Offshore Wind Turbine Market Research Report By Technology (Fixed-Bottom Offshore Wind Turbines, Floating Offshore Wind Turbines), By Capacity (Below 10 MW, 10-20 MW, 20-30 MW, Above 30 MW), By Blade Material (Fiberglass, Carbon Fiber, Hybrid), By Drive Technology (Direct-Drive Turbines, Gearbox Turbines), By Water Depth (Shallow Water (less than 50 meters), Transitional Water (50-100 meters), Deep Water (over 100 meters)) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Offshore Wind Turbine Market Overview:

As per MRFR analysis, the Offshore Wind Turbine Market Size was estimated at 31.11 (USD Billion) in 2022. The Offshore Wind Turbine Market Industry is expected to grow from 34.16 (USD Billion) in 2023 to 79.2 (USD Billion) by 2032. The Offshore Wind Turbine Market CAGR (growth rate) is expected to be around 9.8% during the forecast period (2024 - 2032).

Key Offshore Wind Turbine Market Trends Highlighted

The offshore wind turbine market is propelled by the growing concern about climate change as well as the growing demand for renewable energy. All nations are offering encouraging things like feed-in tariffs and tax holidays to encourage the use of offshore wind technology. Has also enhanced the growth of this market growth. There is an increasing trend of putting up offshore wind projects, more especially in the European and Asian markets developing new offshore turbine market opportunities. There is also an anticipated increase in the offshore wind turbine market as a result of the development of new devices, the floating offshore wind turbines that will allow installations into deeper seas.

But other factors, such as the increasing awareness of the need to go green and the aspiration to achieve energy independence, make even the demand for offshore wind turbine systems. Developing trends in the offshore wind turbine market are such as the application of AI and digital systems enabling the optimization of turbine performance and efficiency while reducing maintenance costs and downtimes. The monitoring of potential problems and occurrence of predictive analytics with the AI systems minimizes interruptions in energy generation as potential problems are tackled in real-time.

Also, there is an intensifying trend toward the establishment of hybrid wind power plants, which integrate wind turbines with solar or battery energy storage systems, allowing for a steadier and more dependable energy supply. 

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Offshore Wind Turbine Market Drivers

Government Incentives and Regulations

Government measures such as tax credits and subsidization have been considered one of the main drivers of growth of the Offshore Wind Turbine Market Industry. Countries around the globe are paying adequate attention to the idea of using offshore wind energy as an alternative renewable source of energy. In order to foster the growth of this sector, many countries have adopted policies as well as regulations that do not include feed-in tariffs, renewable portfolio standards and tax exemptions. 

These incentives have served to lower the barriers to entry and made the offshore wind business model easier for potential financiers. Besides, in order to promote the offshore wind industry, nations are also enforcing policies to regulate and curb the development of offshore wind farms to promote safety and environmental preservation. Regulations in this category target site selection, environmental assessment and tidal turbine decommissioning.

Technological Advancements

Technological advancements have also been a major driver of the Offshore Wind Turbine Market Industry. In the past decade, there have been significant advancements in the efficiency and cost-effectiveness of offshore wind turbines. These include many advancements, such as the production of larger and more powerful turbines, improvements to blade design, and the production of blades from new materials, which allow them to be even more efficient. These advancements have altogether made the energy produced by offshore wind farms significantly cheaper and as such, more competitive with other forms of energy generation. Furthermore, advancements in technology have also led to the development of new and innovative designs of offshore wind turbines, such as floating turbines and vertical axis turbines.

Growing Demand for Renewable Energy

The growing demand for renewable energy is also driving the growth of the Offshore Wind Turbine Market Industry. As the world becomes increasingly aware of the need to address climate change, there is a growing demand for clean and sustainable sources of energy. Offshore wind energy is a promising renewable energy source that can help to meet this demand. Offshore wind turbines can generate large amounts of electricity with minimal environmental impact, making them an attractive option for countries looking to reduce their carbon footprint.

Offshore Wind Turbine Market Segment Insights:

Offshore Wind Turbine Market Technology Insights

The Offshore Wind Turbine Market is segmented by technology into fixed-bottom offshore wind turbines and floating offshore wind turbines. Fixed-bottom offshore wind turbines are the most common type of offshore wind turbine, and they are typically installed in shallow waters. Floating offshore wind turbines are less common, and they are typically installed in deeper waters. The fixed-bottom offshore wind turbine segment is expected to account for the largest share of the Offshore Wind Turbine Market in 2023, and it is expected to continue to grow at a CAGR of 9.8% through 2032.

