Vertical: EnPBase Year: 201610 Sections
Market Size (2016)
$23.94B
Projected (2023)
$49.74B
CAGR (2015–2023)
10.9%
Key Players
10+
The global offshore wind market has been largely benefiting from the changing paradigms in government regulations and end-users perspective towards reducing global dependence on coal and other fossil fuels. With several driving trends such as, increasing share of renewable energy, rising investment towards development of clean energy dramatic cost declines and capacity additions, offshore wind has remained more reliable resource.
Global offshore wind market has very broad market in coming recent years. Wantstats analysts has predicted that offshore wind industry is about to grow at a rapid pace, moreover, the economic growth with emissions reduction have given a growth momentum. The global offshore wind market is poised to grow over USD 49,741.0 million by 2023 at an estimated CAGR of 11.12% through the forecast period.
Geographically, Asia-Pacific is a major revenue generator to the global offshore wind market, where China, Japan and India are considered as the prominent countries owing to the demand for electricity, rapid urbanization and technological advancements.
The Offshore Wind Market market is projected to grow at a CAGR of 10.9% from 2015 to 2023.
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View Subscription PlansOffshore wind energy is the use of wind farms constructed offshore to harvest wind energy to generate electricity. This helps to meet multiple state and national goals which includes reducing energy imports, reducing air pollution and greenhouse gas emissions, meeting renewable electricity standards, and local business opportunities.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2016
Historical Period
2015 – 2015
Forecast Period
2017 – 2023
Primary Interviews
150+
Historical data (2015–2016) and forecast period (2016–2023)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansIn competitive landscape, the report covers the growth strategies adopted by the companies between 2014 and 2016. The key players adopted various strategies to retain and/or expand their market share. The key strategies followed by most companies within the global offshore wind market were those of contract and agreement & partnership.
The major players operating in this market, who have adopted these strategies are General Electric (U.S.), Siemens (Germany), Vestas Wind Systems A/S (Denmark), Senvion SA (Luxembourg), Doosan Heavy Industries & Construction Co., Ltd (Korea), Suzlon Group (India), Dong Energy A/S (Denmark), EEW Group (Germany), ENERCON GmbH (Germany) and Goldwind Windenergy GmbH (China)Extensive research in this market has brought to light that expansion is a key strategy adopted extensively by the players with a share of 83.87% to spread their geographical presence and achieve operational efficiencies. Agreement & Partnership is also major strategies adopted by the major players in the global offshore wind market. This strategy is widely adopted to increase the number of offerings to the customer. New technologies and expanding its facilities for offshore wind projects lead to new product developments.
Based on contract, Vestas Wind Systems A/S (Denmark) has undergone the highest number of contracts, with a share of 46.15%, during the period 2015-2017.
For Instance, in 2017, MHI Vestas Offshore Wind wins record order for 450 MW Borkum Riffgrund 2 project in Germany.
On the basis of the key strategies adopted by the companies in the global offshore wind market, General Electric had the maximum number of agreement & partnerships with a share of 50% during the period 2015 to 2017.
Microsoft, GE sign agreement on new wind project in Ireland. With the agreement, Microsoft will become one of the first multinational technology companies to support a new wind project in Ireland.
On the basis of key strategies adopted by the companies in the global offshore wind market, Siemens has had a substantial share in product development. Siemens expands portfolio with 8 MW offshore wind turbine. The latest addition to the offshore direct drive platform, the SWT-8.0-154, represents yet another significant step towards grid parity for offshore wind. Company relentlessly working on lowering the levelized cost of energy, and the offshore direct drive platform enables to do this with the lowest possible risk.
Merger & acquisition is another key strategy adopted by companies in the global offshore wind market such as general Electric. For instance, in 2015, GE completes acquisition of Alstom Power and Grid Businesses. The completion of the Alstom power and grid acquisition is another significant step in GE’s transformation. GE continues to execute its strategy to become a simpler, more focused company.
On the basis of the key strategies adopted by the companies in the global offshore wind market, Siemens, Vestas Wind Systems A/S, Doosan Heavy Industries & Construction Co., Ltd and Dong Energy A/S adopted expansion strategy for the growth of the company. In 2016, Vestas inaugurates factory in Brazil. The factory will produce hubs and nacelles for the V110- turbine mode. The new factory is part of Vestas’ plans to meet the increasing production demands in Brazil and Latin America, including the 376 MW of announced orders for projects in Brazil that Vestas received in 2015.
Market estimates by geography (2023)
InsightEurope leads with $44.92B by 2023.
