USD 31.8 Billion
Report ID: SQMIG10B2067 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 61 | Figures: 75
Global Offshore Wind Turbine Market size was valued at USD 31.8 Billion in 2021 and is poised to grow from USD 35.71 Billion in 2022 to USD 90.33 Billion by 2030, at a CAGR of 12.3% during the forecast period (2023-2030).
The global offshore wind turbine market has been experiencing significant growth and investment in recent years, driven by the increasing demand for renewable energy sources and the transition towards more sustainable power generation. One of the key drivers behind the growth of the offshore wind turbine market is the abundant wind resources available in offshore locations. Offshore wind farms benefit from higher and more consistent wind speeds, resulting in higher energy generation potential compared to onshore wind farms. Additionally, the scale of offshore wind farms allows for larger capacity turbines, further enhancing energy production efficiency. Governments and policymakers worldwide are actively promoting renewable energy initiatives to combat climate change and reduce reliance on fossil fuels. Subsidies, incentives, and supportive regulatory frameworks have encouraged investments in offshore wind projects, spurring market growth. Moreover, the declining costs of offshore wind technology and advancements in turbine design and engineering have made these projects more economically viable, attracting both public and private sector investments. However, the offshore wind turbine market also faces several challenges. One major obstacle is the high initial investment required for developing offshore wind farms, including the installation and maintenance of turbines in harsh marine environments. Additionally, grid connection and transmission infrastructure pose logistical challenges, as offshore wind farms are often located far from population centers and existing electrical grids. Environmental considerations, including potential impacts on marine ecosystems and wildlife, also demand careful planning and mitigation measures. Community engagement and stakeholder involvement are crucial to address concerns related to visual impacts, noise, and other environmental issues. Another challenge is the intermittent nature of wind resources. While wind is a renewable energy source, its availability fluctuates, and energy storage solutions are needed to ensure a stable and reliable power supply during periods of low wind activity.
Global Market Size
USD 31.8 Billion
To get more reports on the above market click here to Buy The Report
The global Offshore Wind Turbine market is segmented on the basis of installation, location, and region. By installation, the market is segmented into floating and fixed installations. By location, the market is segmented into shallow water, transitional water, and deep water. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Installation
The global offshore wind turbine market can be segmented by installation method into two categories: floating and fixed installations. Fixed installations were the dominant method in the offshore wind turbine market. Fixed installations involve mounting wind turbines on fixed foundations attached to the seabed. This installation method has been widely used and proven successful in many offshore wind projects worldwide. Fixed foundations offer stability and reliability, making them suitable for waters with moderate depths and less challenging marine conditions. The majority of operational offshore wind farms utilised fixed installations due to their maturity, well-established technology, and ease of implementation.
On the other hand, floating installations represent the fastest-growing segment in the global offshore wind turbine market. Floating installations involve placing wind turbines on floating platforms that are not anchored to the seabed. This installation method enables wind farms to be deployed in deeper waters, where fixed foundations may not be feasible or cost-effective. Floating installations offer the potential to tap into vast offshore wind resources in deeper seas and open up new opportunities for offshore wind development in regions with limited shallow waters.
Analysis By Location
The global offshore wind turbine market can be segmented by location based on water depth into three categories: shallow water, transitional water, and deep water. Shallow water locations were the dominant segment in the offshore wind turbine market. Shallow water locations refer to areas with water depths of up to 30 meters. These sites are relatively closer to the shore and are easier to access and develop. Due to their proximity to land, shallow water locations have been the primary focus for early offshore wind projects. Governments and developers initially prioritised these sites to establish a foundation for the offshore wind industry, leading to their dominant position in the market.
However, the fastest-growing segment in the global offshore wind turbine market is transitional water locations. Transitional water locations are characterised by water depths ranging from 30 to 60 meters. These areas are typically found between the shallow coastal waters and the deeper sea regions. The transitional water segment is gaining prominence due to several factors. Firstly, as shallow water sites become more saturated, developers are exploring new areas with greater water depths to expand the offshore wind capacity. Secondly, advancements in wind turbine technology and floating foundations have made it possible to deploy turbines in transitional waters, tapping into previously untapped wind resources. Additionally, transitional water locations offer a balance between accessibility and wind resources, making them attractive for large-scale offshore wind projects.
