Norwegian offshore wind suppliers turned over NOK 64 billion in 2025

The figures were unveiled at an event hosted by Havvind.no in partnership with Norsk Industri and Norwegian Energy Partners (NORWEP), titled "Offshore wind behind the big contracts – how can more players get a look in?" Havvind.no director Rune Klausen presented the numbers from the stage.

Norway has still no steel in the water (commercial scale, that is), yet a cluster of Norwegian companies continues to build substantial international revenues from the offshore wind sector, supplying everything from cables and substations to vessels and installation services to projects across Europe and beyond.

Cables and vessels lead the growth

Growth was particularly strong in cables, up 50 percent year-on-year, and offshore wind vessels, up 20 percent. Underlying growth in substations exceeded 20 percent. Transport and installation activity, by contrast, dipped 2 percent from 2024, while other segments saw only minor changes, according to Havvind.no.

The figures also point to a highly concentrated supply chain. In 2025, ten Norwegian companies accounted for 77 percent of the sector's NOK 64 billion turnover. Twenty companies accounted for 86 percent of turnover in 2025.

NOW: "Potential to grow the pie is significant"

Commenting on the figures, Arvid Nesse, CEO of Norwegian Offshore Wind (NOW), welcomed another year of revenue growth but echoed the concerns about concentration:

"It's encouraging to see another year of growth in turnover. At the same time, we see that growth is flattening somewhat, and that the bulk of it is still concentrated among a handful of large companies. It's obviously great to see some of our member companies performing so incredibly well. But the potential to grow the pie is significant. We have a whole layer of small and medium-sized companies with real potential, and ports that have made — or are ready to make — the investments needed to serve offshore wind both at home and abroad."

Growth flattening, decline expected from 2027

While turnover continued to rise in 2025, growth has flattened after a period of strong expansion between 2021 and 2024, when Norwegian suppliers' offshore wind-related revenue doubled. Havvind.no expects a modest decline in 2026, with greater uncertainty further out as the industry points to delays and postponements in offshore wind projects across Europe and globally as a key driver of lower expected activity.

A more pronounced downturn is projected for 2027–2029, before the market could strengthen again towards 2030 if new auctions and awards drive renewed project activity.

Nesse emphasises the need for domestic action:

It's now critical to get the domestic market moving, so that these parts of the industry can properly get in the game too — and, not least, help produce the power that Norway and Europe urgently need.

Positive political signals

There have, fortunately, been several encouraging signals from Norwegian politics in recent weeks. Last week, the Minister of Energy, Terje Aasland, presented a package of measures aimed at speeding up the build-out of new power production and stronger grid capacity in Norway. Many of the measures and ambitions centre on simplifying bureaucratic and democratic processes, with the goal of considerably shortening processing times. 

The opposition Conservative Party (Høyre) has also been notably clear over the summer and in debates over the past week in stating its support for offshore wind in Norway, covering both bottom-fixed and floating technology. Taken together, this points to a solid parliamentary majority in favour of building up Norway's offshore wind sector.

This is a particularly welcome development for an industry that depends on predictability and pace to translate its international competitiveness into projects at home.