The Off Shore Wind Turbine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Off Shore Wind Turbine Global Market Report 2024, The off shore wind turbine market size has grown rapidly in recent years. It will grow from $27.14 billion in 2023 to $31.74 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to rising energy demand, governmental support and policies, cost reduction efforts, market maturation, and infrastructure development.

The off shore wind turbine market size is expected to see rapid growth in the next few years. It will grow to $57.27 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to digitalization, climate change policies, green hydrogen production, supply chain optimization supportive policies and regulation. Major trends in the forecast period include energy-as-a-service models, smart grid integration, demand for clean energy, higher-capacity turbines, recycling and reusing decommissioned components.

The increase in demand for renewable and sustainable energy is expected to propel the offshore wind turbine market. Renewable and sustainable energy is referred to as clean energy, which is derived from renewable natural resources or processes such as solar and wind. The demand for renewable and sustainable energy is increasing as other energy sources, such as the combustion of fossil fuels and nuclear power reactors, emit dangerous pollutants into the air and water. Renewable energy, such as solar and wind, does not contaminate nature. Producing electricity through offshore wind turbines is an efficient use of sustainable development. For instance, in 2023, according to reports published by the Business Council for Sustainable Energy., a US-based clean energy trade association, renewable energy made significant progress in the US. In 2022, renewables met 13% of total US energy demand, and renewables and natural gas grew from a combined 43% of total power generation to 62% in just a few years. In 2022, the US added over 25.5 GW of new clean power, representing nearly 80% of all new capacity. Therefore, the increase in demand for renewable and sustainable energy is driving the growth of the offshore wind turbine market.

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The off shore wind turbine market covered in this report is segmented –
1) Off Shore Wind Turbine Market By Foundation Type: Monopile, Jacket, Tripod, Floating
2) Off Shore Wind Turbine Market By Capacity: Up To 3 Megawatt (MW), 3 MW To 5 MW, Above 5MW
3) Off Shore Wind Turbine Market By Depth: Shallow Water, Transitional Water, Deep Water
4) Off Shore Wind Turbine Market By Application: Industrial, Commercial, Residential

Major companies operating in the market are focus on developing innovating solutions, such as floating offshore wind farm, to provide reliable services to customers. A floating offshore wind farm is a collection of wind turbines mounted on floating platforms instead of fixed foundations, allowing them to operate in deep waters. For instance, in August 2023, Equinor ASA, a Norway-based multinational energy company, inaugurated world's largest floating offshore wind farm. The 11-turbine facility, based on Equinor's Hywind concept, has an 88 MW capacity, covering 35% of electricity needs for five platforms. Completed in five years, the project invested approximately NOK 7.4 billion, with 60% awarded to Norwegian suppliers, fostering green jobs and technology development. Compared to the Hywind Scotland project, Hywind Tampen achieved a 35% lower investment cost per installed MW.

The off shore wind turbine market report table of contents includes:

1. Executive Summary

2. Off Shore Wind Turbine Market Characteristics

3. Off Shore Wind Turbine Market Trends And Strategies

4. Off Shore Wind Turbine Market - Macro Economic Scenario

5. Global Off Shore Wind Turbine Market Size and Growth

.....

32. Global Off Shore Wind Turbine Market Competitive Benchmarking

33. Global Off Shore Wind Turbine Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Off Shore Wind Turbine Market

35. Off Shore Wind Turbine Market Future Outlook and Potential Analysis

36. Appendix

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