PUBLISHER: The Business Research Company | PRODUCT CODE: 1760114
PUBLISHER: The Business Research Company | PRODUCT CODE: 1760114
Floating offshore wind refers to wind turbines mounted on floating platforms, enabling their deployment in deeper waters where traditional fixed-bottom turbines cannot be used. This technology is designed to capture wind energy in regions with higher wind speeds, extending the potential for offshore wind power generation beyond shallow coastal areas.
The key components of floating offshore wind systems include turbines, floating structures, subsea cables, and additional components. A turbine is a rotating mechanical device that harnesses energy from fluid flow and converts it into useful work. These systems are applied in various environments, such as shallow, deep, and transitional waters, and are used for purposes such as commercial power generation, research and development, and other applications.
The floating offshore wind market research report is one of a series of new reports from The Business Research Company that provides floating offshore wind market statistics, including floating offshore wind industry global market size, regional shares, competitors with a floating offshore wind market share, floating offshore wind market segments, market trends and opportunities, and any further data you may need to thrive in the floating offshore wind industry. This floating offshore wind 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 market size has grown exponentially in recent years. It will grow from $1.46 billion in 2024 to $2.82 billion in 2025 at a compound annual growth rate (CAGR) of 92.5%. The growth during the historical period can be credited to a heightened focus on clean energy, rising energy demand, and sustainability, along with an increasing need for energy security and diversification, greater acceptance of stability and versatility, and a growing demand for sustainable energy solutions.
The floating offshore wind market size is expected to see exponential growth in the next few years. It will grow to $38.46 billion in 2029 at a compound annual growth rate (CAGR) of 92.2%. The growth expected in the forecast period is driven by government policies and regulations, carbon reduction goals, environmental advantages, energy security and independence, and increased private sector investment. Key trends in the forecast period include digital twin technology, next-generation floating platforms, AI-powered predictive maintenance, innovations in dynamic cables, and advanced mooring systems.
The increasing demand for renewable energy is expected to drive the growth of the floating offshore wind market in the future. Renewable energy refers to energy derived from natural sources that are replenished over time, such as sunlight, wind, rain, tides, waves, and geothermal heat. The rising demand for renewable energy is largely driven by the need to reduce carbon emissions by replacing fossil fuels such as coal, oil, and natural gas, which are major contributors to greenhouse gases such as carbon dioxide (CO2). Floating offshore wind contributes to renewable energy by capturing wind power in deeper ocean waters, where traditional fixed turbines cannot be deployed, thus greatly expanding the potential for clean energy generation in areas with strong, consistent winds. For example, a report from the Energy Information Administration published in February 2024 highlighted that solar capacity in the U.S. is expected to grow by 30% (31 GW) in 2024, while U.S. wind capacity is projected to increase by 5% annually, adding 6 GW in 2023 and 7 GW in 2024. As a result, the growing demand for renewable energy is driving the floating offshore wind market.
Companies in the floating offshore wind market are focusing on technological innovations, such as floating offshore wind technology, to improve efficiency, scalability, and cost-effectiveness. Floating offshore wind technology involves generating electricity from wind energy by mounting turbines on floating structures that are anchored to the seabed. For instance, in March 2025, Saipem S.p.A., an Italy-based oilfield services company, introduced Star1, a semi-submersible floating wind foundation designed to support next-generation offshore turbines over 20 MW. This technology features a steel semi-submersible design with three arms for increased stability, optimized mooring loads, and the ability to support turbines exceeding 20 MW, which are ready for FEED and deployment in projects such as Sicily's 7 Seas Med (800 GWh/year) and Sardinia's Ichnusa Wind Power (1.6 TWh/year).
In July 2024, Archer Limited, a Norway-based oilfield services company, acquired Moreld Ocean Wind (MOW) for an undisclosed sum. This acquisition allows Archer to expand its energy services portfolio and support its clients' energy transition goals by entering and capitalizing on the growing floating offshore wind market. Moreld Ocean Wind, based in Norway, specializes in floating offshore wind solutions.
Major players in the floating offshore wind market are Equinor ASA, Hitachi Ltd., Iberdrola S.A., Mitsubishi Heavy Industries, ABB Limited, Orsted A/S, Prysmian S.p.A., Shanghai Electric Group Company Limited, Siemens Gamesa Renewable Energy S.A., Goldwind Science & Technology Co Ltd., Guangdong Mingyang Smart Energy Group Co Ltd., General Electric (GE) Renewable Energy, Aker Solutions ASA, Global Energy (Group) Limited, Vattenfall AB, Envision Energy Limited, Principle Power Inc., Naval Energies SAS, Doosan Heavy Industries & Construction Company Limited, BW Ideol AS.
Europe was the largest region in the floating offshore wind market in 2024. The regions covered in floating offshore wind report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the floating offshore wind market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The floating offshore wind market consists of revenues earned by entities by providing services such as design and engineering services, manufacturing, fabrication, installation, and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The floating offshore wind market also includes sales of floating foundations, mooring systems, substations, installation vessels and equipment, and maintenance and inspection tools. 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 or 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 and 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 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 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 ? 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 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.