PUBLISHER: The Business Research Company | PRODUCT CODE: 1730869
PUBLISHER: The Business Research Company | PRODUCT CODE: 1730869
Floating offshore wind power is a renewable energy technology that utilizes wind turbines mounted on floating platforms instead of being directly fixed to the seabed. These platforms are anchored to the ocean floor using mooring lines, allowing turbines to operate in deeper waters where conventional fixed-bottom structures are impractical. This technology provides access to stronger and more consistent wind resources far offshore, enhancing wind power generation efficiency and capacity while reducing environmental and visual impacts near coastal areas.
The key components of floating offshore wind power systems include mooring systems, platforms, subsea cables, and turbines. Mooring systems secure floating wind turbines to the seabed using chains, wires, or synthetic ropes, ensuring stability against strong winds and ocean currents across various water depths. The primary technologies involved in floating offshore wind power include floating wind turbines, hydrodynamic floating structures, and other emerging innovations. These systems operate in shallow, transitional, and deep waters, with turbine capacities classified as up to 3 MW, 3 MW-5 MW, and above 5 MW. Floating offshore wind power is utilized for applications such as hydrogen production, off-grid power generation, and utility-scale power generation.
The floating offshore wind power market research report is one of a series of new reports from The Business Research Company that provides floating offshore wind power market statistics, including floating offshore wind power industry global market size, regional shares, competitors with a floating offshore wind power market share, detailed floating offshore wind power market segments, market trends and opportunities, and any further data you may need to thrive in the floating offshore wind power industry. This floating offshore wind power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The floating offshore wind power market size has grown exponentially in recent years. It will grow from $1.21 billion in 2024 to $1.50 billion in 2025 at a compound annual growth rate (CAGR) of 23.4%. The growth observed in the historic period can be attributed to technological advancements in floating wind turbine designs, government incentives for renewable energy, increased investments in offshore wind energy, rising environmental concerns over fossil fuels, and the expansion of offshore wind projects into deeper waters.
The floating offshore wind power market size is expected to see exponential growth in the next few years. It will grow to $3.43 billion in 2029 at a compound annual growth rate (CAGR) of 23.0%. The projected growth in the forecast period is expected to be driven by the rising demand for clean energy, improvements in floating platform stability and efficiency, increased private and public investments in offshore wind farms, supportive regulatory frameworks, and declining costs of floating wind technology. Key trends anticipated during this period include the integration of AI and IoT for wind farm optimization, the development of larger and more efficient floating turbines, the increasing adoption of hybrid renewable energy systems, growing collaborations between energy firms and technology providers, and the expansion of floating wind projects into deeper and more challenging waters.
The growing demand for renewable energy is expected to drive the expansion of the floating offshore wind power market in the future. Renewable energy is derived from natural sources that are continuously replenished, such as sunlight, wind, rain, tides, geothermal heat, and biomass. This increased demand is primarily driven by the need to reduce greenhouse gas emissions and combat climate change. As the detrimental effects of fossil fuel consumption, including air pollution and rising global temperatures, become more apparent, governments, businesses, and individuals are seeking cleaner energy alternatives. For example, in December 2024, Eurostat, a UK-based government agency, reported that renewable energy accounted for 24.5% of the European Union's total energy consumption in 2023, up from 23.0% in 2022. Thus, the growing demand for renewable energy is fueling the growth of the floating offshore wind power market.
Leading companies in the floating offshore wind power market are focusing on developing innovative solutions, such as floating wind farm clusters, to optimize energy production and reduce costs. These wind farm clusters enable multiple turbines to share essential infrastructure such as mooring systems and subsea cables, thereby increasing efficiency and scalability. For instance, in March 2025, ECO TLP, a US-based company specializing in deep-water offshore wind tension leg platforms (TLPs), introduced a new floating offshore wind turbine platform aimed at improving efficiency and scalability in offshore wind energy production. The platform incorporates advanced stability features, enabling deployment in deeper waters and reducing both installation and maintenance costs. This innovation is designed to enhance the economic viability of floating wind farms, accelerating the transition to renewable energy.
In November 2024, TechnipFMC, a UK-based technology company, partnered with Prysmian to enhance project delivery through an integrated engineering, procurement, construction, and installation model. This collaboration seeks to speed up the development of floating offshore wind projects by providing a comprehensive, integrated solution. Prysmian, an Italy-based manufacturing company, plays a significant role in the development of floating offshore wind power, contributing innovative cable solutions to support the growth of this emerging sector.
Major players in the floating offshore wind power market are Equinor ASA, Iberdrola S.A., RWE, Vestas Wind Systems A/S, Doosan Corporation, Siemens Gamesa, Orsted A/S, Nexans SA, TechnipFMC plc, Nordex SE, SBM Offshore, MODEC Inc., Ming yang Smart Energy Group, DNV AS, Hitachi ABB, Naval Energies, Ocean Winds, BW Ideol, Gazelle Wind Power Limited, Principle Power.
Europe was the largest region in the floating offshore wind power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in floating offshore wind power report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the floating offshore wind power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The floating offshore wind power market consists of revenues generated by entities by providing services such as production, installation, and maintenance of floating wind turbines. The market value includes the value of related goods sold by the service provider or contained within the service offering. The floating offshore wind power market also includes sales of floating platforms, anchoring and mooring systems, subsea cables, electrical infrastructure, and advanced control systems that ensure the efficient operation of floating 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 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.
Floating Offshore Wind Power Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on floating offshore wind power market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for floating offshore wind power ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The floating offshore wind power market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.