Offshore Wind Market - Global Forecast 2025-2032

Offshore wind energy is entering a pivotal phase as global industries and governments accelerate investment, expand new technologies, and refine supply chains. For senior decision-makers, this rapid evolution increases both the stakes and the complexity of market participation, making specialized intelligence critical to strategic advantage in the sector.

Market Snapshot: Offshore Wind Market Performance and Growth Outlook

The offshore wind market reached USD 45.96 billion in 2024, rising to USD 50.62 billion in 2025. Projected growth stands at a CAGR of 10.11%, with the sector expected to achieve a value of USD 99.36 billion by 2032. This trajectory reflects heightened focus on renewable energy portfolios, government mandates, and industry-led innovation. Expansion is being driven by advances in turbine size, improved project economics, and new regional markets entering the development pipeline.

Scope & Segmentation of the Offshore Wind Sector

• Turbine Types: Fixed installations dominate mature markets, while floating turbines are enabling projects in deeper waters and new geographies.
• Substation Types: High Voltage Alternating Current and High Voltage Direct Current, complemented by Line Commutated Converter and Voltage Source Converter configurations, enhance grid integration and reliability.
• Foundation Types: Gravity Base, Jacket, Monopile, and Suction Bucket foundations are chosen based on site-specific marine and geotechnical conditions.
• Power Capacity Ranges: Developments span less than 3 MW installations to projects utilizing turbines above 10 MW, matching regional resource potential and policy targets.
• Contract Types: Contractual strategies include Build Own Operate, Build Own Operate Transfer, and Engineering Procurement Construction models to address risk allocation and project control.
• Installation Vessel Types: Deployment relies on Floating Crane Vessels, Heavy Lift Vessels, and Jack Up Vessels to manage complex logistics efficiently.
• Project Stages: Project lifecycles encompass preconstruction planning, onsite construction, and ongoing operation phases, each with unique value drivers.
• Regional Coverage: The Americas (United States, Canada, Mexico, Brazil, Argentina, Chile, Colombia, Peru), Europe, Middle East & Africa (United Kingdom, Germany, France, Russia, Italy, Spain, Netherlands, Sweden, Poland, Switzerland, United Arab Emirates, Saudi Arabia, Qatar, Turkey, Israel, South Africa, Nigeria, Egypt, Kenya), and Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia, Thailand, Malaysia, Singapore, Taiwan) represent leading and emerging markets.
• Key Industry Players: Major market participants include Ørsted A/S, RWE Aktiengesellschaft, Equinor ASA, Iberdrola, S.A., SSE plc, EnBW Energie Baden-Württemberg AG, Vattenfall AB, Shell plc, TotalEnergies SE, and BP p.l.c.

Key Takeaways for Senior Leaders

• Turbine and foundation innovations are opening up new sites and increasing project lifespans, enhancing investment returns.
• Digitalization—through real-time data and predictive maintenance—supports optimized performance and resource allocation in challenging offshore environments.
• Adjusted policy frameworks and improved permitting procedures are boosting investor confidence and facilitating swifter project delivery.
• Progress in floating foundation technology is enabling market expansion into deeper waters with differentiated returns compared to conventional fixed platforms.
• Contracting models and vessel logistics play a decisive role in shaping project costs, risk management, and value creation across global markets.
• Alignment with local supply networks and regulatory expectations is vital to adapt supply strategies and strengthen market engagement.

Tariff Impact on Offshore Wind Supply Chains and Investment Strategies

Tariffs imposed by the United States on offshore wind components have reshaped procurement approaches throughout the sector. Original equipment manufacturers and suppliers are prioritizing nearshoring and developing regional partnerships, which in turn influences the timelines and costs of project execution. These regulatory adjustments are also prompting new public policy responses, including targeted incentives and initiatives for workforce and supply chain resilience. Over time, such measures are set to encourage domestic job growth and improve operational robustness across the value chain.

Methodology & Data Sources

The report’s methodology employs in-depth qualitative interviews with developers, OEM leaders, port authorities, and regulators in primary regions. Insights are complemented by site visits and are triangulated with leading secondary sources, including industry analyses and official government data. Subject matter experts review and validate findings for precision and relevance.

Why This Report Matters to Offshore Wind Market Stakeholders

• Delivering granular, regionally segmented insights, the report assists organizations in shaping infrastructure investment plans, technology adoption strategies, and procurement decisions.
• Senior executives access practical frameworks for entering new markets and adapting to regulatory and contract model shifts while ensuring supply chain adaptability.
• Comparative analysis across technologies and partnership structures allows benchmarking and identification of areas for leadership alignment and growth.

Conclusion

As the offshore wind market advances through innovation and strategic collaboration, informed senior leadership will be essential to position organizations for long-term opportunity and resilience in a dynamic environment.

Additional Product Information:

• Purchase of this report includes 1 year online access with quarterly updates.
• This report can be updated on request. Please contact our Customer Experience team using the Ask a Question widget on our website.