As per Intent Market Research, the Offshore Wind Turbine Market was valued at USD 25.6 Billion in 2024-e and will surpass USD 57.1 Billion by 2030; growing at a CAGR of 14.3% during 2025-2030.
The offshore wind turbine market has experienced substantial growth over the past few years, driven by the global shift towards renewable energy and the increasing demand for clean, sustainable power sources. Offshore wind farms offer significant capacity to generate electricity, especially as technological advancements continue to improve turbine efficiency and reduce installation costs. Key factors such as favorable government policies, environmental concerns, and a growing commitment to decarbonization are pushing the market forward. In this dynamic landscape, different market segments are growing at varying paces. The following sections explore the key segments within the offshore wind turbine market, showcasing the largest and fastest-growing subsegments.
Turbine Capacity Segment is Largest Owing to Large Capacity Turbines
The turbine capacity segment is dominated by large capacity turbines (above 7 MW), which are the largest subsegment in terms of market share. These turbines are highly efficient, capable of generating substantial amounts of energy, making them ideal for offshore installations where space and energy output are critical. As offshore wind farms continue to scale, the demand for larger turbines is increasing, with manufacturers focusing on creating turbines with higher power outputs to maximize energy production. Large turbines, such as the Siemens Gamesa SG 14-222 DD, are setting new standards in the industry by offering greater efficiency and reduced operational costs. These larger turbines are particularly suited to deep-water and large-scale offshore wind projects, driving their widespread adoption.
The growth of large-capacity turbines is also supported by advancements in manufacturing and installation technologies, making it easier and more cost-effective to install these high-power turbines at sea. Furthermore, the growing focus on meeting renewable energy targets and enhancing grid integration is fueling the demand for turbines that can generate more energy at a lower cost per megawatt. As countries invest heavily in offshore wind farms, large-capacity turbines are expected to remain the preferred choice for operators and developers looking to maximize their energy output and return on investment.
Installation Type Segment is Fastest Growing Owing to Floating Offshore Wind Turbines
The fastest-growing subsegment in the installation type category is floating offshore wind turbines. Unlike fixed turbines, which are installed in shallow waters, floating turbines can be deployed in deeper offshore locations where traditional fixed turbines would not be feasible. This ability to access deeper waters opens up vast new areas for wind energy generation, making floating wind turbines an essential technology for expanding the offshore wind market. Floating turbines are particularly gaining traction in regions where shallow water sites are limited, and deep-water areas are more readily available.
Floating wind farms also offer significant advantages in terms of flexibility and scalability. They can be placed further offshore, reducing the impact on coastal populations and marine ecosystems. The technology is rapidly advancing, with several pilot projects proving successful and paving the way for large-scale deployments. As the technology matures, costs are expected to decrease, further driving the adoption of floating offshore wind turbines. With several countries such as Norway, the UK, and the US investing in floating wind farms, this subsegment is anticipated to experience rapid growth over the next decade.
Component Segment is Largest Owing to Blades
The component segment of the offshore wind turbine market is dominated by blades, making it the largest subsegment. Blades are a critical component of wind turbines, responsible for capturing wind energy and converting it into mechanical power. The size and design of the blades directly impact the efficiency and energy output of the turbine, making them a key focus for manufacturers aiming to improve turbine performance. With the trend toward larger turbines, the demand for longer and more efficient blades is increasing, driving innovation in materials and aerodynamic design.
As offshore wind farms are built further offshore and in deeper waters, turbine blades need to be larger and more durable to withstand harsh marine environments. Innovations such as carbon fiber composite blades, which offer greater strength and lighter weight, are becoming increasingly common. These advancements help reduce the overall weight of the turbine while improving performance. The growing emphasis on maximizing energy production and minimizing maintenance costs ensures that blades will continue to be a focal point in the development of offshore wind turbine technology.
End-Use Industry Segment is Largest Owing to Power Generation
The power generation segment remains the largest within the offshore wind turbine market, owing to the widespread use of offshore wind turbines in electricity generation. Offshore wind farms are a vital part of the global energy transition, providing a reliable and sustainable source of electricity. As governments and companies strive to meet carbon reduction targets and increase the share of renewable energy in their power grids, offshore wind farms play a central role in achieving these goals. With their high energy output and low environmental impact, offshore wind turbines are the preferred choice for large-scale power generation projects.
The growing demand for clean, renewable energy is leading to the expansion of offshore wind farms in various regions. As such, the power generation industry is expected to continue to lead the way in offshore wind turbine adoption. The economic and environmental benefits of offshore wind energy, including job creation and reduced carbon emissions, make it a key pillar of the global energy infrastructure. The increasing importance of renewable energy sources in meeting global energy demands ensures that the power generation segment will remain dominant in the offshore wind turbine market.
