The global offshore wind turbine market size was US$ 27.1 billion in 2021. The global offshore wind turbine market is forecast to grow to US$ 80.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 20.9% during the forecast period from 2022 to 2030.

Factors Influencing the Market
Rising carbon emissions standards and investments by government bodies will fuel the growth of the offshore wind turbine market. In addition, growing awareness about the environmental benefits of renewable resources will drive the market forward.
To reduce emissions, a number of substantial suggestions are required, including energy conservation at home or at work, public transportation, and renewable resources such as solar, wind, hydro, tidal, geothermal, and biomass, boosting the growth of offshore wind turbine market.
The growing global population and rising energy needs will also benefit the offshore wind turbine market. On the flip side, the high cost of maintenance of offshore wind turbines may limit the growth of the offshore wind turbines market.
Technological advancements, including enhancing the capacity of wind turbines and floating wind turbines, will benefit the market. Further, the introduction of cost-effective offshore wind turbines will offer ample growth opportunities for market growth.
The use of AI, IoT, robotics, and data analytics in offshore wind turbines will escalate the growth of the market. AI in offshore wind turbine will enable advanced condition monitoring and predictive maintenance, which will gain traction during the forecast period.

COVID-19 Impact Analysis
The COVID-19 pandemic negatively affected the global offshore wind industry, creating delays in projects. Europe, which is the main region in the offshore wind business, is the most affected by the global epidemic. Due to the disruption in global trade, project construction has been hampered. The offshore wind market is likely to grow at a quicker rate after the pandemic due to the growing focus of government bodies on protecting the environment.

Regional Analysis
The Asia-Pacific Offshore Wind Turbines Market is forecast to record the highest growth rate. It is owing to the growing number of development projects and government-led investments which will drive the growth of the market. China's offshore wind energy business will continue to grow in the next years, with the government emphasizing the development of renewable energy facilities. Further, a rising focus on reducing pollution in the country's power generation sector will also benefit the offshore wind turbine market during the forecast period.

Competitors in the Market
Siemens AG
General Electric
Trinity Structural Towers, Inc.
ENERCON GmbH
WINDAR Renovables
Vestas Wind Systems A/S
Shanghai Taisheng Wind Power Equipment Co. Ltd.
Suzlon Energy Limited
CS Wind Corporation
Other Prominent Players

Market Segmentation
The global offshore wind turbine market segmentation focuses on Location of Deployment, Foundation Type, Capacity, and Region.
By Location of Deployment
Shallow Water
Deepwater
By Foundation Type
Fixed Foundation
Floating Foundation
By Capacity
Less than 5 MW
Above 5 MW
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America