North America Offshore Wind Turbine Market Size

North America Offshore Wind Turbine Market Size

North America Offshore Wind Turbine Market was valued USD 1.15 billion in 2023 and is anticipated to grow at a CAGR of 22.4% from 2024 to 2032. An offshore wind turbine is a type of wind turbine that is specifically designed and installed in bodies of water, typically in oceans or large lakes, to harness wind energy for electricity generation. They require robust foundations to support the structure in the marine environment. There are different types of foundations used, including monopiles, jackets, tripods, gravity-based structures, and floating platforms.

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Offshore wind plays a crucial role in reducing greenhouse gas emissions and combating climate change, aligning with state and federal climate goals will drive the demand for clean fuel. Ongoing development of a domestic offshore wind industry can stimulate long term economic growth, attract investment, and enhance energy security will create opportunities for market expansion. Further, Major energy companies, both domestic and international, have shown interest in developing offshore wind projects in the U.S. is slated to drive the market scenario.
 

Supportive policies, incentives, and regulatory frameworks at national and regional levels encourage investment in floating offshore wind projects, providing market certainty and facilitating project development is estimated to drive the industry outlook. Public private partnerships and government funded demonstration projects help de risk investments, validate technology performance, and drive innovation in the wind turbine technology.