Region Segment is Largest Owing to Europe
Europe is the largest region in the offshore wind turbine market, accounting for a significant share of global installations. The region has long been a pioneer in offshore wind energy, with countries like the UK, Germany, and Denmark leading the charge in terms of installed capacity and technological innovation. Europe’s commitment to reducing carbon emissions and transitioning to renewable energy has created a favorable environment for offshore wind development, backed by supportive government policies and incentives. The European Union’s renewable energy targets and strong regulatory frameworks have facilitated rapid expansion in the region.
As the offshore wind industry matures in Europe, the region is also witnessing increased investments in floating wind turbine technology, which is expected to expand the market further. The availability of suitable offshore sites, combined with advanced infrastructure and a well-established supply chain, makes Europe an attractive market for offshore wind turbine manufacturers and developers. With continued investment from both public and private sectors, Europe is expected to maintain its leadership position in the offshore wind turbine market in the coming years.
Competitive Landscape
The offshore wind turbine market is highly competitive, with several key players striving to dominate the market. Leading companies in the sector include Siemens Gamesa Renewable Energy, Vestas Wind Systems, and GE Renewable Energy, which are at the forefront of technological advancements and large-scale offshore wind projects. These companies are investing heavily in research and development to improve turbine efficiency, reduce costs, and expand their portfolios of offshore wind projects.
Partnerships, mergers, and acquisitions are common in the industry, as companies seek to enhance their technological capabilities and expand their market presence. Furthermore, as new technologies such as floating offshore wind turbines gain traction, companies are focusing on developing innovative solutions to meet the growing demand for renewable energy. The competitive landscape remains dynamic, with both established players and new entrants seeking to capitalize on the rapidly expanding offshore wind market.
Recent Developments:
- Siemens Gamesa Renewable Energy launched a new offshore wind turbine model, the Siemens Gamesa SG 14-222 DD, which offers enhanced efficiency and is designed for large-scale offshore wind projects.
- GE Renewable Energy secured a significant contract with the UK government to provide turbines for offshore wind farms as part of its commitment to achieving net-zero emissions by 2050.
- Vestas Wind Systems has entered into a partnership with a major energy company to jointly develop floating wind turbine projects in the North Sea to harness deeper waters for wind energy.
- Nordex SE completed the installation of its first offshore wind turbine in the Baltic Sea as part of an expansion project aimed at increasing offshore wind capacity in Europe.
List of Leading Companies:
- Siemens Gamesa Renewable Energy
- GE Renewable Energy
- Vestas Wind Systems
- Nordex SE
- Suzlon Energy Limited
- Senvion
- Mingyang Smart Energy
- Goldwind
- Nordex SE
- Doosan Heavy Industries & Construction
- Shanghai Electric Group
- Envision Energy
- Iberdrola
- China Longyuan Power Group Corporation
Report Scope:
Report Features |
Description |
Market Size (2024-e) |
USD 25.6 Billion |
Forecasted Value (2030) |
USD 57.1 Billion |
CAGR (2025 – 2030) |
14.3% |
Base Year for Estimation |
2024-e |
Historic Year |
2023 |
Forecast Period |
2025 – 2030 |
Report Coverage |
Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments |
Segments Covered |
Offshore Wind Turbine Market By Turbine Capacity (Small Capacity, Medium Capacity, Large Capacity), By Installation Type (Fixed Offshore Wind Turbines, Floating Offshore Wind Turbines), By Component (Blades, Towers, Nacelle, Substructures), By End-Use Industry (Power Generation, Industrial Manufacturing, Marine & Offshore) |
Regional Analysis |
North America (US, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa) |
Major Companies |
Siemens Gamesa Renewable Energy, GE Renewable Energy, Vestas Wind Systems, Nordex SE, Suzlon Energy Limited, Senvion, Mingyang Smart Energy, Goldwind, Nordex SE, Doosan Heavy Industries & Construction, Shanghai Electric Group, Envision Energy, Iberdrola, China Longyuan Power Group Corporation |
Customization Scope |
Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements |
1. Introduction |
1.1. Market Definition |
1.2. Scope of the Study |
1.3. Research Assumptions |
1.4. Study Limitations |
2. Research Methodology |
2.1. Research Approach |
2.1.1. Top-Down Method |
2.1.2. Bottom-Up Method |
2.1.3. Factor Impact Analysis |
2.2. Insights & Data Collection Process |
2.2.1. Secondary Research |
2.2.2. Primary Research |
