The global offshore wind energy market size was US$ 31 billion in 2021. The global offshore wind energy market is forecast to grow to US$ 64.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 16.1% during the forecast period from 2022 to 2030.
Offshore wind energy is the technology that allows wind turbines near the oceans and lakes to generate electricity from the wind.

Factors Influencing the Market
The benefits of offshore wind energy will primarily drive the growth of the market. Offshore wind power has various advantages, including renewable energy generation. Power is produced at greater speeds, which has a good impact on market development. Thus, it will contribute to the growth of the global offshore wind energy market during the analysis period.
Carbon emissions in the atmosphere have become a matter of concern globally. The burning, decomposition, or combustion of fossil fuels such as oil, coal, and gas harms the environment. To reduce emissions, various steps must be taken, including energy conservation at home or work, public transportation, and growth in the use of renewable resources such as solar, wind, hydro, tidal, geothermal, and biomass. Thus, growing awareness related to the need to curb environmental pollution will drive the growth of the offshore wind energy market during the forecast period.
Governments' initiatives to stimulate a beneficial structure for their policies and regulatory system will also prompt the use of offshore wind energy during the study period. On the contrary, the high cost associated with offshore wind energy may limit the growth of the market during the study period.

COVID-19 Impact Analysis
The COVID-19 pandemic disrupted the entire situation of the global offshore wind energy market. Due to the pandemic, investments in this sector declined abruptly. Further, the market also experienced other obstacles, such as a shortage of workforce, which hampered the growth of the offshore wind energy market.

Regional Analysis
Asia-Pacific held the highest proportion of the global offshore wind energy market. The region will also grow at the highest growth rate during the forecast period. China has the most deployed production capacity due to growing development initiatives and government-led expenditures aimed at stimulating industry growth. China's offshore wind energy business is expected to grow exponentially due to the government's encouragement of the development of renewable energy facilities. Further, rising awareness related to the hazardous impact of non-renewable energy resources on the environment will also fuel the growth of the offshore wind energy market during the forecast period.

Competitors in the Market
Suzlon Energy Limited
CS Wind Corporation
Siemens AG
Shanghai Taisheng Wind Power Equipment Co. Ltd.
KGW Schweriner Maschinen-und Anlagenbau GmbH.
General Electric
Trinity Structural Towers, Inc.
ENERCON GmbH
WINDAR Renovables
Vestas Wind Systems A/S
Other prominent players

Market Segmentation
The global offshore wind energy market segmentation focuses on Location, Application, and Region.
By Location Type:
Offshore
Onshore
By Application Type:
Utility
Non-Utility
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America