The growth of this segment is being driven by the increasing demand for renewable energy and the decreasing cost of offshore wind turbines. The floating offshore wind turbine segment is expected to grow at a faster CAGR than the fixed-bottom offshore wind turbine segment over the forecast period. The growth of this segment is being driven by the increasing demand for renewable energy and the development of new technologies that are making floating offshore wind turbines more cost-effective. In 2023, the Offshore Wind Turbine Market is expected to be worth USD 34.16 billion. By 2032, the market is expected to be worth USD 79.2 billion. The growth of the market is being driven by the increasing demand for renewable energy and the decreasing cost of offshore wind turbines.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Offshore Wind Turbine Market Capacity Insights

The Offshore Wind Turbine Market is segmented by capacity into Below 10 MW, 10-20 MW, 20-30 MW, and Above 30 MW. Among these, the 10-20 MW segment held the largest market share in 2023, accounting for 37.2% of the global market. This is due to the increasing demand for larger turbines with higher power output. The Below 10 MW segment is expected to witness the highest growth rate during the forecast period, owing to the growing popularity of small-scale offshore wind projects. 

The 20-30 MW segment is expected to account for a significant share of the market in 2023, driven by the increasing adoption of these turbines in large-scale offshore wind farms. The Above 30 MW segment is expected to witness steady growth during the forecast period as more countries look to develop ultra-large offshore wind farms.

Offshore Wind Turbine Market Blade Material Insights

The Offshore Wind Turbine Market segmentation by Blade Material includes Fiberglass, Carbon Fiber, and Hybrid. Fiberglass dominated the market in 2023, accounting for over 70% of the Offshore Wind Turbine Market revenue. Fiberglass blades are preferred due to their low cost and high strength-to-weight ratio. However, carbon fiber blades are gaining popularity due to their superior strength and lighter weight, which allows for longer blades and increased energy generation. 

Hybrid blades, which combine fiberglass and carbon fiber, offer a balance between cost and performance. The Offshore Wind Turbine Market data shows that the demand for carbon fiber and hybrid blades is expected to grow significantly in the coming years, driven by the increasing size and power of offshore wind turbines.

Offshore Wind Turbine Market Drive Technology Insights

The Offshore Wind Turbine Market segmentation by Drive Technology comprises 'Direct-Drive Turbines' and 'Gearbox Turbines'. Direct-Drive Turbines are witnessing higher adoption due to their simpler design, offering benefits like enhanced reliability, reduced maintenance costs, and improved power generation efficiency. In 2023, Direct-Drive Turbines accounted for nearly 65% of the Offshore Wind Turbine Market revenue. Gearbox Turbines, on the other hand, are more cost-effective and have a proven track record, making them a preferred choice for certain applications.

The Offshore Wind Turbine Market data indicates that Gearbox Turbines held a market share of around 35% in 2023 and are expected to maintain a significant presence in the market during the forecast period. Technological advancements and increasing demand for cost-effective solutions are expected to drive the growth of both Direct-Drive Turbines and Gearbox Turbines, contributing to the overall expansion of the Offshore Wind Turbine Market industry.

Offshore Wind Turbine Market Water Depth Insights

The Offshore Wind Turbine Market is segmented by water depth into shallow water (less than 50 meters), transitional water (50-100 meters), and deep water (over 100 meters). Shallow water accounted for the largest share of the market in 2023, and it is expected to continue to dominate the market over the forecast period. The growth of the shallow water segment is attributed to the increasing number of offshore wind projects in shallow waters, as well as the lower costs associated with installing and maintaining turbines in shallow waters. The transitional water segment is expected to witness significant growth over the forecast period.

The growth of the transitional water segment is attributed to the increasing number of offshore wind projects in transitional waters, as well as the technological advancements that have made it possible to install and maintain turbines in deeper waters. The deep water segment is expected to witness moderate growth over the forecast period. The growth of the deep water segment is attributed to the increasing number of offshore wind projects in deep waters, as well as the technological advancements that have made it possible to install and maintain turbines in deeper waters.

Offshore Wind Turbine Market Regional Insights

The Offshore Wind Turbine Market is segmented into North America, Europe, APAC, South America, and MEA. The North America region dominated the global market in 2023, accounting for around 55% of the Offshore Wind Turbine Market revenue. The region's strong commitment to renewable energy and favorable government policies have contributed to its dominance in the market. The Asia-Pacific region is expected to witness significant growth in the coming years, primarily driven by the increasing demand for renewable energy sources in emerging economies like China and India.