2.3. Data Mining Process |
2.3.1. Data Analysis |
2.3.2. Data Validation and Revalidation |
2.3.3. Data Triangulation |
3. Executive Summary |
3.1. Major Markets & Segments |
3.2. Highest Growing Regions and Respective Countries |
3.3. Impact of Growth Drivers & Inhibitors |
3.4. Regulatory Overview by Country |
4. Offshore Wind Turbine Market, by Turbine Capacity (Market Size & Forecast: USD Million, 2023 – 2030) |
4.1. Small Capacity (Up to 3 MW) |
4.2. Medium Capacity (3 MW – 7 MW) |
4.3. Large Capacity (Above 7 MW) |
5. Offshore Wind Turbine Market, by Installation Type (Market Size & Forecast: USD Million, 2023 – 2030) |
5.1. Fixed Offshore Wind Turbines |
5.2. Floating Offshore Wind Turbines |
6. Offshore Wind Turbine Market, by Component (Market Size & Forecast: USD Million, 2023 – 2030) |
6.1. Blades |
6.2. Towers |
6.3. Nacelle |
6.4. Substructures |
7. Offshore Wind Turbine Market, by End-Use Industry (Market Size & Forecast: USD Million, 2023 – 2030) |
7.1. Power Generation |
7.2. Industrial Manufacturing |
7.3. Marine & Offshore |
8. Regional Analysis (Market Size & Forecast: USD Million, 2023 – 2030) |
8.1. Regional Overview |
8.2. North America |
8.2.1. Regional Trends & Growth Drivers |
8.2.2. Barriers & Challenges |
8.2.3. Opportunities |
8.2.4. Factor Impact Analysis |
8.2.5. Technology Trends |
8.2.6. North America Offshore Wind Turbine Market, by Turbine Capacity |
8.2.7. North America Offshore Wind Turbine Market, by Installation Type |
8.2.8. North America Offshore Wind Turbine Market, by Component |
8.2.9. By Country |
8.2.9.1. US |
8.2.9.1.1. US Offshore Wind Turbine Market, by Turbine Capacity |
8.2.9.1.2. US Offshore Wind Turbine Market, by Installation Type |
8.2.9.1.3. US Offshore Wind Turbine Market, by Component |
8.2.9.2. Canada |
8.2.9.3. Mexico |
*Similar segmentation will be provided for each region and country |
8.3. Europe |
8.4. Asia-Pacific |
8.5. Latin America |
8.6. Middle East & Africa |
9. Competitive Landscape |
9.1. Overview of the Key Players |
9.2. Competitive Ecosystem |
9.2.1. Level of Fragmentation |
9.2.2. Market Consolidation |
9.2.3. Product Innovation |
9.3. Company Share Analysis |
9.4. Company Benchmarking Matrix |
9.4.1. Strategic Overview |
9.4.2. Product Innovations |
9.5. Start-up Ecosystem |
9.6. Strategic Competitive Insights/ Customer Imperatives |
9.7. ESG Matrix/ Sustainability Matrix |
9.8. Manufacturing Network |
9.8.1. Locations |
9.8.2. Supply Chain and Logistics |
9.8.3. Product Flexibility/Customization |
9.8.4. Digital Transformation and Connectivity |
9.8.5. Environmental and Regulatory Compliance |
9.9. Technology Readiness Level Matrix |
9.10. Technology Maturity Curve |
9.11. Buying Criteria |
10. Company Profiles |
10.1. Siemens Gamesa Renewable Energy |
10.1.1. Company Overview |
10.1.2. Company Financials |
10.1.3. Product/Service Portfolio |
10.1.4. Recent Developments |
10.1.5. IMR Analysis |
*Similar information will be provided for other companies |
10.2. GE Renewable Energy |
10.3. Vestas Wind Systems |
10.4. Nordex SE |
10.5. Suzlon Energy Limited |
10.6. Senvion |
10.7. Mingyang Smart Energy |
10.8. Goldwind |
10.9. Nordex SE |
10.10. Doosan Heavy Industries & Construction |
10.11. Shanghai Electric Group |
10.12. Envision Energy |
10.13. Iberdrola |
10.14. China Longyuan Power Group Corporation |
11. Appendix |
A comprehensive market research approach was employed to gather and analyze data on the Offshore Wind Turbine Market. In the process, the analysis was also done to analyze the parent market and relevant adjacencies to measure the impact of them on the Offshore Wind Turbine Market. The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.
Secondary Research
Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.
Primary Research
Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the E-Waste Management ecosystem. The primary research objectives included:
- Validating findings and assumptions derived from secondary research
- Gathering qualitative and quantitative data on market trends, drivers, and challenges
- Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
- Assessing the supply-side landscape, including technological advancements and recent developments
Market Size Assessment
A combination of top-down and bottom-up approaches was utilized to analyze the overall size of the Offshore Wind Turbine Market. These methods were also employed to assess the size of various subsegments within the market. The market size assessment methodology encompassed the following steps:
- Identification of key industry players and relevant revenues through extensive secondary research
- Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
- Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources
Data Triangulation
To ensure the accuracy and reliability of the market size, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size assessment.
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