Offshore Wind Turbine Market, By Installation (Fixed Structure and Floating Structure), By Water Depth (Up to 30m and Above 30m), By Capacity (Up to 3MW, 3MW-5MW, and Above 5MW), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis, and Forecast till 2029

Report Code: PMI438020 | Publish Date: May 2023 | No. of Pages: 170

Global Offshore Wind Turbine Market Overview

The offshore wind turbine market accounted for US$ 7.4 billion in 2019 and is estimated to be US$ 51.8 billion by 2029 and is anticipated to register a CAGR of 21.7%.

Wind energy has been evolved from the oldest of civilizations. Today, the wind energy sector has taken off the major load from conventional sources of energy and has developed to generate electricity, through wind turbines. Wind turbines generates electricity by utilizing the power of natural wind. The technology is still at its nascent stage. It is essential to overcome the technical, economic and political challenges for commercial and large-scale deployment. Multiple emerging countries have opened up a plethora of opportunities for the global offshore wind turbines market as the pressure of reducing the carbon emissions each day.

Global Offshore Wind Turbine Market Drivers & Restraints

Innovations in turbine technology

Innovations in turbine technology such as two-bladed turbines, higher capacity wind turbines, modular turbines, and 3D printing have reduced the overall cost of offshore wind power by dropping the operational as well as the initial investment and maintenance (O&M) costs. Additionally, big data analytics and the internet of things (IoT) is another breakthrough technological advancement that is propelling the growth of the global offshore wind turbine market. Moreover, leveraging big data analytics and IoT, real-time monitoring of remote and difficult-to-access offshore locations helps to eliminates unnecessary routine maintenance and maintains accurate predictive activities.

As shallow- and deep-water spots being explored harness the potential for power generation from wind, they are mainly to boost the growth of the floating wind turbines segment in the coming years. Offshore floating turbines are beneficial as compared to fixed structures in terms of the total cost incurred in installation and production. These wind turbines are designed with floating platform to support the entire turbine structure.

Conversely, traditional offshore plants requires fixing of foundations to the seafloor and bolting of massive turbines on them, which can limit the ecology as well.

Global Offshore Wind Turbine Market Segmentations & Regional Insights

The global offshore wind turbine market is segmented based on the installation, water depth, capacity, and region.

On the basis of the installation, the global offshore wind turbine market is segmented into fixed structure and floating structure. Based on the water depth, the target market is segmented into up to 30m and above 30m. On the basis of capacity, the global market is bifurcated into up to 3MW, 3MW-5MW, and above 5MW.

Regional Insights:

In the region, the global offshore wind turbine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe and Asia Pacific are projected to offer substantial growth potential for the offshore wind turbines market in the coming years. In this region, wind is one of the foremost sources of the renewable energy mix. Offshore wind energy is witness rapid pace market share in the renewable energy mix because of the benefits that it holds over onshore wind energy. Asia Pacific estimates for maximum share of the global offshore wind turbines market in 2018. In Asia Pacific, China has the biggest offshore wind size, with 1,164 MW new installations of offshore wind towers in 2017. Moreover, China, Japan, and South Korea are the main revenue generator in Asia Pacific region. Europe accounts another major share of the global offshore wind turbines market in 2018, owing to vast expansion in offshore wind power generation. Furthermore, favorable government incentives as part of their carbon emission reduction goals. This factor manipulates positive growth of the target market.

Report Scope:

Attribute

Details

The base year for estimation

2019

Forecast period

2019 – 2029

Market representation

Revenue in USD Million & CAGR from 2019 – 2029

Market Segmentation

By Installation - Fixed Structure and Floating Structure

By Water Depth - Up to 30m and Above 30m

By Capacity - Up to 3MW, 3MW-5MW, and Above 5MW

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029.  For the purpose of this study, has segmented the global Offshore Wind Turbine market report based on Installation, Water Depth, Capacity, and region.

Global Offshore Wind Turbine Market, By Installation:

  • Fixed Structure
  • Floating Structure

Global Offshore Wind Turbine Market, By Water Depth:

  • Up to 30m
  • Above 30m

Global Offshore Wind Turbine Market, By Capacity:

  • Up to 3MW
  • 3MW-5MW
  • Above 5MW

 Global Offshore Wind Turbine Market, By Region:

  • North America
    • Middle East & Africa
      • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
    • Europe
      • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
    • U.S.
    • Canada

Global Offshore Wind Turbine Market Competitive Landscape & Key Players

The key players operating in the global offshore wind turbine market include Enercon GmbH, Siemens Wind Power, Gamesa Corporacion Technologica SA, Nordex S.E., Guodian United Power Technology Company Ltd., Upwind Solutions Inc., Vestas Wind Systems A/S, Suzlon Group, Xinjiang Goldwind Science & Technologies Co. Ltd,, and GE Wind Energy. Numerous companies aim to enhance life extension projects for turbines. In addition, they are highlighting to shorten the maintenance interval period. The companies are supporting technical capabilities to provide services at remote locations. Such initiatives by several companies are projected to have a positive impact on the industry growth in the coming years. For instance, in October 2019, Siemens Gamesa received a firm order from partners Macquarie’s GIG and Swancor Renewable Energy for the 376 MW Formosa 2 offshore wind project.

Global Offshore Wind Turbine Market Company Profile

  • Enercon GmbH
  • Siemens Wind Power
  • Gamesa Corporacion Technologica SA
  • Nordex S.E.
  • Guodian United Power Technology Company Ltd.
  • Upwind Solutions Inc.
  • Vestas Wind Systems A/S
  • Suzlon Group
  • Xinjiang Goldwind Science & Technologies Co. Ltd.
  • GE Wind Energy

FAQs

The offshore wind turbine market is segmented into installation, water depth, capacity, and region.

Driving factors in the Wind Turbine Market include the increasing demand for clean and renewable energy sources, government initiatives promoting wind power, and advancements in turbine technology.

The global Wind Turbine Market faces challenges such as intermittency of wind resources, high initial installation costs, and public concerns related to the visual and environmental impact of wind farms.

The report considers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is anticipated to dominate the Wind Turbine Market, with a significantly high estimated revenue share over the forecast period.

The key players operating in the target market include Siemens Wind Power, Gamesa Corporacion Technologica SA, Nordex S.E., Guodian United Power Technology Company Ltd., Upwind Solutions Inc., Vestas Wind Systems A/S, Suzlon Group, Xinjiang Goldwind Science & Technologies Co. Ltd., and GE Wind Energy.