Offshore Wind Turbines Market

Global Offshore Wind Turbines Market Size, Trends & Analysis: Forecasts to 2028 By Foundation Type (Monopile, Jacket, Tripod, Floating, and Others) By Location Proximity (Shallow Water, Transitional Water, and Deep Water) and By Region (North America, Asia Pacific, South America, Europe, and the Middle East and Africa) Competitive Landscape, Company Market Share Analysis, and Competitor Analysis

Category Energy & Power
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This report was recently updated on September 16 2023 with the latest and most recent market numbers

Offshore Wind Turbines Market Size

The global offshore wind turbines market is expected to grow at a CAGR of 8.2% from 2023 to 2028.

The market for offshore wind turbines is expected to be driven by the growing need to switch from conventional to renewable energy sources. When compared to newly constructed coal or gas plants, solar and wind power generation are now thought to be more cost-competitive than they were twenty years ago. Furthermore, it is anticipated that operating new wind energy facilities would become more affordable in the coming years than maintaining coal or gas-fired ones.

Installing wind turbines in the ocean or sea is known as offshore wind energy. In order to produce power from wind energy, this technique uses wind turbines submerged in seawater. The electricity is subsequently delivered via cables to the mainland. Additionally, it is one of several renewable energy solutions that has the potential to increase energy sources and greenhouse gas emission reduction initiatives. Offshore wind is more efficient than on-land wind due to its faster and more consistent wind speeds. Also included are lakes, fjords, and protected coastal areas with both inshore and transitional water. Additionally, in 2020, the combined offshore wind energy capacity was 35.3 gigatonnes (GW), or 4.8% of the total cumulative wind capacity in the world.

The market is anticipated to grow during the forecast period because it can meet the world's electricity needs and can produce more energy in the ocean. This growth is expected to be fueled by the rising popularity of renewable energy sources in power generation. Offshore wind power ranks second in terms of electricity production among renewable energy sources.

As an ecologically sustainable  alternative to high-emissions power/energy generation, there is an increasing focus on renewable energy sources such as wind and solar power. A successful offshore wind turbine project needs a well-planned budget allocation not only for installing the turbines but also to conduct thorough research to enhance turbine efficiency and the product portfolio. Several projects are already underway and advancements in technology will help enhance the infrastructure of current and future projects. These are anticipated to drive the market during the forecast period.

Furthermore, increasing investments in renewable energy are expected to drive the demand for offshore wind turbines. The energy sector has been transitioning towards renewable and green energy, given the rising awareness around fossil fuel depletion, climate change, carbon emissions, etc. Many MNCs are also focusing on a green planet mission. Moreover, the launch of fixed offshore structure in the wind energy space, is another driver of this market. Installing offshore wind turbines is a demanding task since it requires transporting heavy pieces of equipment to the location of installation, and hence, shortage of skilled professionals is expected to act as restraining factor in the market.

Furthemore, the major drivers for the growth of the offshore wind turbine market are:

Increasing investments in renewable energy: The energy sector has been transitioning towards renewable and green energy, given the rising awareness around fossil fuel depletion, climate change, carbon emissions, etc. Many MNCs are also focusing on a green planet mission.

Fixed offshore structure: Installing offshore wind turbines is a demanding task since it requires transporting heavy pieces of equipment. Yet, technological advancements have mitigated this challenge somewhat by bringing down the labour force as well as the time taken for installation.

Some of the prominent players in the Offshore Wind Turbines market are Enercon GmbH, GoldWind, Nordex Se, Suzlon Energy Limited, and Vestas, among others.

global offshore wind turbines market

Offshore Wind Turbines Market: By Foundation Type

Monopile is expected to be the fastest-growing segment in the market during 2023-2028 due to high availability of the raw materials and resources. Also, it has the ability to withstand the entire weight of the wind power system, thanks to its large diameter and a foundation structural element to support. Monopiles have an average diameter of 10m and can go 60m deep into the sea. However, the jacket segment is expected to be the largest segment. It is economically efficient and has a good run time, power, and efficiency, as compared to other segments.

Offshore Wind Turbines Market: By Location Proximity

Floating water is anticipated to be the fastest growing segment during the forecast period of 2023-2028, given its access to large swathes of outlying ocean waters, up to half a mile deep, where the strongest winds blow. The shallow water segment is expected to be the largest-growing segment owing to its ease in installation process and high demand amongst end-users.

asia pacific offshore wind turbines market

Offshore Wind Turbines Market: By Region

The most developed and competitive regions in the wind power market are widely acknowledged to be North America and Europe.

