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Offshore Wind Turbine Market size to cross $34.5 Bn by 2032

  • Published Date: April 10, 2023

Offshore Wind Turbine Market size is anticipated to cross a valuation of USD 34.5 billion by 2032, according to the latest research report by Global Market Insights Inc.

Noteworthy investments to provide access to clean electricity in developing nations are one of the chief drivers of the industry trends. Growing government funding and stringent regulatory parameters in accordance with shifting emphasis on clean electricity generation is impelling product adoption. In June 2022, the U.S. Government launched a new federal-state offshore partnership to enable American access to clean energy. Furthermore, the increase of commercial and industrial operations across economies is consequently improving offshore wind turbine market outlook.

Performance benefits of fixed-bottom wind turbines in extreme production loads

The floating offshore wind turbine industry share is poised to value at USD 8 billion by 2032. The business scenario is likely to be fostered by substantial investments from the public and private sectors to unleash the potential of deep-sea energy as well as continued R&D of new floating turbine designs. A 2022 research study concluded that platform motions significantly affect extreme power-production loads, however, floating installation does not marginally disturb the overall performance and rotor loads.

Surging efforts to reconstruct ports to push demand for >5≤ 8 MW turbines

The >5≤ 8 MW rated offshore wind turbine market was worth USD 2 billion in 2022 as a result of the significant emphasis on the introduction of high-yield turbines, together with the ongoing deployment of efficient turbines across potential sites. The segment revenue size is also influenced by improvements in substructures as well as continuous improvements of project sites.

Browse key industry insights spread across 700 pages with 1585 market data tables & 31 figures & charts from the report, “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, 2023 - 2032” in detail along with the table of contents:

Supportive government efforts to establish renewable energy pipelines to favor the APAC market

The Asia Pacific offshore wind turbine industry size is expected to surpass USD 17.5 billion by 2032. The region is emerging as a major hub for this sector owing to rising clean electricity demand in line with soaring government efforts to scale up offshore wind development. In July 2022, the Indian Ministry of New and Renewable Energy announced a conceptual plan for a pipeline to determine 15 locations for offshore wind projects around the country with the Danish Energy Agency. Thereby, rapid infrastructural enhancement programs are likely to bolster regional market growth.

Extensive deployment agreements to remain a key business strategy

Key players profiled in the offshore wind turbine market report include Vestas, Goldwind, WEG, NORDEX SE, Envision Group, and others. The competitive stance is foreseen to be positively influenced by industry leaders focusing on tentative partnership deals and acquisitions to propel business expansion.

For instance, in March 2023, Vestas, a specialized wind turbine company, signed a deployment dealership with KOEN (Korea South-East Power Company) to supply its 40 V236-15.0 MW turbine, along with the operation & maintenance service of 20 years for the Wando Geumil offshore wind project named in South Korea. With this, the company aimed to extend product offerings and maintain a strong position across the industry. Some of the

Authors: Ankit Gupta, Srishti Agarwal

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