North America Offshore Wind Turbine Market Size, Forecast 2032 (2024)

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North America Offshore Wind Turbine Market Size North America Offshore Wind Turbine Market Trends North America Offshore Wind Turbine Market Analysis North America Offshore Wind Turbine Market Share North America Offshore Wind Turbine Market Companies North America Offshore Wind Turbine Industry News This North America offshore wind turbine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “MW & USD Million” from 2021 to 2032, for the following segments: Frequently Asked Questions (FAQ) : North America Offshore Wind Turbine Market Scope Buy Now Premium Report Details

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  • Report ID: GMI9523
  • Published Date: May 2024
  • Report Format: PDF

North America Offshore Wind Turbine Market Size

North America Offshore Wind Turbine Market was valued USD 1.15 billion in 2023 and is anticipated to grow at a CAGR of 22.4% from 2024 to 2032. An offshore wind turbine is a type of wind turbine that is specifically designed and installed in bodies of water, typically in oceans or large lakes, to harness wind energy for electricity generation. They require robust foundations to support the structure in the marine environment. There are different types of foundations used, including monopiles, jackets, tripods, gravity-based structures, and floating platforms.

North America Offshore Wind Turbine Market Size, Forecast 2032 (1)

Offshore wind plays a crucial role in reducing greenhouse gas emissions and combating climate change, aligning with state and federal climate goals will drive the demand for clean fuel. Ongoing development of a domestic offshore wind industry can stimulate long term economic growth, attract investment, and enhance energy security will create opportunities for market expansion. Further, Major energy companies, both domestic and international, have shown interest in developing offshore wind projects in the U.S. is slated to drive the market scenario.

North America Offshore Wind Turbine Market Report Attributes
Report AttributeDetails
Base Year:2023
North America Offshore Wind Turbine Market Size in 2023:USD 1.15 Billion
Forecast Period:2024 - 2032
Forecast Period 2024 - 2032 CAGR:22.4%
2032 Value Projection:USD 7.11 Billion
Historical Data for:2019 - 2022
No. of Pages:80
Tables, Charts & Figures:15
Segments covered:Turbine Rating, Installation and Country
Growth Drivers:
  • Favorable renewable policies
  • Huge untapped & unexplored offshore wind energy potential
  • Ongoing advancements in turbine technologies
Pitfalls & Challenges:
  • Availability of auxiliary electricity generation sources

Supportive policies, incentives, and regulatory frameworks at national and regional levels encourage investment in floating offshore wind projects, providing market certainty and facilitating project development is estimated to drive the industry outlook. Public private partnerships and government funded demonstration projects help de risk investments, validate technology performance, and drive innovation in the wind turbine technology.

North America Offshore Wind Turbine Market Trends

Ambitious renewable energy targets, favorable policy frameworks, and increasing demand for clean energy sources is set to augment the industry landscape. Continued investment in research and development, collaboration among industry stakeholders, and supportive policy measures will be essential to further accelerate the deployment of these advanced turbine technologies and drive the growth of offshore wind energy across the region. Furthermore, ongoing advancements in technology, policy support, and market development, will play a pivotal role in the global energy transition, contributing to a more sustainable and resilient energy future.

North America Offshore Wind Turbine Market Analysis

North America Offshore Wind Turbine Market Size, Forecast 2032 (2)

Based on turbine rating, the >5≤ 8 MW segment is likely to reach USD 4.25 billion by 2032. They offer higher power generation capacities compared to earlier models, resulting in improved energy yield per turbine and reduced overall project costs per megawatt-hour, thereby stimulating the product adoption. It benefits from economies of scale in manufacturing, installation, and maintenance, contributing to lower levelized cost of energy (LCOE) and improved project economics. Furthermore, manufacturers have introduced advanced turbine designs featuring larger rotor diameters, optimized blade shapes, and enhanced drivetrain systems to maximize energy capture and minimize loads, thereby catering to diverse market needs.

North America Offshore Wind Turbine Market Size, Forecast 2032 (3)

Based on installation, the floating segment is set to grow at a CAGR of over 39.5% through 2032. Floating turbines can operate in water depths that are prohibitive for traditional fixed-bottom offshore turbines, unlocking new areas for wind energy development, especially in regions with deep continental shelves or rough sea beds. Advances in floating turbine designs, such as semi-submersible, spar buoy, and tension-leg platform configurations, have improved stability, reliability, and cost-effectiveness is driving the business landscape. Additionally, developments in mooring and anchoring technologies ensure turbines remain stable in varying sea conditions, enhancing operational efficiency and reducing maintenance requirements, thereby fueling the market growth.

