Offshore Wind Energy Market
                     Offshore Wind Energy Market Statistics and Research Analysis Released in Latest Industry 
Report 2026
Market Overview
Offshore wind energy is the technology used to generate electricity by wind using wind turbines 
constructed near the coastline of oceans and lakes. Offshore wind energy offers various advantages 
such as generation of energy from renewable sources. The energy is generated at higher speed on 
offshore as compared to onshore, which positively impacts the market growth.
The offshore wind energy market is driven by increasing demand for renewable sources in power 
generation. Increasing energy consumption and rise in environmental concerns regarding depletion 
of natural resources are major factors increasing demand for renewable sources in power 
generation. For instance, according to the Electronic Industries Alliance (EIA) organization, the 
total world energy consumption is expected to increase from 575 quadrillion British thermal units 
(Btu) in 2015, to 736 quadrillion Btu in 2040, which is an increase of 28%. Therefore, increasing 
energy consumption is propelling demand for renewable sources in power generation, in turn 
positively influencing growth of the offshore wind energy market.
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Market Dynamics
Increasing demand for renewable sources in power generation is the underlying factor driving the 
global offshore wind energy market growth. This is due to the stringent government regulations and 
policies regarding fossil fuel use, as it leads to high carbon emissions. Globally, energy related 
carbon dioxide emissions are expected to increase to 45 billion metric tons by 2040, according to 
U.S Energy Information Administration (EIA), 2013. Therefore, rising concerns about greenhouse 
gases is leading to high demand for renewable sources of energy, which in turn is expected to drive 
growth of the offshore wind market.
Key players and organizations in the market are focusing on technological advancements to increase
wind energy generation and reduce production cost. According to the study by GrouPrognos AG 
and The Fichtner Group, the offshore technology contains significant cost reduction potential with 
the help of technical innovation and networking of players (partnership). For instance, in 2016, 
ABB Ltd. announced a strategic partnership with Aibel to deliver state-of-the-art offshore wind 
integration solutions. ABB is focused on delivering core high voltage direct current technology. 
Whereas, Aibel will take up the turnkey Engineering, procurement, and construction responsibility 
for offshore platforms.
Detailed Segmentation:
•Global Offshore Wind Energy Market, By Foundation:
•Floating
•Bottom Founded
•Global Offshore Wind Energy Market, By Component:
•Turbine
•Substructure
•Others
Key players operating in the global offshore wind energy market include MHI Vestas Offshore 
Wind, Siemens Gamesa Renewable Energy, S.A., J.J Cole Collections, Sinovel Wind Group Co., 
Ltd, Erndtebrücker Eisenwerk Gmbh & Co. Kg, Northland Power Inc., ABB Ltd., Ming Yang Smart
Energy Group Limited, Adwen GmBH, General Electric Company, A2SEA A/S, Nexans, and 
others.
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