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Offshore Wind Turbine Market to Reach USD 39.68 Billion by 2033

The offshore wind turbine market size is expected to expand from USD 5.78 billion in 2023 to USD 39.68 billion by 2033, at a CAGR of 22 percent, says Fundamental Business Insights.

March 18, 2024. By Anurima Mondal

Offshore wind energy has drawn a lot of interest and investment recently because of its potential to provide substantial amounts of clean, renewable electricity. The market for offshore wind turbines has grown rapidly in recent years as a result of efforts to reduce greenhouse gas emissions and the growing demand for renewable energy sources worldwide.

According to a report by Fundamental Business Insights, the offshore wind turbine market size is expected to expand from USD 5.78 billion in 2023 to USD 39.68 billion by 2033, at a compound annual growth rate of 22 percent.

Innovations in technology have played a critical role in the offshore wind turbine industry's growth. In order to effectively utilise the power of offshore winds, turbines featuring increased capacity, increased efficiency, and more robust designs have been constructed.

Offshore wind turbines are commonly outfitted with a range of sensors and monitoring systems to collect data on energy production, equipment operation, and environmental conditions. However, collecting data might raise concerns about how it will be handled, kept safe, and protected—especially if it includes private or sensitive data.

The > 10 ≤ 12 MW segment is projected to grow by 18 percent between 2024 to 2033. Offshore wind turbines with a 10 to 12 MW capacity are designed to collect more wind energy in locations with strong and consistent winds. Their enhanced capacity and larger rotor diameters allow them to generate more energy per turbine. Greater turbine efficiency can lead to a reduced levelized cost of energy (LCOE) because of their lower installation and maintenance costs. Meanwhile, over the forecast period 2024 to 2033, the fixed segment is expected the dominate the market.

The ambitious renewable energy targets established by several countries have led to a rise in offshore wind projects. North America is anticipated to dominate the offshore wind turbine market from 2024 to 2033. A number of US states, including Rhode Island, Massachusetts, New York, and New Jersey, have set ambitious goals for renewable energy, with offshore wind power playing a significant role in their overall energy mix.

Asia Pacific is witnessing the fastest market growth between 2024 to 2033, owing to its vast coastlines, strong winds, and elevated energy requirements.

Tags:

Wind Power

Offshore Wind Turbine

Offshore wind sector

Offshore Wind Projects

Offshore wind markets

Levelized Cost of Energy

renewable energy transition

Fundamental Business Insights