Market Summary The offshore wind turbine market is projected to witness significant growth, increasing from USD 29,418.9 million in 2017 to USD 58,729.7 million in 2025, with a compound annual growth rate (CAGR) of 7.7%.

The market's development is driven by several factors, including rising oil prices, a shift towards renewable energy sources, and particularly the offshore wind energy sector, which benefits from existing infrastructure supported by offshore oil and gas plants. As a result, major players in the oil and gas industry recognize the immense potential in transitioning to offshore wind energy, leveraging their existing infrastructure and skill set to boost the turbine market.

Building sustainable infrastructure for offshore power generation, especially on the ocean floor, is crucial. Given the experience of the oil and gas industry in this area, more oil giants are investing in offshore wind production. Companies like Shell and Stat oil are diversifying their reach by entering this new market. Additionally, companies providing services for offshore fossil fuel platforms are witnessing the emergence of a new market.

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Key Report Coverage:

• Consumption statistics of offshore wind turbines by region and country from 2015 to 2025, with historic data from 2015 to 2017 and forecasts from 2018 to 2025
• Estimation of installations, production capacity, shipment data, and analysis of consumption trends
• Analysis of interest rates and government subsidies for wind-generated distributed energy
• Demand and supply gap analysis
• Consumption of wind-generated electricity by region
• Outlook on regional residential, commercial, and industrial sectors
• Government spending on infrastructure and renewable energy development
• Inter-nation trade analysis
• Wind energy scope, commission rate, and future demand forecasting for Asia Pacific and Europe
• Cost analysis of wind energy generation, distribution, transmission, and energy exchange forecast
• Economics of scale for offshore wind turbine production
• Offshore oil rig counts
• Product complexity analysis and ratings
• Salient trends in the offshore wind market

Notable Trends:

• Offshore wind energy generation investment is currently highest in North Europe, with China also making progress in the intertidal coastal zone
• The Asian market is expected to experience significant growth, with China's capacity reaching competitive levels by 2030 in terms of installations and output capacity
• Statoil plans to build the world's first floating wind farm near Scotland and construct an offshore wind lease near New York with the potential to generate over 1 GW of power
• The United States is currently lagging behind in global market share, but the entry of oil and gas companies and supply chain companies will lead to increased wind power generation, cost reduction, and job creation
• Onshore wind energy is closer to reaching maturity in terms of commercial use compared to offshore wind energy, despite higher costs. However, there is potential for cost reduction in turbines, long-term maintenance, and operational expenses.
• Offshore wind power generation installation costs are nearly double those of onshore, which poses limitations to its growth
• The preferred size for offshore commercial scale power generation turbines is 5 MW, with companies like Vestas and Siemens developing 6 MW and 7 MW turbines
• Out of the top 15 offshore wind turbine manufacturers, eight are based in China, with Chinese manufacturer Goldwind becoming the world's largest supplier, surpassing Vestas
• GE and Siemens are producing direct drive generator offshore wind turbines, which incorporate advanced technology and have lower maintenance costs, positioning them as the future of offshore wind turbine technology
• Floating turbines have gained popularity due to lower installation and production costs
• Direct drive generators are an accelerating product trend in the market, eliminating the need for gearboxes and reducing the number of moving components compared to geared drive trains

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