Offshore Wind Turbines Market Projections: USD 65.8 Billion in 2023, Anticipated to Hit USD 166.5 Billion by 2034

The global offshore wind turbines market (해상 풍력 터빈 시장) was valued at US$ 65.8 billion in 2023. It is projected to grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2034, reaching US$ 166.5 billion by the end of 2034.

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Analyst Viewpoint

A surge in investment in wind energy is driving the offshore wind turbines market. Many countries are increasingly turning to wind and other renewable energy sources to address rising fuel and power prices and the depletion of fossil fuels. This shift is boosting demand for deep-sea wind turbines. Additionally, research and development (R&D) of next-generation turbines are enhancing the market value by reducing long-term costs of floating offshore wind installations. Key market players are developing products to expand offshore wind energy capacity and improve efficiency and sustainability.

Market Introduction

Offshore wind energy harnesses the force of the winds out at sea, converting it into electricity supplied to onshore grids. Turbines are crucial components in this process. Offshore wind turbines are a sustainable and reliable energy source for countries seeking renewable alternatives to fossil fuels. Recent trends in offshore wind farm development highlight larger turbines and floating wind farms, which allow for offshore wind development in deeper waters.

For instance, in January 2024, a consortium of 17 partners from eight European countries launched the Floatfarm project. This initiative, funded by the European Commission with nearly EUR 6 million, aims to reduce the environmental impacts on marine life and enhance the public acceptability of floating wind farms. Such investments and technological advancements are propelling market growth.

Key Market Drivers

Surge in Investment in Wind Energy

Countries globally face the challenge of ensuring secure energy supplies while meeting climate targets. This dual challenge is prompting significant investments in the wind energy sector, augmenting the offshore wind turbines market. For example, in July 2024, Repsol partnered with EDF Renewables for Iberian offshore wind tenders in Spain and Portugal. Repsol aims to have 9,000 to 10,000 MW installed by 2027, with significant installations in the Iberian Peninsula and the U.S.

R&D of Next-generation Turbines

The market outlook for offshore wind turbines indicates substantial investment in advanced, cost-effective, and reliable turbines. Floating offshore wind turbines are gaining traction for reducing deep-water installation costs. Several projects aim to cut costs and increase environmental sustainability. For instance, the BATSO project launched in June 2024 seeks to define and validate tools for replacing major components in offshore wind turbines, funded with 2.9 million euros by France's Environment and Energy Management Agency (ADEME).

Key Developments

In July 2024, GE Vernova announced plans to install a prototype of its next-generation 15.5 MW Haliade-X offshore wind turbine in Gulen, Norway, following NOK 331 million funding approval from Enova, a government-backed agency.

Regional Outlook

Leading Region: Europe

Europe held the largest market share in 2023 and is expected to maintain its leading position throughout the forecast period. The region's offshore wind sector saw a record 4.2 GW of new capacity in 2023, with an expected annual addition of around 5 GW over the next three years.

Asia Pacific

In Asia Pacific, increased investment in offshore wind energy is driving market growth. For example, in July 2023, Shanghai announced plans to reach 29.3 GW of offshore wind capacity, generating approximately 100 TWh of green electricity annually.

Analysis of Key Players

Major players in the global offshore wind turbines market are partnering with other companies to expand offshore wind energy capacity. For example, in July 2024, Doosan Enerbility partnered with Marubeni to develop offshore wind power in Vietnam. Key players include Doosan Enerbility, GE Vernova, Vestas, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, NORDEX SE, Mingyang Smart Energy Group, CSSC Haizhuang Windpower, Ørsted, and Shanghai Electric Wind Power Group.

Recent Key Developments

In July 2024, RWE received a feasibility license from the Australian Government to develop an offshore wind farm near the Kent Group islands in the Bass Strait.
In February 2024, Van Oord won a contract to construct the 1.5 GW Baltica 2 project, involving the installation of 111 extended monopiles.

Market Snapshot

Market Size

2023: US$ 65.8 Bn
2034 (Forecast): US$ 166.5 Bn
CAGR: 8.9%
Forecast Period: 2024-2034

Market Analysis

Includes segment and regional analysis, with qualitative analysis covering drivers, restraints, opportunities, key trends, Porter's Five Forces Analysis, and value chain analysis.

Competition Landscape

Market share analysis by company (2023)
Company profiles include overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy, and recent developments.

Market Segmentation

By Foundation Type: Monopile, Jacket, Tripod, Floating, Others
By Location Proximity: Shallow Water, Transitional Water, Deep Water
By Capacity: Up to 1 MW, 1 MW - 3 MW, 3 MW - 5 MW, 5 MW and Above

Regions Covered

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Countries Covered

U.S.
Canada
Germany
U.K.
France
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
South Africa
GCC

Companies Profiled

Doosan Enerbility
GE Vernova
Vestas
Siemens Gamesa Renewable Energy
Suzlon Energy Limited
NORDEX SE
Mingyang Smart Energy Group
CSSC Haizhuang Windpower
Ørsted
Shanghai Electric Wind Power Group

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