Global Marine Wind Turbine Market Overview:
As per MRFR analysis, the Marine Wind Turbine Market Size was estimated at 49.7 (USD Billion) in 2022. The Marine Wind Turbine Market Industry is expected to grow from 55.86 (USD Billion) in 2023 to 160.0 (USD Billion) by 2032. The Marine Wind Turbine Market CAGR (growth rate) is expected to be around 12.4% during the forecast period (2024 - 2032).
Key Marine Wind Turbine Market Trends Highlighted
The marine wind turbine market is poised for sustained growth in the coming years. Key drivers include the increasing need for renewable energy sources, declining costs of offshore wind energy, and favorable government policies.
Opportunities for growth in the marine wind turbine market include the development of floating wind turbines, which can be deployed in deeper waters and further from shore. Additionally, the development of innovative blade designs and materials is expected to improve the efficiency and cost-effectiveness of marine wind turbines.
Recent trends in the marine wind turbine market include the increasing size and capacity of turbines, as well as the development of new technologies such as floating wind turbines and hybrid wind-solar systems. These trends are expected to continue in the coming years, driving the growth of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Marine Wind Turbine Market Drivers
Increasing Demand for Renewable Energy
One of the major driving factors of the market of marine wind turbine is a growing demand for renewable energy sources. A renewable source of energy implies a safer and more sustainable operating when compared to fossil fuels. For this reason, they are prevailing in the industry. With climate change being a main concern for many states all over the world, marine wind turbines emerge as a viable solution. They are able to produce large amounts of electricity and do little to no harm to the environment.
Technological Advancements
Technological advancements are another key driver of the marine wind turbine market. The development of new and more efficient marine wind turbines is making them more cost-effective and reliable. In addition, the development of new technologies for installing and maintaining marine wind turbines is also making them more feasible. These technological advancements are expected to continue to drive the growth of the marine wind turbine market in the coming years.
Government Support
Government support is also a key driver of the marine wind turbine market. Governments around the world are providing financial incentives and other forms of support to encourage the development of marine wind energy. This support is expected to continue in the coming years as governments look to meet their renewable energy targets. Government support is a major factor driving the growth of the Marine Wind Turbine Market Industry.
Marine Wind Turbine Market Segment Insights:
Marine Wind Turbine Market Turbine Capacity Insights
The Marine Wind Turbine Market has been segmented within the scope of this report based on turbine capacity into Below 5 MW, 5-10 MW, 10-15 MW and Above 15 MW. The 5-10 MW segment accounted for the largest market share of more than 40% in 2023, and this segment is projected to maintain its dominance over the forecast period. The 5-10 MW segment is projected to grow with a CAGR of 12.5% up to 2022. These are due to the increasing adoption of 5-10 MWs turbines since these offer a balance between cost-effectiveness and increasing energy generation efficiency.The below 5 MW segment is projected to grow at a modest pace during the forecast period as the smaller turbines are in demand for near shore and in-distribution generation. The 10 to 15 MW segment is anticipated to grow at a significant rate as well for the same reason, however, these offer high energy generation potential and are most suitable to be implemented in larger offshore wind farms. The above 15 MW segment is anticipated to have a substantial share of the market revenue in the coming years. This is due to the fact that a growing number of partnerships, investments and developments are in the pipeline for the development of high capacity turbines.The segment is likely to have a higher volume share post-2030 once the segment has been fully commercialized. The 5 to 10 MW segment is anticipated to have the highest revenue share due to the high volume of sales that is anticipated in this segment. It is followed by 10 to 15 MW and below 5 MW segments.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Marine Wind Turbine Market Water Depth Insights
The Marine Wind Turbine Market is segmented by water depth into shallow, which is less than 50m, transitional, which is 50m – 100m, and deep. In 2023, the shallow water depth segment accounted for the largest share of the market and is expected to continue to dominate through 2032, owing to the fact that shallow water depths are more accessible and less expensive to develop than deeper waters. However, the deep water depth segment is expected to grow at the fastest rate over the forecast period, enabled by technology improvement and declining costs.The growth of the deep water depth segment is attributed to the increasing demand for renewable energy sources and the need to develop new sources of energy in remote locations.
