Marine Wind Turbine Market

ID: MRFR/E&P/23705-HCR

100 Pages

Chitranshi Jaiswal

September 2025

Marine Wind Turbine Market Research Report By Turbine Capacity (Below 5 MW, 5-10 MW, 10-15 MW, Above 15 MW), By Water Depth (Shallow (Less than 50m), Transitional (50m - 100m), Deep (More than 100m)), By Foundation Type (Monopile, Gravity-Based Foundation, Jacket Foundation, Tripod Foundation), By Application (Offshore Wind Farms, Tidal Turbines, Wave Energy Converters) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2034

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Summary Table of Contents Segmentation Infographic

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Marine Wind Turbine Market Summary

The Global Marine Wind Turbine Market is projected to grow from 70.6 USD Billion in 2024 to 256.0 USD Billion by 2035, indicating robust expansion.

Key Market Trends & Highlights

Marine Wind Turbine Key Trends and Highlights

The market is expected to experience a compound annual growth rate (CAGR) of 12.42% from 2025 to 2035.
By 2035, the market valuation is anticipated to reach 256.0 USD Billion, reflecting a substantial increase from the base year.
In 2024, the market is valued at 70.6 USD Billion, showcasing the current investment landscape in marine wind energy.
Growing adoption of renewable energy technologies due to increasing environmental concerns is a major market driver.

Marine Wind Turbine Market

CAGR

12.42%

Market Size & Forecast

2024 Market Size	70.6 (USD Billion)
2035 Market Size	256.0 (USD Billion)
CAGR (2025-2035)	12.42%

Major Players

Siemens Gamesa Renewable Energy, Nordex SE, Shanghai Electric, Goldwind, Envision, Senvion, Ming Yang Smart Energy, MHI Vestas Offshore Wind, Vestas, Windey, General Electric, CSSC Haizhuang Wind Power, Doosan Heavy Industries Construction

Marine Wind Turbine Market Trends

Opportunities for growth in the marine wind turbine market include the development of floating wind turbines, which can be deployed in deeper waters and further from shore. Additionally, the development of innovative blade designs and materials is expected to improve the efficiency and cost-effectiveness of marine wind turbines.

Recent trends in the marine wind turbine market include the increasing size and capacity of turbines, as well as the development of new technologies such as floating wind turbines and hybrid wind-solar systems. These trends are expected to continue in the coming years, driving the growth of the market.

The global marine wind turbine market is poised for substantial growth as nations increasingly prioritize renewable energy sources to combat climate change and enhance energy security.

U.S. Department of Energy

Marine Wind Turbine Market Drivers

Rising Demand for Renewable Energy

The increasing global emphasis on renewable energy sources drives the Global Marine Wind Turbine Market Industry. Governments worldwide are setting ambitious targets for reducing carbon emissions, which has led to a surge in investments in offshore wind projects. For instance, the European Union aims to generate 60 gigawatts of offshore wind energy by 2030. This transition towards cleaner energy sources is expected to elevate the market's value to approximately 70.6 USD Billion in 2024, reflecting a growing recognition of marine wind turbines as a viable solution for sustainable energy production.

Market Segment Insights

Marine Wind Turbine Market Turbine Capacity Insights

The Marine Wind Turbine Market has been segmented within the scope of this report based on turbine capacity into Below 5 MW, 5-10 MW, 10-15 MW and Above 15 MW. The 5-10 MW segment accounted for the largest market share of more than 40% in 2023, and this segment is projected to maintain its dominance over the forecast period.

The 5-10 MW segment is projected to grow with a CAGR of 12.5% up to 2022. These are due to the increasing adoption of 5-10 MWs turbines since these offer a balance between cost-effectiveness and increasing energy generation efficiency.The below 5 MW segment is projected to grow at a modest pace during the forecast period as the smaller turbines are in demand for near shore and in-distribution generation.

The 10 to 15 MW segment is anticipated to grow at a significant rate as well for the same reason, however, these offer high energy generation potential and are most suitable to be implemented in larger offshore wind farms.

The above 15 MW segment is anticipated to have a substantial share of the market revenue in the coming years. This is due to the fact that a growing number of partnerships, investments and developments are in the pipeline for the development of high capacity turbines.The segment is likely to have a higher volume share post-2030 once the segment has been fully commercialized. The 5 to 10 MW segment is anticipated to have the highest revenue share due to the high volume of sales that is anticipated in this segment.

It is followed by 10 to 15 MW and below 5 MW segments.

Marine Wind Turbine Market Water Depth Insights

The Marine Wind Turbine Market is segmented by water depth into shallow, which is less than 50m, transitional, which is 50m – 100m, and deep. In 2023, the shallow water depth segment accounted for the largest share of the market and is expected to continue to dominate through 2032, owing to the fact that shallow water depths are more accessible and less expensive to develop than deeper waters.