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View Subscription Plans| REGION | 2015 | 2016 | 2023 | CAGR | SHARE |
|---|---|---|---|---|---|
| Asia Pacific | $45.80M | $66.80M | $100.20M | 10.3% | 0% |
| Europe | $19.16B | $28.93B | $44.92B | 11.2% | 90% |
| North America | $2.49B | $3.38B | $4.72B | 8.3% | 9% |
| Total | $21.70B | $32.39B | $49.74B | 10.9% | 100% |
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View Subscription PlansTotal Market Size
$49.74B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Turbine | $13.54B | 11.8% | 27% |
| Tower | $10.93B | 11.5% | 22% |
| Blades | $10.28B | 11.1% | 21% |
| Electrical Infrastructure | $8.75B | 10.2% | 18% |
| Nacelle | $6.25B | 8.9% | 13% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Offshore Wind Market covering market dynamics, competitive landscape, and strategic outlook.
The Offshore Wind Market market is projected to reach $49.74B by 2023, growing at 10.9% CAGR. The Turbine segment holds the largest share.
The global offshore wind market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of the offshore wind market is majorly influenced by the growing demand for energy consumption around the world. Furthermore, electricity produced by renewable sources is clean, cost effective and renewable in nature which drives the market towards growth. However, the high capital cost for installation is acts as a major barrier for the growth of the offshore wind market.
As the world economy continues to undergo intense growth and restructuring, natural resources are being depleted at alarming rates and irreversible damage has been done to the environment. Fossil fuels remain in high demand as their availability reduces and environmental concerns rise. Recently, the largest growth in the renewable energy sector has been in the production and the use of wind power. Offshore wind resources are abundant, stronger, and blow more consistently than land-based wind resources. With rise in wind power production, competition between countries has increased and wind turbine manufacturers are working to gain the upper hand as they design, test, and manufacture more effective models. Improvements in the cost and performance of wind power technologies, increase in demand for renewable energy and state renewable portfolio standards play a role in driving the wind sector towards growth.
The offshore wind market is smaller today compared to other renewable energy technologies, but it is growing faster and is more efficient than other alternatives. Europe holds 90 percent of the world’s offshore wind capacity. U.S. and China are known as promising markets due to the cheaper and better-planned and executed projects, increased investor interest and government support.
While solar photovoltaic and onshore wind have experienced dramatic cost declines and capacity additions, offshore wind has remained more reliable resource with just 14 gigawatts (GW) of installed capacity. Concerns about the links between rising global average temperatures and increasing man-made Green House Gas (GHG) concentrations have led to ambitious long-term policy action on climate change. Of the various low carbon alternatives, offshore wind is well placed due to a combination of factors including large untapped resources and the potential to develop projects on a large scale. Stronger and less gusty winds allow production of more wind power than on land. In addition, offshore wind farms solve the problem of shortage of land areas. They also reduce the massive quantity of water that is evaporated during the cooling process at conventional power plants. Moreover, with increasing scarcity of onshore sites and abundant and consistent wind characteristics, offshore wind is becoming increasingly attractive. Moreover, increasing measures to reduce the greenhouse gas emission along with growing electricity demand will significantly drive the global offshore wind market size.
This is the biggest disadvantage of offshore wind power over onshore wind energy. It costs between 2.5-3.5 times more to generate electricity from offshore wind turbines than the wind farms built on land. The costs of installing offshore wind turbine were around USD 5 million per megawatt of capacity while installing turbine on land has installation costs between USD 2 to 2.5 million per megawatt of capacity. Because offshore wind farms need to be large, and are not economically viable otherwise. Offshore wind energy market is constantly growing despite the high construction costs of new offshore wind energy projects.
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Profiles of 107 companies operating in the Offshore Wind Market market, including revenue, employee count, and market positioning where available.
Showing 107 of 107 companies
Company Headquarters: Luxembourg Founded: 2001 Workforce:~4000 Company Working: Senvion S.A. has been manufacturing and selling wind energy turbines for close to a couple of decades, while developing turnkey wind farms. It operates through three business segments, which are onshore wind turbines, offshore wind turbines, and services. Its wind turbines portfolio has a capacity with nominal outputs of 2–6.2 megawatts and rotor diameters ranging between 82 meters and 152 meters. It offers a range of project specific solutions for domains such as foundation construction, transport and installation as well as it offers service and maintenance. Senvion with the experience gained from manufacture, has installed more than 7,900 wind turbines around the world. It installed more than 400GW capacity of wind turbines globally. It has 18 manufacturing facilities, across the globe. It owns production sites in Germany and Portugal and operates through subsidiaries and in Europe, the Americas, Asia, and Australia through joint ventures.
