Global Offshore Wind Turbines Industry Set for 8.9% CAGR Growth, Hitting $166.5 Bn by 2034

The offshore wind turbines market is experiencing robust growth, driven by increased investments and technological advancements. The global market, valued at US$ 65.8 billion in 2023, is projected to grow at a CAGR of 8.9% from 2024 to 2034, reaching US$ 166.5 billion by 2034.

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Analyst Viewpoint

The surge in investment in wind energy, especially offshore, is the key driver for this market's development. As countries seek sustainable energy solutions, offshore wind turbines are emerging as a pivotal renewable energy source. The industry is seeing a shift towards larger, more efficient turbines and the deployment of floating wind farms, enabling the exploration of deep-sea wind energy potential.

Research and development (R&D) of next-generation turbines are also crucial in enhancing the market's value by addressing long-term cost challenges. The ongoing innovations are improving the efficiency and sustainability of wind energy projects, which is further supporting market growth.

Market Introduction

Offshore wind energy is harnessed from sea winds and converted into electricity through wind turbines. These turbines, located offshore, supply electricity to onshore grids, offering a reliable and renewable alternative to fossil fuels. With the growing focus on environmental sustainability, floating wind farms are becoming popular, especially for deep-water installations.

In recent years, the trend has shifted towards larger turbines and the development of floating platforms. These advancements are not only increasing energy capacity but also reducing costs, making offshore wind energy more viable for global adoption.

One notable project, Floatfarm, was launched in January 2024 by a consortium of 17 partners across Europe, aimed at minimizing environmental impacts and increasing public acceptance of floating wind farms. The project received EUR 6 million in funding from the European Commission.

Market Drivers

Surge in Investment in Wind Energy
Countries worldwide are facing the dual challenge of securing energy supplies while adhering to climate goals. To address these issues, significant investments are being directed toward the wind energy sector. Offshore wind turbines, in particular, are benefiting from this surge, driving market demand.
For example, in July 2024, Repsol partnered with EDF Renewables to compete in offshore wind tenders in Spain and Portugal. Repsol aims to install 9,000 - 10,000 MW of capacity by 2027.

R&D of Next-Generation Turbines
Innovations in wind turbine technology are reducing costs and improving reliability. Floating wind turbines, which minimize installation costs in deep water, are gaining popularity. Projects like BATSO, launched in June 2024, focus on reducing the environmental footprint and enhancing the sustainability of offshore wind farms.
In July 2024, GE Vernova announced plans to install a prototype of its 15.5 MW Haliade-X offshore wind turbine in Norway, funded by NOK 331 million from Enova, a government agency.

Regional Outlook

Europe dominated the offshore wind turbines market in 2023 and is expected to maintain its lead throughout the forecast period. With 4.2 GW of new offshore wind capacity added in 2023, the region is projected to build around 5 GW of offshore wind capacity annually over the next few years.

In the Asia Pacific, countries like China are also making significant strides. In July 2023, Shanghai announced plans to achieve 29.3 GW of offshore wind capacity by 2025, which will contribute to 100 TWh of green electricity annually.

Key Players

Prominent players in the offshore wind turbines market are investing in partnerships and technological advancements to expand capacity and improve efficiency. Some major players include:

Doosan Enerbility
GE Vernova
Vestas
Siemens Gamesa Renewable Energy, S.A.U.
Suzlon Energy Limited
NORDEX SE
Mingyang Smart Energy Group Co., Ltd.
Ørsted A/S
Shanghai Electric Wind Power Group Co., Ltd.
In July 2024, RWE secured a license from the Australian government to develop an offshore wind farm near the Kent Group islands, while Van Oord won a contract to construct the 1.5 GW Baltica 2 project in February 2024.

Market Segmentation

The market is segmented by foundation type (Monopile, Jacket, Tripod, Floating), location proximity (Shallow Water, Transitional Water, Deep Water), and capacity (Up to 1 MW, 1 MW-3 MW, 3 MW-5 MW, 5 MW and Above). Regions covered include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The offshore wind turbines market is poised for substantial growth in the coming decade, fueled by increasing investments, technological advancements, and a global shift towards renewable energy. With key regions such as Europe and Asia Pacific leading the charge, the market is expected to see continued innovation, making offshore wind a cornerstone of global energy strategies.

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