North America Offshore Wind Turbine Market Size & Share 2024 - 2032
Market Size by Rating (≤ 2 MW, >2 ≤ 5 MW, > 5 ≤ 8 MW, > 8 ≤ 10 MW, > 10 ≤ 12 MW, > 12 MW), by Installation (Floating, Fixed), Country Outlook & Forecast.
Report ID: GMI9523
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Published Date: May 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Srishti Agarwal
North America Offshore Wind Turbine Market Size
North America Offshore Wind Turbine Market was valued USD 1.15 billion in 2023 and is anticipated to grow at a CAGR of 22.4% from 2024 to 2032. An offshore wind turbine is a type of wind turbine that is specifically designed and installed in bodies of water, typically in oceans or large lakes, to harness wind energy for electricity generation. They require robust foundations to support the structure in the marine environment. There are different types of foundations used, including monopiles, jackets, tripods, gravity-based structures, and floating platforms.
North America Offshore Wind Turbine Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Offshore wind plays a crucial role in reducing greenhouse gas emissions and combating climate change, aligning with state and federal climate goals will drive the demand for clean fuel. Ongoing development of a domestic offshore wind industry can stimulate long term economic growth, attract investment, and enhance energy security will create opportunities for market expansion. Further, Major energy companies, both domestic and international, have shown interest in developing offshore wind projects in the U.S. is slated to drive the market scenario.
Supportive policies, incentives, and regulatory frameworks at national and regional levels encourage investment in floating offshore wind projects, providing market certainty and facilitating project development is estimated to drive the industry outlook. Public private partnerships and government funded demonstration projects help de risk investments, validate technology performance, and drive innovation in the wind turbine technology.
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.
North America Offshore Wind Turbine Market Analysis
Based on turbine rating, the >5≤ 8 MW segment is likely to reach USD 4.25 billion by 2032. They offer higher power generation capacities compared to earlier models, resulting in improved energy yield per turbine and reduced overall project costs per megawatt-hour, thereby stimulating the product adoption. It benefits from economies of scale in manufacturing, installation, and maintenance, contributing to lower levelized cost of energy (LCOE) and improved project economics. Furthermore, manufacturers have introduced advanced turbine designs featuring larger rotor diameters, optimized blade shapes, and enhanced drivetrain systems to maximize energy capture and minimize loads, thereby catering to diverse market needs.
Based on installation, the floating segment is set to grow at a CAGR of over 39.5% through 2032. Floating turbines can operate in water depths that are prohibitive for traditional fixed-bottom offshore turbines, unlocking new areas for wind energy development, especially in regions with deep continental shelves or rough sea beds. Advances in floating turbine designs, such as semi-submersible, spar buoy, and tension-leg platform configurations, have improved stability, reliability, and cost-effectiveness is driving the business landscape. Additionally, developments in mooring and anchoring technologies ensure turbines remain stable in varying sea conditions, enhancing operational efficiency and reducing maintenance requirements, thereby fueling the market growth.
The U.S. offshore wind turbine market valuation to cross more than USD 6.19 billion by 2032. 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) have encouraged investment in offshore wind projects. States like Massachusetts, New York, New Jersey, and Maryland have set ambitious offshore wind targets, provided financial incentives, and streamline permitting processes to attract developers which will strengthen the industry statistics. Moreover, development of floating wind turbine technology enables harnessing wind resources in deeper waters, expanding the potential for offshore wind projects along the U.S. coastline.
North America Offshore Wind Turbine Market Share
These alliances can take various forms, including joint ventures, strategic partnerships, and consortia, each serving different purposes such as technology development, market expansion, and policy advocacy. Innovations in turbine foundation designs, cable installation techniques, and environmental impact mitigation will lead to collaborative projects. Further, development of strategic research agendas, fostering collaboration between industry and academia, and influencing EU energy policies will drive the competitive landscape.
North America Offshore Wind Turbine Market Companies
Eminent players operating in the North America offshore wind turbine industry are:
North America Offshore Wind Turbine Industry News
This North America offshore wind turbine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “MW & USD Million” from 2021 to 2032, for the following segments:
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Market, By Turbine Rating
Market, By Installation
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
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3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
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Verified data sources
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GMI archive
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Parameters studied & evaluated
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