Offshore Wind Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Offshore Wind Turbine Market is Segmented by Location (Shallow Water and Deepwater), Foundation Type (Fixed Foundation and Floating Foundation), Capacity (Less than 5 MW and Above 5 MW), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Offshore Wind Turbine Market Size

Offshore Wind Turbine Market Overview
Study Period: 2019 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: > 5.5 %

Major Players


*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and it's growth?

Offshore Wind Turbine Market Analysis

The offshore wind turbine market is expected to record a CAGR of more than 5.5% during the forecast period (2022-2027). The COVID-19 pandemic declined the overall energy consumption, disrupted the supply chain, and slowed down the economic development worldwide. Most of the equipment and components, such as roller bearings that connect to gearboxes and eventually allow the wind turbines to keep spinning, had low market demand as the shipping industry was disrupted during the outbreak. The market was also restrained due to project delays and a lack of investments during the pandemic. Further, a study on wind offshore project results showed a distribution of 21.21% value-adding (VA) and 50.09% non-value-adding (NVA) hours. However, the recent uptrend in the market studied was due to rising energy demand, the increasing share of renewables in the power generation mix, efforts to reduce the reliance on fossil fuel-based power generation, regulations on energy efficiency, and regulations to ensure efficiency and utilization of energy. However, the adoption of clean energy sources like solar and other alternatives will likely hinder the market’s growth.

  • Technological improvements, such as the increased capacity of wind turbines, floating wind turbines, and 3D printing, brought the overall cost of offshore wind power to the lowest level and opened up new offshore locations such as deepwater that was previously inaccessible due to lack of investment and technology. These developments are expected to augment the adoption of deepwater wind power worldwide.
  • Moreover, the integration of AI, IoT, robotics, and data analytics in offshore wind turbines is expected to enable advanced condition monitoring and predictive maintenance, resulting in increased efficiency and reduced operational and maintenance costs, which may provide growth opportunities in the deployment of offshore wind turbines in the future.
  • Europe is the largest offshore wind turbine market due to the largest offshore wind power installed capacity in 2020. This domination is expected to be maintained during the forecast period.

Offshore Wind Turbine Industry Segmentation

The scope of the offshore wind turbine market report includes:

Location of Deployment
Shallow Water
Foundation Type
Fixed Foundation
Floating Foundation
Less than 5 MW
Above 5 MW
North America
South America
Middle-East and Africa

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Offshore Wind Turbine Market Trends

This section covers the major market trends shaping the Offshore Wind Turbine Market according to our research experts:

Deep Water Offshore Segment to Grow Significantly

  • As energy demand is rising globally, major countries and companies are turning toward the adoption of reliable renewable energy to provide clean energy. The adoption of offshore wind energy with advanced technology attracted countries and companies to invest in the sector.
  • For instance, in March 2022, TotalEnergies joined Trident Winds Inc. in the Castle Wind LLC joint venture (JV) to develop a 1 GW offshore wind project off the coast of Morro Bay. The project is expected to be a deepwater project. However, few details have been published. TotalEnergies entered the joint venture, which was previously held by EnBW North America.
  • Furthermore, in February 2022, in another instance of the growing deepwater segment, the Windpower giant Ørsted surveyed Delaware’s River Inlet as part of its Skipjack project. In the spring, Orsted is expected to continue its evaluation of potential landfall and interconnection locations in coastal areas in Delaware, United States, to support the development of Skipjack Wind. This offshore wind project will deliver energy to approximately 300,000 homes in the region.
  • Apart from this, the companies have recently been able to install taller wind turbines due to improvements in the wind turbine materials used, allowing the turbines to exploit higher altitude winds. Also, these new turbines have much larger blades and, hence, can sweep more area than smaller turbines. The growing size of the wind turbines helped lower the cost of wind energy due to the economy of scale, indicating that it is economically competitive with fossil fuel alternatives in many countries such as the United States, Germany, and France. This recent trend is expected to drive the offshore wind turbine market during the forecast period.
  • By location of deployment, the deepwater offshore industry is expected to remain the driver of the wind turbine industry during the forecast period, owing to declining costs and improved technology.
Offshore Wind Turbine Market - Installed Wind Capacity

