Product Code: GVR-4-68040-408-0
Offshore Wind Turbine Market Growth & Trends:
The global offshore wind turbine market size is anticipated to reach USD 38.13 billion by 2030 and is anticipated to expand at a CAGR of 11.5% during the forecast period, according to a new report by Grand View Research, Inc. The market is driven by the increasing focus on reducing the global carbon footprint and the rising demand for renewable energy sources. Governments and electrical companies are boosting their efforts to cut carbon emissions, which is a significant factor driving market growth.
The offshore wind turbine market is experiencing a trend of industrial expansion, including within the wind power sector, to overcome the growing need for clean, affordable, and diverse electricity. Offshore wind energy is a crucial clean energy solution for large communities seeking more energy from clean sources, and decreasing costs are making it a more accessible option.
The increasing development and deployment of floating offshore wind turbine technology. Floating offshore wind turbine technology is rapidly gaining attraction in the global renewable energy sector, offering a viable solution for utilizing wind power in deep waters where traditional fixed turbines are impractical. This innovation is opening up new markets and investment opportunities for energy companies, infrastructure developers, and supply chain partners. For instance, in October 2023, SBM Offshore successfully installed three floating wind units for the Provence Grand Large pilot project off the coast of France, marking a key milestone in their engineering and installation efforts. This 25 MW pilot farm, using advanced tension leg floaters with 8.4 MW turbines, is expected to generate enough electricity to power 45,000 homes, showcasing SBM offshore's commitment to clean energy and innovation.
Offshore Wind Turbine Market Report Highlights:
- In terms of capacity, the above 5 MW segment dominated the market in 2024 with the largest revenue share of over 40% in 2024 and is expected to grow at the fastest CAGR over the forecast period due to advanced capacity and low costs. Higher power rating turbines are in high demand to make offshore wind turbine power generation more energy-efficient and economically sustainable.
- The shallow water (<30 M Depth) is expected to grow at the fastest CAGR over the forecast period owing to advancements in wind technology and increased investment in the development of floating wind turbines.
- Europe dominated the market in terms of revenue in 2024. The EU countries are primarily focusing on upgrading their aging electrical infrastructure, and their governments are promoting renewable energy generation and ambitious targets. These factors are likely to contribute to the growth of the market
- Asia Pacific is expected to grow at the fastest CAGR over the forecast period. With an increasing focus on sustainable energy sources around the world, offshore wind power has emerged as a lucrative alternative for a variety of countries, including China, India, and Japan, driving regional market growth.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.2.1. Capacity
- 1.2.2. Water Depth
- 1.2.3. Regional scope
- 1.2.4. Estimates and forecasts timeline
- 1.3. Research Methodology
- 1.4. Information Procurement
- 1.4.1. Purchased database
- 1.4.2. GVR's internal database
- 1.4.3. Secondary sources
- 1.4.4. Primary research
- 1.4.5. Details of primary research
- 1.5. Information or Data Analysis
- 1.5.1. Data analysis models
- 1.6. Market Formulation & Validation
- 1.7. Model Details
- 1.8. List of Secondary Sources
- 1.9. List of Primary Sources
- 1.10. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Capacity outlook
- 2.2.2. Water Depth outlook
- 2.2.3. Regional outlook
- 2.3. Competitive Insights
Chapter 3. Offshore Wind Turbine Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Market Dynamics
- 3.2.1. Market driver analysis
- 3.2.2. Market restraint analysis
- 3.3. Offshore Wind Turbine Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Technological landscape
- 3.3.2.3. Economic landscape
Chapter 4. Offshore Wind Turbine Market: Capacity Estimates & Trend Analysis
- 4.1. Capacity Segment Dashboard
- 4.2. Offshore Wind Turbine Market: Capacity Movement Analysis
- 4.3. Global Offshore Wind Turbine Market Size & Trend Analysis, by Capacity, 2018 to 2030 (USD Million)
- 4.4. Up to 3 MW
- 4.4.1. Market estimates and forecasts 2018 to 2030 (USD Million)
- 4.5. 3 MW to 5 MW
- 4.5.1. Market estimates and forecasts 2018 to 2030 (USD Million)
- 4.6. Above 5 MW
- 4.6.1. Market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 5. Offshore Wind Turbine Market: Water Depth Estimates & Trend Analysis
- 5.1. Water Depth Segment Dashboard
- 5.2. Offshore Wind Turbine Market: Water Depth Movement Analysis
- 5.3. Global Offshore Wind Turbine Market Size & Trend Analysis, by Water Depth, 2018 to 2030 (USD Million)
- 5.4. Shallow Water (<30 M Depth)
- 5.4.1. Market estimates and forecasts 2018 to 2030 (USD Million)
- 5.5. Transitional Water (30-60 M Depth)
- 5.5.1. Market estimates and forecasts 2018 to 2030 (USD Million)
- 5.6. Deepwater (More than 60 M Depth)
- 5.6.1. Market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 6. Offshore Wind Turbine Market: Regional Estimates & Trend Analysis
- 6.1. Regional Market Dashboard
- 6.2. Regional Market Share Analysis, 2024 & 2030
- 6.3. Continuous bioprocessing market by Region: Key Takeaways
- 6.4. North America
- 6.4.1. U.S.