Marine Wind Turbine Market Foundation Type Insights
Foundation Type Segment Insights and Overview The foundation type segment plays a crucial role in the marine wind turbine market. Different foundation types are used to anchor turbines in various marine environments. Monopile: Monopiles are single-leg foundations that are driven into the seabed. They are commonly used in shallow waters and are cost-effective. Gravity-Based Foundation: Gravity-based foundations are massive concrete structures that rest on the seabed. They are suitable for deeper waters and provide stability. Jacket Foundation: Jacket foundations consist of a steel frame that supports the turbine above the water surface.They are used in intermediate water depths and offer flexibility in design. Tripod Foundation: Tripod foundations are three-legged structures that provide stability in deep waters. They require less material than jacket foundations and are suitable for remote locations. In 2023, the monopile foundation type accounted for the largest revenue share in the marine wind turbine market. However, the gravity-based foundation type is expected to witness significant growth over the forecast period due to its suitability for deeper waters and increasing demand for offshore wind farms.
Marine Wind Turbine Market Application Insights
The Marine Wind Turbine Market Segmentation by Application is categorized into Offshore Wind Farms, Tidal Turbines, and Wave Energy Converters. Among these, Offshore Wind Farms dominate the market with a substantial revenue share. In 2023, the Marine Wind Turbine Market revenue for Offshore Wind Farms was valued at USD 45.63 billion, and it is projected to reach USD 85.67 billion by 2032, exhibiting a CAGR of 7.9% during the forecast period. The growth of this segment can be attributed to the increasing demand for clean and renewable energy sources, coupled with government initiatives and subsidies to promote offshore wind energy development.
Marine Wind Turbine Market Regional Insights
The Marine Wind Turbine Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, Europe is expected to lead the market in the coming years, owing to the increasing adoption of offshore wind energy and supportive government policies. The APAC region is also expected to witness significant growth, driven by the growing demand for renewable energy in countries such as China and India. The North American market is expected to remain stable, supported by the growing demand for offshore wind energy in the United States.The South American market is expected to witness moderate growth, while the MEA market is expected to grow at a slower pace. Overall, the Marine Wind Turbine Market is expected to witness significant growth in the coming years, driven by the increasing adoption of offshore wind energy and supportive government policies.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Marine Wind Turbine Market Key Players And Competitive Insights:
Major players in the Marine Wind Turbine Market are continuously developing technologically advanced products to improve efficiency and reduce costs. Leading Marine Wind Turbine Market players are investing heavily in R&D to stay competitive in the dynamic market. Acquisitions and partnerships are also common strategies adopted by Marine Wind Turbine Market industry participants to expand their product portfolio and geographical reach. The market is expected to witness increasing competition as new entrants emerge, attracted by the promising growth prospects.Siemens Gamesa Renewable Energy, a leader in wind energy, has established itself as a prominent player in the Marine Wind Turbine Market. The company offers a wide range of products and services, including offshore wind turbines, foundations, and operations and maintenance solutions. Siemens Gamesa is focused on developing innovative technologies to enhance the efficiency and reliability of its wind turbines. The company's commitment to sustainability and its presence make it a formidable competitor in the Marine Wind Turbine Market.Another key player, Vestas Wind Systems, is a Denmark-based company that specializes in the design, manufacture, and installation of wind turbines. Vestas has a strong presence in the Marine Wind Turbine Market and offers a variety of offshore wind turbine models tailored to different project requirements. The company's focus on cost optimization and technological advancements has enabled it to gain a significant market share. Vestas is actively involved in research and development to develop next-generation offshore wind turbines with improved performance and efficiency.
