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Offshore Wind Turbine Market Size

Report ID: GMI4771
Published Date: Apr 2023
Report Format: PDF

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Offshore Wind Turbine Market Size

Offshore Wind Turbine Market size surpassed USD 15.59 million in 2023 and is anticipated to grow at 17.4% CAGR from 2024 to 2032 driven by the increasing prevalence of large-scale renewable energy programs.

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The industry is expanding as a result of the increasing development of several offshore projects. The rapid implementation of pipeline projects at offshore locations as well as the launch of supportive incentives, CfDs, initiatives, and investments across authorities to create a sustainable energy infrastructure is set to increase the product demand.

Offshore Wind Turbine Market Report Attributes
Report Attribute	Details
Base Year:	2023
Offshore Wind Turbine Market Size in 2023:	USD 15.59 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	17.4%
2032 Value Projection:	63.94 Million
Historical Data for:	2019 - 2023
No. of Pages:	700
Tables, Charts & Figures:	1,616
Segments covered:	Rating, Installation
Growth Drivers:	Favorable renewable policies Huge untapped & unexplored offshore wind energy potential Growing adoption of clean energy sources Ongoing advancement in turbine technologies
Pitfalls & Challenges:	Availability of auxiliary electricity generation sources

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of offshore wind turbine surpassed USD 15.59 million in 2023 and is anticipated to foresee 17.4% CAGR from 2024-2032 propelled by the increasing prevalence of large-scale renewable energy programs.

The fixed segment size reached over 13 GW in 2022 as a result of its advantageous characteristics such as low construction costs, reduced susceptibility to damage, cost-effectiveness, and the extensive use of shorter lines to transfer electricity to the shore.

The Europe market is estimated to reach 41 GW by 2032 owing to the strong regulatory environment and ongoing construction of large capacity projects at various sites in the region.

Key offshore wind turbine manufacturers are Vestas, Siemens Gamesa Renewable Energy, WEG, NORDEX SE, and Envision Group amongst others. These firms majorly engage in strategic acquisitions and partnerships to stay ahead in the business.