[Latest] Global Offshore Wind Energy Market Size/Share Worth USD 110.62 Billion by 2032 at a 12% CAGR: Zion Market Research (Value, Growth Rate, Segmentation, Outlook, Trends, Analysis, Forecast, Players, SWOT Analysis)

The global offshore wind energy market size is projected to reach USD 110.62 billion by 2032 from its value of USD 39.89 billion in 2023, at a CAGR of 12% during the forecast period.

NEW YORK, USA, Sept. 19, 2025 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Offshore Wind Energy Market By Foundation Type (Monopile, Jacket, Tripod, and Floating), By Water Depth (Shallow Water and Deep Water), and By Region - Global and Regional Industry Overview, Comprehensive Analysis, Historical Data, and Forecasts 2024-2032” in its research database.

“According to the latest research study, the global offshore wind energy market size was valued at around USD 39.89 billion in 2023. The market is expected to grow at a CAGR of 12% and is anticipated to reach a value of USD 110.62 billion by 2032.”

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Offshore Wind Energy Industry Overview:

The offshore wind energy market encompasses the entire value chain involved in harnessing wind power from marine environments to generate electricity. This market includes the planning, development, manufacturing, installation, operation, and maintenance of offshore wind farms. At its core, the market is defined by the use of wind turbines anchored to the seabed or a floating platform in oceans, seas, and other bodies of water, which are then connected to the onshore power grid. The primary goal is to generate clean and sustainable electricity, contributing to global efforts to reduce carbon emissions and transition away from fossil fuels.

This sector has seen a rapid expansion, fueled by a combination of technological advancements, supportive government policies, and an increasing global demand for renewable energy. Technologically, the market has matured with the development of larger, more efficient turbines that can capture more energy per unit, thereby reducing the cost of electricity. The most transformative innovation, however, has been the advent of floating offshore wind technology, which allows for the installation of wind farms in deeper waters that were previously inaccessible, unlocking vast new areas for development.

Report Scope:

Report Attribute	Report Details
Market Size in 2023	USD 39.89 Billion
Market Forecast in 2032	USD 110.62 Billion
Growth Rate	CAGR of 12%
Base Year	2023
Forecast Years	2025- 2032
Key Companies Covered	Northland Power, Enercon GmbH, Siemens Wind Power, Gamesa Corporacion Technologica S.A., Guodian United Power Technology Company Ltd, Nordex S.E., Vestas Wind Systems A/S, Upwind Solutions Inc., Suzlon Group, Xinjiang Goldwind Science & Technologies Co. Ltd, GE Wind Energy, China Ming Yang Wind Power, Dong Energy, and Sinovel among others
Segments Covered	By Foundation Type, By Water Depth, and By Region
Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Customization Scope	Avail customized purchase options to meet your exact research needs.

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Key Insights

As per the analysis, the offshore wind energy market share is likely to grow at a CAGR of around 12% between 2025 and 2032.
The offshore wind energy market size was worth around $39.89 billion in 2023 and is estimated to hit approximately $110.62 billion by 2032. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Based on the foundation type, the monopile segment is growing at a high rate and is projected to dominate the global market.
In terms of water depth, the shallow water segment is projected to swipe the largest market share.
Based on region, Europe is expected to dominate the global market during the forecast period.

Industry Growth Factors

The offshore wind industry is currently shaped by a complex interplay of challenges and opportunities, creating a dynamic environment for market participants. While the sector is driven by strong fundamental tailwinds, such as global decarbonization goals and significant government support, it is also grappling with economic headwinds. A major challenge facing the industry is the dramatic rise in project costs, driven by a combination of high inflation, elevated interest rates, and supply chain bottlenecks for key components like raw materials and specialized vessels. These factors have put immense pressure on project economics, leading to project cancellations and a slowdown in final investment decisions in some regions, despite high ambition. In response, developers are seeking to mitigate risk and improve project viability, and the industry is seeing a renewed focus on streamlining permitting processes and improving the bankability of projects.

