The focus on renewable energy has increased considerably recently, since there is a pressing need to reduce the utilization of fossil fuels for generating energy. Governments of various countries are also implementing several regulations for encouraging the adoption of renewable energy. Moreover, investments in the renewable energy sector are also increasing, further leading to the growing adoption of renewable energy. The future energy demands cannot be met by just utilizing fossil fuels, therefore, countries are trying their best to increase the utilization of renewable energy resources.

This is a major factor resulting in the growth of the global offshore wind turbine market. Offshore wind turbine technology is quite similar to that of the onshore wind turbine technology. The energy capture with offshore wind turbines though is significantly higher than that of onshore wind turbine. This technology is further fiercer than its counterpart and has the potential for higher average wind speeds. Also, offshore wind turbines need to be more rugged than onshore machines, since the conditions at sea are more challenging.

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Technological advancements in offshore foundations is further predicted to drive the adoption of offshore wind turbine technology in the years to come. Larger geographical areas are also being allotted for establishing wind energy farms, which is further predicted to drive the growth of the market in the years to come. The worldwide pipeline for offshore wind energy reached 4,888 MW in 2018, with 46 MW of operating projects and 38 announced projects.

In 2019, the offshore wind turbine market generated a revenue of $24,638.3 million in 2019, and it is projected to reach a value of $68,869.3 million by 2026. On the basis of water depth, the market is divided into deep water (>60), shallow water (up to 30 m), and transitional water (30 m to 60 m), among which, the shallow water division held the major share of the market in 2019. The division is further expected to dominate the market during the forecast period, as these regions are ideal for setting up the foundation for wind towers.

They offer higher convenience over the other variants. In addition to this, the repair and maintenance of installations in shallow water is easier than deep-water and transitional installations. In the offshore wind turbine market, the Asia-Pacific (APAC) region is projected to register the highest CAGR during the forecast period, as per a study conducted by P&S Intelligence.

The rising government initiatives to promote the offshore installation of windmills is major reason driving the growth of the regional market. Furthermore, the swiftly rising demand for energy and high utilization of fossil fuels for energy generation in the region are creating high need for environment-friendly and cost-effective wind turbine installations on oceans, lakes, and seas. Within the region, China is expected to hold a considerable share of the market in the years to come.

In conclusion, the demand for offshore wind turbine is growing due to the need for decreasing the dependence on non-renewable energy sources.