Offshore Wind Turbine Market Size, Share & Trends Analysis Report By Capacity (Up to 3 MW, 3 MW to 5 MW, Above 5 MW), By Water Depth (Shallow Water, Transitional Water, Deepwater), By Region, And Segment Forecasts, 2024 - 2030

Offshore Wind Turbine Market Size, Share & Trends Analysis Report By Capacity (Up to 3 MW, 3 MW to 5 MW, Above 5 MW), By Water Depth (Shallow Water, Transitional Water, Deepwater), By Region, And Segment Forecasts, 2024 - 2030

Offshore Wind Turbine Market Size & Trends

The global offshore wind turbine market size was estimated at USD 17.81 billion in 2023 and expected to grow at a CAGR of 11.5% from 2024 to 2030. The market is expected to expand accounting to rising interest in reducing the global carbon footprint and increasing demand for renewable energy. Increasing efforts by government agencies and electrical companies to reduce carbon emissions are major market drivers driving market expansion.

One of the prominent trend in the offshore wind turbine market is the rise in expansion of industrial industry including wind power owing to the growing need for a clean, affordable, and diverse electricity supply. The offshore wind turbine is an essential clean energy solution for large communities looking to obtain more energy from clean sources, and lower costs make it more affordable.

The rise in continued research, development, demonstration, and deployment of technologies to eliminate impediments to the widespread installation of turbines are likely to drive the offshore wind turbine market growth in the forecast period.Advances in turbine design, materials and manufacturing processes have led to more efficient and reliable turbines. This includes larger turbines with more power, which reduce the cost per megawatt of energy produced.

The increase in adoption of renewable energy across several emerging countries in regions such as South America, Asia, and Africa is expected to drive the market growth in the coming years. Offshore wind turbines are gaining popularity due to their high energy production potential and ability to make a significant contribution to global efforts to reduce greenhouse gas emissions.

The offshore wind turbine market is growing at a rapid rate, however the market faced various challenges. Offshore wind projects require significant upfront capital for installation, including the cost of turbines, foundations and grid connections.Offshore wind turbines are more expensive to maintain compared to onshore wind turbines due to harsh marine conditions and accessibility issues. These factors are likely to restrain the market growth.

Global Offshore Wind Turbine Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global offshore wind turbine market report on the basis of capacity, water depth, and region:

• Capacity Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
• Up to 3 MW
• 3 MW to 5 MW
• Above 5 MW
• Water Depth Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
• Shallow Water (<30 M Depth)
• Transitional Water (30-60 M Depth)
• Deepwater (More than 60 M Depth)
• Regional Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• Italy
• Spain
• France
• The Netherlands
• Denmark
• Asia Pacific
• China
• India
• Japan
• South Korea
• Indonesia
• Thailand
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• South Africa
• UAE

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