Asia Pacific is expected to grow as a result of increased investments in offshore wind turbines technology and increased demand. This dominance is anticipated to persist throughout the forecast period. Due to continued actions and investments made by the government to support industrial growth, China has the highest installation in the area.

Offshore Wind Turbines Market Share and Competitor Analysis

The top players of the global offshore wind turbines market are Enercon GmbH, GoldWind, Nordex Se, Suzlon Energy Limited, Vestas, Orsted, Siemens Gamesa, Doosan, GE, ABB, Envision, and Mingyang among others.

Please note: This is not an exhaustive list of companies profiled in the report.

Chapter 1   Research Methodology

1.1    Research Assumptions

1.2    Research Methodology

1.2.1    Estimates and Forecast Timeline

1.3    Information Procurement

1.3.1    Purchased Database

1.3.2    GME’s Internal Database

1.3.3    Primary Research

1.3.4    Secondary Sources & Third-Party Perspectives

            1.3.4.1    Company Information Sources: Annual Reports, Investor Presentation, Press Release, SEC Filling, Company Blogs & Website

1.3.4.2 Secondary Data Sources

1.4    Information or Data Analysis

1.4.1    Data Analysis Models

1.5    Market Formulation & Data Visualization

1.6    Data Validation & Publishing

1.7 Market Model

1.6.1    Model Details

1.6.1.1   Top-Down Approach

1.6.1.2   Bottom-Up Approach

1.8    Market Segmentation & Scope

1.9    Market Definition

Chapter 2   Executive Summary

2.1.    Global Market Outlook

2.2    Foundation Type Outlook

2.3    Location Proximity Outlook

2.4    Regional Outlook

Chapter 3   Global Offshore Wind Turbines Trend Analysis

3.1. Market Introduction

3.2 Penetration & Growth Prospect Mapping

3.4 Metric Data on the  Industry

3.5 Market Driver Analysis

3.5.1 Market Driver Analysis

3.5.2 Market Restraint Analysis

3.5.3 Industry Challenges

3.5.4 Industry Opportunities

3.6  Porter’s Five Analysis

3.6.1 Supplier Power

3.6.2 Buyer Power

3.6.3 Substitution Threat

3.6.4 Threat from New Entrant

3.7 Market Entry Strategies

Chapter 4   Offshore Wind Turbines Market: Foundation Type Trend Analysis

4.1    Foundation Type: Historic Data vs. Forecast Data Analysis, 2022 vs. 2028

4.2    Monopile

4.2.1    Market Estimates & Forecast Analysis of Monopile Segment, By Region, 2020-2028 (USD Billion)

4.3   Jacket

4.3.1    Market Estimates & Forecast Analysis of Jacket Segment, By Region, 2020-2028 (USD Billion)

4.4  Tripod

4.4.1    Market Estimates & Forecast Analysis of Tripod Segment, By Region, 2020-2028 (USD Billion)

4.5 Floating

4.4.1    Market Estimates & Forecast Analysis of Floating Segment, By Region, 2020-2028 (USD Billion)

Chapter 5   Offshore Wind Turbines Market: Location Proximity Trend Analysis

5.1   Location Proximity: Historic Data vs. Forecast Data Analysis, 2022 vs. 2028

5.2    Shallow Water

5.2.1    Market Estimates & Forecast Analysis of Shallow Water Segment, By Region, 2020-2028 (USD Billion)

5.3   Deep Water

5.3.1    Market Estimates & Forecast Analysis of Deep Water Segment, By Region, 2020-2028 (USD Billion)

5.4    Translational Water

5.3.1    Market Estimates & Forecast Analysis of Translational Water Segment, By Region, 2020-2028 (USD Billion)

Chapter 6   Offshore Wind Turbines Market, By Region

6.1    Regional Outlook

6.2    North America

6.2.1    Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)

6.2.2    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.2.3    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.2.5    U.S.

6.2.5.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.2.5.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.2.6    Canada

6.2.6.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.2.6.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.5.7    Mexico

6.5.5.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.5.5.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.3    Europe

6.3.1    Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)

6.3.2    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.3.3    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.3.5    Germany

6.3.5.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.3.5.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.3.6    UK

6.3.6.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.3.6.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.3.7    France

6.3.7.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.3.7.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.3.8    Russia

6.3.8.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.3.8.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.3.9    Italy

6.3.9.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.3.9.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.3.10    Spain

6.3.10.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.3.10.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.3.11    Rest of Europe

6.3.11.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.3.11.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.4    Asia Pacific

6.4.1    Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)

6.4.2    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.4.5    China

6.4.5.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.4.5.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.4.6    India

6.4.6.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.4.6.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.4.7    Japan

