Offshore Wind Turbine Market To Reach $38.13 Billion By 2030

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.

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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.

Offshore Wind Turbine Market Segmentation

Grand View Research has segmented the offshore wind turbine market on the basis of capacity, water depth, and region:

Offshore Wind Turbine Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Up to 3 MW

• 3 MW to 5 MW

• Above 5 MW

Offshore Wind Turbine Water Depth Outlook (Revenue, USD Million, 2018 - 2030)

• Shallow Water (<30 M Depth)

• Transitional Water (30-60 M Depth)

• Deepwater (More than 60 M Depth)

Offshore Wind Turbine Region Outlook (Revenue, USD Million; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • The Netherlands

  • Denmark

• Asia Pacific

  • Japan

  • China

  • India

  • Thailand

  • South Korea

  • Indonesia

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players in The Offshore Wind Turbine Market

• General Electric Company

• Equinor ASA

• Iberdrola, S.A.

• Mitsubishi Heavy Industries, Ltd

• Goldwind

• Naval Group

• Nordex SE

• Siemens

• ABB

• MODEC, Inc.