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North America Offshore Wind Energy Market
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Mar 21 2025

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North America Offshore Wind Energy Market Future-proof Strategies: Trends, Competitor Dynamics, and Opportunities 2025-2033

North America Offshore Wind Energy Market by Component, 2019 – 2032 (MW & USD Billion) (Turbine, Support structure, Electrical infrastructure, Others), by Depth, 2019 – 2032 (MW & USD Billion) (>0 ≤ 30 m, >30 ≤ 50 m, > 50 m), by North America (U.S., Canada) Forecast 2025-2033

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North America Offshore Wind Energy Market Future-proof Strategies: Trends, Competitor Dynamics, and Opportunities 2025-2033




Key Insights

The North American offshore wind energy market is experiencing explosive growth, projected to reach a market size of $4.3 billion in 2025 and maintain a robust Compound Annual Growth Rate (CAGR) of 25% from 2025 to 2033. Several key drivers fuel this expansion. Firstly, the increasing urgency to transition to renewable energy sources, coupled with supportive government policies and substantial investments in offshore wind infrastructure, are creating a favorable investment climate. Secondly, technological advancements leading to the development of larger, more efficient turbines and improved subsea infrastructure are reducing the cost of energy and expanding the viable areas for offshore wind farms. The substantial resource potential off the coasts of the U.S. and Canada presents an immense opportunity for long-term energy security and economic development. Finally, the growing demand for clean electricity from industries and residential consumers reinforces the attractiveness of offshore wind power as a sustainable alternative.

Market segmentation reveals significant opportunities across various components. Turbine technology, encompassing blades and towers, and robust support structures like monopiles and jackets, are major market segments. Growth is further driven by the need for advanced electrical infrastructure, including wires, cables, substations, and associated technologies. Depth segmentation shows a strong preference for projects in waters shallower than 50 meters, however, ongoing technological innovations are pushing the boundaries for deeper water installations. Major players like General Electric, Vestas, and Siemens Gamesa (although not explicitly listed, a major player in the space), alongside significant regional players like Atlantic Shores Offshore Wind and US Wind Inc., are strategically positioning themselves to capitalize on this burgeoning market, driving competition and accelerating innovation. This robust growth trajectory indicates a bright future for the North American offshore wind market, promising a significant contribution to the continent's renewable energy goals.

North America Offshore Wind Energy Market Research Report - Market Size, Growth & Forecast

North America Offshore Wind Energy Market Concentration & Characteristics

The North American offshore wind energy market is characterized by a moderate level of concentration, with several large players vying for market share alongside a growing number of smaller developers and suppliers. Significant concentration is observed in specific geographical areas, particularly along the East Coast of the United States where favorable wind resources and supportive government policies are driving substantial project development. Innovation in the sector focuses on turbine technology (larger capacity, improved efficiency), cost reduction strategies in installation and maintenance, and grid integration solutions for managing the intermittent nature of wind energy.

  • Concentration Areas: East Coast of the US (New York, Massachusetts, New Jersey, etc.)
  • Characteristics:
    • High level of technological innovation (turbine design, installation techniques).
    • Significant government support and regulatory frameworks.
    • Growing competition among both established energy companies and new entrants.
    • Moderate level of mergers and acquisitions (M&A) activity as companies consolidate their positions.
    • End-user concentration is primarily within the utility sector.
    • Impact of Regulations: Government policies, including tax credits, subsidies, and lease auctions, play a crucial role in shaping market growth. Regulatory clarity and streamlining the permitting process are essential factors for market expansion.
    • Product Substitutes: Other renewable energy sources (solar, onshore wind) and traditional fossil fuels compete with offshore wind for electricity generation. However, the unique scale and consistency of offshore wind resources are providing a competitive advantage.

North America Offshore Wind Energy Market Trends

The North American offshore wind energy market is experiencing rapid growth, driven by several key trends. The increasing urgency to decarbonize electricity generation coupled with ambitious policy goals to achieve net-zero emissions is a primary driver. Technological advancements, particularly in turbine design and installation methods, are leading to cost reductions, making offshore wind increasingly competitive with other energy sources. Furthermore, a growing awareness of climate change and public support for renewable energy are creating positive momentum for the sector. The market is also seeing increased investment from both established energy companies and new players, further fueling expansion. This growth is also reflected in significant mergers and acquisitions (M&A) activity, as larger companies seek to consolidate their market share and secure access to key projects and technologies. The development of supply chains within North America is also a major focus, aiming to reduce reliance on foreign components and enhance the overall economic benefits associated with offshore wind. This includes investment in manufacturing facilities and the establishment of specialized port infrastructure.

