Offshore Wind Turbine Market 2027

Table of Contents

No. Contents

7. Europe Offshore Wind Turbine Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Installation Type

7.2.2. By Turbine Capacity

7.2.3. By Country

7.3. Europe: Country Analysis

7.3.1. United Kingdom Offshore Wind Turbine Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Installation Type

7.3.1.2.2. By Turbine Capacity

7.3.2. Germany Offshore Wind Turbine Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Installation Type

7.3.2.2.2. By Turbine Capacity

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7.3.3. Denmark Offshore Wind Turbine Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Installation Type

7.3.3.2.2. By Turbine Capacity

7.3.4. Netherlands Offshore Wind Turbine Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Installation Type

7.3.4.2.2. By Turbine Capacity

7.3.5. Belgium Offshore Wind Turbine Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Installation Type

7.3.5.2.2. By Turbine Capacity

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No. Contents

7.3.6. Sweden Offshore Wind Turbine Market Outlook

7.3.6.1. Market Size & Forecast

7.3.6.1.1. By Value

7.3.6.2. Market Share & Forecast

7.3.6.2.1. By Installation Type

7.3.6.2.2. By Turbine Capacity

7.3.7. Finland Offshore Wind Turbine Market Outlook

7.3.7.1. Market Size & Forecast

7.3.7.1.1. By Value

7.3.7.2. Market Share & Forecast

7.3.7.2.1. By Installation Type

7.3.7.2.2. By Turbine Capacity

8. Asia-Pacific Offshore Wind Turbine Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Installation Type

8.2.2. By Turbine Capacity

8.2.3. By Country

8.3. Asia-Pacific: Country Analysis

Table of Contents

8.3.1. China Offshore Wind Turbine Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Installation Type

8.3.1.2.2. By Turbine Capacity

8.3.2. Taiwan Offshore Wind Turbine Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Installation Type

8.3.2.2.2. By Turbine Capacity

8.3.3. Japan Offshore Wind Turbine Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Installation Type

8.3.3.2.2. By Turbine Capacity

Table of Contents

8.3.4. South Korea Offshore Wind Turbine Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Installation Type 8.3.4.2.2. By Turbine Capacity

8.3.5. India Offshore Wind Turbine Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Installation Type

8.3.5.2.2. By Turbine Capacity

8.3.6. Vietnam Offshore Wind Turbine Market Outlook

8.3.6.1. Market Size & Forecast

8.3.6.1.1. By Value

8.3.6.2. Market Share & Forecast

8.3.6.2.1. By Installation Type

8.3.6.2.2. By Turbine Capacity

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Contents

8.3.7. Australia Offshore Wind Turbine Market Outlook

8.3.7.1. Market Size & Forecast

8.3.7.1.1. By Value

8.3.7.2. Market Share & Forecast

8.3.7.2.1. By Installation Type

8.3.7.2.2. By Turbine Capacity

9. North America Offshore Wind Turbine Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Installation Type 9.2.2. By Turbine Capacity 9.2.3. By Country

9.3. North America: Country Analysis

9.3.1. United States Offshore Wind Turbine Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Installation Type

9.3.1.2.2. By Turbine Capacity

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9.3.2. Canada Offshore Wind Turbine Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Installation Type

9.3.2.2.2. By Turbine Capacity

9.3.3. Mexico Offshore Wind Turbine Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Installation Type

9.3.3.2.2. By Turbine Capacity

10. South America Offshore Wind Turbine Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Installation Type

10.2.2. By Turbine Capacity

10.2.3. By Country

Table of Contents

10.3. South America: Country Analysis

10.3.1. Brazil Offshore Wind Turbine Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value 10.3.1.2. Market Share & Forecast 10.3.1.2.1. By Installation Type 10.3.1.2.2. By Turbine Capacity

10.3.2. Argentina Offshore Wind Turbine Market Outlook

10.3.2.1. Market Size & Forecast 10.3.2.1.1. By Value 10.3.2.2. Market Share & Forecast 10.3.2.2.1. By Installation Type 10.3.2.2.2. By Turbine Capacity