Technological innovation remains a key driver of industry dynamics, with a strong focus on increasing efficiency and expanding the addressable market. The trend towards larger, more powerful turbines with blades exceeding 100 meters is continuing, as it allows for greater energy capture and a lower levelized cost of energy (LCOE). Furthermore, the commercialization of floating offshore wind technology is a game-changer, as it enables the development of projects in deep waters where wind resources are stronger and more consistent. This has unlocked new potential markets, particularly in regions with limited shallow-water coastlines. The industry is also increasingly integrating digital technologies, such as predictive maintenance, AI-driven analytics, and the use of robotics and drones for inspections, to optimize operations and maintenance, thereby reducing costs and increasing uptime.

From a regulatory and financial perspective, the industry is witnessing a shift towards more stable and predictable support mechanisms. Many governments are moving away from simple feed-in tariffs to more sophisticated schemes like Contracts for Difference (CfDs) and competitive auctions, which provide long-term revenue certainty for developers. There is also a strong push to improve and expedite the complex and often lengthy permitting processes, which are a major bottleneck for project development.

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Offshore Wind Energy Market: Segmentation

The global offshore wind energy market is segmented based on foundation type and water depth.

On the basis of foundation type, the global offshore wind energy market is segmented into monopile, jacket, tripod, and floating. Monopile foundations are currently the dominant type of foundation in the offshore wind market. Their popularity is due to their relative simplicity of construction and lower cost compared to other foundation types. However, they have a significant limitation: they are not suitable for projects in deep water.

On the other hand, floating foundations are projected to be the fastest-growing segment in the coming years. Unlike traditional fixed structures that require bolting massive turbines to foundations fixed to the seafloor a process that can also disturb marine ecosystems floating foundations offer a more versatile solution.

Based on water depth, the worldwide offshore wind energy market is segmented into shallow and deep water. Shallow water segment is expected to grow at a significant rate over the forecast period. Currently, the majority of offshore wind energy projects are situated in shallow water, as these locations require less effort to develop and incur a lower overall project cost. While most existing projects worldwide are constructed in water depths of up to 40 meters, the industry is undergoing a significant shift. The share of deepwater offshore wind energy projects is expected to grow substantially in the coming years, with numerous plans being administered to construct wind farms in depths exceeding 50 meters. This transition reflects the industry's evolution toward accessing new, resource-rich locations.

Regional Scope:

Geographically, the market is led by Europe, which pioneered the technology, with the United Kingdom, Germany, and Denmark having some of the most mature offshore wind industries. However, the Asia-Pacific region, particularly China, has emerged as the global leader in new installations, with a strong focus on large-scale projects. North America, led by the United States, is an emerging market with a significant project pipeline and ambitious targets, particularly along the eastern seaboard. The market's growth is not just about building new capacity; it also includes a robust supply chain that manufactures massive turbine components, develops and installs electrical infrastructure, and provides specialized maintenance services. Overall, the offshore wind energy market is a dynamic and essential component of the global energy transition, poised for continued growth and innovation.

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Offshore Wind Energy Market: Competitive Landscape

The report contains qualitative and quantitative research on the global offshore wind energy market, as well as detailed insights and development strategies employed by the leading competitors.

Some of the main players in the global offshore wind energy market include;

Northland Power
Enercon GmbH
Siemens Wind Power
Gamesa Corporacion Technologica S.A.
Guodian United Power Technology Company Ltd
Nordex S.E.
Vestas Wind Systems A/S
Upwind Solutions Inc.
Suzlon Group
Xinjiang Goldwind Science & Technologies Co. Ltd
GE Wind Energy
China Ming Yang Wind Power
Dong Energy
Sinovel

The global offshore wind energy market is segmented as follows:

By Foundation Type

Monopile
Jacket
Tripod
Floating

By Water Type

Shallow Water
Deep Water

By Region

North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America

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Key Questions Answered in This Report:

What is offshore wind energy?
Which key factors will influence the offshore wind energy market growth over 2025-2032?
What will be the value of the offshore wind energy market during 2025-2032?
What will be the CAGR value of the offshore wind energy market during 2025-2032?
Which region will contribute notably towards the offshore wind energy market value?
Which are the major players leveraging the offshore wind energy market growth?
What can be expected from the global offshore wind energy market report?

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