Offshore Wind Turbine - Forecasts from 2025 to 2030

The offshore wind turbine market is expected to grow at a CAGR of 11.48%, reaching a market size of US$50.176 billion in 2030 from US$29.144 billion in 2025.

Installing offshore wind farms in bodies of water is a fundamental requirement of offshore wind power and generation. Wind Energy development is a sustainable energy form that has been accepted worldwide. Due to wind energy, especially as there is an increasing need for cleaner energy sources and as concerns about environmental degradation and climate change rise. The increase in government policies and initiatives by electricity utilities or power companies to reduce carbon emissions is expected to drive market growth. The product offering may attract several new players due to its high growth potential.

Moreover, according to the International Renewable Energy Agency (IRENA), to achieve the target of the Paris Agreement, the share of renewable sources in the world's total power generation should increase from 25% in 2020 to 86% by 2050. Furthermore, as stated by Bloomberg BNEF, investments allocated to new productive assets will surpass 13.3 trillion US dollars. Wind and solar resources are expected to account for up to 50% of electricity globally by 2050, as per BNEF. Moreover, the upsurge in installed turbines worldwide is presumed to help the offshore sea wind energy market expansion.

Offshore Wind Turbine Market Drivers

• Increased Research and development is contributing to the offshore wind turbine market's growth

Increased research and development of offshore wind turbines is anticipated to enhance their performance and efficiency. Because offshore wind power has economic possibilities for reducing greenhouse gases and fighting global warming, many states and even private individuals have started investing in such projects. Research and development expenditure is rising, leading to the development of more advanced and efficient offshore wind turbines. One remarkable development that may cut the cost of energy generation significantly is the growth of manufacturers of bigger turbines with higher output power rating capabilities. Furthermore, floating offshore wind turbines are gaining popularity as they can be installed in deeper water.

Offshore Wind Turbine Market Geographical Outlooks:

• Asia Pacific is witnessing exponential growth during the forecast period.

The installation of offshore wind turbines is on the rise in the Asia-Pacific region, which can also be considered the center of the industry's phenomenal growth. Nations are setting ambitious facilities for offshore wind programs thanks to their significant ocean borders and wind resources. A well-behaved policy framework, aggressive renewable energy targets, and the increasing appetite for clean energy alternatives have been key contributing factors to the rapid development of the offshore wind sector in the Asia Pacific. Notably, domestic research centers and strategies, technological exchange programs, and collaboration with European countries have also been important in the development of offshore wind power in this region. These synergies have repositioned Asia-Pacific from just being a regional player in offshore wind energy to a major growth accelerator in the global offshore wind energy market by facilitating the region's transition to sustainable energy.

Reasons for buying this report:-

• Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
• Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
• Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
• Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
• Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

• Historical data & forecasts from 2022 to 2030
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The Offshore wind turbine market is segmented and analyzed as follows:

By Type

• Monopile
• Tripod
• Jacketed
• Floating

By Capacity

• Less than 5 MW
• Above 5 MW

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Others