What are the latest figures on the off shore wind turbine market’s size and projected CAGR?
The off shore wind turbine market size has grown rapidly in recent years. It will grow from $31.51 billion in 2024 to $36.76 billion in 2025 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to rising energy demand, governmental support and policies, cost reduction efforts, market maturation, and infrastructure development.
The off shore wind turbine market size is expected to see rapid growth in the next few years. It will grow to $65.96 billion in 2029 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to digitalization, climate change policies, green hydrogen production, supply chain optimization supportive policies and regulation. Major trends in the forecast period include energy-as-a-service models, smart grid integration, demand for clean energy, higher-capacity turbines, recycling and reusing decommissioned components.
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What are the key forces behind the off shore wind turbine market’s growth in recent years?
The increase in demand for renewable and sustainable energy is expected to propel the offshore wind turbine market. Renewable and sustainable energy is referred to as clean energy, which is derived from renewable natural resources or processes such as solar and wind. The demand for renewable and sustainable energy is increasing as other energy sources, such as the combustion of fossil fuels and nuclear power reactors, emit dangerous pollutants into the air and water. Renewable energy, such as solar and wind, does not contaminate nature. Producing electricity through offshore wind turbines is an efficient use of sustainable development. For instance, in 2023, according to reports published by the Business Council for Sustainable Energy., a US-based clean energy trade association, renewable energy made significant progress in the US. In 2022, renewables met 13% of total US energy demand, and renewables and natural gas grew from a combined 43% of total power generation to 62% in just a few years. In 2022, the US added over 25.5 GW of new clean power, representing nearly 80% of all new capacity. Therefore, the increase in demand for renewable and sustainable energy is driving the growth of the offshore wind turbine market.
What are the major segments of the off shore wind turbine market?
The off shore wind turbine market covered in this report is segmented –
1) By Foundation Type: Monopile, Jacket, Tripod, Floating
2) By Capacity: Up To 3 Megawatt (MW), 3 MW To 5 MW, Above 5MW
3) By Depth: Shallow Water, Transitional Water, Deep Water
4) By Application: Industrial, Commercial, Residential
Subsegments:
1) By Monopile: Single Monopile Foundations, Grouted Monopile Foundations
2) By Jacket: Standard Jacket Foundations, Suction Caisson Jackets
3) By Tripod: Three-Legged Tripod Foundations, Reinforced Tripod Designs
4) By Floating: Spar-Buoy Foundations, Tension Leg Platforms (TLPs), Semi-Submersible Foundations
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Which companies dominate the off shore wind turbine market?
Major companies operating in the off shore wind turbine market include ABB Ltd., Orsted A/S, Shanghai Electric Group Co Ltd., Vestas Wind Technology India Private Limited, Vestas Wind Systems A/S, MHI Vestas Offshore Wind A/S, General Electric Renewable Energy LLC, Siemens Gamesa Renewable Energy S.A., Nordex Acciona Windpower S.A., Tata Power Company Limited, Xinjiang Goldwind Science Technology Co Ltd., Goldwind Science & Technology Co Ltd., MingYang Smart Energy Co Ltd., Eneco Group NV, Northland Power Inc., Senvion S.A., ReNew Energy Global plc, Suzlon Energy Limited, Adani Green Energy Limited, Envision Energy Limited, Sinovel Wind Group Co Ltd., Copenhagen Infrastructure Partners, White Energy Company Limited, Inox Wind Energy Ltd., Adwen Offshore Wind Power SAS, Ecoventia S.L., XEMC Windpower Co Ltd., Jiangsu Aeolos Wind Energy Corporation, CSIC Haizhuang Windpower Equipment Co Ltd., NSL Renewable Power Private Limited
What major trends will shape the off shore wind turbine market during the forecast period?
Increasing partnerships and collaborations is a key trend gaining popularity in the offshore wind turbine market. Major companies operating in the market collaborate with industry stakeholders to advance technology development and market presence. For instance, in April 2024, Vattenfall, a Europe based energy company, focuses on providing sustainable energy solutions, including wind, hydro, and solar power, and BASF have reached an agreement that for BASF to purchase a 49% stake in Vattenfall’s Nordlicht 1 and 2 wind farms. This strengthens their collaboration in renewable energy. BASF is a Germany- based chemical company, operates in various sectors, including chemicals, materials, industrial solutions, surface technologies, nutrition, and agricultural solutions.
What are the key regional dynamics of the off shore wind turbine market, and which region leads in market share?
The countries covered in the off shore wind turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Off Shore Wind Turbine Market Report 2025 Offer?
The off shore wind turbine market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Offshore wind turbines refer to tall structures with huge rotating blades that are installed in ocean waters to generate electricity using wind. Offshore wind turbines are used to generate electricity by transforming the kinetic energy of wind across the ocean into electricity.
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