Home Energy And Power Offshore Wind Turbine Market, Size, Share, Forecast to 2029

Offshore Wind Turbine Market

Offshore Wind Turbine Market Size, Share & Trends Analysis Report By Type (Monopole, Jacket, Gravity, Others), By Location (Shallow Water, Transitional Water, Deep Water) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2021-2029

Report Code: SREP1276DR
Study Period 2017-2029 CAGR 13.7%
Historical Period 2017-2019 Forecast Period 2021-2029
Base Year 2020 Base Year Market Size USD XX Billion
Forecast Year 2029 Forecast Year Market Size USD 50837 Million
Largest Market Europe Fastest Growing Market North America
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Market Overview

The global offshore wind turbine market size is anticipated to reach at USD 50,837 million by 2029, growing at a CAGR of 13.7%.

Offshore wind turbines convert the wind energy into electricity using aerodynamics force from the rotor blades attached to them. In recent years, wind energy operators are trying to shift their focus from onshore wind energy generation towards offshore wind energy generation. This drift in wind energy can be attributed to the primary benefits associated with offshore wind turbine installation compared to an onshore wind turbine is the significant difference in energy capture.

The energy captured in an offshore wind turbine is far greater than energy captured by an onshore wind turbine. Additionally, installing an onshore wind turbine also results in environmental pollution such as noise and water. Another major factor that the operators engaged in the business is shifting their inclination towards offshore wind turbines, which is boosting the market's growth.

Wind energy is considered the prime key in the global energy transition due to its massive potential. According to IRENA, by 2050, wind energy will contribute 36% of the global electricity generation, which is trailed by solar energy, contributing approximately 22%. This trend has compelled the industry's individuals to shift their focus on wind energy to gain the current running trends. Thus, resulting in increased investment in the wind energy business and consequently adding to its growth.

Market Dynamics

The Global Movement to Reduce Carbon Footprint Will Upsurge Wind Energy Demand

Under the Paris Agreement, countries globally have pledged to mitigate their carbon footprints through NDCs or Nationally Determined Contributions. As per the International Renewable Energy Agency, the current goals fall short of meeting the Climate Conference's targets. However, the 2020 revisions of NDCs represent an opportunity for countries to realign their national strategies and goals, which will require a more comprehensive deployment of renewable energy that amounts to 7.7 TW of installed capacity.

Investments play an important role in the deployment of renewable energy technologies in developing and developed countries. The introduction of renewable energy finance underlines the tremendous potential for countries to meet their climate change targets and help drive the global transition to low carbon-emission. For instance, the introduction of green bonds that help countries raise money for green projects is a step in the right direction.

Institutional investments by the World Bank and others also support renewable energy penetration and help meet sustainable development goals (SDGs). For instance, the World Bank, in 2019, provided USD 100 million to India for enhancing renewable energy penetration in the country.  All these factors undermine the potential of the wind energy market in the coming years.

Advantages Offered by Wind Energy Sources to Create Upswings for Market Growth

All over the world, we face the twin challenge of not having enough resources to meet the ever-increasing energy demand and the environmental destruction caused by the consumption of non-renewable sources. Wind power is a clean fuel source, and wind power turbines have low maintenance compared to other energy-producing machines. Wind energy projects employ around 100,00 workers, and wind energy technicians currently have high demand, which is anticipated to grow in the coming years.

As per the office of Energy Efficiency & Renewable Energy, the wind capacity in the U.S has grown around 15 percent every year over the last ten years. The demand for this renewable energy type has increased over the years, owing to its sustainable and free sources of abundant energy.

Countries like India, Indonesia, China have an extensive coastline and will see an expansion in offshore wind power projects in the coming future to meet the growing energy demands of the region that has a high population density as compared to other countries. Investing in wind energy will reduce the country's dependence on fossil fuels, reduce carbon footprint, and meet the Paris Climate treaty objectives.

Challenges Associated with Wind Power May Hamper Its Demand in the Coming Years

As space on land is becoming a constraint, especially in countries with high population rates, offshore wind energy demand has increased compared to onshore wind energy. The first challenge is in terms of the cost associated with the project. Offshore wind power is more expensive as compared to onshore, mainly due to complex design considerations.

Furthermore, the design, operation of offshore wind power systems are expensive due to maintenance costs due to corrosion, erosion, lightning strikes, among other factors. Additionally, Wind power is a clean source of energy and is seeing high demand. However, wind power has to compete with conventional generation sources based on costs; even though the costs have reduced over the years, the wind projects must be large enough to compete with other sources. All these factors are anticipated to create hindrances for market growth.

Regional Analysis

North America

In recent years, the North American offshore wind turbine's significant growth has positioned it as the third-fastest growth market globally, trailing behind Europe and Asia-pacific, respectively. The growth in this region can be attributed to several projects advanced in the development process and the increasing number of strategic partnerships, MoUs, collaborations, and other business growth strategies across this market, which has opened ample opportunities for the players in this region.