- 6.4.1.1. Key country dynamics
- 6.4.1.2. Regulatory framework/ reimbursement structure
- 6.4.1.3. Competitive scenario
- 6.4.1.4. U.S. market estimates and forecasts 2018 to 2030 (USD Million)
- 6.4.2. Canada
- 6.4.2.1. Key country dynamics
- 6.4.2.2. Regulatory framework/ reimbursement structure
- 6.4.2.3. Competitive scenario
- 6.4.2.4. Canada market estimates and forecasts 2018 to 2030 (USD Million)
- 6.4.3. Mexico
- 6.4.3.1. Key country dynamics
- 6.4.3.2. Regulatory framework/ reimbursement structure
- 6.4.3.3. Competitive scenario
- 6.4.3.4. Mexico market estimates and forecasts 2018 to 2030 (USD Million)
- 6.5. Europe
- 6.5.1. UK
- 6.5.1.1. Key country dynamics
- 6.5.1.2. Regulatory framework/ reimbursement structure
- 6.5.1.3. Competitive scenario
- 6.5.1.4. UK market estimates and forecasts 2018 to 2030 (USD Million)
- 6.5.2. Germany
- 6.5.2.1. Key country dynamics
- 6.5.2.2. Regulatory framework/ reimbursement structure
- 6.5.2.3. Competitive scenario
- 6.5.2.4. Germany market estimates and forecasts 2018 to 2030 (USD Million)
- 6.5.3. France
- 6.5.3.1. Key country dynamics
- 6.5.3.2. Regulatory framework/ reimbursement structure
- 6.5.3.3. Competitive scenario
- 6.5.3.4. France market estimates and forecasts 2018 to 2030 (USD Million)
- 6.5.4. Italy
- 6.5.4.1. Key country dynamics
- 6.5.4.2. Regulatory framework/ reimbursement structure
- 6.5.4.3. Competitive scenario
- 6.5.4.4. Italy market estimates and forecasts 2018 to 2030 (USD Million)
- 6.5.5. Spain
- 6.5.5.1. Key country dynamics
- 6.5.5.2. Regulatory framework/ reimbursement structure
- 6.5.5.3. Competitive scenario
- 6.5.5.4. Spain market estimates and forecasts 2018 to 2030 (USD Million)
- 6.5.6. The Netherlands
- 6.5.6.1. Key country dynamics
- 6.5.6.2. Regulatory framework/ reimbursement structure
- 6.5.6.3. Competitive scenario
- 6.5.6.4. The Netherlands market estimates and forecasts 2018 to 2030 (USD Million)
- 6.5.7. Denmark
- 6.5.7.1. Key country dynamics
- 6.5.7.2. Regulatory framework/ reimbursement structure
- 6.5.7.3. Competitive scenario
- 6.5.7.4. Denmark market estimates and forecasts 2018 to 2030 (USD Million)
- 6.6. Asia Pacific
- 6.6.1. Japan
- 6.6.1.1. Key country dynamics
- 6.6.1.2. Regulatory framework/ reimbursement structure
- 6.6.1.3. Competitive scenario
- 6.6.1.4. Japan market estimates and forecasts 2018 to 2030 (USD Million)
- 6.6.2. China
- 6.6.2.1. Key country dynamics
- 6.6.2.2. Regulatory framework/ reimbursement structure
- 6.6.2.3. Competitive scenario
- 6.6.2.4. China market estimates and forecasts 2018 to 2030 (USD Million)
- 6.6.3. India
- 6.6.3.1. Key country dynamics
- 6.6.3.2. Regulatory framework/ reimbursement structure
- 6.6.3.3. Competitive scenario
- 6.6.3.4. India market estimates and forecasts 2018 to 2030 (USD Million)
- 6.6.4. South Korea
- 6.6.4.1. Key country dynamics
- 6.6.4.2. Regulatory framework/ reimbursement structure
- 6.6.4.3. Competitive scenario
- 6.6.4.4. South Korea market estimates and forecasts 2018 to 2030 (USD Million)
- 6.6.5. Indonesia
- 6.6.5.1. Key country dynamics
- 6.6.5.2. Regulatory framework/ reimbursement structure
