Off Shore Wind Turbine Global Market Report 2024

Offshore wind turbines are elevated structures equipped with large rotating blades strategically deployed in oceanic environments to harness wind energy for electricity generation. These turbines play a pivotal role in the business of sustainable energy production by converting the kinetic energy of offshore winds into electrical power.

Various foundation types support offshore wind turbines, with notable options such as monopile, jacket, tripod, and floating structures. Monopile foundations consist of substantial steel tubes, forming a crucial element in the offshore wind turbine infrastructure. These turbines exhibit diverse capacities, categorized as up to 3 MW, 3 MW to 5 MW, and above 5 MW, catering to different energy needs. Furthermore, offshore wind turbines are deployed at varying depths, including shallow water, transitional water, and deep water locations, presenting versatile solutions for distinct marine environments. The applications of these offshore wind turbines extend across industrial, commercial, and residential settings, illustrating their adaptability and relevance in diverse business contexts.

The offshore wind turbine market research report is one of a series of new reports from The Business Research Company that provides offshore wind turbine market statistics, including off shore wind turbine industry global market size, regional shares, competitors with an off shore wind turbine market share, detailed offshore wind turbine market segments, market trends and opportunities, and any further data you may need to thrive in the off shore wind turbine industry. This off-shore wind turbine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The off shore wind turbine market size has grown rapidly in recent years. It will grow from $27.14 billion in 2023 to $31.74 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. Historical growth can be attributed to increased energy demand, government support and policies, cost reduction initiatives, market maturation, and the development of infrastructure within the industry.

The off shore wind turbine market size is expected to see rapid growth in the next few years. It will grow to $57.27 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. Anticipated growth in the upcoming period is linked to digitalization, climate change policies, the advancement of green hydrogen production, supportive policies for supply chain optimization, and regulatory measures. Key trends expected in this forecast period encompass the emergence of energy-as-a-service models, integration of smart grids, a surge in demand for clean energy, the development of higher-capacity turbines, and efforts focused on recycling and reusing decommissioned components within the industry.

The growing demand for renewable and sustainable energy is expected to drive the expansion of the offshore wind turbine market. Renewable and sustainable energy, often termed as clean energy, is derived from natural resources or processes that are replenishable, such as solar and wind power. The increasing demand for clean energy is fueled by concerns related to the environmental impact of other energy sources, such as the emission of harmful pollutants from fossil fuel combustion and nuclear power reactors. In contrast, renewable sources such as solar and wind energy are environmentally friendly, leaving no adverse effects on nature. Harnessing electricity through offshore wind turbines is considered an efficient means of promoting sustainable development. For example, in 2023, reports from the Business Council for Sustainable Energy, a US-based clean energy trade association, highlighted significant strides in renewable energy in the US. In 2022, renewables accounted for 13% of the total US energy demand, with renewables and natural gas jointly increasing from 43% to 62% of total power generation within a few years. During the same period, the US added over 25.5 GW of new clean power, representing nearly 80% of all new capacity. Consequently, the escalating demand for renewable and sustainable energy is a key factor propelling the growth of the offshore wind turbine market.

The anticipated growth in the offshore wind turbine market is propelled by the increasing job creation in offshore wind projects. Job creation within offshore wind projects pertains to the employment opportunities stemming from the planning, construction, and operation of offshore wind farms. The deployment of offshore wind turbines plays a pivotal role in generating jobs throughout various phases, including development, manufacturing, installation, and maintenance, thereby engaging skilled professionals and workers in the wind energy sector. A notable example is the data from June 2023, reported by the Offshore Wind Industry Council, a UK-based government and industry forum. By the end of 2021, the UK had witnessed a 4% increase in offshore wind workers, totaling over 32,000 individuals. This figure encompasses both direct employment and nearly 15,000 indirect jobs related to offshore wind activities. Projections for 2026 suggest a demand for approximately 88,509 skilled workforces. Consequently, the escalating job creation in offshore wind projects emerges as a significant driver fueling the growth of the offshore wind turbine market.

The prevalent trend in the offshore wind turbine market involves a noteworthy increase in partnerships and collaborations. Key market players strategically engage with industry counterparts to drive technological advancements and enhance their market footprint. Illustratively, in May 2021, GE Renewable Energy, a prominent US-based wind turbine manufacturer, entered into a strategic partnership with Toshiba Energy Systems and Solutions Corporation, a Japan-based leader in large-scale power generation systems. The primary objective of this collaboration is to facilitate the localization of the Haliade-X offshore wind turbine's commercialization within the nation, emphasizing the localization of critical manufacturing stages. This strategic alliance underscores the industry's commitment to fostering collaborative efforts for mutual benefits in technology development and market expansion.

Prominent companies within the market are strategically focused on the development of innovative solutions, exemplified by the introduction of floating offshore wind farms, to offer reliable services to their customers. A floating offshore wind farm is characterized by an assemblage of wind turbines affixed to floating platforms rather than fixed foundations, allowing them to operate effectively in deep waters. A noteworthy example is the achievement by Equinor ASA, a Norway-based multinational energy company, which inaugurated the world's largest floating offshore wind farm in August 2023. This 11-turbine facility, based on Equinor's Hywind concept, boasts an impressive 88 MW capacity, effectively covering 35% of the electricity needs for five platforms. Executed over a five-year span, the project incurred an investment of approximately NOK 7.4 billion, with 60% of the amount directed towards Norwegian suppliers, contributing to the growth of green jobs and technology development. Notably, when compared to the Hywind Scotland project, Hywind Tampen achieved a 35% reduction in investment cost per installed MW, showcasing the economic efficiency and advancements in floating offshore wind technology.

In January 2021, Siemens Gamesa, a Germany-based manufacturer in the offshore wind turbine market, successfully completed the acquisition of Ria Blades SA, a business unit of Senvion, for a total transaction value of $199.42 million (€200 million). This strategic move by Siemens Gamesa is aimed at bolstering its onshore competitiveness by accommodating the anticipated increase in production from external suppliers, particularly those based in Asia. The acquisition positions Siemens Gamesa to serve as a key export hub for foreign markets. Senvion, the German-based manufacturing company specializing in the offshore wind turbine market, contributes to this initiative as part of the broader strategy to enhance Siemens Gamesa's market position and global outreach.

Major companies operating in the off shore wind turbine market report are 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

Western Europe was the largest region in the global offshore wind turbine market in 2023. 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.

The countries covered in the off shore wind turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The offshore wind turbines market consists of sales of fixed foundation and floating foundation offshore wind turbines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Off Shore Wind Turbine Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on off shore wind turbine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for off shore wind turbine ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The off shore wind turbine market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: ABB Ltd.; Orsted A/S; Shanghai Electric Group Co. Ltd.; Vestas Wind Technology India Private Limited; Vestas Wind Systems A/S
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.