However, the deep water depth segment is expected to grow at the fastest rate over the forecast period, enabled by technology improvement and declining costs.The growth of the deep water depth segment is attributed to the increasing demand for renewable energy sources and the need to develop new sources of energy in remote locations.

Marine Wind Turbine Market Foundation Type Insights

Foundation Type Segment Insights and Overview The foundation type segment plays a crucial role in the marine wind turbine market. Different foundation types are used to anchor turbines in various marine environments. Monopile: Monopiles are single-leg foundations that are driven into the seabed. They are commonly used in shallow waters and are cost-effective. Gravity-Based Foundation: Gravity-based foundations are massive concrete structures that rest on the seabed. They are suitable for deeper waters and provide stability. Jacket Foundation: Jacket foundations consist of a steel frame that supports the turbine above the water surface.

They are used in intermediate water depths and offer flexibility in design. Tripod Foundation: Tripod foundations are three-legged structures that provide stability in deep waters. They require less material than jacket foundations and are suitable for remote locations. In 2023, the monopile foundation type accounted for the largest revenue share in the marine wind turbine market. However, the gravity-based foundation type is expected to witness significant growth over the forecast period due to its suitability for deeper waters and increasing demand for offshore wind farms.

Marine Wind Turbine Market Application Insights

The Marine Wind Turbine Market Segmentation by Application is categorized into Offshore Wind Farms, Tidal Turbines, and Wave Energy Converters. Among these, Offshore Wind Farms dominate the market with a substantial revenue share. In 2023, the Marine Wind Turbine Market revenue for Offshore Wind Farms was valued at USD 45.63 billion, and it is projected to reach USD 85.67 billion by 2032, exhibiting a CAGR of 7.9% during the forecast period.

The growth of this segment can be attributed to the increasing demand for clean and renewable energy sources, coupled with government initiatives and subsidies to promote offshore wind energy development.

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Regional Insights

The Marine Wind Turbine Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, Europe is expected to lead the market in the coming years, owing to the increasing adoption of offshore wind energy and supportive government policies. The APAC region is also expected to witness significant growth, driven by the growing demand for renewable energy in countries such as China and India.

The North American market is expected to remain stable, supported by the growing demand for offshore wind energy in the United States.The South American market is expected to witness moderate growth, while the MEA market is expected to grow at a slower pace. Overall, the Marine Wind Turbine Market is expected to witness significant growth in the coming years, driven by the increasing adoption of offshore wind energy and supportive government policies.

Marine Wind Turbine Market Regional Insights

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Key Players and Competitive Insights

Major players in the Marine Wind Turbine Market are continuously developing technologically advanced products to improve efficiency and reduce costs. Leading Marine Wind Turbine Market players are investing heavily in R&D to stay competitive in the dynamic market. Acquisitions and partnerships are also common strategies adopted by Marine Wind Turbine Market industry participants to expand their product portfolio and geographical reach.

The market is expected to witness increasing competition as new entrants emerge, attracted by the promising growth prospects.Siemens Gamesa Renewable Energy, a leader in wind energy, has established itself as a prominent player in the Marine Wind Turbine Market. The company offers a wide range of products and services, including offshore wind turbines, foundations, and operations and maintenance solutions. Siemens Gamesa is focused on developing innovative technologies to enhance the efficiency and reliability of its wind turbines. The company's commitment to sustainability and its presence make it a formidable competitor in the Marine Wind Turbine Market.

Another key player, Vestas Wind Systems, is a Denmark-based company that specializes in the design, manufacture, and installation of wind turbines. Vestas has a strong presence in the Marine Wind Turbine Market and offers a variety of offshore wind turbine models tailored to different project requirements. The company's focus on cost optimization and technological advancements has enabled it to gain a significant market share. Vestas is actively involved in research and development to develop next-generation offshore wind turbines with improved performance and efficiency.

Key Companies in the Marine Wind Turbine Market market include

Industry Developments

The Marine Wind Turbine Market is poised for substantial growth in the coming years, driven by rising energy demand, increasing environmental awareness, and government incentives. Recent developments in the market include:

In 2023, the market for marine wind turbines is valued at approximately USD 55.86 billion and is projected to reach USD 160.0 billion by 2032, exhibiting a CAGR of 12.4% during the forecast period.

In 2024, the Biden administration announced plans to deploy 30 gigawatts (GW) of offshore wind capacity by 2030, creating thousands of jobs and spurring billions of dollars in investments.

Major industry players such as Siemens Gamesa, Vestas, and GE Renewable Energy are investing heavily in research and development, leading to advancements in turbine technology and increased efficiency.

