Offshore Wind Turbine Market
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The global offshore wind turbine market size was valued at USD 14.6 Billion in 2024 and is estimated to grow at a CAGR of 14% from 2025 to 2034. It is a large, mechanical device installed in bodies of water, typically oceans or large lakes, to harness wind energy and convert it into electricity. These turbines are specifically designed to withstand harsh marine environments and are mounted on specialized structures, such as fixed foundations or floating platforms, depending on the water depth.
Rising development of numerous offshore projects along with supportive measures such as incentives, initiatives, and investments by authorities to establish sustainable energy infrastructure will propel the product adoption. Increasing investments from private and public sectors to promote offshore wind energy, coupled with the growing reliance on fossil fuel imports and energy market volatility will foster the industry outlook.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Offshore Wind Turbine Market size in 2024: | USD 14.6 Billion |
| Forecast Period: | 2025 – 2034 |
| Forecast Period 2023 - 2032 CAGR: | 14 |
| 2023 Value Projection: | USD 74.8 Billion |
| Historical Data for: | 2021 – 2024 |
| No of Pages: | 115 |
| Tables, Charts & Figures: | 30 |
| Segments Covered: | Rating, Installation and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Increasing focus on reducing reliance on fossil fuel imports, and ensuring energy security will improve product penetration, particularly significant for countries facing energy supply challenges or aiming to reduce their dependence on volatile global fuel markets. Ongoing innovations in turbine design, floating platforms, and grid integration technologies aimed to reduce the cost of offshore wind projects will complement the business landscape.
Rising popularity of solutions with no greenhouse gas emissions during operation, and reduced carbon footprint of power generation will enhance the product growth. Growing favorable policies, incentives, and regulatory frameworks at both national and regional levels will foster investment in floating offshore wind projects. These measures will provide market stability and support project development, thereby fueling the industry's growth. Furthermore, increasing collaborations between governments and private entities will drive large-scale offshore wind projects, thereby stimulating the business statistics.
Based on rating, the offshore wind turbine market is segmented into ≤ 2 MW, > 2 to ≤ 5 MW, > 5 to ≤ 8 MW, > 8 to ≤ 10 MW, > 10 to ≤ 12 MW and > 12 MW. > 5 to ≤ 8 MW is anticipated to grow by more than USD 21.5 billion by 2034 on account of their high-power generation capacities than previous models, leading to higher energy output per turbine and lower project costs per megawatt-hour.
Rising demand for cost effective turbines with reduced levelized cost of energy (LCOE) in terms of manufacturing, installation, and maintenance, especially in less harsh offshore environments will improve the medium rating product adoption. Furthermore, growing demand for easy to install turbines, particularly in areas with less favorable seabed conditions or in waters with moderate depths will complement the medium rating adoption.
Based on installation, the offshore wind turbine market is segmented into floating and fixed. Floating is set to grow at a CAGR of over 27.5% by 2034 due to their efficient functioning in deep water that traditional fixed-bottom turbines cannot, opening up new opportunities for wind energy development, particularly in areas with deep continental shelves or challenging seabeds. Advancements in the design of floating turbines, like semi-submersible, spar buoy, and tension-leg platform types are improving its stability, reliability, and cost-effectiveness, and will positively affect its adoption rate.
Furthermore, continual improvements in anchoring as well as mooring devices to keep the turbine stationary for optimal performance after installation in various sea conditions, operational efficiency, and reduced maintenance will impact the industry statistics.
The U.S. offshore wind turbine market is anticipated to grow by more than USD 7.1 Billion by 2034. Ongoing programs such as the Department of Energy's Wind Energy Technologies Office, along with tax incentives such as the Investment Tax Credit (ITC) and Production Tax Credit (PTC), designed to increase investment in offshore wind projects will augment the product demand.
Rising ambitious offshore wind goals by various states including Massachusetts, New York, New Jersey, and Maryland coupled with advancements in floating wind turbine technology, designed to allow utilization of wind resources in deeper waters will fuel the product adoption.
In Europe, rising stringent regulatory framework and the ongoing construction of large-scale projects at various locations will drive the market growth. Increasing resource availability, continuous advancements in turbine designs and strong government support, by local companies will contribute to market expansion.
Prominent industry stakeholders are putting resources into building higher capacity turbines which can deliver enhanced efficiency. A number of players are entering strategic alliances with state authorities, energy providers, and technology companies to fast track the construction of offshore wind farms. Partnerships with regional governments also help to acquire needed funding and more pleasant regulations.
Eminent players operating in the offshore wind turbine industry are:
Market, By Rating
Market, By Installation
The above information has been provided for the following regions and countries:
The global market for offshore wind turbine was reached USD 14.6 billion in 2024 and is projected to grow at a 14% CAGR from 2025 to 2034, driven by favorable regulatory policies and the growing adoption of clean energy sources.
The U.S. offshore wind turbine market is likely to surpass USD 7.1 billion by 2034, supported by government programs, tax incentives, and advancements in floating wind turbine technology for deeper waters.
Key players include Bergey Windpower, CSSC, Doosan Corporation, ENERCON, ENESSERE, Envision Group, EOLINK, General Electric, Goldwind, Mingyang Smart Energy Group, NORDEX, Orsted, Senvion, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, Vattenfall, Vestas, and WEG.
The floating segment is anticipated to grow at a CAGR of over 27.5% through 2034, as they enable efficient energy generation in deep waters where fixed-bottom turbines are not viable.
The > 5 to ≤ 8 MW segment is expected to exceed USD 21.5 billion by 2034, due to their higher energy output per turbine, which reduces project costs per megawatt-hour and enhances cost efficiency.