In addition to this, an increase in the adoption of clean power generation technologies has also been a growth factor for the offshore wind turbine market in this region. A large number of these wind turbine installations to promoting clean energy in this region will further increase the demand for these turbines across the regional market.


Europe holds the largest market share in the global offshore wind turbine market in 2019, accounting for around 75.1 percent. It is anticipated to dominate the global market by recording a CAGR of 12.6 percent. The rising concerns among the inhabitants regarding the ongoing environmental issues such as global warming and rising air pollution have led to the rise in demand for clean energy across the regional market, which augments the offshore wind turbine market's growth.

Europe has the most transparent national offshore wind procurement schedules, regionally-based original equipment manufacturers (OEMs), installers, mature logistical and manufacturing supply chains, and strong research and development networks to support its development. In addition to this, there has been a significant amount of additional offshore wind activity in Europe, which is related to the new policy, procurements, permits, and offtake agreements, indicating continued market growth as per the report shared by Wind Europe in the year 2018.

Furthermore, it also reported that the region connected 502 new offshore wind turbines to the grid across ten projects, which brought 3,627 MW of new (gross) additional capacity, leading to a total capacity of 18,499 MW in 2019. Such development in offshore wind is further anticipated to add to the market's growth in the years to come.

Report Scope

Report Metric Details
By Type
  1. Monopole
  2. Jacket
  3. Gravity
  4. Others
By Location
  1. Shallow Water
  2. Transitional Water
  3. Deep Water
Company Profiles Vestas Siemens Gamesa Renewable Energy Goldwind GE Renewable Energy ENVISION Mingyang Nordex Acciona Enercon Windey Dongfang Sewind CSIC Haizhuang Senvion United Power MHI Vestas
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

By Type

Monopoles hold the largest share of the global offshore wind turbine market, accounting for around 70.9 percent of the global offshore wind turbine market in terms of volume in 2019. It refers to a steel tubular structure with quick and straight forward manufacturing and a diameter ranging from 6 to 8m. Besides, these structures have a wall thickness of around 150mm, and the depth achieved is in the range of 25 to 30 m.

This monopole offers faster installation and greater flexibility in design than other types of offshore wind turbines. It has a significant wind loading capacity and can withstand extreme weather conditions. Furthermore, these are often suitable for constructing in the shallow water region, where water depth is lower than 30 m. Some of the companies with monopolies include Skipper Ltd, Pittsburg Tank & Tower Group, etc.

The increasing use and development of large turbine sizes have augmented the growth of monopoles due to its lіmіtеd ѕрасе rеquіrеmеnt, tіmе fоr thе grіd mаngеr аnd dіѕсоmѕ, and аеѕthеtісаllу рlеаѕіng dеѕіgn. However, manufacturing limitations for higher voltages of monopoles may hamper the growth of the market.

The jacket is anticipated to be the fastest-growing segment and grow at a CAGR of 15.8 percent in terms of volume. The segment contains many variants of the three or four-legged jacket structure and consists of corner piles interconnected with bracings up to 2 m in diameter. These are comparatively lightweight and, therefore, are easier to install.

Some of the additional benefits of using these structures are low wave and current impact loads on the structure compared to others. These are designed to support massive wind turbines potentially and are considered the most cost-efficient solution for wind turbines up to 8 MW. These are suitable for water depths greater than 30 m. The demand for jacket structure increases as the wind farms keep moving towards deep waters, and the capacity of the turbine increases, which supports the installation of these jackets.

By Application

Shallow water will drive the global offshore wind turbine market's growth, registering a CAGR of 15.1 percent. Shallow water refers to the water level where the surface waves are noticeably affected by bottom topography. Therefore, it implies a water depth equivalent to less than half the wavelength, less than 30m. The shallow water segment holds the largest market share in 2019 and is anticipated to follow the same trend during the forecast period. This growth of the segment can be attributed to the easy installation of wind turbines in this location.

Deepwater is the third largest growing segment based on location in the global offshore wind turbine market during the forecast period. The level of water depth is above 60m in this water, and it holds promising potentials in generating several thousand gigawatts (GW) of electricity, which will further increase its demand. However, difficulties in installation compared to others may affect its growth and overall market growth.

Market Size By Type

Top Key Players

Vestas Siemens Gamesa Renewable Energy Goldwind GE Renewable Energy ENVISION Mingyang Nordex Acciona Enercon Windey Dongfang Sewind CSIC Haizhuang Senvion United Power MHI Vestas Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Offshore Wind Turbine Market?
Offshore Wind Turbine Market size will grow at approx. CAGR of 13.7% during the forecast period.
Some of the top prominent players in Offshore Wind Turbine Market are, Vestas, Siemens Gamesa Renewable Energy, Goldwind, GE Renewable Energy, ENVISION, Mingyang etc.
Europe has been dominating the Offshore Wind Turbine Market, accounting for the largest share of the market.
The North America region is projected to exhibit the highest rate of growth in the Offshore Wind Turbine Market.
The global Offshore Wind Turbine Market report is segmented as follows: By Type, By Location

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