10.3.3. Colombia Offshore Wind Turbine Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Installation Type

10.3.3.2.2. By Turbine Capacity

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Contents

11. Middle East & Africa Offshore Wind Turbine Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Installation Type

11.2.2. By Turbine Capacity 11.2.3. By Country

11.3. Middle East & Africa: Country Analysis

11.3.1. UAE Offshore Wind Turbine Market Outlook

11.3.1.1. Market Size & Forecast

11.3.1.1.1. By Value

11.3.1.2. Market Share & Forecast

11.3.1.2.1. By Installation Type

11.3.1.2.2. By Turbine Capacity

11.3.2. Saudi Arabia Offshore Wind Turbine Market Outlook

11.3.2.1. Market Size & Forecast

11.3.2.1.1. By Value

11.3.2.2. Market Share & Forecast

11.3.2.2.1. By Installation Type

11.3.2.2.2. By Turbine Capacity

11.3.3.1.

11.3.3.1.1.

11.3.3.2.

11.3.3.2.1.

17.4. Vestas Wind Systems A/S

17.5. Siemens Gamesa

17.6. Schneider Electric SE

17.7. Nordex SE

17.8. Equinor ASA

17.9. Envision Group

17.10. Mingyang Smart Energy Group Co., Ltd

17.11. Xinjiang Goldwind Science & Technology Co., Ltd.

Product Overview

Research Methodology

In-depthsecondary researchwasconductedto determineoverallmarket size,segmentalmarketsize andtopplayersinthe GlobalOffshoreWind TurbineMarket.

Inordertoconduct industryexperts’ interviews,TechSci formulatedadetailed discussionguide.

Listofindustry playersandindustry specialistswas developed.

TechSciconducted interviewswith industryexpertsand industryplayersfor datacollectionand verification.

Dataobtainedasa resultofprimary andsecondary researchwas validatedthrough rigorous triangulation.

Thedatawasscrutinized usingMS-Excel,statistical toolsandinternal proprietarydatabaseto obtainqualitativeand quantitativeinsightsabout GlobalOffshoreWind TurbineMarket.

Research Methodology

Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of the global offshore wind turbine market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing investments in renewable energy, growing initiatives and supporting policies by the government and companies aim to reduce their carbon emissions. Based on the research, the market is expected to generate robust growth during the forecast period. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the global offshore wind turbine market.

Methodology Followed for Calculation of Market Size:

Market Size by Value: Market size, in terms of value, for the year 2021 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts. The team interviewed more than 10 companies, 15 industry experts and other value chain stakeholders in the global offshore wind turbine market to obtain the overall market size between 2017 and 2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for the historical period.

Research Methodology

Respondents were asked about the current and future market growth rates, as well as market shares by installation type, by turbine capacity, by region and by company. Removing the outlier response, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the component.

Methodology Followed for Calculation of Market Shares:

Market shares by installation type, by turbine capacity, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares of the leading offshore wind turbine players. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading companies operating in the global offshore wind turbine market.

Methodology Followed for Forecasting:

TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results.

Source: XXXXX

Note: These are dummy figures; please purchase our report for actual data

Research Methodology

Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the global offshore wind turbine market, TechSci Research used various forecast techniques such as:

o Moving Average

o Time Series Analysis

o Regression Analysis

o Econometric and Judgmental Analysis

TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario.

Partial List of Companies Interviewed

Siemens Gamesa, Vestas Wind Systems A/S, GE Renewable Energy, Xinjiang Goldwind Science & Technology Co., Ltd., Ørsted A/S, ABB Ltd., Nordex SE, Schneider Electric SE, Invenergy LLC, Equinor ASA, Envision Group, Mingyang Smart Energy Group Co., Ltd, Rockwell Automation Inc., among others

Partial List of Secondary Sources

The European Wind Energy Association, The American Clean Power Association, Asia Wind Energy Association, Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Websites, TechSci Research Proprietary Database & Knowledge Repository, etc.

