The global offshore wind turbines market is on an impressive growth trajectory, reflecting the world’s accelerating shift toward cleaner and more sustainable energy sources. Valued at US$ 65.8 Bn in 2023, the market is projected to grow at a CAGR of 8.9% from 2024 to 2034, reaching US$ 166.5 Bn by the end of the forecast period. This remarkable expansion is driven by surging investments in wind energy infrastructure, rapid advancements in turbine technology, and a global push to mitigate the environmental impact of fossil fuels.
Understanding Offshore Wind Turbines
Offshore wind turbines harness wind energy over oceans and seas, converting kinetic energy into electricity and transmitting it to onshore grids. Unlike their onshore counterparts, offshore turbines can capture stronger and more consistent winds, resulting in higher energy yields.
Recent innovations, such as floating wind farms, have unlocked new possibilities by enabling turbine deployment in deeper waters, further from shorelines. These installations are less intrusive, more efficient, and can tap into wind resources previously out of reach.
Analyst Viewpoint: Strong Winds Ahead for Market Growth
According to analysts, investments in wind energy are central to the market’s development, especially as nations tackle the dual challenge of climate change and volatile fossil fuel prices. Countries worldwide are increasingly viewing offshore wind power as a strategic lever to enhance energy security while meeting carbon neutrality goals.
Additionally, R&D in next-generation turbines is another key growth driver. Larger, more efficient turbines and floating platforms are expected to make offshore wind more economically viable, even in deep-sea locations. Over the next decade, these innovations are likely to reduce installation and maintenance costs, making offshore wind energy a competitive alternative to traditional power sources.
Key Market Drivers
1. Surge in Investment in Wind Energy
The global energy transition has accelerated investments in wind energy, both from governments and private stakeholders. For example:
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In July 2024, Repsol and EDF Renewables partnered to bid for offshore wind tenders in Spain and Portugal, aiming for a massive 9,000–10,000 MW capacity by 2027.
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In Australia, RWE received a license to develop an offshore wind farm near the Kent Group Islands, marking a major step in the country’s renewable energy journey.
These projects exemplify the growing confidence in offshore wind as a scalable, long-term solution to energy demands.
2. R&D of Next-Generation Turbines
Advanced turbine designs are paving the way for deeper and more sustainable offshore wind development.
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The BATSO project in France, backed by €2.9 million from ADEME, is working on efficient tools for offshore turbine component replacement, aiming to cut costs and improve sustainability.
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In July 2024, GE Vernova announced the installation of a 15.5 MW Haliade-X prototype in Norway, supported by a NOK 331 million grant from Enova. This turbine could become one of the most powerful in operation.
Regional Insights: Europe Leads the Charge
Europe is at the forefront of the offshore wind revolution. The continent contributed the largest market share in 2023, driven by supportive policies and ambitious energy targets.
According to WindEurope, the region added a record 4.2 GW of offshore capacity in 2023 and is projected to install 5 GW annually through the next three years. Countries like the UK, Germany, and the Netherlands continue to be innovation hubs and leaders in implementation.
Asia Pacific is emerging as a high-growth region, with countries like China, Japan, and South Korea making large-scale investments:
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In July 2023, Shanghai unveiled plans to develop 29.3 GW of offshore wind capacity, aiming to generate 100 TWh of green electricity annually.
Such initiatives position Asia Pacific as a key player in the global offshore wind landscape, particularly in the floating turbine segment.
Key Industry Developments
The offshore wind turbines market has witnessed a series of significant partnerships and project announcements in 2024:
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Van Oord, a maritime contractor, secured the contract for the 1.5 GW Baltica 2 project, installing 111 extended monopiles, including foundations for Siemens Gamesa turbines and substations.
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Doosan Enerbility collaborated with Marubeni to expand offshore wind power in Vietnam, focusing on producing monopiles and key turbine components locally.
These developments highlight the increasing inter-regional collaboration and diversification of the supply chain in the offshore wind ecosystem.
Market Segmentation Overview
The offshore wind turbines market is segmented based on foundation type, location proximity, and capacity:
By Foundation Type
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Monopile
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Jacket
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Tripod
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Floating
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Others
Floating foundations are gaining prominence due to their flexibility in deep-water installations.
By Location Proximity
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Shallow Water
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Transitional Water
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Deep Water
Deeper installations are expected to grow with the advancement of floating turbine technology.
By Capacity
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Up to 1 MW
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1 MW – 3 MW
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3 MW – 5 MW
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5 MW and Above
Turbines with capacities 5 MW and above are projected to dominate future installations, supported by innovations like the Haliade-X.
Competitive Landscape
The market is moderately consolidated with leading players focusing on expanding capacity, enhancing efficiency, and improving sustainability. Key manufacturers include:
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Doosan Enerbility
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GE Vernova
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Vestas
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Siemens Gamesa Renewable Energy, S.A.U.
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Suzlon Energy Limited
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NORDEX SE
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Mingyang Smart Energy Group Co., Ltd.
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CSSC Haizhuang Windpower Co., Ltd.
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Ørsted A/S
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Shanghai Electric Wind Power Group Co., Ltd.
These companies are leveraging global partnerships, government funding, and technological advancements to stay competitive and support decarbonization efforts.
Final Thoughts
The offshore wind turbines market outlook for 2034 is highly promising. With a projected value of US$ 166.5 Bn, the industry is becoming a cornerstone of the global renewable energy mix. Continued investment in floating wind technology, larger turbines, and sustainable project models will be crucial to unlocking the full potential of offshore wind.
As nations race toward their net-zero targets, offshore wind stands tall as not just an energy solution—but a symbol of innovation, collaboration, and commitment to a cleaner future.
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