Offshore Wind Turbine Market Size (2024 - 2029)

The Offshore Wind Turbine Market is projected to experience significant growth over the forecast period, driven by an increasing emphasis on renewable energy sources and regulatory measures aimed at enhancing energy efficiency. Despite potential challenges from the adoption of other clean energy alternatives, advancements in technology, such as AI and IoT, are expected to improve operational efficiency and reduce costs, thereby offering growth opportunities. Europe is anticipated to hold a substantial portion of the market, as various countries in the region continue to explore and invest in offshore wind energy initiatives.

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Market Size of Offshore Wind Turbine Industry

Offshore Wind Turbine Market Summary
Study Period 2019-2029
Market Size (2024) USD 22.97 Billion
Market Size (2029) USD 33.98 Billion
CAGR (2024 - 2029) 8.15 %
Fastest Growing Market Europe
Largest Market Asia Pacific

Major Players

Offshore Wind Turbine Market Major Players

*Disclaimer: Major Players sorted in no particular order

Offshore Wind Turbine Market Analysis

The Offshore Wind Turbine Market size is estimated at USD 22.97 billion in 2024, and is expected to reach USD 33.98 billion by 2029, growing at a CAGR of 8.15% during the forecast period (2024-2029).

Over the medium period, factors such as increasing share of renewables in the power generation mix, efforts to reduce the reliance on fossil fuel-based power generation, and regulations on energy efficiency are driving the market growth.

On the other hand, adopting clean energy sources like solar and other alternatives will likely hinder the market’s growth.

Nevertheless, the integration of AI, IoT, robotics, and data analytics in offshore wind turbines is expected to enable advanced condition monitoring and predictive maintenance, resulting in increased efficiency and reduced operational and maintenance costs, which may provide growth opportunities in the deployment of offshore wind turbines in the future.

Europe is expected to have a significant share in the market during the forecast period, as different European countries are exploring the offshore wind energy segment.

Offshore Wind Turbine Industry Segmentation

Offshore wind turbines operate by transforming the kinetic energy in the wind over water into rotational kinetic energy used to generate electricity. Turbines can be installed both in ocean waters and inland lakes and are typically around 80-100 meters high with a rotor blade diameter of 20-50 meters.

The offshore wind turbine market is segmented by location, foundation type, capacity, and geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). By location, the market is segmented into shallow water and deep water. By foundation type, the market is segmented into fixed foundation and floating foundation. By capacity, the market is segmented into less than 5 MW and above 5 MW. 

The report offers the market size and forecasts for offshore wind turbines in revenue (USD) for all the above segments.

For each segment, the market sizing and forecasts have been done based on revenue (USD).

Location of Deployment
Shallow Water
Deepwater
Foundation Type
Fixed Foundation
Floating Foundation
Capacity
Less than 5 MW
Above 5 MW
Geography
North America
United States of America
Canada
Rest of the North America
Europe
United Kingdom
Germany
Denmark
Netherlands
Rest of the Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of the Asia-Pacific
South America
Brazil
Argentina
Rest of the South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Rest of the Middle-East and Africa
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Offshore Wind Turbine Market Size Summary

The offshore wind turbine market is poised for significant growth over the forecast period, driven by the increasing integration of renewable energy sources into the global power generation mix. This shift is largely due to the global push towards reducing reliance on fossil fuels and enhancing energy efficiency. The market is expected to benefit from advancements in technology, such as the incorporation of AI, IoT, and robotics, which are set to improve condition monitoring and predictive maintenance, thereby reducing operational costs. However, the market may face challenges from the adoption of other clean energy sources like solar power. Europe is anticipated to maintain a substantial share of the market, with several countries actively exploring offshore wind energy opportunities.

As global energy demand continues to rise, the offshore wind turbine market is gaining traction, with major countries and companies investing in this reliable renewable energy source. Technological advancements have significantly reduced the cost of offshore wind power, making it competitive with fossil fuels in various regions, including the United States, Germany, and France. The market is also witnessing the development of deepwater projects, which are expected to drive further growth. Europe, in particular, is leading the charge, with countries in the North Sea region setting ambitious targets to expand offshore wind capacity. This growth is supported by initiatives in other regions, such as Australia and India, where new projects and tenders are being launched to harness offshore wind energy. The market remains moderately fragmented, with key players like Vestas Wind Systems, Siemens Gamesa Renewable Energy, and General Electric Company playing pivotal roles in its expansion.

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Offshore Wind Turbine Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Key Offshore Wind Projects

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

        1. 1.6.1.1 Rising Energy Demand

        2. 1.6.1.2 The Increasing Share of Renewables in the Power Generation Mix

      2. 1.6.2 Restraints

        1. 1.6.2.1 Adopting Clean Energy Sources Like Solar and Other Alternatives

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Shallow Water

      2. 2.1.2 Deepwater

    2. 2.2 Foundation Type

      1. 2.2.1 Fixed Foundation

      2. 2.2.2 Floating Foundation

    3. 2.3 Capacity

      1. 2.3.1 Less than 5 MW

      2. 2.3.2 Above 5 MW

    4. 2.4 Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States of America

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of the North America

      2. 2.4.2 Europe

        1. 2.4.2.1 United Kingdom

        2. 2.4.2.2 Germany

        3. 2.4.2.3 Denmark

        4. 2.4.2.4 Netherlands

        5. 2.4.2.5 Rest of the Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 China

        2. 2.4.3.2 Japan

        3. 2.4.3.3 India

        4. 2.4.3.4 South Korea

        5. 2.4.3.5 Rest of the Asia-Pacific

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of the South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 United Arab Emirates

        2. 2.4.5.2 Saudi Arabia

        3. 2.4.5.3 Rest of the Middle-East and Africa

Offshore Wind Turbine Market Size FAQs

The Offshore Wind Turbine Market size is expected to reach USD 22.97 billion in 2024 and grow at a CAGR of 8.15% to reach USD 33.98 billion by 2029.

In 2024, the Offshore Wind Turbine Market size is expected to reach USD 22.97 billion.

Offshore Wind Turbine Market Report Snapshots

Offshore Wind Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)