Offshore substation market to reach $9,9 B by 2032
The offshore substation market is projected to reach from $6,5 B in 2024 to $9,9 B by 2032, growing at a CAGR of 6.1 % during the forecast period 2024 - 2032.
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According to a Market Research Future’s report, the offshore substation market size was valued at $5,8 B in 2023 and is projected to grow from $6,5 B in 2024 to $9,9 B by 2032, exhibiting a CAGR of 6.1 % during the forecast period 2024 – 2032.
The primary driver of the offshore substation market is the rapid growth in offshore wind installations across Europe, Asia-Pacific, and North America. Countries like the United Kingdom, Germany, the Netherlands, and China have aggressively expanded their offshore wind capacities, pushing the demand for efficient and reliable power transmission infrastructure. With offshore wind targets becoming increasingly ambitious, such as the EU’s plan to install at least 60 GW by 2030 and the US aiming for 30 GW in the same period, the need for high-capacity offshore substations is more pressing than ever.
In summary, the offshore substation market stands at the forefront of renewable energy innovation. It is not only enabling the successful transmission of green power from remote marine environments to urban centres but also catalysing new technologies and partnerships across the energy sector. With strong policy support, technological evolution, and increasing global demand, offshore substations are poised to become even more integral to the future of clean energy generation.
Key players in the market: General Electric, Siemens Energy, Petrofac Limited, Burns & McDonnell, HSM Offshore Energy BV, Hitachi Energy, ABB, Chantiers de l’Atlantique, SLPE, Hollandia, etc.
Source: Market Research Future
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