Doosan Corporation, founded in 1896 and headquartered in Seoul, South Korea, operates as one of the oldest and most diversified industrial conglomerates in Asia. The group's relevance to the heavy equipment and utility vehicles market is anchored primarily through Doosan Bobcat — a wholly owned subsidiary and a globally recognized manufacturer of compact construction equipment, utility vehicles, and attachments. Doosan Bobcat operates manufacturing facilities across the United States, Europe, and Asia, distributing products through a dealer network spanning over 100 countries. The parent holding company, Doosan Corporation, is listed on the Korea Exchange and oversees a portfolio of businesses ranging from industrial machinery to power systems, with heavy equipment representing one of its highest-revenue segments. Doosan Bobcat forms the core of Doosan's competitive positioning in the heavy equipment and utility vehicles market. The subsidiary's product portfolio includes skid-steer loaders, compact track loaders, mini excavators, telescopic handlers, and a broad range of utility vehicles — most notably the Bobcat UV series used in agriculture, construction, landscaping, and municipal applications. Bobcat competes directly with Caterpillar, John Deere, and Manitou in the compact equipment segment, differentiating through dealer density, attachment versatility, and a strong aftermarket parts and service network. In the utility vehicle segment, Bobcat's UV34 and UV34XL models target professional-grade users in turf management, facility maintenance, and light construction, competing against Polaris Professional and Kubota RTV lines. Doosan Bobcat has pursued a strategy of product line expansion and electrification to address evolving regulatory and customer demands. The company unveiled its all-electric compact track loader and electric mini excavator concepts at major trade events including ConExpo, signaling a deliberate push into zero-emission equipment. In 2022, Doosan Bobcat completed its listing on the Korea Exchange as an independent entity, raising capital to fund R&D and geographic expansion — particularly in Europe and emerging markets where compact equipment adoption is accelerating. The parent Doosan Corporation has also restructured its broader portfolio following financial difficulties in 2020–2021, divesting non-core assets to sharpen focus on high-margin industrial and equipment businesses. Doosan Bobcat reported revenues of approximately KRW 7.8 trillion (roughly $5.9 billion USD) for fiscal year 2023, driven by sustained demand in North American construction and rental markets. The North American market accounts for the majority of Bobcat's equipment sales, with rental fleet operators — including United Rentals and Sunbelt Rentals — representing significant volume customers for skid-steer loaders and compact track loaders. Bobcat holds a leading share in the North American skid-steer loader segment, a position built over decades of brand recognition and an extensive dealer footprint exceeding 700 locations in the United States alone.
EEW Group was founded in 1936 and headquartered at Germany. The company is engaged in supplying steel pipes and provides services to all kind of industries such as offshore oil & gas, offshore wind, power plants and others. The company manufactures almost all types of foundations and offers products such as manufacture monopiles, transition pieces and pre-fabricated components for jacket constructions. EEW Group has 2,100 employees worldwide with production facilities in Germany, South Korea, Malaysia and Saudi Arabia, as well as it has sales offices in every continent. EEW Special Pipe Constructions GmbH and EEW Steel Trading LLC are some of the subsidiaries of the company. Dong Energy A/S and Senvion SA are the major competitors of the company.
ENERCON GmbH was established in 1984 and is headquartered at Germany. The company is engaged in manufacturing and selling of wind turbines to customers all over the world. The company produces wind energy converter components, such as annular generators, inverters, rotor blades, cast components, towers, and machine houses and also provides product maintenance, service, and repairing services. The company has production facilities in Germany, Sweden, Brazil, India, Canada and Turkey. With more than 10,000 employees, the company is to set technological benchmark, in terms of new turbine generations. SolVent GmbH, Enercon Independent Power Producer GmbH and ENERCON Production GmbH are some of the subsidiaries of the company. GE Energy, Vestas Wind Systems A/S, Senvion GmbH are major competitors of the company.
Suzlon Group, engages in the manufacture and sale of wind turbines. The company was incorporated in the year 1995 and headquartered in India. The company being the world’s fifth-largest manufacturer of wind turbines, is engaged in the business of design, manufacture, development, and supply of wind turbine generators of a range of capacities and their components. Suzlon is a market leader in India with a global footprint across Asia, Australia, Europe, Africa, North and South America. The group has 15 manufacturing facilities spread across India and China, with a workforce of over 8,500 employees, who meet the increasing worldwide demand for end–to–end wind power solutions. Siemens and General Electric are major competitors of the company. March 2012, the company signed a global strategic partnership agreement with CGN Wind Energy Co Ltd (CGNWE). CGNWE is a wholly owned subsidiary of China Guangdong Nuclear Power Group. This partnership will help in the setup of the most feasible projects, globally in countries such as Brazil, South Africa, India and China. SE Shipping Lines Pte. Ltd., SE Electricals Limited and Suzlon Wind International Limited are some of the subsidiaries of the company. Recently, in 2015, Suzlon Group, one of the world’s leading wind turbine manufacturers, has signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE, a wholly owned subsidiary of the Suzlon Group.
8 interactive charts drawn from the Offshore Wind Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.
Global Offshore Wind Market United States Of North America
Global Offshore Wind Market Belgium, Germany, Denmark, United Kingdom, Netherlands, Sweden and Rest Of Europe
Global Offshore Wind Market China, Japan, South Korea and Rest Of Asia Pacific By Country
Global Offshore Wind Market By Region
Offshore Wind Market North America
Offshore Wind Market Europe
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