6.4.7.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.4.7.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.4.8    Australia

6.4.8.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.4.8.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.4.9    South Korea

6.4.9.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.4.9.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.3.10    Rest of Asia Pacific

6.3.10.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.3.10.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.5    Central & South America

6.5.1    Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)

6.5.2    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.5.3    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.5.5    Brazil

6.5.5.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.5.5.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.5.6    Rest of Central & South America

6.5.6.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.5.6.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.6    Middle East & Africa

6.6.1    Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)

6.6.2    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.6.5    Saudi Arabia

6.6.5.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.6.5.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.6.6    United Arab Emirates

6.6.6.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.6.6.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.6.7    South Africa

6.6.7.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.6.67.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

6.5.8    Rest of Middle East & Africa

6.5.8.1    Market Estimates & Forecast Analysis, By Foundation Type, 2020-2028 (USD Billion)

6.5.8.2    Market Estimates & Forecast Analysis, By Location Proximity, 2020-2028 (USD Billion)

Chapter 7   Competitive Analysis

7.1    Key Global Players, Recent Developments & their Impact on the Industry

7.2    Four Quadrant Competitor Positioning Matrix

7.2.1    Key Innovators

7.2.2    Market Leaders

7.2.3    Emerging Players

7.2.4    Market Challengers

7.3    Vendor Landscape Analysis

7.4    Location Proximity Landscape Analysis

7.5    Company Market Share Analysis, 2022

Chapter 8   Company Profile Analysis

8.1    Enercon GmbH

8.1.1    Company Overview

8.1.2    Financial Analysis

8.1.3    Strategic Initiatives

8.1.4    Product Benchmarking

8.2    GoldWind

8.2.1    Company Overview

8.2.2    Financial Analysis

8.2.3    Strategic Initiatives

8.2.4    Product Benchmarking

8.3     NORDEX SE.

8.3.1    Company Overview

8.3.2    Financial Analysis

8.3.3    Strategic Initiatives

8.3.4    Product Benchmarking

8.4    Suzlon Energy Limited

8.4.1    Company Overview

8.4.2    Financial Analysis

8.4.3    Strategic Initiatives

8.4.4    Product Benchmarking

8.5    Vestas Ltd

8.5.1    Company Overview

8.5.2    Financial Analysis

8.5.3    Strategic Initiatives

8.5.4    Product Benchmarking

8.6    ABB

8.6.1    Company Overview

8.6.2    Financial Analysis

8.6.3    Strategic Initiatives

8.6.4    Product Benchmarking

8.7    Siemens Gamesa

8.7.1    Company Overview

8.7.2    Financial Analysis

8.7.3    Strategic Initiatives

8.7.4    Product Benchmarking

8.8    MINGYANG

8.8.1    Company Overview

8.8.2    Financial Analysis

8.8.3    Strategic Initiatives

8.8.4    Product Benchmarking

8.10   Others Players

8.10.1    Company Overview

8.10.2    Financial Analysis

8.10.3    Strategic Initiatives

8.10.4    Product Benchmarking

List of Tables

1 Technological Advancements In Offshore Wind Turbines Market

2 Global Offshore Wind Turbines: Key Market Drivers

3 Global Offshore Wind Turbines: Key Market Challenges

4 Global Offshore Wind Turbines: Key Market Opportunities

5 Global Offshore Wind Turbines: Key Market Restraints

6 Global Offshore Wind Turbines Estimates & Forecast Analysis, 2020-2028 (USD Billion)

7 Global Offshore Wind Turbines, By Foundation Type, 2020-2028 (USD Billion)

8 Monopile: Global Offshore Wind Turbines, By Region, 2020-2028 (USD Billion)

9 Jacket: Global Offshore Wind Turbines, By Region, 2020-2028 (USD Billion)

10 Global Offshore Wind Turbines, By Location Proximity, 2020-2028 (USD Billion)

11 Shallow Water: Global Offshore Wind Turbines, By Region, 2020-2028 (USD Billion)

12 Deep Water: Global Offshore Wind Turbines, By Region, 2020-2028 (USD Billion)

13 Others: Global Offshore Wind Turbines, By Region, 2020-2028 (USD Billion)

14 Regional Analysis: Global Offshore Wind Turbines, By Region, 2020-2028 (USD Billion)

15 North America: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

16 North America: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

17 North America: Offshore Wind Turbines Market, By Country, 2020-2028 (USD Billion)

18 U.S: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

19 U.S: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

20 Canada: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

21 Canada: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

22 Mexico: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

23 Mexico: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

24 Europe: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

25 Europe: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

26 Europe: Offshore Wind Turbines Market, By Country, 2020-2028 (USD Billion)

27 Germany: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

