The global Offshore Wind Market is expected to grow from an estimated USD 31.8 billion in 2021 to USD 56.8 billion by 2026, at a CAGR of 12.3% during the forecast period. Offshore wind is a crucial pillar in the energy mix together with onshore wind for regions such as Europe, Asia Pacific, and North America to achieve their goals pertaining to climate neutrality. Offshore wind turbines are increasingly being installed in Asia pacific and European regions and are showing robust growth. Increasing global investments in renewable energy are likely to drive the offshore wind market.
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The turbines segment is expected to grow at the highest CAGR from 2021 to 2026.
The turbine segment accounted for the largest share of the offshore wind market, by component, in 2020. The turbine segment of the Offshore Wind Market is further classified into three modules—nacelle, rotors and blades, and tower. Rotors and blades are most stressed part of the turbine and are responsible for catching the wind.
Europe: The largest offshore wind market
Europe accounted for the largest share of 57% of the offshore wind market amongst all regions in 2020. The European market is further segmented into UK, Germany, Denmark, Belgium, Netherlands, Sweden, Finland, Ireland, and Rest of Europe. The European region is home to several major offshore wind companies such as Siemens (Germany), Nordex SE (Germany), Vestas (Denmark), ABB (Switzerland) and many more. The European region has been a pioneer in offshore wind technology and offshore wind farm development. The countries in the EU are primarily focusing on upgrading their aging electrical infrastructure, and governments of these countries are promoting power generation through renewable energy sources and are building networks, from generation to end-users, to allow for efficient power and energy trading.
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The leading players in the Offshore Wind Market include General Electric (US), Vestas (Denmark), Siemens Gamesa (Spain), Goldwind (China), and Shanghai Electric Wind Power Equipment Co. (China).