Key Companies in the Marine Wind Turbine Market Include:
- Siemens Gamesa Renewable Energy
- Nordex SE
- Shanghai Electric
- Goldwind
- Envision
- Senvion
- Ming Yang Smart Energy
- MHI Vestas Offshore Wind
- Vestas
- Windey
- General Electric
- CSSC Haizhuang Wind Power
- Doosan Heavy Industries Construction
Marine Wind Turbine Market Industry Developments
The Marine Wind Turbine Market is poised for substantial growth in the coming years, driven by rising energy demand, increasing environmental awareness, and government incentives. Recent developments in the market include:
In 2023, the market for marine wind turbines is valued at approximately USD 55.86 billion and is projected to reach USD 160.0 billion by 2032, exhibiting a CAGR of 12.4% during the forecast period.
In 2024, the Biden administration announced plans to deploy 30 gigawatts (GW) of offshore wind capacity by 2030, creating thousands of jobs and spurring billions of dollars in investments.
Major industry players such as Siemens Gamesa, Vestas, and GE Renewable Energy are investing heavily in research and development, leading to advancements in turbine technology and increased efficiency.
Partnerships between governments and private companies are promoting the development of offshore wind farms, such as the collaboration between the UK government and Rsted to build the world's largest offshore wind farm.
Technological advancements, such as floating turbines and larger blades, are enabling wind farms to be located in deeper waters and withstand harsher conditions, expanding the potential for marine wind energy.
Marine Wind Turbine Market Segmentation Insights
- Marine Wind Turbine Market Turbine Capacity Outlook
- Below 5 MW
- 5-10 MW
- 10-15 MW
- Above 15 MW
- Marine Wind Turbine Market Water Depth Outlook
- Shallow (Less than 50m)
- Transitional (50m - 100m)
- Deep (More than 100m)
- Marine Wind Turbine Market Foundation Type Outlook
- Monopile
- Gravity-Based Foundation
- Jacket Foundation
- Tripod Foundation
- Marine Wind Turbine Market Application Outlook
- Offshore Wind Farms
- Tidal Turbines
- Wave Energy Converters
- Marine Wind Turbine Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
49.7 (USD Billion) |
| Market Size 2023 |
55.86 (USD Billion) |
| Market Size 2032 |
160.0 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
12.4% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Siemens Gamesa Renewable Energy, Nordex SE, Shanghai Electric, Goldwind, Envision, Senvion, Ming Yang Smart Energy, MHI Vestas Offshore Wind, Vestas, Windey, General Electric, CSSC Haizhuang Wind Power, Doosan Heavy Industries Construction |
| Segments Covered |
Turbine Capacity, Water Depth, Foundation Type, Application, Regional |
| Key Market Opportunities |
Government incentives Technological advancements Growing demand for offshore wind power Cost reductions Expanding supply chain |
| Key Market Dynamics |
Increasing government incentives, technological advancements, rising energy demand favorable regulatory policies, and growing environmental concerns |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Marine Wind Turbine Market is expected to have an overall valuation of 55.86 billion USD in 2023.
The Marine Wind Turbine Market is expected to grow at a CAGR of 12.4% from 2024 to 2032.
The Marine Wind Turbine Market is expected to have an overall valuation of 160.0 billion USD in 2032.
Europe is expected to have the largest market share in the Marine Wind Turbine Market, followed by Asia-Pacific and North America.
Key applications of marine wind turbines include electricity generation, water pumping, and desalination.
Key competitors in the Marine Wind Turbine Market include Vestas, Siemens Gamesa, and General Electric.
Key growth drivers of the Marine Wind Turbine Market include increasing demand for renewable energy, government incentives, and technological advancements.
Key challenges facing the Marine Wind Turbine Market include high costs, environmental concerns, and technical challenges.
Key trends in the Marine Wind Turbine Market include increasing installation of floating wind turbines, development of larger and more efficient turbines, and increasing investment in offshore wind farms.
The COVID-19 pandemic is expected to have a negative impact on the Marine Wind Turbine Market in the short term due to disruptions in supply chains and delays in project development. However, the long-term outlook for the market remains positive.