- 6.6.5.3. Competitive scenario
- 6.6.5.4. Indonesia market estimates and forecasts 2018 to 2030 (USD Million)
- 6.6.6. Thailand
- 6.6.6.1. Key country dynamics
- 6.6.6.2. Regulatory framework/ reimbursement structure
- 6.6.6.3. Competitive scenario
- 6.6.6.4. Thailand market estimates and forecasts 2018 to 2030 (USD Million)
- 6.7. Latin America
- 6.7.1. Brazil
- 6.7.1.1. Key country dynamics
- 6.7.1.2. Regulatory framework/ reimbursement structure
- 6.7.1.3. Competitive scenario
- 6.7.1.4. Brazil market estimates and forecasts 2018 to 2030 (USD Million)
- 6.7.2. Argentina
- 6.7.2.1. Key country dynamics
- 6.7.2.2. Regulatory framework/ reimbursement structure
- 6.7.2.3. Competitive scenario
- 6.7.2.4. Argentina market estimates and forecasts 2018 to 2030 (USD Million)
- 6.8. MEA
- 6.8.1. South Africa
- 6.8.1.1. Key country dynamics
- 6.8.1.2. Regulatory framework/ reimbursement structure
- 6.8.1.3. Competitive scenario
- 6.8.1.4. South Africa market estimates and forecasts 2018 to 2030 (USD Million)
- 6.8.2. Saudi Arabia
- 6.8.2.1. Key country dynamics
- 6.8.2.2. Regulatory framework/ reimbursement structure
- 6.8.2.3. Competitive scenario
- 6.8.2.4. Saudi Arabia market estimates and forecasts 2018 to 2030 (USD Million)
- 6.8.3. UAE
- 6.8.3.1. Key country dynamics
- 6.8.3.2. Regulatory framework/ reimbursement structure
- 6.8.3.3. Competitive scenario
- 6.8.3.4. UAE market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Company/Competition Categorization
- 7.3. Vendor Landscape
- 7.3.1. Key company heat map analysis, 2024
- 7.4. Company Profiles
- 7.4.1. General Electric
- 7.4.1.1. Company overview
- 7.4.1.2. Financial performance
- 7.4.1.3. Product benchmarking
- 7.4.1.4. Strategic initiatives
- 7.4.2. Equinor ASA
- 7.4.2.1. Company overview
- 7.4.2.2. Financial performance
- 7.4.2.3. Product benchmarking
- 7.4.2.4. Strategic initiatives
- 7.4.3. Iberdrola, S.A.
- 7.4.3.1. Company overview
- 7.4.3.2. Financial performance
- 7.4.3.3. Product benchmarking
- 7.4.3.4. Strategic initiatives
- 7.4.4. Mitsubishi Heavy Industries, Ltd
- 7.4.4.1. Company overview
- 7.4.4.2. Financial performance
- 7.4.4.3. Product benchmarking
- 7.4.4.4. Strategic initiatives
- 7.4.5. Goldwind
- 7.4.5.1. Company overview
- 7.4.5.2. Financial performance
- 7.4.5.3. Product benchmarking
- 7.4.5.4. Strategic initiatives
- 7.4.6. Naval Group
- 7.4.6.1. Company overview
- 7.4.6.2. Financial performance
- 7.4.6.3. Product benchmarking
- 7.4.6.4. Strategic initiatives
- 7.4.7. Nordex SE
- 7.4.7.1. Company overview
- 7.4.7.2. Financial performance
- 7.4.7.3. Product benchmarking
- 7.4.7.4. Strategic initiatives
- 7.4.8. Siemens
- 7.4.8.1. Company overview
- 7.4.8.2. Financial performance
- 7.4.8.3. Product benchmarking
- 7.4.8.4. Strategic initiatives
- 7.4.9. ABB
- 7.4.9.1. Company overview
- 7.4.9.2. Financial performance
- 7.4.9.3. Product benchmarking
- 7.4.9.4. Strategic initiatives
- 7.4.10. MODEC, Inc.
- 7.4.10.1. Company overview
- 7.4.10.2. Financial performance
- 7.4.10.3. Product benchmarking
- 7.4.10.4. Strategic initiatives