North America Offshore Wind Energy Market Growth

Key Region or Country & Segment to Dominate the Market

The U.S. East Coast will dominate the North American offshore wind market through 2032. Within this region, states like New York, Massachusetts, and New Jersey are leading the charge with significant project pipelines and supportive regulatory frameworks. The shallow water segment (0-30m) is expected to experience high growth initially due to lower development costs compared to deeper water projects. However, deeper water projects (>50m) are likely to become increasingly prominent later in the forecast period driven by better wind resources and broader project potential.

  • Dominant Region: U.S. East Coast
    • New York
    • Massachusetts
    • New Jersey
  • Dominant Segments:
    • Depth: >0 ≤ 30m (initially), followed by >50m (later in the forecast)
    • Component: Turbines (due to their high cost and technological complexity) are a major market segment. Within turbines, the blades and tower segments will see substantial growth.
    • Support structures (monopiles and jackets) and electrical infrastructure (cables, substations) are also important and fast-growing segments.

The shallow-water segment's initial dominance is attributed to its lower upfront capital expenditure and quicker development timelines. As technological advancements reduce the cost and complexity associated with deeper-water projects and the market matures, the >50m depth segment will assume a more significant role due to its potential for harnessing more powerful wind resources.

North America Offshore Wind Energy Market Product Insights Report Coverage & Deliverables

This report provides a comprehensive analysis of the North American offshore wind energy market, covering market size, growth projections, key trends, segment analysis (by depth and component), regional insights (US and Canada), competitive landscape, and key industry developments. The report also identifies major drivers, challenges, and emerging trends within the market, offering valuable insights for stakeholders involved in the offshore wind industry.

North America Offshore Wind Energy Market Analysis

The North American offshore wind market is projected to experience significant growth over the forecast period (2019-2032). Market size in 2023 is estimated to be approximately $15 billion, with an anticipated compound annual growth rate (CAGR) of 25%–30% through 2032. This rapid expansion is driven by supportive government policies, decreasing technology costs, and the increasing demand for renewable energy sources. The market share is currently distributed among several major players, but consolidation is expected to occur as larger companies seek to increase their market presence. The increasing scale of offshore wind projects, along with technological improvements, will drive overall cost reductions, enhancing the competitiveness of offshore wind power. By 2032, the market size is projected to surpass $100 Billion USD.

North America Offshore Wind Energy Market Regional Insights

  • North America
    • U.S.
      • East Coast (Dominant): New York, Massachusetts, New Jersey, etc.
      • West Coast: California, Oregon
      • Gulf Coast: Texas, Louisiana
    • Canada
      • Atlantic Canada: Nova Scotia, Newfoundland and Labrador
      • Pacific Canada: British Columbia

Driving Forces: What's Propelling the North America Offshore Wind Energy Market

  • Strong government support through policies, subsidies, and tax incentives.
  • Increasing demand for renewable energy sources to combat climate change.
  • Technological advancements leading to lower costs and improved efficiency.
  • Growing investor interest and increased private sector investment.

Challenges and Restraints in North America Offshore Wind Energy Market

  • High initial capital costs for project development.
  • Complex permitting processes and regulatory hurdles.
  • Potential environmental impacts on marine ecosystems.
  • Infrastructure limitations and grid integration challenges.

Emerging Trends in North America Offshore Wind Energy Market

  • Floating offshore wind technology for deeper waters.
  • Increased focus on domestic supply chain development.
  • Integration of offshore wind with other renewable energy sources.
  • Advancements in artificial intelligence and machine learning for operations and maintenance.

North America Offshore Wind Energy Industry News

  • March 2024: Vestas secures a conditional order to supply turbines for the Empire Wind 1 project (810 MW) in New York.
  • January 2024: BP acquires Equinor's stake in the Beacon Wind projects, while Equinor acquires BP's stake in Empire Wind.

