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North America Offshore Wind Turbine Market Trends

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

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North America Offshore Wind Turbine Market Trends

Ambitious renewable energy targets, favorable policy frameworks, and increasing demand for clean energy sources is set to augment the industry landscape. Continued investment in research and development, collaboration among industry stakeholders, and supportive policy measures will be essential to further accelerate the deployment of these advanced turbine technologies and drive the growth of offshore wind energy across the region. Furthermore, ongoing advancements in technology, policy support, and market development, will play a pivotal role in the global energy transition, contributing to a more sustainable and resilient energy future.

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.