The global offshore wind turbine market, valued at an estimated USD 19.85 billion in 2024, is projected to expand significantly, reaching USD 38.13 billion by 2030. This expansion represents a Compound Annual Growth Rate (CAGR) of 11.5% from 2025 to 2030. The primary factors fueling this industry's growth are a heightened global commitment to reducing carbon emissions and the increasing demand for renewable energy sources.

Intensifying efforts by government bodies and electrical utility companies to mitigate carbon emissions are pivotal drivers propelling market expansion. A notable trend within the offshore wind turbine sector is the broader industrial sector's continued growth, spurred by a rising need for clean, cost-efficient, and dependable electricity. Offshore wind turbines are crucial in addressing this demand, offering a sustainable energy solution for large populations. As technological advancements continue and costs decline, offshore wind energy is becoming more accessible and economically viable.

The anticipated increase in the adoption of renewable energy across various emerging nations in regions such as South America, Asia, and Africa is expected to bolster market growth in the coming years. Offshore wind turbines are gaining traction due to their substantial energy production capabilities and their significant contribution to global initiatives aimed at reducing greenhouse gas emissions. For instance, a report from the Global Wind Energy Council in 2025 indicated that the world added a record 117 gigawatts of new wind power capacity, underscoring robust momentum in clean energy investment. This growth highlights wind power's escalating importance in fulfilling global energy requirements and climate objectives.

Key Market Insights:

• Europe held the leading position in the global offshore wind turbine market, securing the largest revenue share of over 47.7% in 2024. This dominance is largely due to comprehensive support from European governments, which provide various subsidies, grants, and tax incentives to foster the development of offshore wind projects.
• The above 5 MW segment dominated the market, accounting for the largest revenue share of over 43.8% in 2024, and is forecasted to achieve the fastest CAGR throughout the projection period.
• The shallow water (<30 M Depth) segment was the market leader, holding the largest revenue share in 2024, and is expected to grow at the fastest CAGR over the forecast period. The considerably less challenging weather conditions and ease of maintenance in these areas make them an ideal choice for establishing offshore wind farms.

Order a free sample PDF of the Offshore Wind Turbine Market Intelligence Study, published by Grand View Research.

Market Size & Forecast

• 2024 Market Size: USD 19.85 Billion
• 2030 Projected Market Size: USD 38.13 Billion
• CAGR (2025-2030): 11.5%
• Europe: Largest market in 2024
• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights

The offshore wind turbine market is characterized by intense competition, with several major players leading innovation and shaping industry growth. Prominent companies such as General Electric (GE Vernova), Equinor ASA, Iberdrola S.A., Mitsubishi Heavy Industries, Ltd., and Goldwind are at the forefront of the sector. These organizations are making substantial investments in research and development to improve the performance, cost-efficiency, and sustainability of offshore wind technologies.

GE Vernova offers advanced offshore wind solutions, including the Haliade-X turbine, engineered for high energy output in strong offshore wind conditions. The company emphasizes reliability and operational efficiency, aiming to reduce the levelized cost of energy (LCOE) and accelerate global adoption of offshore wind power.

Equinor, with over five decades of experience in offshore energy, is positioning itself as a global leader in offshore wind. The company operates wind farms in Germany and the UK, supplying clean energy to over one million European households. Its landmark Dogger Bank project is expected to deliver renewable power to six million homes in the UK, making it one of the largest offshore wind developments worldwide.

Key Players

• General Electric Company
• Equinor ASA
• Iberdrola, S.A.
• Mitsubishi Heavy Industries, Ltd
• Goldwind
• Naval Group
• Nordex SE
• Siemens
• ABB
• MODEC, Inc.

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion

The offshore wind turbine market is growing significantly, driven by global efforts to reduce carbon emissions and rising demand for renewable energy. Europe currently leads this market, with a clear trend towards larger, more efficient turbines and installations in shallow waters. The industry is marked by continuous innovation, supported by favorable government policies and substantial R&D investments, including floating technology. Key players are actively engaged in mergers and acquisitions to expand their global reach and enhance product performance.