Leading Players in the North America Offshore Wind Energy Market

  • Atlantic Shores Offshore Wind
  • EnBW North America
  • ENESSERE S.r.l.
  • FURUKAWA ELECTRIC CO., LTD
  • General Electric
  • IMPSA
  • LS Cable & System Ltd
  • Nexans
  • Prysmian Group
  • RWE Renewables
  • Shell WindEnergy Inc
  • Southwire Company, LLC
  • Sumitomo Electric Industries, Ltd.
  • US Wind Inc.
  • Vestas

North America Offshore Wind Energy Market Segmentation

  • 1. Component, 2019 – 2032 (MW & USD Billion)
    • 1.1. Turbine
      • 1.1.1. Blades
      • 1.1.2. Tower
    • 1.2. Support structure
      • 1.2.1. Monopile
      • 1.2.2. Jacket
    • 1.3. Electrical infrastructure
      • 1.3.1. Wires & Cables
      • 1.3.2. Substation
      • 1.3.3. Others
    • 1.4. Others
  • 2. Depth, 2019 – 2032 (MW & USD Billion)
    • 2.1. >0 ≤ 30 m
    • 2.2. >30 ≤ 50 m
    • 2.3. > 50 m

North America Offshore Wind Energy Market Segmentation By Geography

  • 1. North America
    • 1.1. U.S.
    • 1.2. Canada
North America Offshore Wind Energy Market Regional Share


North America Offshore Wind Energy Market REPORT HIGHLIGHTS

AspectsDetails
Study Period 2019-2033
Base Year 2024
Estimated Year 2025
Forecast Period2025-2033
Historical Period2019-2024
Growth RateCAGR of 25% from 2019-2033
Segmentation
    • By Component, 2019 – 2032 (MW & USD Billion)
      • Turbine
        • Blades
        • Tower
      • Support structure
        • Monopile
        • Jacket
      • Electrical infrastructure
        • Wires & Cables
        • Substation
        • Others
      • Others
    • By Depth, 2019 – 2032 (MW & USD Billion)
      • >0 ≤ 30 m
      • >30 ≤ 50 m
      • > 50 m
  • By Geography
    • North America
      • U.S.
      • Canada


