Offshore wind set for 15% annual growth as investment accelerates

China leads APAC deployment as Japan, South Korea, Taiwan, and Australia expand pipelines.

The global offshore wind market is projected to grow to $208.33b by 2035 from $57.51b in 2026, supported by larger turbine deployment, expanded offshore infrastructure, and rising investments in renewable power generation, according to MarketsandMarkets.

The sector is expected to expand at a compound annual growth rate of 15.4% between 2026 and 2035 as governments, utilities, and developers increase investments in offshore wind projects.

Asia-Pacific is expected to be the fastest-growing offshore wind market through 2035, supported by expansion in China, Taiwan, Japan, South Korea, and Australia.

China continues to lead regional development through large-scale offshore wind deployment and domestic manufacturing capacity, whilst Taiwan, Japan, and South Korea are expanding project pipelines through renewable energy programmes and offshore infrastructure investment.

Expansion in offshore wind is also increasing demand for offshore substations, subsea cables, high-voltage alternating current systems, high-voltage direct current networks, and smart grid technologies to transmit electricity from wind farms to onshore grids.

Turbine technology is a key growth driver, with developers increasingly deploying high-capacity turbines ranging from 12 megawatts (MW) to more than 15 MW.

Larger turbines allow developers to increase energy output, reduce the number of turbines required per project, and lower installation costs.

The 10–15MW turbine segment is expected to dominate the market during the forecast period, supported by its balance of power output, supply chain maturity, and project economics. Meanwhile, turbines above 15MW are projected to record the fastest growth.

The shallow-water segment is forecast to remain the largest part of the market due to the continued deployment of fixed-bottom offshore wind farms.

“Shallow-water offshore wind projects benefit from established foundation technologies such as monopiles and gravity-based structures, which offer lower installation costs, proven operational reliability, and well-developed supply chains,” the report said.

The deep-water segment is projected to grow at the fastest pace as countries expand offshore wind development into deeper coastal areas using floating platforms and other advanced foundation technologies.