Note: (a): Sum of some shares may not be 100% due to round off till two decimal places.

Source: XXXXX

Note: These are dummy figures; please purchase our report for actual data

Industry Brief

Higher energy consumption drives the growth of the global offshore wind turbine market in the upcoming five years.

According to TechSci Research report, “Offshore Wind Turbine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 20172027” . Global offshore wind turbine market is anticipated to register an impressive growth with a CAGR of 13.75% during the forecast period, to achieve a market value of USD62.79 Billion by 2027. The market growth can be attributed to a surge in the consumption of energy throughout the world. Various end-use industries demand for large quantities of electricity and the consumption of electricity from the residential and corporate sectors is also rapidly increasing, thereby driving the growth of the global offshore wind turbine market in the upcoming five years. Moreover, increasing use of smart devices, home appliances, and technologically advanced equipment drives the market’s growth. Corporates are actively invested in maintaining zero carbon emissions and proclaiming the green building status, which influences them to invest and function with the generation of electricity and use of it from the renewable sources like wind and water, thereby anticipated to fuel the growth of the global offshore wind turbine market in the next five years.

Growing industrialization and an increasing number of manufacturing units, functioning of heavy-duty industries put forth higher electricity demands, also aiding the market growth. These industrialists and the manufacturers are investing in the implementation of the offshore wind turbines. The industries that are set up near a water body may benefit on a personal implanted offshore wind turbine thereby substantiating the growth of the global offshore wind turbine market in the future five years. Government further influences the adoption owing to concerns regarding depleting fuels, and power generating non-renewable resources like coal, oil and gas facilitates the growth of the global offshore wind turbine market in the forecast years through 2027. Technological advancements in enhancing the efficiency of offshore wind turbines further add to the growth of the global offshore wind turbine market in the forecast period.

The global offshore wind turbine market is segmented by installation type, turbine capacity, regional distribution, and the competitive landscape. Based on installation type, the market is differentiated between fixed and floating. The fixed turbine segment is anticipated to hold the largest revenue share. This will aid in leading the market segment in the next five years as the demand for the longer period of power generation from each unit increases. Installing offshore wind turbines is a difficult task since it requires movement and, lifting & placing of big and heavy instruments and equipment that is a challenge. The use of advanced technology and cost-effective solutions further facilitate the growth of the segment along with the growth of the global offshore wind turbine market in the next five years The floating installation type is also anticipated to register significant growth in the future due to increasing facilitation from the temporary solutions to the power generations from water sources. By turbine capacity, the market is bifurcated into up to 3 MW, 3 MW to 5 MW, and more than 5 MW. The market analysis also studies the regional segmentation divided among the Asia-Pacific, Europe, North America, Middle East & Africa, and South America Some of the market players, dominating the global offshore wind turbine market includes Ørsted A/S, GE Renewable Energy, ABB Ltd., Vestas Wind Systems A/S, Siemens Gamesa, Schneider Electric SE, Nordex SE, Equinor ASA, Envision Group, Mingyang Smart Energy Group Co., Ltd, Xinjiang Goldwind Science & Technology Co , Ltd , Rockwell Automation Inc , Invenergy LLC, EDP Renewables North America LLC

“Europe is anticipated to hold the largest revenue shares of the market and dominate the regional segment of the market in the upcoming five years. Countries like France and Germany are world leaders in the power generation sector that generate power through offshore wind turbines, thereby facilitating the growth of the global offshore wind turbine market in Europe. Initiatives like the ‘European Wind Initiative’ collectively support market growth. Advancing electrical infrastructure and evolving power generation would probably fuel the growth of the global market in the region. New market players may focus on research and product development. Technological advancement in the offshore wind turbine to enhance their performance would allow the new market entrants to establish their brands in the market and support the market growth in future too,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.