$305 Million Market in 2024, Forecast to Reach $1.53 Billion by 2033
The Saudi Offshore Wind Market is still in its early stages, but the numbers already tell a compelling story. In 2024, the market size reached USD 305.64 million, and projections suggest it could expand to USD 1.53 billion by 2033, growing at a 17.5% CAGR between 2025 and 2033. This trajectory reflects not just investment in turbines and infrastructure, but also Saudi Arabia’s determination to diversify its energy mix under Vision 2030.
106 GW of Offshore Wind Potential Along Saudi Coastlines
Saudi Arabia’s coastal geography is a hidden asset. According to the Global Wind Energy Council, the Kingdom has an estimated 106 GW of offshore wind potential along the Red Sea and Arabian Gulf. This vast resource base positions the Saudi Offshore Wind Market as a future heavyweight in renewable energy, capable of powering millions of homes and industries while reducing reliance on oil and gas.
Planned Offshore Wind Projects Under Vision 2030
While large-scale offshore wind farms are still in the planning phase, Saudi Arabia has begun feasibility studies and pilot projects to map out the most viable zones. The government’s National Renewable Energy Program (NREP), which aims for 50% renewable electricity generation by 2030, explicitly includes offshore wind as a diversification pillar. Early-stage projects are expected to cluster around the Red Sea, where wind speeds are consistent and maritime conditions favorable.
Saudi Offshore Wind Market: Turning 0.4% Wind Into Opportunity
According to the latest IEA data from 2023, 58% of Saudi electricity comes from natural gas and 41% from crude oil. Wind makes up only 0.4%, highlighting a major opportunity for growth. Offshore wind provides a pathway to reduce this dependence, freeing up hydrocarbons for export while cutting domestic emissions. In doing so, it supports the Saudi Green Initiative, which targets planting 10 billion trees and cutting carbon emissions by 278 million tons annually.
Global Partnerships and Technology Transfer
Saudi Arabia is not building this market alone. International developers and turbine manufacturers are eyeing the Saudi Offshore Wind Market as a frontier opportunity. Partnerships with European and Asian firms are expected to bring in advanced turbine technology, floating platform expertise, and subsea cabling systems. These collaborations will accelerate project timelines while creating local jobs in engineering, construction, and maintenance.
Offshore Wind in the Vision 2030 Energy Mix
Vision 2030 is clear: Saudi Arabia wants to become a global leader in renewables, not just hydrocarbons. Offshore wind complements solar and onshore wind by providing stable, large-scale power generation that can balance grid fluctuations. By 2030, the Kingdom aims to install 16 GW of total wind capacity (onshore and offshore combined). Offshore wind’s contribution will be critical in reaching that milestone, especially as floating turbine technology opens up deeper waters.
Human and Economic Impact of the Saudi Offshore Wind Market
Beyond megawatts and market forecasts, the Saudi Offshore Wind Market is about people. Large-scale projects are expected to create thousands of jobs in coastal regions, from construction crews to marine engineers. Universities and research centers are already pivoting toward renewable energy programs, ensuring a pipeline of local talent. Offshore wind also positions Saudi Arabia as a potential green electricity exporter, with future subsea interconnectors linking the Kingdom to Europe and Africa.
Outlook: From Emerging Market to Global Player
The Saudi Offshore Wind Market is still young, but its growth trajectory is undeniable. With a projected 17.5% CAGR through 2033, untapped potential of 106 GW, and strong alignment with Vision 2030, Saudi Arabia is laying the groundwork for offshore wind to become a cornerstone of its energy transition. The challenge will be execution—building infrastructure at scale, securing financing, and integrating offshore wind into the national grid. But if the Kingdom delivers, it won’t just meet its renewable targets; it could redefine its global energy identity.
Also Read: Harnessing the Wind: Saudi Arabia’s Offshore Energy Plans
Frequently Asked Questions on the Saudi Offshore Wind Market
1. What is the Saudi Offshore Wind Market? The Saudi Offshore Wind Market refers to the Kingdom’s emerging investments in offshore wind farms along the Red Sea and Arabian Gulf. These projects are part of Vision 2030’s renewable diversification strategy.
2. How large is the Saudi Offshore Wind Market expected to become? The market size was USD 305.64 million in 2024 and is projected to reach USD 1.53 billion by 2033, growing at a 17.5% CAGR [Source: IMARC Group, 2024].
3. How much offshore wind potential does Saudi Arabia have? Saudi Arabia has an estimated 106 GW of offshore wind potential along its coastlines [Source: IMARC Group, 2024].
4. What role does offshore wind play in Vision 2030? Offshore wind supports the target of generating 50% of electricity from renewables by 2030. It complements solar and onshore wind by providing stable, large‑scale power generation.
5. What is the difference between onshore and offshore wind?
- Onshore wind: Turbines are built on land, usually in open plains or hills. They are cheaper to install and maintain but often face land‑use conflicts and lower wind speeds.
- Offshore wind: Turbines are installed in bodies of water, typically at sea. They benefit from stronger, more consistent winds and can generate more power, but they are more expensive to build and require advanced marine engineering.
6. How does offshore wind benefit Saudi Arabia’s economy? It reduces reliance on oil and gas for domestic electricity, freeing hydrocarbons for export. It also creates thousands of jobs in construction, engineering, and operations, while attracting global investment.
7. What challenges does the Saudi Offshore Wind Market face? Key challenges include high upfront costs, the need for subsea grid infrastructure, and developing local expertise in offshore turbine installation and maintenance.
