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North America Offshore Wind Turbine Market Size

Report ID: GMI9523
Published Date: May 2024
Report Format: PDF

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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.

North America Offshore Wind Turbine Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Offshore Wind Turbine Market Size in 2023:	USD 1.15 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	22.4%
2032 Value Projection:	USD 7.11 Billion
Historical Data for:	2019 - 2022
No. of Pages:	80
Tables, Charts & Figures:	15
Segments covered:	Turbine Rating, Installation and Country
Growth Drivers:	Favorable renewable policies Huge untapped & unexplored offshore wind energy potential Ongoing advancements in turbine technologies
Pitfalls & Challenges:	Availability of auxiliary electricity generation sources

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of North America offshore wind turbine was reached USD 1.15 billion in 2023 and is expected to register 22.4% CAGR from 2024 to 2032, owing to its crucial role in reducing greenhouse gas emissions and combating climate change, aligning with state and federal climate goals.

North America offshore wind turbine industry from the >5? 8 MW segment is expected to reach over USD 4.25 billion by 2032 due to offering offer higher power generation capacities compared to earlier models.

The U.S. offshore wind turbine industry is expected to record over USD 6.19 billion by 2032 due to initiatives such as the Department of Energy's Wind Energy Technologies Office and tax incentives like the Investment Tax Credit (ITC) and Production Tax Credit (PTC) in the region.

Bergey Windpower Co., Envision Group, ENERCON GmbH, General Electric Company, Goldwind, NORDEX SE, Ørsted A/S, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, Vestas, and WEG, are some of the major offshore wind turbine companies in North America.