Energy & Power

Offshore Wind Market

By Segment, By Region, And Segment Forecasts, 2015 – 2023

Vertical: EnPBase Year: 201610 Sections

Executive Summary

Offshore Wind Market — Snapshot

  • Market Size (2015)

    2015

    $21.70B

  • Projected (2023)

    2023

    $49.74B

  • CAGR (2015–2023)

    10.9%

    10.9%
  • Key Players

    109+

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. MRFR 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.

Key Insight

The Offshore Wind Market market is projected to grow at a CAGR of 10.9% from 2015 to 2023.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

  • Geographic Coverage: This analysis covers 3 regions: Asia Pacific, Europe, North America.
  • Market Segmentation: The market is analyzed across 5 segments: Turbine, Tower, Blades, Electrical Infrastructure, Nacelle. Forecasts are provided for each segment from 2015 to 2023.
  • Competitive Landscape: 109 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

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Market Overview

Offshore Wind Market — Growth Trajectory

Offshore 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.

Offshore Wind Market — Growth Trajectory

Turbine
Tower

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Market Size Trend (USD Mn)

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Market Dimensions

How this market is segmented

  • Components Components is broken down into: Turbine, Tower, Blades, Electrical Infrastructure, Nacelle.
  • Location Location is broken down into: Shallow Water, Transitional Water, Deep Water.

Geographic Analysis

Regional market breakdown

  • Asia Pacific Asia Pacific market size reached $45.80M in 2015 and is projected to reach $100.20M by 2023, growing at a CAGR of 10.3%.
  • Europe Europe market size reached $19.16B in 2015 and is projected to reach $44.92B by 2023, growing at a CAGR of 11.2%.
  • North America North America market size reached $2.49B in 2015 and is projected to reach $4.72B by 2023, growing at a CAGR of 8.3%.

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Research Methodology

Offshore Wind Market — How We Researched This Market

This 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 – 2016

  • Forecast Period

    2016 – 2023

  • Primary Interviews

    150+

Research Process

Historical data (2015–2016) and forecast period (2016–2023)

1

Problem Definition

  • Market scoping
  • Objective setting
  • Framework design
2

Secondary Research

  • Literature review
  • Data mining
  • Trend analysis
3

Primary Research

  • Expert interviews
  • Field visits
  • Surveys
4

Data Analysis

  • Quantitative modeling
  • Statistical testing
  • Validation
5

Insights & Reporting

  • Synthesis
  • Recommendations
  • Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)
Forecast (modelled)

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Quantitative Analysis

Regional Breakdown

Regional market breakdown for Offshore Wind Market.

Regional Market Size (USD Mn)

Market estimates by geography (2023)

USD Mn

InsightEurope leads with $44.92B by 2023.

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Regional Market Data

REGION201520162023CAGRSHARE
Asia Pacific$45.80M$66.80M$100.20M10.3%0%
Europe$19.16B$28.93B$44.92B11.2%90%
North America$2.49B$3.38B$4.72B8.3%9%
Total$21.70B$32.39B$49.74B10.9%100%

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Segment Revenue (2023)

Turbine
Tower
Blades
Electrical Infrastructure
Nacelle
0372374471117014893

Segment Market Share

  • Turbine27%
  • Tower22%
  • Blades21%
  • Electrical Infrastructure18%
  • Nacelle13%

Total Market Size

$49.74B

Market by Segment (2023)

APPLICATIONREVENUE ($B)GROWTH RATEMARKET PENETRATION
Turbine$13.54B10.9%
72%
Tower$10.93B10.9%
87%
Blades$10.28B10.9%
53%
Electrical Infrastructure$8.75B10.9%
46%
Nacelle$6.25B10.9%
72%

* 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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Analytics

Offshore Wind Market — Key Findings

Analytical insights on Offshore Wind Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

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.

Market Dynamics

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.

Market Drivers

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.

Market Opportunities

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.

Market Restraints

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.

Strategic Outlook and Future Directions

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.

Market Value by Segment (2023)

Value (USD Mn)
Turbine
Tower
Blades
Electrical Infrastructure
Nacelle

Companies

Key companies profiled in Offshore Wind Market

Profiles of 109 companies operating in the Offshore Wind Market market, including revenue, employee count, and market positioning where available.

Showing 109 of 109 companies

Goldwind W

Goldwind Windenergy GmbH

Energy & Power

Goldwind Windenergy GmbH was established in 1998 and is headquartered at China. The company is engaged in the manufacture and installation of wind turbines. The company is well known in wind power solutions in china and all over the word. The company operates through four major business segments: Wind turbine generator (WTG) Manufacturing, Wind Power Services, Wind Farm Investment and Development and other. The group’s wind power services business segment, is one of the three primary business segments of the group. The segment offers wind farm operation & maintenance, wind farm monitoring and warning. The company has presence in U.S., Africa, Australia, Korea and others. Moreover, VENSYS Energy AG, Hami Tianrun New Energy Co., Ltd. and Shanghai Yicheng Electric Power Engineering Co., Ltd. are some of the subsidiaries of the company. Siemens and General Electric are major competitors of the company.

RevenueN/A
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
EEW Group

EEW Group

Energy & Power

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.

RevenueN/A
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
Dong Energ

Dong Energy A/S

Energy & Power

Dong Energy A/S is a power company, based in Denmark. The company is engaged in production and distribution of energy and related products in North-western Europe. The company was established in 2006 upon the merger of six Danish energy companies, which includes DONG, Elsam, Energi E2, Nesa, Kobenhavns Energi and Frederiksberg Forsyning. A2SEA, DONG Energy Salg & Service A/S and DONG Energy Wind Power A/S are some of the subsidiaries of the company. Siemens and General Electric are their major competitors. The company operates through three business segments and they are Wind Power, Bioenergy & Thermal Power, and Distribution & Customer Solutions. Its Wind Power segment develops, constructs, owns, and operates offshore wind farms in Denmark, Germany, U.K., U.S., the Netherlands, and Taiwan. With more than 6,200 employees, the company owns twenty-one offshore wind farms, sixteen of which are under operation. Moreover, the company has six wind farms under construction.

RevenueN/A
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
Senvion S.

Senvion S.A.

Energy & Power

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.

Revenue$1.8B
Employees4,000
Market CapN/A
Founded2000
Luxembourg
ENERCON Gm

ENERCON GmbH

Energy & Power

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.

RevenueN/A
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
Suzlon Ene

Suzlon Energy Limited

Energy & Power

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.

Revenue$0.9B
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
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Energy & Power Research Team

Energy & Power

This report comes from Wantstats' energy team — analysts who spend their days tracking utility filings, generation capacity, and grid investment plans across markets most research glosses over. Every number here has been checked against our own databases and validated through conversations with people actually running these projects.

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I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
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R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Noah Malgeri

Co-Founder, Mojave Rail Fabrication Limited

This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Offshore Wind Market

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