Europe to Dominate the Market

  • Europe accounted for the largest share of the offshore wind power installed capacity in 2021. According to the European Union, Europe represents around a quarter of the global installations of the total wind market.
  • Europe is likely to be at the helm of the offshore wind market worldwide, followed by China. Europe added around 2,900 MW of offshore capacity in 2020, which corresponds to around 356 new offshore wind turbines connected to the grid across nine wind farms. In 2020, the region had an installed offshore wind capacity of around 25 GW, which corresponds to more than 5,400 grid-connected wind turbines across 12 countries.
  • Even though a large percentage of the total offshore wind installations is in the European waters, the governments in the North Sea region set a target for the installation of wind farms in their territorial waters. In Europe, eight new offshore wind projects reached Final Investment Decision in four countries in 2020, with construction due to start in the coming years. Investments in new assets accounted for EUR 26.3 billion, and 7.1 GW of additional capacity was financed.
  • Moreover, according to the Minister of Infrastructure and Energy, in March 2022, Albania was working on an offshore wind project in the Adriatic Sea supported by the European Bank for Reconstruction and Development (EBRD. The project is currently in the study phase.
  • As of 2020, Europe had a total of 25,014 MW installed. There are around 116 wind farms, including sites with partial grid connections across 12 European countries, and about 5,402 turbines are connected to the grid.
  • Such factors are likely to bring opportunities for the players involved in the offshore wind farm business to expand in the European market during the forecast period.
Offshore Wind Turbine Market - Geogrpahy

Offshore Wind Turbine Industry Overview

The offshore wind turbine market is moderately fragmented. Some of the key players in the market include Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, and Senvion SA.

Offshore Wind Turbine Market Leaders

  1. Siemens Gamesa Renewable Energy SA

  2. General Electric Company

  3. Nordex SE

  4. Senvion SA

  5. Vestas Wind Systems AS

*Disclaimer: Major Players sorted in no particular order

Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Senvion SA, Suzlon Energy Ltd, Xinjiang Goldwind Science & Technology Co. Ltd., Guodian United Power Technology Company Limited

Offshore Wind Turbine Market News

  • In February 2021, Continuum Wind Energy Ltd, sponsored by Singapore-based Clean Energy Investing Ltd, announced its plans to issue its maiden green bond of USD 500-600 million to be listed on the SGX. The proceeds are expected to refinance the project debt at six operating entities and set up wind projects in India. This development is expected to aid the growth of the market. Clean Energy Investing Ltd is the indirect wholly-owned subsidiary of a Morgan Stanley fund entity, New Haven Infrastructure Partners.
  • In February 2021, the Ministry of Infrastructure and Energy stated that it is re-evaluating projects and investment plans in cooperation with the European Bank for Reconstruction and Development. Four wind parks in Albania will lose the licenses obtained in 2007 and 2008, which may impede the growth of wind energy in the country.
  • In 2021, the South Korean government signed a USD 43 billion deal. It is expected to be the world's biggest offshore wind power complex as the country seeks to achieve carbon neutrality by 2050. The agreement involves 33 different entities, including regional governments, the electricity generator KEPCO, and major private firms, including Doosan Heavy Industries & Construction and SK E&S.

Offshore Wind Turbine Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Installed Offshore Wind Capacity Forecast in GW, till 2027

    3. 4.3 Key Offshore Wind Projects

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraints

    7. 4.7 Supply Chain Analysis

    8. 4.8 Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes Products and Services

      5. 4.8.5 Intensity of Competitive Rivalry


    1. 5.1 Location of Deployment

      1. 5.1.1 Shallow Water

      2. 5.1.2 Deepwater

    2. 5.2 Foundation Type

      1. 5.2.1 Fixed Foundation

      2. 5.2.2 Floating Foundation

    3. 5.3 Capacity

      1. 5.3.1 Less than 5 MW

      2. 5.3.2 Above 5 MW

    4. 5.4 Geography

      1. 5.4.1 North America

      2. 5.4.2 Europe

      3. 5.4.3 Asia-Pacific

      4. 5.4.4 South America

      5. 5.4.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Vestas Wind Systems AS

      2. 6.3.2 Siemens Gamesa Renewable Energy SA

      3. 6.3.3 General Electric Company

      4. 6.3.4 Nordex SE

      5. 6.3.5 Senvion SA

      6. 6.3.6 Suzlon Energy Ltd

      7. 6.3.7 Xinjiang Goldwind Science & Technology Co. Ltd

      8. 6.3.8 Guodian United Power Technology Company Limited

      9. 6.3.9 Enercon GmbH

      10. 6.3.10 Envision Energy Limited

      11. 6.3.11 Hitachi Ltd

    4. *List Not Exhaustive

**Subject to Availability
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Offshore Wind Turbine Market Research FAQs

The Offshore Wind Turbine Market is studied from 2019 - 2028.

The Offshore Wind Turbine Market is growing at a CAGR of >5.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2019 - 2028.

Europe holds highest share in 2021.

Siemens Gamesa Renewable Energy SA , General Electric Company , Nordex SE, Senvion SA, Vestas Wind Systems AS are the major companies operating in Offshore Wind Turbine Market.

Offshore Wind Turbine Industry Report

Statistics for the 2023 Offshore Wind Turbine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Offshore Wind Turbine analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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