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Offshore Wind Turbine Market Size By Rating (≤ 2 MW, >2 ≤ 5 MW, > 5 ≤ 8 MW, > 8 ≤ 10 MW, > 10 ≤ 12 MW, > 12 MW), By Installation (Floating, Fixed) & Forecast, 2024 - 2032

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

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.
 

Offshore Wind Turbine Market

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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.
 

Privacy concerns may restrain industry progression

The offshore wind turbine market growth is significantly hampered by complexities related to the installation of components, including turbines, cables, blades, and associated risks related to cable failure, damage, and corrosion. In addition, the availability of alternative power generation technologies such as solar and geothermal is limiting product adoption. For instance, in 2022, U.S. Energy Information Administration registered an additional 58 billion kWh of electricity produced from solar photovoltaic systems. Nonetheless, the favorable regulatory scenario to support large-scale offshore wind energy deployment is likely to complement the business statistics.
 

Offshore Wind Turbine Market Analysis

The industry size from fixed offshore wind turbine exceeded 13 GW in 2022, propelled by 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. Moreover, these turbines have emerged as a reliable option due to their ability to overcome scours over the seabed with the help of complex advancements in designs.
 

Offshore Wind Turbine Market Share, By Installation 

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The  >10≤12 MW offshore wind turbine market expected to witness 17% growth during 2023-2032. The ongoing development of large-scale projects in deep-water sites and the progress of floating infrastructures is fueling sector growth. In China, the first large-scale deep-sea offshore wind power project started in December 2022 under the country’s POWERCHINA initiative of connecting deep-sea energy with the national electricity power grid. Such missions require high-power turbines to work smoothly, which has promoted the use of cost-effective options including >10≤ 12 MW-rated turbines.
 

Offshore Wind Turbine Market Size, By Region 

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Europe offshore wind turbine industry is estimated to amass 41 GW by 2032, attributed to the stringent regulatory environment and ongoing construction of large capacity projects at various sites. To cite an instance, France started its first Saint-Nazaire Offshore Wind Farm operation in November 2022 with an estimated capacity of 480 megawatts to the grid. The easy availability of resources, favorable government support, and the consistent development of cutting-edge turbine designs by regional firms are thus promoting the growth of the market growth.
 

Offshore Wind Turbine Market Share

Top participants involved in the offshore wind turbines business scenario are :

  • Vestas
  • Goldwind
  • General Electric
  • Suzlon Energy Limited
  • Siemens Gamesa Renewable Energy
  • WEG
  • NORDEX SE
  • Envision Group amongst

 primarily engage in strategic acquisitions and partnerships with private and public energy development firms to stay ahead in the industry. For example, in January 2023, Siemens Gamesa Renewable Energy, a renewable energy solutions company, inked a supply agreement with RWE, a German electricity generation firm, to deploy 72 units of its SG 14-236 DD offshore wind turbines for the 1 GW project situated in Denmark. With this, the company strengthened its position and marked a strong presence in the industry.
 

This market research report on offshore wind turbine includes in-depth coverage of the industry with estimates & forecasts in terms of “MW” & “USD Million” from 2019 to 2032 for the following segments:

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Market, By Rating

  • ≤ 2 MW
  • > 2 to ≤ 5 MW
  • > 5 to ≤ 8 MW
  • > 8 to ≤ 10 MW
  • > 10 to ≤ 12 MW
  • > 12 MW

Market, By Installation

  • Floating
  • Fixed
    • Axis
      • HAWT
        • Up-Wind
        • Down-Wind
      • VAWT
    • Component
      • Blades
      • Towers
      • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • Spain
    • UK
    • France
    • Italy
    • Sweden
    • Poland
    • Denmark
    • Portugal
    • Netherlands
    • Ireland
    • Belgium
  • Asia Pacific
    • China
    • India
    • Australia
    • Japan
    • South Korea
    • Vietnam
    • Philippines
    • Taiwan
  • Rest of World
     
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.

Offshore Wind Turbine Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 18
  • Tables & Figures: 1616
  • Countries covered: 22
  • Pages: 700
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