Europe is also expected to experience steady growth, supported by government incentives and technological advancements. South America and MEA have a relatively smaller market share, but they are expected to grow in the future, driven by increasing investments in renewable energy projects.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Offshore Wind Turbine Market Key Players And Competitive Insights:

The offshore wind turbine market is highly competitive, and major players are actively involved in conducting research and development activities to improve the efficiency of offshore wind turbines and reduce their costs. Furthermore, major participants in the offshore wind turbine market are investing in advanced technologies, such as floating wind turbines, as floating wind turbines are applicable to a higher depth of water. 

The offshore wind turbine market is one of the major markets in the renewable energy sector, and it is expected to grow significantly in the coming years due to factors such as the growing demand for renewable energy and the support from governments for offshore wind projects. The offshore wind turbine market is anticipated to remain fragmented, and the degree of fragmented in the offshore wind turbine market would remain high due to the presence of a significant

number of major players in the offshore wind turbine market, which could be attributed to the absence of a single dominant player in the offshore wind turbine market. Vestas Wind Systems is one of the key players in the offshore wind turbine market. Vestas Wind Systems develops, manufactures, and markets wind turbines in the onshore and offshore wind turbine market. Vestas Wind Systems has installed its wind turbines in a significant number of onshore and offshore wind projects in the Americas, Europe, and Asia Pacific.

Siemens Gamesa Renewable Energy, S.A. is another key player in the offshore wind turbine market. Siemens Gamesa Renewable Energy, S.A. operates as a subsidiary of industrial manufacturing Siemens AG. Siemens Gamesa manufactures onshore and offshore wind turbines and it supplies onshore and offshore wind turbines to Asia Pacific, Europe, and Middle East projects. Furthermore, Siemens Gamesa is highly innovative and invests in advanced technologies, such as floating wind turbines.

Key Companies in the Offshore Wind Turbine Market Include:

• Nordex Group


• GE Renewable Energy


• Siemens Gamesa Renewable Energy


• China General Nuclear Power Corporation


• Doosan Heavy Industries Construction


• Ocean Wind


• RES Group


• Mingyang Smart Energy


• Copenhagen Infrastructure Partners


• Goldwind


• Vestas Wind Systems


• Shanghai Electric Group


• CSIC Haizhuang Heavy Industry


• Mainstream Renewable Power


• Envision Energy

Offshore Wind Turbine Market Industry Developments

The Offshore Wind Turbine Market is poised for significant growth in the coming years, driven by increasing demand for renewable energy, government incentives, and technological advancements. In 2023, the market was valued at USD 34.16 billion, and it is projected to reach USD 79.2 billion by 2032, exhibiting a CAGR of 9.8%. 

Recent developments in the market include the commissioning of the world's largest offshore wind farm, Hornsea Two, in the UK and the announcement of plans to build the world's first floating offshore wind farm in Norway. These projects highlight the growing scale and ambition of the offshore wind industry. Technological advancements, such as the development of larger and more efficient turbines, are also contributing to the growth of the market. These advancements are reducing the cost of offshore wind energy and making it more competitive with other forms of energy generation.

The Asia-Pacific region is expected to witness the highest growth in the offshore wind turbine market, driven by strong demand from China, Japan, and South Korea. Europe is also a major market for offshore wind turbines, and the region is expected to continue to invest heavily in this sector in the coming years. Overall, the Offshore Wind Turbine Market is poised for strong growth in the coming years, driven by increasing demand for renewable energy, government incentives, and technological advancements.

Offshore Wind Turbine Market Segmentation Insights

• Offshore Wind Turbine Market Technology Outlook
  
  
  
  • Fixed-Bottom Offshore Wind Turbines
  
  
  • Floating Offshore Wind Turbines
  
  
  
  


• Offshore Wind Turbine Market Capacity Outlook
  
  
  
  • Below 10 MW
  
  
  • 10-20 MW
  
  
  • 20-30 MW
  
  
  • Above 30 MW
  
  
  
  


• Offshore Wind Turbine Market Blade Material Outlook
  
  
  
  • Fiberglass
  
  
  • Carbon Fiber
  
  
  • Hybrid
  
  
  
  


• Offshore Wind Turbine Market Drive Technology Outlook
  
  
  
  • Direct-Drive Turbines
  
  
  • Gearbox Turbines
  
  
  
  


• Offshore Wind Turbine Market Water Depth Outlook
  
  
  
  • Shallow Water (less than 50 meters)
  
  
  • Transitional Water (50-100 meters)
  
  
  • Deep Water (over 100 meters)
  
  
  
  


• Offshore Wind Turbine Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa