Off Shore Wind Turbine Market Report 2026

The off shore wind turbine market size has grown rapidly in recent years. It will grow from $36.25 billion in 2025 to $41.86 billion in 2026 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to government renewable energy targets, declining offshore wind installation costs, increasing demand for clean electricity generation, limited availability of onshore wind sites, early investments in offshore wind infrastructure.

The off shore wind turbine market size is expected to see rapid growth in the next few years. It will grow to $73.42 billion in 2030 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to expansion of floating wind technology deployments, increasing electricity demand from coastal regions, supportive offshore wind auction policies, advancements in turbine efficiency and size, growth in offshore grid infrastructure investments. Major trends in the forecast period include deployment of larger capacity offshore wind turbines, growing adoption of floating wind turbine foundations, expansion of offshore wind farms in deep water locations, increasing use of modular turbine components for easier installation, rising focus on reducing offshore installation and maintenance costs.

The rising demand for renewable and sustainable energy is expected to propel the offshore wind turbine market. Renewable and sustainable energy refers to clean energy derived from naturally replenishing resources or processes, such as solar and wind. Demand for renewable and sustainable energy is growing because conventional energy sources, including fossil fuel combustion and nuclear power, release harmful pollutants into the air and water. In contrast, renewable energy sources such as solar and wind do not pollute the environment. Generating electricity through offshore wind turbines represents an efficient approach to supporting sustainable development. For instance, in December 2023, according to reports published by the Department for Energy Security and Net Zero, a UK-based government department, renewable electricity generation reached 30.1 TWh in Quarter 3 of 2023, a 6.8% increase from 2022. This growth was supported by the addition of 2.9 GW of new renewable capacity, driven largely by increases in solar PV and wind installations, raising renewables’ share to 44.5% of total electricity generation. Therefore, the rising demand for renewable and sustainable energy is driving the growth of the offshore wind turbine market.

Prominent companies within the market are strategically focused on the development of innovative solutions, exemplified by the introduction of floating offshore wind farms, to offer reliable services to their customers. A floating offshore wind farm is characterized by an assemblage of wind turbines affixed to floating platforms rather than fixed foundations, allowing them to operate effectively in deep waters. A noteworthy example is the achievement by Equinor ASA, a Norway-based multinational energy company, which inaugurated the world's largest floating offshore wind farm in August 2023. This 11-turbine facility, based on Equinor's Hywind concept, boasts an impressive 88 MW capacity, effectively covering 35% of the electricity needs for five platforms. Executed over a five-year span, the project incurred an investment of approximately NOK 7.4 billion, with 60% of the amount directed towards Norwegian suppliers, contributing to the growth of green jobs and technology development. Notably, when compared to the Hywind Scotland project, Hywind Tampen achieved a 35% reduction in investment cost per installed MW, showcasing the economic efficiency and advancements in floating offshore wind technology.

In July 2024, Ørsted, a US-based company focused on renewable energy solutions, particularly offshore wind farms, announced the acquisition of Eversource Energy's 50% stake in the Sunrise Wind project, a 924 MW offshore wind farm, for USD 152 million. This acquisition grants Ørsted full ownership of the project, which is set to provide renewable energy to nearly 600,000 homes. The Sunrise Wind project is located in the US and represents a significant step in Ørsted's commitment to expanding its renewable energy portfolio.

Major companies operating in the off shore wind turbine market are ABB Ltd., Orsted A/S, Shanghai Electric Group Co Ltd., Vestas Wind Technology India Private Limited, Vestas Wind Systems A/S, MHI Vestas Offshore Wind A/S, General Electric Renewable Energy LLC, Siemens Gamesa Renewable Energy S.A., Nordex Acciona Windpower S.A., Tata Power Company Limited, Xinjiang Goldwind Science Technology Co Ltd., Goldwind Science & Technology Co Ltd., MingYang Smart Energy Co Ltd., Eneco Group NV, Northland Power Inc., Senvion S.A., ReNew Energy Global plc, Suzlon Energy Limited, Adani Green Energy Limited, Envision Energy Limited, Sinovel Wind Group Co Ltd., Copenhagen Infrastructure Partners, Adwen Offshore Wind Power SAS, XEMC Windpower Co Ltd., Jiangsu Aeolos Wind Energy Corporation, CSIC Haizhuang Windpower Equipment Co Ltd.

Western Europe was the largest region in the global offshore wind turbine market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the off shore wind turbine market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the off shore wind turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The offshore wind turbines market consists of sales of fixed foundation and floating foundation offshore wind turbines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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