Offshore Wind Turbines Market: Current Analysis and Forecast (2021-2027)
Emphasis on Depth Type (Shallow Water (up to 30 m), Transitional Water (30 m to 60 m) and Deep Water (> 60 m)); Installation Type (Fixed, Floating); Turbine Capacity (3 MW, 3 MW to 5 MW, > 5 MW); Region and Country
Offshore Wind Turbines Market is expected to grow at a CAGR of ~18% over the forecast period (2021-2027). Offshore wind turbines are similar to onshore wind turbines and use substantially the same technology. The only significant difference as far as energy capture is concerned is that they are often larger. As with onshore machines, those used offshore are horizontal axis wind turbines with three-bladed rotors. According to BNEF, the global offshore wind average LCOE has dropped 67.5% to US$84/MWh since 2012. Cost reduction of offshore wind is set to continue and expected to hit US$58/MWh by 2025 thanks to the scale provided by GW-level projects, the newly introduced supersized offshore wind turbines and the reduction in the cost of capital. Higher-capacity wind turbines have larger swept areas and produce more power for the same resource quality, thereby generating higher wind farm output levels. The growth of Offshore Wind Turbines Market expanded significantly over recent years, underpinned by higher potential of power production as compared to onshore wind energy, technological advancements in offshore foundations, and increasing investments & favorable policies for offshore wind power generation globally. For instance, as per GWEC, the level of annual installations is likely to quadruple by 2025 from 6.1 GW in 2020, bringing offshore’s market share in global new installations from today’s 6.5% to 21% by 2025. In total, more than 70 GW offshore is expected to be added worldwide in 2021-2025.
Other factor driving the growth of the Offshore Wind Turbines Market globally is high focus of the companies worldwide to make much more technologically enabled & cost-efficient turbines.
Nordex SE, Suzlon Energy Ltd, Ørsted A/S, GE Renewable Energy, ABB Ltd etc. are some of the prominent players operating in the Global Offshore Wind Turbines Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Offshore Wind Turbines applications.
Insights Presented in the Report
“Amongst water depth type, Shallow Water (up to 30 m) segment holds the major share.”
Based on water depth type, the market is segmented into Shallow Water (up to 30 m), Transitional Water (30 m to 60 m) and Deep Water (> 60 m). The Shallow Water (up to 30 m) segment grabbed XX% market share of the Global Offshore Wind Turbines Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to shallow-water regions being ideal for building the foundation for wind towers, on account of the higher convenience offered by them over the deep and transitional-water installations.
“Amongst installation type, Fixed segment dominated the market in 2020.”
Based on installation, the market is segmented into Fixed & Floating. In 2020, the fixed segment dominated the Offshore Wind Turbines Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the ease of operation and cost-effectiveness.
“Amongst Turbine capacity type, > 5 MW segment dominated the market in 2020.”
Based on turbine capacity, the market is classified into Up to 3 MW, 3 MW to 5 MW and > 5 MW. The > 5 MW segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) due to more installations of large-sized turbines in Europe and Asia Pacific & their impact on achieving more power generation offsetting initial capital costs.
“Europe represents as the largest market in the Global Offshore Wind Turbines Market.”
For a better understanding of the market adoption of Offshore Wind Turbines, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Denmark, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. Europe constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of the largest share of offshore wind power installed capacity in 2020 & favorable government policies in countries, such as UK, Denmark, Netherlands, which are driving clean energy usage.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
Customization Options:
The Global Offshore Wind Turbines Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Offshore Wind Turbines were the three major steps undertaken to create and analyze the adoption of Offshore Wind Turbines across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Offshore Wind Turbines sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Offshore Wind Turbines through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Offshore Wind Turbines Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are as water depth, installation, and turbine capacity. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Offshore Wind Turbines in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Offshore Wind Turbines. Further, we conducted factor analysis using dependent and independent variables like burgeoning global warming rates and global need for clean energy sources like Offshore Wind Turbines. Historical trends and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Offshore Wind Turbines Market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Offshore Wind Turbines across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Offshore Wind Turbines Market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Global Offshore Wind Turbines Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of water depth, installation, and turbine capacity verticals.
The main objective of the Offshore Wind Turbines Market Study
The current & future market trends of Offshore Wind Turbines were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Offshore Wind Turbines in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of water depth, installation, and turbine capacity verticals
- Defined analysis of the regulatory framework for the Global Offshore Wind Turbines industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Offshore Wind Turbines for the major regions & countries
- Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
- Company profiles of the Offshore Wind Turbines Market players and the growth strategies adopted by them to sustain in the fast-growing market
- Deep dive regional & country level analysis of the industry
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February 11, 2025
