Offshore Wind Turbine Market Size By Rating (≤ 2 MW, >2 ≤ 5 MW, > 5 ≤ 8 MW, > 8 ≤ 10 MW, > 10 ≤ 12 MW, > 12 MW), By Installation (Floating, Fixed) & Forecast, 2023 - 2032

Offshore Wind Turbine Market Size By Rating (≤ 2 MW, >2 ≤ 5 MW, > 5 ≤ 8 MW, > 8 ≤ 10 MW, > 10 ≤ 12 MW, > 12 MW), By Installation (Floating, Fixed) & Forecast, 2023 - 2032

Offshore Wind Turbine Market will showcase growth during 2023-2032 due to the increasing concerns regarding GHG emissions and rising electricity demand. Expanding focus on alleviating the dependency on conventional fuels and growing inclination to discover the offshore wind potential across various sites will enhance the industry trend.

In addition, the increasing investments by the public and private sectors, growing R&D activities, and development of new turbines will positively foster the industry outlook. The introduction to novel turbine components, development of standardized designs and improvement in deep water technologies will also influence the market expansion.

Various market manufacturers are expanding their global footprint and diversifying their product categories through acquisitions, mergers, and partnerships to obtain a competitive edge. For instance, in March 2023, a Japanese oil company, Inpex, acquired 16.7% stake in the UK-based Moray East offshore wind farm. The deal was carried out under a contract between Mitsubishi Corporation's UK division, Diamond Generating Europe (DGE), and Inpex Renewable Energy Europe (INPEX Renewable). The motive behind the deal was to transfer Diamond Generating Europe Investments stock from DGE to Inpex Renewable.

Overall, the offshore wind turbine industry is segmented in terms of rating, installation, and region.

In terms of rating, the >8≤10 MW held over 600 MW market share in 2022. Increasing investments by the authorities to enhance offshore wind energy development and the rising number of R&D facilities to augment efficient turbine deployment will favor the business scenario positively.

Based on the installation, the floating segment will depict strong growth through 2032, owing to the increasing spending by private and public sectors to unveil deepwater potential. In addition, the growing development of advanced floating turbine designs will foster the business outlook. Besides, easy manufacturing & installation, inspection, maintenance, and ease of replacement are some of the key features slated to influence product penetration in the coming years.

From the regional perspective, the North America offshore wind turbines industry is expected to capture over 22% revenue share by 2032. Implementation of plans and strategies coupled with supportive government initiatives and frameworks to foster offshore wind development will support the regional market growth. The ongoing investments by industry leaders and federal authorities to encourage wind farm construction and supporting infrastructures will positively influence the industry scenario.