28 Germany: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

29 UK: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

30 UK: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

31 France: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

32 France: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

33 Italy: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

34 Italy: Offshore Wind Turbines Market, By Location Proximity Ype, 2020-2028 (USD Billion)

35 Spain: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

36 Spain: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

37 Rest Of Europe: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

38 Rest Of Europe: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

39 Asia Pacific: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

40 Asia Pacific: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

41 Asia Pacific: Offshore Wind Turbines Market, By Country, 2020-2028 (USD Billion)

42 China: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

43 China: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

44 India: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

45 India: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

46 Japan: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

47 Japan: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

48 South Korea: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

49 South Korea: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

50 Middle East & Africa: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

51 Middle East & Africa: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

52 Middle East & Africa: Offshore Wind Turbines Market, By Country, 2020-2028 (USD Billion)

53 Saudi Arabia: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

54 Saudi Arabia: Offshore Wind Turbines Market, By Platform, 2020-2028 (USD Billion)

55 UAE: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

56 UAE: Offshore Wind Turbines Market, By Platform, 2020-2028 (USD Billion)

57 Central & South America: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

58 Central & South America: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

59 Central & South America: Offshore Wind Turbines Market, By Country, 2020-2028 (USD Billion)

60 Brazil: Offshore Wind Turbines Market, By Foundation Type, 2020-2028 (USD Billion)

61 Brazil: Offshore Wind Turbines Market, By Location Proximity, 2020-2028 (USD Billion)

62 Enercon GmbH: Products Offered

63 GoldWind: Products Offered

64 NORDEX SE. Suzlon Energy Limited: Products Offered

65 Suzlon Energy Limited: Products Offered

66 Vestas LtdSuzlon Energy Limited: Products Offered

67 GE: Products Offered

68 ABB: Products Offered

69 Siemens Gamesa Products Offered

70 MINGYANG: Products Offered

71 Other Companies: Products Offered

List of Figures

1. Global Offshore Wind Turbines Segmentation & Research Scope

2. Primary Research Partners and Local Informers

3. Primary Research Process

4. Primary Research Approaches

5. Primary Research Responses

6. Global Offshore Wind Turbines: Penetration & Growth Prospect Mapping

7. Global Offshore Wind Turbines: Value Chain Analysis

8. Global Offshore Wind Turbines  Drivers

9. Global Offshore Wind Turbines  Restraints

10. Global Offshore Wind Turbines  Opportunities

11. Global Offshore Wind Turbines  Challenges

12. Key Offshore Wind Turbines Market  Manufacturer Analysis

13. Global Offshore Wind Turbines: Porter’s Five Forces Analysis

14. PESTLE Analysis & Impact Analysis

15. Enercon GmbH: Company Snapshot

16. Enercon GmbH: Swot Analysis

17. GoldWind: Company Snapshot

18. GoldWind: Swot Analysis

19. NORDEX SE. Suzlon Energy Limited: Company Snapshot

20. NORDEX SE. Suzlon Energy Limited: Swot Analysis

21. Suzlon Energy Limited: Company Snapshot

22. Suzlon Energy Limited: Swot Analysis

23. GE: Company Snapshot

24. GE: Swot Analysis

25. Vestas LtdSuzlon Energy Limited: Company Snapshot

26. Vestas LtdSuzlon Energy Limited: Swot Analysis

27. ABB: Company Snapshot

28. ABB: Swot Analysis

29. Siemens Gamesa Company Snapshot

30. Siemens Gamesa Swot Analysis

31. MINGYANG: Company Snapshot

32. MINGYANG: Swot Analysis

33. Other Companies: Company Snapshot

34. Other Companies: Swot Analysis

The Global Offshore Wind Turbines Market has been studied from the year 2019 till 2028. However, the CAGR provided in the report is from the year 2023 to 2028. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Offshore Wind Turbines Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

The global offshore wind turbines market is expected to grow at a CAGR of 8.2% from 2023 to 2028.
The top players of the global offshore wind turbines market are Enercon GmbH, GoldWind, Nordex Se, Suzlon Energy Limited, Vestas, Orsted, Siemens Gamesa, Doosan, GE, ABB, Envision, and Mingyang among others.
The market is anticipated to grow during the forecast period because it can meet the worlds electricity needs and can produce more energy in the ocean. This growth is likely to be fuelled by the rising popularity of renewable energy sources in power generation. Offshore wind power ranks second in terms of electricity production among renewable energy sources.
The market for offshore wind turbines is expected to be driven by the growing need to switch from conventional to renewable energy sources.

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