Market Size of Offshore Wind Turbine Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 22.97 Billion |
| Market Size (2029) | USD 33.98 Billion |
| CAGR (2024 - 2029) | 8.15 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Offshore Wind Turbine Market Analysis
The Offshore Wind Turbine Market size is estimated at USD 22.97 billion in 2024, and is expected to reach USD 33.98 billion by 2029, growing at a CAGR of 8.15% during the forecast period (2024-2029).
Over the medium period, factors such as increasing share of renewables in the power generation mix, efforts to reduce the reliance on fossil fuel-based power generation, and regulations on energy efficiency are driving the market growth.
On the other hand, adopting clean energy sources like solar and other alternatives will likely hinder the market’s growth.
Nevertheless, 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 expected to have a significant share in the market during the forecast period, as different European countries are exploring the offshore wind energy segment.
