Offshore Wind Energy Market is projected to demonstrate sturdy growth through 2032, owing to the growing trend of reducing the dependency on non-renewable sources. Offshore wind is ideal for the environment as it generates electricity without emitting carbon dioxide or burning fuel. Besides, the rising inclination towards accelerating offshore-based electricity generation due to the presence of potential sites and the advantage of clean power production will bolster the industry growth during 2023-2032.
In addition, several advantages offered by offshore wind energy, such as more energy generated, greater wind consistency, less visual impact, and bigger turbines, will further positively impact market growth.
Key providers in the offshore wind energy industry are engaging in partnerships, mergers, and acquisitions and launching new products to stay competitive in the overall market. To cite an instance, in March 2022, Southwire Company, one of the world’s leading developers, manufacturers, and suppliers of building wire and utility cable, acquired Novinium, Inc., a cable regeneration solutions provider focused on electric utilities. The move was undertaken to support the company’s growth strategy and to strengthen its commitment to remain generationally sustainable.
Overall, the offshore wind energy market is segmented in terms of component, depth, and region.
Considering the component, the turbines segment held over USD 12 billion market share in 2022 and is expected to grow considerably throughout 2032. Different types of turbines are used in hydropower, wind power, propulsion, and heat engines. Besides, almost all electricity gets generated with the help of the turbines by changing mechanical to electrical energy using a generator. In addition, the constant research and developments for increasing the turbine capacity will drive the overall business outlook in the coming years.
Based on depth, the > 50m segment was valued at over USD 880 million in 2022 and is anticipated to grow considerably through 2032. The development of floating infrastructure, along with the advancements of large-scale projects in deep-water sites, will increase the >50 m depth penetration in the near future.
In the regional context, the Europe offshore wind energy market accounted for over USD 19 billion revenue share in 2022 and is expected to demonstrate sturdy growth between 2023-2032. The rising focus of the government on clean energy transition, coupled with the ongoing development of offshore wind infrastructure, will positively impact regional growth in the future. Besides, the presence of suitable component supply chains such as foundations and cables and constant innovations for deploying new projects will enhance the overall business outlook in the region.