Offshore Wind Turbine Market Generate Revenue USD 24,603.5 Million by 2030

The rapid increase in investments in the renewable energy sector and strong government support, along with the technological developments in offshore foundations, are some of the major factors that are positively impacting the installation of offshore wind plants. Owing to such factors, the global offshore wind turbine market is expected to generate revenue of USD 24,603.5 million by 2030, registering a CAGR of 21.0% during the forecast period (2024–2030).

Shallow Water Depth Category Dominates the Market

The market is categorized, on the basis of water depth, into shallow water, transitional water, and deep water. Out of these, the shallow water category accounts for the largest revenue share. This is due to the suitability, convenience, easy accessibility, and reduced costs of installation, regular repair, and maintenance of wind turbines in shallow water. Moreover, the development of reliable and cost-effective foundations, especially bottom-fixed foundations like monopoles, has also contributed to the rise in the installation of shallow water depth offshore turbines.

In addition, the transitional category holds a significant market share. It includes offshore wind turbines that are to be installed in water depths ranging from 30 meters to 60 meters, their installation type is floating, and the capacity for turbines ranges from 3 MW to 5 MW.

The offshore wind turbine market is classified on the basis of installation type into fixed and floating. Between the two, the fixed category holds a larger share and this trend is likely to continue the same during the forecast period as well. This is because of its several advantages, such as easy installation, lower construction cost, easy decommissioning process, and compatibility with most of the foundation types.

Asia-Pacific (APAC) Market To Witness the Highest CAGR

Globally, the APAC market is projected to experience the highest growth rate in the coming years. This can be ascribed to the increasing energy demand in developing countries such as India, Vietnam, and China; the surging government initiatives and investments in the renewable energy sector, and advancements in technologies, in the region.

Moreover, the region is expected to witness a large number of windmill installations on lakes, seas, and oceans, primarily due to the increasing government initiatives aimed to promote wind energy; and the surging focus on decreasing the dependence on fossil fuels for the generation of energy.

Partnership Is a Key Strategy Adopted by Industry Players

Players in the market are engaging in partnerships with each other, in order to enhance their market presence. For instance, Hitachi Energy, a market and technology leader in transmission, distribution, and grid automation solutions, entered into a collaboration with Petrofac, a leading international service provider to the energy industry, to provide grid integration and associated infrastructure to support the rapidly growing offshore wind market.

Some of the key players in the market are Nordex SE, Ocean Breeze Energy gmbh & Co. KG, Orsted A/S, General Electric Company, MHI Vestas Offshore Wind A/S, Sinovel Wind Group Co. Ltd, Mingyang Smart Energy Group Co. Ltd., Xinjiang Goldwind Science Technology Co. Ltd, Siemens Gamesa Renewable Energy S.A.U., Envision Energy USA Limited, Nexans S.A., and Siemens Gamesa Renewable Energy.