North America Offshore Wind Turbine Market Size, Forecast 2032 (4)

The U.S. offshore wind turbine market valuation to cross more than USD 6.19 billion by 2032. Initiatives such as the Department of Energy's Wind Energy Technologies Office and tax incentives like the Investment Tax Credit (ITC) and Production Tax Credit (PTC) have encouraged investment in offshore wind projects. States like Massachusetts, New York, New Jersey, and Maryland have set ambitious offshore wind targets, provided financial incentives, and streamline permitting processes to attract developers which will strengthen the industry statistics. Moreover, development of floating wind turbine technology enables harnessing wind resources in deeper waters, expanding the potential for offshore wind projects along the U.S. coastline.

North America Offshore Wind Turbine Market Share

North America Offshore Wind Turbine Market Size, Forecast 2032 (5)

These alliances can take various forms, including joint ventures, strategic partnerships, and consortia, each serving different purposes such as technology development, market expansion, and policy advocacy. Innovations in turbine foundation designs, cable installation techniques, and environmental impact mitigation will lead to collaborative projects. Further, development of strategic research agendas, fostering collaboration between industry and academia, and influencing EU energy policies will drive the competitive landscape.

North America Offshore Wind Turbine Market Companies

Eminent players operating in the North America offshore wind turbine industry are:

  • Bergey Windpower Co.
  • Envision Group
  • ENERCON GmbH
  • General Electric Company
  • Goldwind
  • NORDEX SE
  • Ørsted A/S
  • Siemens Gamesa Renewable Energy
  • Suzlon Energy Limited
  • Vestas
  • WEG

North America Offshore Wind Turbine Industry News

  • In June 2023, Vestas and Ørsted entered into a commercial sustainability partnership wherein low carbon steel wind turbine blades and towers made from recycled materials are procured for the offshore wind projects. Further, advancing affordable energy, enhancing energy security, and curbing the climate crisis will contribute to the decarbonization scenario.
  • In December 2023, Vestas received an order for a wind project in the U.S. It consists of 30 V163-4.5 MW turbines, wherein the company will provide delivery, supply, and commissioning of the turbines. Further, a 20 year Active Output Management 5000 (AOM 5000) service agreement would ensure optimized performance, set to deliver by 2025.

This North America offshore wind turbine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “MW & USD Million” from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report


Market, By Turbine Rating

  • ≤ 2 MW
  • >2≤ 5 MW
  • >5≤ 8 MW
  • >8≤10 MW
  • >10≤ 12 MW
  • > 12 MW

Market, By Installation

  • Floating
  • Fixed

The above information has been provided for the following countries:

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of North America offshore wind turbine was reached USD 1.15 billion in 2023 and is expected to register 22.4% CAGR from 2024 to 2032, owing to its crucial role in reducing greenhouse gas emissions and combating climate change, aligning with state and federal climate goals.

North America offshore wind turbine industry from the >5? 8 MW segment is expected to reach over USD 4.25 billion by 2032 due to offering offer higher power generation capacities compared to earlier models.

The U.S. offshore wind turbine industry is expected to record over USD 6.19 billion by 2032 due to initiatives such as the Department of Energy's Wind Energy Technologies Office and tax incentives like the Investment Tax Credit (ITC) and Production Tax Credit (PTC) in the region.

Bergey Windpower Co., Envision Group, ENERCON GmbH, General Electric Company, Goldwind, NORDEX SE, Ørsted A/S, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, Vestas, and WEG, are some of the major offshore wind turbine companies in North America.

North America Offshore Wind Turbine Market Scope

  • North America Offshore Wind Turbine Market Size
  • North America Offshore Wind Turbine Market Trends
  • North America Offshore Wind Turbine Market Analysis
  • North America Offshore Wind Turbine Market Share

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    Premium Report Details

    • Base Year: 2023
    • Companies covered: 11
    • Tables & Figures: 15
    • Countries covered: 2
    • Pages: 80
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    North America Offshore Wind Turbine Market Size, Forecast 2032 (2024)
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