Partnerships between governments and private companies are promoting the development of offshore wind farms, such as the collaboration between the UK government and Rsted to build the world's largest offshore wind farm.

Technological advancements, such as floating turbines and larger blades, are enabling wind farms to be located in deeper waters and withstand harsher conditions, expanding the potential for marine wind energy.

Future Outlook

Marine Wind Turbine Market Future Outlook

The Marine Wind Turbine Market is projected to grow at 12.42% CAGR from 2024 to 2035, driven by technological advancements, increasing energy demand, and supportive government policies.

New opportunities lie in:

Invest in advanced turbine technology to enhance efficiency and reduce costs.
Explore partnerships with offshore energy firms to expand market reach.
Develop innovative maintenance solutions to improve operational uptime.

By 2035, the Marine Wind Turbine Market is expected to achieve substantial growth, reflecting robust demand and technological progress.

Market Segmentation

Marine Wind Turbine Market Regional Outlook

North America
Europe
South America
Asia Pacific
Middle East and Africa

Marine Wind Turbine Market Application Outlook

North America
Europe
South America
Asia Pacific
Middle East and Africa

Marine Wind Turbine Market Water Depth Outlook

Monopile
Gravity-Based Foundation
Jacket Foundation
Tripod Foundation

Marine Wind Turbine Market Foundation Type Outlook

Offshore Wind Farms
Tidal Turbines
Wave Energy Converters

Marine Wind Turbine Market Turbine Capacity Outlook

Shallow (Less than 50m)
Transitional (50m - 100m)
Deep (More than 100m)

Report Scope

Report Attribute/Metric	Details
Market Size 2024	70.61 (USD Billion)
Market Size 2025	79.38 (USD Billion)
Market Size 2034	227.69 (USD Billion)
Compound Annual Growth Rate (CAGR)	12.42% (2025 - 2034)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year	2024
Market Forecast Period	2025 - 2034
Historical Data	2019 - 2023
Market Forecast Units	USD Billion
Key Companies Profiled	Siemens Gamesa Renewable Energy, Nordex SE, Shanghai Electric, Goldwind, Envision, Senvion, Ming Yang Smart Energy, MHI Vestas Offshore Wind, Vestas, Windey, General Electric, CSSC Haizhuang Wind Power, Doosan Heavy Industries Construction
Segments Covered	Turbine Capacity, Water Depth, Foundation Type, Application, Regional
Key Market Opportunities	Government incentives Technological advancements Growing demand for offshore wind power Cost reductions Expanding supply chain
Key Market Dynamics	Increasing government incentives, technological advancements, rising energy demand favorable regulatory policies, and growing environmental concerns
Countries Covered	North America, Europe, APAC, South America, MEA

FAQs

What is the expected overall valuation of the Marine Wind Turbine Market in 2024?

The Marine Wind Turbine Market is expected to have an overall valuation of 70.61 billion USD in 2024.

What is the expected CAGR of the Marine Wind Turbine Market from 2025 to 2034?

The Marine Wind Turbine Market is expected to grow at a CAGR of 12.42% from 2025 to 2034.

What is the expected overall valuation of the Marine Wind Turbine Market in 2034?

The Marine Wind Turbine Market is expected to have an overall valuation of 227.69 billion USD in 2034.

Which region is expected to have the largest market share in the Marine Wind Turbine Market?

Europe is expected to have the largest market share in the Marine Wind Turbine Market, followed by Asia-Pacific and North America.

What are the key applications of marine wind turbines?

Key applications of marine wind turbines include electricity generation, water pumping, and desalination.

Who are the key competitors in the Marine Wind Turbine Market?

Key competitors in the Marine Wind Turbine Market include Vestas, Siemens Gamesa, and General Electric.

What are the key growth drivers of the Marine Wind Turbine Market?

Key growth drivers of the Marine Wind Turbine Market include increasing demand for renewable energy, government incentives, and technological advancements.

What are the key challenges facing the Marine Wind Turbine Market?

Key challenges facing the Marine Wind Turbine Market include high costs, environmental concerns, and technical challenges.

What are the key trends in the Marine Wind Turbine Market?

Key trends in the Marine Wind Turbine Market include increasing installation of floating wind turbines, development of larger and more efficient turbines, and increasing investment in offshore wind farms.

What is the expected impact of COVID-19 on the Marine Wind Turbine Market?

The COVID-19 pandemic is expected to have a negative impact on the Marine Wind Turbine Market in the short term due to disruptions in supply chains and delays in project development. However, the long-term outlook for the market remains positive.

Marine Wind Turbine Market Research Report—Forecast till 2034 Infographic

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