Offshore wind market seen topping $120B by 2030

The global offshore wind market is projected to exceed $120 billion by 2030, with Western Europe and Germany leading growth. The report points to stronger clean-energy demand, larger turbines and supportive policy as the main forces shaping the sector.

Why it matters: - Offshore wind is emerging as a bigger piece of the global energy transition, with the market forecast to top $120 billion by 2030. - The sector is also expected to matter inside the broader power market, accounting for about 35% of the forecast $342 billion wind electricity category. - In utilities, offshore wind is projected to represent close to 1% of the $9,379 billion market by 2030.

What happened: - The Business Research Company released its Offshore Wind Market Global Market Report 2026, covering market size, trends and forecasts for 2026-2035. - The report puts offshore wind revenue at more than $120 billion by 2030, with the market expected to grow at a 16% CAGR. - Western Europe is forecast to be the largest regional market by 2030. - Germany is projected to be the largest national market by 2030. - Ørsted A/S is identified as a leading player with a 6% market share in 2025.

The details: - Clean-energy demand is a major growth driver, with governments and utilities investing to cut carbon emissions, strengthen energy security and meet renewable targets. - The report estimates that clean-energy demand contributes about 2.5% annual growth to the market. - Technological progress in turbines is expected to add around 2.3% annual growth. - Larger turbines, longer blades, floating foundations and improved control systems are among the technologies improving efficiency and lowering costs. - Government support is projected to contribute about 2.0% annual growth through subsidies, tax breaks, renewable targets, competitive auctions and grid investment. - Turbines are expected to remain the largest component segment in 2030, at 41% of the market or about $49 billion. - The report also segments the market by shallow water, transitional water and deep water locations. - Capacity bands in the report include up to 3MW, 3MW to 5MW and above 5MW. - Applications include electric power generation, oil and gas, aviation, transport and others. - Western Europe is forecast to grow from $49 billion in 2025 to $92 billion in 2030, a 13% CAGR. - Germany is forecast to grow from $21 billion in 2025 to $37 billion in 2030, a 12% CAGR. - The top 10 offshore wind companies held 29% of market revenue in 2025, showing moderate fragmentation. - The leading 2025 market shares listed in the report are Ørsted A/S at 6%, Siemens Gamesa Renewable Energy at 5%, Equinor ASA at 4%, Vestas Wind Systems A/S offshore business at 4%, RWE AG at 2%, China Three Gorges Corporation at 2%, Iberdrola S.A. at 2%, State Power Investment Corporation at 1%, General Electric Vernova at 1% and Goldwind Science & Technology at 1%. - The report says component growth through 2030 will add more than $62 billion in value, including $26 billion from turbines, $17 billion from electrical infrastructure, $13 billion from substructure and $6 billion from other components. - Request a free sample of the offshore wind market report. - Access the detailed offshore wind market report.

Between the lines: - The forecast underscores how offshore wind is moving from a niche renewable technology to a scaled infrastructure market. - Western Europe’s lead reflects a combination of policy support, offshore grid buildout and favorable coastal sites. - The concentration of market share among a small group of developers and suppliers suggests scale, capital access and engineering capability remain decisive advantages. - The rise of floating wind, HVDC transmission, digital monitoring and condition-based maintenance points to an industry trying to push into deeper water while controlling costs and risk.

What's next: - The report expects floating offshore wind, AI-driven maintenance and grid management, and digital asset monitoring to become more important competitive tools. - Resource assessments and monitoring campaigns are likely to keep reducing development risk and improving project planning. - Companies that pair turbine innovation with strong project execution and supply-chain control are positioned to gain share as the market expands.

The bottom line: - Offshore wind is on track for rapid global expansion, but the biggest winners are likely to be the developers and suppliers that can deliver larger, cheaper and more reliable projects at scale.