Offshore Platform Electrification Global Market Report 2025

The offshore platform electrification market size has grown rapidly in recent years. It will grow from $5.99 billion in 2024 to $6.71 billion in 2025 at a compound annual growth rate (CAGR) of 12%. The growth in the historic period can be attributed to increasing offshore oil and gas exploration, advancements in marine electrical systems, rising demand for energy efficiency, stringent safety and environmental regulations, and expansion of renewable offshore energy projects.

The offshore platform electrification market size is expected to see rapid growth in the next few years. It will grow to $10.46 billion in 2029 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to increasing offshore wind farm developments, demand for low-emission power solutions, technological advancements in electrification, government incentives for clean energy, and rising investment in offshore infrastructure. Key trends in the forecast period include integration of smart grid technology, use of modular electrification solutions, adoption of high-voltage direct current (HVDC) systems, increased automation and remote monitoring, and growth of hybrid power systems.

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 players in the offshore platform electrification market are General Electric, ADNOC Group, Schneider Electric SE, Honeywell International Inc., Siemens Energy AG, ABB Ltd., Mitsubishi Heavy Industries Ltd., Baker Hughes Company, Eaton Corporation, Hitachi Energy Ltd., Prysmian Group, Emerson Electric Co., Rockwell Automation Inc., Nexans, TechnipFMC, Wärtsilä Oyj Abp, Kongsberg Gruppen, Aker Solutions ASA, Petrofac Limited, and Cerulean Winds Ltd.

North America was the largest region in the offshore platform electrification market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in offshore platform electrification report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the offshore platform electrification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the utilities sector, particularly in power generation, grid infrastructure, and renewable energy projects. Higher duties on imported equipment such as turbines, transformers, solar panels, and battery storage systems have increased capital and operational costs for utility providers, forcing them to reconsider project timelines or pass on expenses to consumers through higher energy rates. The water and waste management segments are also affected, with tariffs driving up the cost of essential machinery, piping, and treatment technologies. Additionally, retaliatory tariffs have disrupted global supply chains for critical raw materials like rare earth metals used in clean energy technologies, further complicating the transition to sustainable energy sources. The sector must now prioritize domestic sourcing, digitalization, and efficiency-driven innovations to manage escalating costs while ensuring energy security and regulatory compliance.

The offshore platform electrification market research report is one of a series of new reports that provides offshore platform electrification market statistics, including offshore platform electrification industry global market size, regional shares, competitors with a offshore platform electrification market share, detailed offshore platform electrification market segments, market trends and opportunities, and any further data you may need to thrive in the offshore platform electrification industry. This offshore platform electrification market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Offshore platform electrification is the transition from locally generated power, such as diesel or gas turbines, to supplying offshore platforms with electricity, typically via subsea cables from shore or nearby low-emission power hubs, using the required high-voltage equipment and controls. Its purpose is to reduce fuel consumption and greenhouse-gas emissions while improving power reliability, safety, and readiness for integrating renewables and advanced digital energy management.

The key components of offshore platform electrification include power generation, transmission and distribution, and equipment and services. Power generation is the process of producing electrical energy from various sources, such as renewable resources, fossil fuels, or hybrid systems, to meet the energy demands of offshore facilities. Different types of platforms include fixed platforms, floating platforms, and subsea platforms, while power sources include renewable energy, fossil fuels, hybrid systems, and battery storage. It involves various electrification technologies, including small-scale platforms, medium-scale platforms, and large-scale platforms, and is applied by several end-users, including oil and gas, renewable energy, and others.

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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