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 clean 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.
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.
Attention has been drawn to the impacts of climate change as well as the rising trend of emissions of greenhouse gases. Therefore, the world's attention is turning more to the provision of sustainable energy, which has not been in the existing cyclic trends. In this respect, governments and electric utility companies that wish to end their dependency on fossil fuels find offshore wind turbines a suitable economic option since they provide clean and renewable energy. The global energy scenario, therefore, is undergoing a radical transformation with the pressure on the generation of power in an environment-friendly manner and the use of renewable energy sources. Moreover, inherent to modern offshore wind turbine technology is an enormous energy production capacity, which has made it attractive for the world’s efforts towards combating climate change through the reduction of greenhouse gas emissions. These turbines introduce a reliable and major form of green energy through water bodies with persistent strong coastal winds.
A Monopile Foundation is perhaps the simplest and most effective method of installing offshore wind turbines as it consists of a lone steel pile directly implanted into the ocean floor. Shallow water regions are the most common sites for offshore wind farms, and these structures are used extensively in these areas. Monopile foundations are used widely due to low costs, reliability, and ease of construction. They are also very applicable for offshore wind projects since they are quite uncomplicated to produce and deploy.
Moreover, due to their high stability, monopile foundations provide solid support for wind turbines even in harsh sea conditions. The need for monopile foundations is also buoyed by the rising population and advancement in construction, which calls for the availability of clean energy sources.
Offshore wind projects incur high operating costs in the installation of turbines, grid connection, and marine access infrastructure. Therefore, for some developers, the substantial capital investment required can be a significant problem of entry, particularly in low-resource areas.
Moreover, offshore wind farms are usually constructed away from the population, thus requiring a bigger transmission and grid connection infrastructure. Additional costs and time overruns associated with project development may stem from the challenges of integration with existing systems and the need to find viable and cost-effective locations offshore.
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.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Offshore Wind Turbine Market Size in 2025 | US$29.144 billion |
| Offshore Wind Turbine Market Size in 2030 | US$50.176 billion |
| Growth Rate | CAGR of 11.48% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in Offshore Wind Turbine Market |
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| Customization Scope | Free report customization with purchase |