To get detailed analysis on other segments, Request For Sample Report
Europe was the dominant region in the global offshore wind turbine market. Europe has been at the forefront of offshore wind development, with countries such as the United Kingdom, Germany, Denmark, and the Netherlands leading the way. Favourable regulatory policies, strong government support, and well-established supply chains have facilitated significant investments in offshore wind projects across the region. The European offshore wind market has seen substantial growth, and several large-scale wind farms have been operational in European waters, contributing to Europe's dominant position in the global market.
The fastest-growing region in the global offshore wind turbine market was Asia-Pacific (APAC). Countries in the Asia-Pacific region, particularly China, Taiwan, South Korea, and Japan, have made significant strides in offshore wind development. These countries are leveraging their vast coastlines and abundant wind resources to accelerate the deployment of offshore wind projects. Supportive government policies, ambitious renewable energy targets, and a growing demand for clean energy have propelled APAC to become the fastest-growing region in the offshore wind sector. Investments in research and development, technology transfer, and partnerships with European companies have further boosted the growth of offshore wind in the region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Growing Demand for Renewable Energy
Abundant Wind Resources
High Initial Investment and Project Costs
Grid Connection and Infrastructure Challenges
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
The global offshore wind turbine market features a competitive landscape with a diverse array of players vying to establish a strong foothold in the renewable energy sector. Companies and manufacturers, both established players and emerging entrants, are actively participating in the development and deployment of offshore wind projects worldwide. These companies invest significantly in research and development to enhance turbine efficiency, reduce costs, and improve overall performance. As offshore wind continues to gain momentum as a sustainable energy solution, strategic partnerships and collaborations between industry stakeholders, governments, and research institutions are becoming more common. These collaborations aim to leverage combined expertise, resources, and technology to accelerate offshore wind project development and overcome challenges related to infrastructure, grid integration, and environmental impact. With supportive government policies and the increasing demand for clean energy, the global offshore wind turbine market remains a dynamic and competitive arena, fostering innovation and driving progress in the transition towards a low-carbon future. As the market evolves, companies will continue to seek opportunities to expand their portfolios and establish a strong presence in different regions to capitalize on the growing potential of offshore wind energy.
Top Player’s Company Profile
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Offshore Wind Turbine market analysis, The global offshore wind turbine market has been experiencing significant growth and transformation, driven by the increasing demand for clean and sustainable energy solutions. Offshore wind turbines offered a viable option to address the world's growing energy needs while reducing carbon emissions and combating climate change. The market saw an upward trend in the capacity and scale of offshore wind farms, with larger and more powerful turbines being deployed in both established and emerging markets. Technological innovations, including floating foundations and advanced control systems, opened up opportunities for offshore wind development in deeper waters, unlocking vast wind resources previously untapped. Geographically, while Europe remained a dominant player in offshore wind, Asia-Pacific emerged as a region with tremendous potential, witnessing rapid growth and attracting substantial investments. As the industry expanded, competitive auctions and cost optimization efforts led to a declining levelized cost of electricity, making offshore wind increasingly competitive with other energy sources. Moreover, the integration of energy storage and hybrid projects demonstrated the industry's commitment to enhancing grid stability and maximising renewable energy potential. Environmental considerations and stakeholder engagement emerged as key focus areas, ensuring responsible and sustainable offshore wind development. With continued research, policy support, and technological advancements, the global offshore wind turbine market appeared poised for further expansion, contributing significantly to the world's transition towards a more sustainable and renewable energy future.
|Market size value in 2021||USD 31.8 Billion|
|Market size value in 2030||USD 35.71 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Offshore Wind Turbine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Offshore Wind Turbine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Offshore Wind Turbine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Offshore Wind Turbine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.