Table of Contents

  1. 1. Introduction
    • 1.1. Research Scope
    • 1.2. Market Segmentation
    • 1.3. Research Methodology
    • 1.4. Definitions and Assumptions
  2. 2. Executive Summary
    • 2.1. Introduction
  3. 3. Market Dynamics
    • 3.1. Introduction
      • 3.2. Market Drivers
        • 3.2.1 Growing Renewable Energy Goals
        • 3.2.2 Rising Government Support and Policies
      • 3.3. Market Restrains
        • 3.3.1 Regulatory and Permitting Challenges
        • 3.3.2 High Investment in Grid Infrastructure
      • 3.4. Market Trends
  4. 4. Market Factor Analysis
    • 4.1. Porters Five Forces
    • 4.2. Supply/Value Chain
    • 4.3. PESTEL analysis
    • 4.4. Market Entropy
    • 4.5. Patent/Trademark Analysis
  5. 5. North America Offshore Wind Energy Market Analysis, Insights and Forecast, 2019-2031
    • 5.1. Market Analysis, Insights and Forecast - by Component, 2019 – 2032 (MW & USD Billion)
      • 5.1.1. Turbine
        • 5.1.1.1. Blades
        • 5.1.1.2. Tower
      • 5.1.2. Support structure
        • 5.1.2.1. Monopile
        • 5.1.2.2. Jacket
      • 5.1.3. Electrical infrastructure
        • 5.1.3.1. Wires & Cables
        • 5.1.3.2. Substation
        • 5.1.3.3. Others
      • 5.1.4. Others
    • 5.2. Market Analysis, Insights and Forecast - by Depth, 2019 – 2032 (MW & USD Billion)
      • 5.2.1. >0 ≤ 30 m
      • 5.2.2. >30 ≤ 50 m
      • 5.2.3. > 50 m
    • 5.3. Market Analysis, Insights and Forecast - by Region
      • 5.3.1. North America
  6. 6. Competitive Analysis
    • 6.1. Market Share Analysis 2024
      • 6.2. Company Profiles
        • 6.2.1 Atlantic Shores Offshore Wind
          • 6.2.1.1. Overview
          • 6.2.1.2. Products
          • 6.2.1.3. SWOT Analysis
          • 6.2.1.4. Recent Developments
          • 6.2.1.5. Financials (Based on Availability)
        • 6.2.2 EnBW North America
          • 6.2.2.1. Overview
          • 6.2.2.2. Products
          • 6.2.2.3. SWOT Analysis
          • 6.2.2.4. Recent Developments
          • 6.2.2.5. Financials (Based on Availability)
        • 6.2.3 ENESSERE S.r.l.
          • 6.2.3.1. Overview
          • 6.2.3.2. Products
          • 6.2.3.3. SWOT Analysis
          • 6.2.3.4. Recent Developments
          • 6.2.3.5. Financials (Based on Availability)
        • 6.2.4 FURUKAWA ELECTRIC CO. LTD
          • 6.2.4.1. Overview
          • 6.2.4.2. Products
          • 6.2.4.3. SWOT Analysis
          • 6.2.4.4. Recent Developments
          • 6.2.4.5. Financials (Based on Availability)
        • 6.2.5 General Electric
          • 6.2.5.1. Overview
          • 6.2.5.2. Products
          • 6.2.5.3. SWOT Analysis
          • 6.2.5.4. Recent Developments
          • 6.2.5.5. Financials (Based on Availability)
        • 6.2.6 IMPSA
          • 6.2.6.1. Overview
          • 6.2.6.2. Products
          • 6.2.6.3. SWOT Analysis
          • 6.2.6.4. Recent Developments
          • 6.2.6.5. Financials (Based on Availability)
        • 6.2.7 LS Cable & System Ltd
          • 6.2.7.1. Overview
          • 6.2.7.2. Products
          • 6.2.7.3. SWOT Analysis
          • 6.2.7.4. Recent Developments
          • 6.2.7.5. Financials (Based on Availability)
        • 6.2.8 Nexans
          • 6.2.8.1. Overview
          • 6.2.8.2. Products
          • 6.2.8.3. SWOT Analysis
          • 6.2.8.4. Recent Developments
          • 6.2.8.5. Financials (Based on Availability)
        • 6.2.9 Prysmian Group
          • 6.2.9.1. Overview
          • 6.2.9.2. Products
          • 6.2.9.3. SWOT Analysis
          • 6.2.9.4. Recent Developments
          • 6.2.9.5. Financials (Based on Availability)
        • 6.2.10 RWE Renewables
          • 6.2.10.1. Overview
          • 6.2.10.2. Products
          • 6.2.10.3. SWOT Analysis
          • 6.2.10.4. Recent Developments
          • 6.2.10.5. Financials (Based on Availability)
        • 6.2.11 Shell WindEnergy Inc
          • 6.2.11.1. Overview
          • 6.2.11.2. Products
          • 6.2.11.3. SWOT Analysis
          • 6.2.11.4. Recent Developments
          • 6.2.11.5. Financials (Based on Availability)
        • 6.2.12 Southwire Company LLC
          • 6.2.12.1. Overview
          • 6.2.12.2. Products
          • 6.2.12.3. SWOT Analysis
          • 6.2.12.4. Recent Developments
          • 6.2.12.5. Financials (Based on Availability)
        • 6.2.13 Sumitomo Electric Industries Ltd.
          • 6.2.13.1. Overview
          • 6.2.13.2. Products
          • 6.2.13.3. SWOT Analysis
          • 6.2.13.4. Recent Developments
          • 6.2.13.5. Financials (Based on Availability)
        • 6.2.14 US Wind Inc.
          • 6.2.14.1. Overview
          • 6.2.14.2. Products
          • 6.2.14.3. SWOT Analysis
          • 6.2.14.4. Recent Developments
          • 6.2.14.5. Financials (Based on Availability)
        • 6.2.15 Vestas
          • 6.2.15.1. Overview
          • 6.2.15.2. Products
          • 6.2.15.3. SWOT Analysis
          • 6.2.15.4. Recent Developments
          • 6.2.15.5. Financials (Based on Availability)

List of Figures

  1. Figure 1: North America Offshore Wind Energy Market Revenue Breakdown (Billion, %) by Product 2024 & 2032
  2. Figure 2: North America Offshore Wind Energy Market Share (%) by Company 2024

