Product / Service
• Exhibit 136: Hyosung Heavy Industries Corp. – Key offerings

• 12.10 Hyundai Heavy Industries Co. Ltd.
• Exhibit 137: Hyundai Heavy Industries Co. Ltd. – Overview
• Exhibit 138: Hyundai Heavy Industries Co. Ltd. – Product / Service
• Exhibit 139: Hyundai Heavy Industries Co. Ltd. – Key offerings

• 12.11 JDR Cable Systems Ltd. 
• Exhibit 140: JDR Cable Systems Ltd. – Overview
• Exhibit 141: JDR Cable Systems Ltd. – Product / Service
• Exhibit 142: JDR Cable Systems Ltd. – Key offerings

• 12.12 Nexans SA 
• Exhibit 143: Nexans SA – Overview
• Exhibit 144: Nexans SA – Business segments
• Exhibit 145: Nexans SA – Key offerings
• Exhibit 146: Nexans SA – Segment focus

• 12.13 Nordex SE 
• Exhibit 147: Nordex SE – Overview
• Exhibit 148: Nordex SE – Business segments
• Exhibit 149: Nordex SE – Key offerings
• Exhibit 150: Nordex SE – Segment focus

• 12.14 Senvion Wind Technology Pvt. Ltd.
• Exhibit 151: Senvion Wind Technology Pvt. Ltd. – Overview
• Exhibit 152: Senvion Wind Technology Pvt. Ltd. – Product / Service
• Exhibit 153: Senvion Wind Technology Pvt. Ltd. – Key offerings

• 12.15 Siemens Gamesa Renewable Energy SA
• Exhibit 154: Siemens Gamesa Renewable Energy SA – Overview
• Exhibit 155: Siemens Gamesa Renewable Energy SA – Business segments
• Exhibit 156: Siemens Gamesa Renewable Energy SA – Key news
• Exhibit 157: Siemens Gamesa Renewable Energy SA – Key offerings
• Exhibit 158: Siemens Gamesa Renewable Energy SA – Segment focus

• 12.16 Sinovel Wind Group Co. Ltd. 
• Exhibit 159: Sinovel Wind Group Co. Ltd. – Overview
• Exhibit 160: Sinovel Wind Group Co. Ltd. – Product / Service
• Exhibit 161: Sinovel Wind Group Co. Ltd. – Key offerings

• 12.17 Vestas Wind Systems AS 
• Exhibit 162: Vestas Wind Systems AS – Overview
• Exhibit 163: Vestas Wind Systems AS – Business segments
• Exhibit 164: Vestas Wind Systems AS – Key news
• Exhibit 165: Vestas Wind Systems AS – Key offerings
• Exhibit 166: Vestas Wind Systems AS – Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 167: Inclusions checklist
• Exhibit 168: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 169: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 170: Research methodology
• Exhibit 171: Validation techniques employed for market sizing
• Exhibit 172: Information sources

• 13.5 List of abbreviations 
• Exhibit 173: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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