What Has Been the Growth Trajectory for the Off Shore Wind Turbine Market in Recent Years?
The off shore wind turbine market has seen considerable growth due to a variety of factors.
• The market size for off shore wind turbines has seen significant growth in recent years, expanding from a value of $31.51 billion in 2024 to a projected $36.76 billion in 2025, a compound annual growth rate (CAGR) of 16.6%.
Factors contributing to this growth during the historical period include increasing energy demand, government support and policy initiatives, cost-saving measures, market evolution, and development of infrastructure.
What are the Market Size and Expected Growth Rates for the Off Shore Wind Turbine Market?
The off shore wind turbine market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of offshore wind turbines is predicted to undergo swift expansion in the coming years, reaching a valuation of $65.96 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 15.7%.
The projected growth during this period can be linked to several factors like digitalization, climate change strategies, the production of green hydrogen, optimization of supply chains, and conducive policies and regulations. Other prevailing trends during this forecasting period encompass the incorporation of the energy-as-a-service model, integration with smart grids, rising demand for renewable energy, enlarging turbine capacity, along with recycling and reusing of decommissioned parts.
What Are The Essential Drivers Behind The Growth Of The Off Shore Wind Turbine Market?
The rising need for renewable and sustainable energy is predicted to boost the offshore wind turbine market. Renewable and sustainable energy, also known as clean energy, is derived from replenishable natural resources or processes such as wind and solar. The call for such energy types is on the rise as there are grave environmental risks associated with other energy sources like fossil fuel combustion and nuclear power reactors, which release harmful pollutants into air and water. Unlike these, renewable energies such as solar and wind are eco-friendly. The production of electricity via offshore wind turbines makes efficient use of sustainable resources. For instance, renewable energy experienced significant growth in the US in 2023, as per reports by the US-based clean energy trade group, the Business Council for Sustainable Energy. In 2022, renewables fulfilled 13% of the total US energy demand and the combined share of renewables and natural gas in total power generation surged from 43% to 62% within a few years. The US added more than 25.5 GW of fresh clean power in 2022, accounting for roughly 80% of all new capacity. Therefore, the surging demand for renewable and sustainable energy is contributing immensely to the expansion of the offshore wind turbine market.
How Is The Globa Off Shore Wind Turbine Market Divided Into Key Segments?
The off shore wind turbine market covered in this report is segmented –
1) By Foundation Type: Monopile, Jacket, Tripod, Floating
2) By Capacity: Up To 3 Megawatt (MW), 3 MW To 5 MW, Above 5MW
3) By Depth: Shallow Water, Transitional Water, Deep Water
4) By Application: Industrial, Commercial, Residential
Subsegments:
1) By Monopile: Single Monopile Foundations, Grouted Monopile Foundations
2) By Jacket: Standard Jacket Foundations, Suction Caisson Jackets
3) By Tripod: Three-Legged Tripod Foundations, Reinforced Tripod Designs
4) By Floating: Spar-Buoy Foundations, Tension Leg Platforms (TLPs), Semi-Submersible Foundations
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What Trends Are Reshaping The Off Shore Wind Turbine Market?
The growing trend of partnerships and collaborations is becoming increasingly popular in the offshore wind turbine market. Major firms in the market are joining forces with industry participants to enhance technology advancement and market visibility. For example, Vattenfall, a Europe-based energy firm, is focusing on delivering sustainable energy solutions, including wind, hydro, and solar power. In April 2024, Vattenfall and BASF, a Germany-based chemical company operating in sectors like chemicals, materials, industrial solutions, surface technologies, nutrition, and agriculture, have agreed that BASF will acquire a 49% share in Vattenfall's Nordlicht 1 and 2 wind farms, therefore reinforcing their cooperation in the field of renewable energy.
Who Are the Key Players in the Off Shore Wind Turbine Market?
Major companies operating in the off shore wind turbine market include:
• ABB Ltd.
• Orsted A/S
• Shanghai Electric Group Co Ltd.
• Vestas Wind Technology India Private Limited
• Vestas Wind Systems A/S
• MHI Vestas Offshore Wind A/S
• General Electric Renewable Energy LLC
• Siemens Gamesa Renewable Energy S.A.
• Nordex Acciona Windpower S.A.
• Tata Power Company Limited
• Xinjiang Goldwind Science Technology Co Ltd.
• Goldwind Science & Technology Co Ltd.
• MingYang Smart Energy Co Ltd.
• Eneco Group NV
• Northland Power Inc.
• Senvion S.A.
• ReNew Energy Global plc
• Suzlon Energy Limited
• Adani Green Energy Limited
• Envision Energy Limited
• Sinovel Wind Group Co Ltd.
• Copenhagen Infrastructure Partners
• White Energy Company Limited
• Inox Wind Energy Ltd.
• Adwen Offshore Wind Power SAS
• Ecoventia S.L.
• XEMC Windpower Co Ltd.
• Jiangsu Aeolos Wind Energy Corporation
• CSIC Haizhuang Windpower Equipment Co Ltd.
• NSL Renewable Power Private Limited
What are the Regional Insights into the Off Shore Wind Turbine Market?
Western Europe was the largest region in the global offshore wind turbine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the off shore wind turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
