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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

What's New?

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). 

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!

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Offshore Wind Power Market Scope

Report Coverage


Base year


Historic period


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 17.59%

Market growth 2023-2027

USD 30,744.65 million

Market structure


YoY growth 2022-2023 (%)


Regional analysis

Europe, APAC, North America, South America, and Middle East and Africa

Performing market contribution

Europe at 53%

Key countries

US, Japan, UK, Germany, and Belgium, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

CAPE Holland BV, China Steel Corp., Dongfang Electric Corp., Doosan Corp., Erndtebcker Eisenwerk GmbH and Co KG, General Electric Co., Hyosung Heavy Industries Corp., Hyundai Heavy Industries Co. Ltd., JDR Cable Systems Ltd., Lamprell Plc, Nexans SA, NKT AS, Nordex SE, Senvion Wind Technology Pvt. Ltd., Siemens Gamesa Renewable Energy SA, Sinovel Wind Group Co. Ltd., Verdict Media Limited, Vestas Wind Systems AS, Xinjiang Goldwind Science and Technology Co. Ltd., and Prysmian Spa

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Product Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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