Offshore Platform Electrification Market Report 2026

The offshore platform electrification market size has grown rapidly in recent years. It will grow from $6.71 billion in 2025 to $7.51 billion in 2026 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to increasing offshore oil and gas development, reliance on gas turbine-based offshore power, expansion of subsea infrastructure, rising fuel consumption on platforms, availability of high-voltage transmission technology.

The offshore platform electrification market size is expected to see rapid growth in the next few years. It will grow to $11.67 billion in 2030 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to increasing decarbonization mandates for offshore operations, rising investments in offshore wind integration, expansion of fully electric platforms, growing deployment of digital twins for energy systems, increasing focus on operational efficiency offshore. Major trends in the forecast period include increasing electrification of offshore oil and gas platforms, rising integration of subsea power transmission systems, growing adoption of hybrid and renewable power sources, expansion of digital energy management for offshore assets, enhanced focus on emission reduction and safety.

The growing demand for cleaner energy sources is expected to drive the growth of the offshore platform electrification market going forward. Cleaner energy sources are forms of energy that produce little to no greenhouse gas emissions or pollutants, such as solar, wind, hydro, geothermal, and nuclear power. The rise in demand for cleaner energy is driven by environmental sustainability, as these sources reduce greenhouse gas emissions and help mitigate climate change. Offshore platform electrification supports this demand by replacing conventional fossil fuel-based power generation with renewable electricity, thereby reducing carbon emissions and promoting sustainable offshore operations. For instance, in May 2023, according to the International Energy Agency, a France-based intergovernmental organization, global energy investment reached approximately $2.8 trillion in 2023, with more than $1.7 trillion allocated to clean energy initiatives, including renewable power, nuclear energy, grid expansion, energy storage, low-emission fuels, efficiency improvements, and end-use electrification. Therefore, growing demand for cleaner energy sources is fueling the offshore platform electrification market.

Key companies operating in the offshore platform electrification market are focusing on developing large-scale renewable energy projects, such as floating offshore wind farms, to power offshore oil and gas platforms and reduce carbon emissions. Floating offshore wind farms enable the generation of clean energy in deep-water areas where fixed structures are not feasible, helping to decarbonize offshore operations through direct power-from-shore or offshore-to-offshore power transfer. For instance, in August 2023, Equinor, a Norway-based energy company, opened Hywind Tampen, a floating offshore wind farm located in the Norwegian North Sea. The project consists of 11 wind turbines with a total capacity of 88 MW, designed to supply renewable power to the Snorre and Gullfaks oil and gas fields operated by Equinor. By providing approximately 35% of the fields’ annual electricity demand, the Hywind Tampen project is expected to reduce annual carbon dioxide emissions by around 200,000 tonnes. This demonstrates how large-scale floating offshore wind farms can accelerate offshore platform electrification by integrating renewable power directly into oil and gas operations, lowering emissions, and supporting more sustainable offshore energy production.

In May 2025, ABB Ltd., a Switzerland-based automation company, acquired a 93% stake in BrightLoop for an undisclosed amount. Following the acquisition, ABB will strengthen its capability to provide advanced, durable, and smart power conversion systems across its portfolio. Together, the two companies plan to maintain support for existing industries while broadening their market reach. BrightLoop is a France-based provider of offshore electrification platforms.

Major companies operating in the offshore platform electrification market are Siemens Energy AG, ABB Ltd, General Electric Company, Hitachi Energy Ltd, Schneider Electric SE, Prysmian Group, Nexans SA, TechnipFMC plc, Aker Solutions ASA, Kongsberg Gruppen ASA, Petrofac Limited, Worley Limited, McDermott International Inc, Baker Hughes Company, Emerson Electric Co, Rockwell Automation Inc, Eaton Corporation plc, Wärtsilä Oyj Abp, DNV AS, Jacobs Solutions Inc.

North America was the largest region in the offshore platform electrification market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the offshore platform electrification 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 platform electrification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The offshore platform electrification market consists of revenues earned by entities by providing services such as front-end engineering design and power system studies, engineering procurement construction, installation of high-voltage export systems, topside electrification integration, platform modification, and substation construction. The market value includes the value of related goods sold by the service provider or included within the service offering. The offshore platform electrification market also includes sales of transformers, switchgear systems, electric motors, and generators. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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