List of Tables

  1. Table 1: North America Offshore Wind Energy Market Revenue Billion Forecast, by Region 2019 & 2032
  2. Table 2: North America Offshore Wind Energy Market Revenue Billion Forecast, by Component, 2019 – 2032 (MW & USD Billion) 2019 & 2032
  3. Table 3: North America Offshore Wind Energy Market Revenue Billion Forecast, by Depth, 2019 – 2032 (MW & USD Billion) 2019 & 2032
  4. Table 4: North America Offshore Wind Energy Market Revenue Billion Forecast, by Region 2019 & 2032
  5. Table 5: North America Offshore Wind Energy Market Revenue Billion Forecast, by Component, 2019 – 2032 (MW & USD Billion) 2019 & 2032
  6. Table 6: North America Offshore Wind Energy Market Revenue Billion Forecast, by Depth, 2019 – 2032 (MW & USD Billion) 2019 & 2032
  7. Table 7: North America Offshore Wind Energy Market Revenue Billion Forecast, by Country 2019 & 2032
  8. Table 8: U.S. North America Offshore Wind Energy Market Revenue (Billion) Forecast, by Application 2019 & 2032
  9. Table 9: Canada North America Offshore Wind Energy Market Revenue (Billion) Forecast, by Application 2019 & 2032


STEP 1 - Identification of Relevant Samples Size from Population Database

Step Chart
bar chart
method chart

STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

approach chart
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.

Note* : In applicable scenarios

STEP 3 - Data Sources

Primary Research

  • Web Analytics
  • Survey Reports
  • Research Institute
  • Latest Research Reports
  • Opinion Leaders

Secondary Research

  • Annual Reports
  • White Paper
  • Latest Press Release
  • Industry Association
  • Paid Database
  • Investor Presentations
approach chart

STEP 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.

Frequently Asked Questions

1. What is the projected Compound Annual Growth Rate (CAGR) of the North America Offshore Wind Energy Market?

The projected CAGR is approximately 25%.

2. Which companies are prominent players in the North America Offshore Wind Energy Market?

Key companies in the market include Atlantic Shores Offshore Wind, EnBW North America, ENESSERE S.r.l., FURUKAWA ELECTRIC CO., LTD, General Electric, IMPSA, LS Cable & System Ltd, Nexans, Prysmian Group, RWE Renewables, Shell WindEnergy Inc, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., US Wind Inc., Vestas.

3. What are the main segments of the North America Offshore Wind Energy Market?

The market segments include Component, 2019 – 2032 (MW & USD Billion), Depth, 2019 – 2032 (MW & USD Billion).

4. Can you provide details about the market size?

The market size is estimated to be USD 4.3 Billion as of 2022.

5. What are some drivers contributing to market growth?

Growing Renewable Energy Goals. Rising Government Support and Policies.

6. What are the notable trends driving market growth?

N/A

7. Are there any restraints impacting market growth?

Regulatory and Permitting Challenges. High Investment in Grid Infrastructure.

8. Can you provide examples of recent developments in the market?

In March 2024, With Equinor's winning bid in the fourth offshore wind solicitation for New York (NY4), Vestas is delighted to see the Empire Wind 1 project move closer to completion. The 810 MW project already has a conditional order in place, and Vestas is willing to supply its cutting-edge V236-15.0 MW offshore wind turbines. After being installed in December 2022, the prototype turbine is currently undergoing final verification in preparation for the start of serial production and installation for the first offshore projects.

9. What pricing options are available for accessing the report?

Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4,850, USD 5,350, and USD 7,350 respectively.

10. Is the market size provided in terms of value or volume?

The market size is provided in terms of value, measured in Billion.

11. Are there any specific market keywords associated with the report?

Yes, the market keyword associated with the report is "North America Offshore Wind Energy Market," which aids in identifying and referencing the specific market segment covered.

12. How do I determine which pricing option suits my needs best?

The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.

13. Are there any additional resources or data provided in the North America Offshore Wind Energy Market report?

While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.

14. How can I stay updated on further developments or reports in the North America Offshore Wind Energy Market?

To stay informed about further developments, trends, and reports in the North America Offshore Wind Energy Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.

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report thumbnailFixed Offshore Wind Energy Market

Fixed Offshore Wind Energy Market Is Set To Reach 16.7 Billion By 2033, Growing At A CAGR Of 15.6

report thumbnailNorth America Wind Turbine Market

North America Wind Turbine Market 2025-2033 Market Analysis: Trends, Dynamics, and Growth Opportunities

report thumbnailNorth America Floating Offshore Wind Energy Market

North America Floating Offshore Wind Energy Market Is Set To Reach 24.1 Million By 2033, Growing At A CAGR Of 39.4