Off Shore Wind Turbine Market 2024: Detailed Global Analysis and Trends

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Off Shore Wind Turbine Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $57.27 billion In 2028 At A CAGR Of 15.9% :

The off shore wind turbine market size has grown rapidly in recent years. It will grow from $27.14 billion in 2023 to $31.74 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. 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 $57.27 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. 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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Off Shore Wind Turbine Market Major Segments
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

Key Driver - Rising Demand For Renewable Energy Fuels Growth In Offshore Wind Turbine Market

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.

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Prominent Trend - Offshore Wind Turbine Market Surges With Increasing Partnerships And Collaborations

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 May 2021, GE Renewable Energy, a US-based manufacturer of wind turbines, partnered with Toshiba Energy Systems and Solutions Corporation. The partnership aims to promote the localization of the Haliade-X offshore wind turbine's commercialization in the nation and to localize key manufacturing stages. Toshiba Energy Systems and Solutions Corporation is a Japan-based manufacturer of large-scale power generation systems.

Off Shore Wind Turbine Market Players
Major companies operating in the off shore wind turbine market report are 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

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Largest And Fastest Growing Region In The Market
Western Europe was the largest region in the global offshore wind turbine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the off shore wind turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Off Shore Wind Turbine Market Report Structure
3. Off Shore Wind Turbine Market Trends And Strategies
4. Off Shore Wind Turbine Market - Macro Economic Scenario
5. Off Shore Wind Turbine Market Size And Growth
…..
27. Off Shore Wind Turbine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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