The global offshore wind turbines market is set to surge in the coming decade, driven by the accelerating transition to clean energy. Valued at US$ 65.8 Bn in 2023, the industry is projected to expand at a robust CAGR of 8.9% between 2024 and 2034, reaching an impressive US$ 166.5 Bn by the end of the forecast period.

As countries confront the dual challenge of climate change and energy security, offshore wind energy has emerged as a pivotal solution. From advanced floating turbines to large-scale wind farms, the market is witnessing dynamic innovations and deep investment activity.

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 Market Dynamics: Fueling the Wind Power Revolution

💸 Surge in Wind Energy Investments

Across the globe, governments and energy majors are channeling investments into offshore wind projects. The urgency to reduce carbon emissions, stabilize energy prices, and move away from fossil fuels is propelling this shift.

A key example is Repsol’s partnership with EDF Renewables to participate in offshore wind tenders in Spain and Portugal. The company targets installing 9,000–10,000 MW of capacity by 2027, with a significant portion focused on the Iberian region and the U.S.

This type of aggressive investment is not isolated. Governments are aligning funding initiatives with net-zero goals, paving the way for the offshore wind sector to flourish.

🔬 R&D of Next-Generation Turbines

Technological innovation is another pillar bolstering market growth. Industry stakeholders are investing in next-gen turbines that promise higher capacity, lower installation costs, and improved efficiency.

The emergence of floating wind farms is particularly noteworthy. These turbines are designed to operate in deep-sea locations, previously inaccessible to traditional fixed turbines.

For instance, the Floatfarm project, launched in January 2024 with funding from the European Commission, aims to reduce the environmental impact of floating wind farms and boost public acceptance. Similarly, GE Vernova’s 15.5 MW Haliade-X prototype, to be installed in Norway, is a landmark step in next-gen turbine development.

🌍 Regional Insights: Who’s Leading the Charge?

🇪🇺 Europe at the Helm

Europe dominated the offshore wind turbines market in 2023 and is poised to retain its leadership through 2034. The region’s pro-renewable policies, coupled with technological expertise, have fueled a wave of wind energy projects.

According to WindEurope, Europe added 4.2 GW of offshore capacity in 2023. The trend is expected to continue with 5 GW/year of new capacity additions over the next three years. Countries like the UK, Germany, and Denmark are at the forefront of this expansion.

🌏 Asia Pacific Rising

Meanwhile, Asia Pacific is emerging as a strong contender. In July 2023, Shanghai announced its ambitious plan to achieve 29.3 GW of offshore wind capacity, producing nearly 100 TWh of clean electricity annually.

Investments from regional governments, especially in China, Japan, South Korea, and Vietnam, are catalyzing growth. Notably, Doosan Enerbility has partnered with Marubeni to develop offshore wind infrastructure in Vietnam, including the manufacturing of monopiles and turbine components.

⚙️ Market Segmentation: Key Insights

🔩 By Foundation Type

  • Monopile
  • Jacket
  • Tripod
  • Floating
  • Others

Monopile foundations currently lead due to their cost-effectiveness in shallow waters. However, floating foundations are gaining momentum as developers target deep-water locations.

🌊 By Location Proximity

  • Shallow Water
  • Transitional Water
  • Deep Water

Floating turbines are expanding the feasibility of installations in deep waters, unlocking new geographical frontiers for wind farm development.

⚡ By Capacity

  • Up to 1 MW
  • 1 MW – 3 MW
  • 3 MW – 5 MW
  • 5 MW and Above

Larger turbines with capacities above 5 MW are becoming industry standard due to improved efficiency and cost per kilowatt-hour metrics.

🏭 Key Companies and Strategic Moves

The market features strong competition with companies focusing on innovation, partnerships, and geographic expansion:

  • GE Vernova is making headlines with the next-gen Haliade-X 15.5 MW turbine.
  • Doosan Enerbility is scaling up component manufacturing and expanding into Southeast Asia.
  • Siemens Gamesa, Vestas, Ørsted, and Suzlon continue to dominate with broad portfolios and multi-regional projects.

Recent Highlights:

  • Van Oord secured a major contract to construct the 1.5 GW Baltica 2 wind farm, installing 111 extended monopiles.
  • RWE received a license to develop an offshore wind farm near Bass Strait, Australia—marking Australia’s first designated offshore wind zone.

🔮 Outlook: What Lies Ahead?

As fossil fuel dependence wanes, offshore wind is no longer an experimental energy source—it’s a pillar of future energy infrastructure. By 2034, offshore wind turbines will likely be:

  • Larger and more powerful,
  • Cheaper to install and maintain, and
  • More sustainable, both economically and environmentally.

Public-private partnerships, policy support, and advanced R&D will continue to shape the industry’s trajectory. The integration of AI, IoT, and robotics for predictive maintenance and turbine optimization will further enhance operational efficiency.

📌 Conclusion

The offshore wind turbines market is on a path of sustained growth, set to reach US$ 166.5 Bn by 2034. With wind energy central to climate strategies and energy security, the global momentum toward offshore wind adoption is unstoppable.

From Europe’s established leadership to Asia Pacific’s rapid acceleration, the future of offshore wind is global, green, and grounded in innovation.