Offshore Wind Market Report 2026

The offshore wind market size has grown rapidly in recent years. It will grow from $58.22 billion in 2025 to $68.51 billion in 2026 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to expansion of coastal renewable energy projects, increasing government offshore wind targets, availability of high-wind marine locations, early investments in fixed-bottom offshore wind farms, growth in offshore grid infrastructure.

The offshore wind market size is expected to see rapid growth in the next few years. It will grow to $120.04 billion in 2030 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to increasing investments in floating offshore wind farms, rising demand for large-scale renewable power generation, expansion of offshore wind capacity auctions, growing focus on cost reduction per megawatt, increasing integration of offshore wind with energy storage. Major trends in the forecast period include increasing deployment of large-capacity offshore turbines, rising adoption of floating wind platforms, growing integration of smart wind farm monitoring, expansion of deep-water offshore projects, enhanced focus on turbine reliability and performance optimization.

Rising investments in renewable energy are expected to drive the growth of the offshore wind market in the coming years. Renewable energy refers to power generated from naturally replenishing sources such as sunlight and wind. The increase in renewable energy investment is largely driven by government initiatives aimed at strengthening national energy security, promoting sustainable development, and expanding offshore wind capacity. These investments support offshore wind growth by financing advanced technologies, building new infrastructure, and accelerating the shift toward cleaner and more sustainable power generation. For instance, in December 2025, Visual Capitalist, a Canada-based media and data visualization organization, reported that global spending on renewable energy reached $807 billion in 2024, up from an average of $662 billion between 2022 and 2023. Therefore, increasing global investment in renewable energy is fueling the expansion of the offshore wind market.

Companies in the offshore wind market are focusing on innovative initiatives, such as extensive resource assessment and monitoring programs, to improve project planning, reduce development risks, and speed up the deployment of renewable energy in response to rising demand. These large-scale assessment programs utilize advanced measurement tools - including floating LiDAR, offshore buoys, and metocean sensors - to gather long-term data on wind and ocean conditions. This information helps developers accurately evaluate site potential, reduce technical and financial risks, optimize turbine and foundation design, and support informed regulatory and investment decisions. For example, in December 2025, Ocean Winds S.L., a Spain-based offshore wind developer, launched an offshore wind and metocean measurement campaign for the High Sea Wind project in Australia. The initiative deploys floating LiDAR and metocean devices to collect detailed environmental data over extended periods, supporting precise energy yield estimates, better turbine selection, and efficient design of foundations and cables. These monitoring initiatives enhance project viability, improve safety, streamline approvals, and play an essential role in scaling offshore wind capacity globally.

In July 2023, JERA, a Japan-based wind energy company, acquired Parkwind NV for $1.58 billion. Through this acquisition, JERA aims to expand its renewable energy portfolio and strengthen its presence in the Taiwan and UK offshore wind markets. Parkwind NV is a Belgium-based renewable energy developer specializing in offshore wind farm projects.

Major companies operating in the offshore wind market are Ørsted, Vattenfall, Equinor, Iberdrola, RWE, SSE Renewables, EDP Renewables, EnBW Energie Baden‑Württemberg, GE Renewable Energy, Siemens Gamesa Renewable Energy, Vestas Wind Systems (offshore business), MHI Vestas Offshore Wind, Dongfang Electric Corporation (offshore wind turbines), Shanghai Electric Wind Power Group (offshore turbines), Ming Yang Smart Energy Group (offshore turbines), Subsea 7, Van Oord, TechnipFMC, DEME Offshore, Jan De Nul Group.

Western Europe was the largest region in the offshore wind market in 2025.North America is expected to be the fastest-growing region in the offshore wind market share during the forecast period. The regions covered in the offshore wind market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the offshore wind market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The offshore wind market includes revenues earned by entities by providing services with the help of various floating platforms including spar-buoy, tension leg platform, semi-submersible, and barge. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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