The global offshore wind turbine market size was estimated at USD 19.85 billion in 2024 and is projected to reach USD 38.13 billion by 2030, growing at a CAGR of 11.5% from 2025 to 2030. The growth of the offshore wind turbine industry is primarily driven by the increasing global focus on reducing carbon emissions and the rising demand for renewable and sustainable energy sources to support long-term energy security.

Growing initiatives undertaken by government agencies and electric utilities to lower carbon emissions and transition toward cleaner energy systems are major factors supporting market expansion. A significant trend shaping the offshore wind turbine industry is the expansion of the broader industrial sector, fueled by the rising demand for clean, cost-effective, and reliable electricity. Offshore wind turbines play a critical role in addressing this demand by providing large-scale, sustainable power generation capable of supplying electricity to densely populated regions and industrial hubs. As technological advancements continue and project development costs decline, offshore wind energy is becoming increasingly accessible and economically viable for both public and private stakeholders.

The continued increase in research, development, demonstration, and deployment activities aimed at overcoming technical, logistical, and financial barriers associated with offshore wind installations is expected to further drive market growth during the forecast period. According to a report released by the U.S. Department of Energy in June 2024, the National Offshore Wind Research and Development Consortium (NOWRDC) announced Solicitation 4.0, a USD 10.6 million funding opportunity designed to advance floating offshore wind technology in the United States.

Ongoing advancements in turbine design, materials, and manufacturing processes have significantly improved turbine efficiency, reliability, and performance. These innovations include the development of larger-capacity turbines capable of generating more power, which helps reduce the cost per megawatt of electricity produced. As a result, offshore wind projects are becoming more competitive with conventional energy sources, further supporting the long-term growth of the offshore wind turbine market.

Key Market Trends & Insights:

• Europe dominated the global offshore wind turbine market and accounted for the largest revenue share of over 47.7% in 2024. This leadership position is supported by the region’s early adoption of offshore wind technology, strong policy support for renewable energy, favorable regulatory frameworks, and substantial investments in offshore wind infrastructure across several European countries.

• Within Europe, the United Kingdom dominates the offshore wind turbines market and holds the largest revenue share. The UK’s leading position is driven by its extensive coastline, long-term commitment to offshore wind development, large-scale project deployments, and continued investments in expanding offshore wind capacity as part of its renewable energy transition strategy.

• In terms of capacity segment, the above 5 MW segment dominated the market, accounting for the largest revenue share of over 43.8% in 2024. The dominance of this segment is attributed to the increasing deployment of higher-capacity turbines, which offer improved energy output, better efficiency, and lower cost per unit of electricity generated, making them highly attractive for large offshore wind projects.

• Based on water depth segment, the shallow water (less than 30 meters depth) segment dominated the market and held the largest revenue share in 2024. This is largely due to the relative ease of installation, lower construction and maintenance costs, and the availability of established foundation technologies, which make shallow-water offshore wind projects more commercially viable compared to installations in deeper waters.

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Market Size & Forecast:

• 2024 Market Size: USD 19.85 Billion

• 2030 Projected Market Size: USD 38.13 Billion

• CAGR (2025-2030): 11.5%

• Europe: Largest market in 2024

• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights:

The offshore wind turbine market is highly competitive in nature, characterized by the presence of several well-established players that dominate the global landscape. Major companies operating in this market include General Electric, Equinor ASA, Iberdrola, S.A., Mitsubishi Heavy Industries, Ltd., and Goldwind. These organizations play a critical role in shaping the competitive environment and driving overall market growth through technological innovation, large-scale project execution, and global expansion strategies.

The offshore wind turbine market features a dynamic competitive landscape, where leading players continuously invest in research and development to improve turbine performance, enhance cost efficiency, and increase the long-term sustainability of offshore wind projects. These investments are focused on developing larger and more powerful turbines, improving reliability in harsh marine environments, and reducing the overall cost of offshore wind energy generation, thereby strengthening market adoption worldwide.

GE Vernova is a prominent provider of offshore wind turbines and offers advanced solutions such as the Haliade-X, which is specifically designed to deliver high energy output in strong offshore wind conditions. The company’s offshore wind technology emphasizes durability, operational efficiency, and advanced engineering, contributing significantly to the expansion of offshore wind power across global markets. By focusing on improved reliability and optimized performance, GE Vernova aims to reduce the cost of offshore wind energy for customers and support large-scale renewable energy deployment.

Equinor has been active in the offshore wind industry for over five decades and has stated its intention to become a major global player in offshore wind energy. The company operates offshore wind farms in Germany and the United Kingdom, which collectively supply electricity to over one million European homes. In addition, Equinor is involved in the Dogger Bank offshore wind farm, which is expected to power 6 million British homes, highlighting the company’s strong commitment to large-scale offshore wind development and its significant contribution to Europe’s renewable energy transition.

Key Players

• General Electric Company

• Equinor ASA

• Iberdrola, S.A.

• Mitsubishi Heavy Industries, Ltd

• Goldwind

• Naval Group

• Nordex SE

• Siemens

• ABB

• MODEC, Inc.

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Conclusion:

The offshore wind turbine market is expected to grow substantially over the forecast period, driven by increasing global efforts to reduce carbon emissions and rising demand for renewable energy. The industry benefits from technological advancements, declining costs, and strong policy support, making offshore wind an increasingly accessible and viable source of clean electricity. Market expansion is supported by research and innovation that help overcome installation and deployment challenges, as well as rising adoption in emerging regions. Overall, offshore wind turbines are playing a significant role in meeting global energy demand while supporting sustainability goals.