Floating offshore wind power refers to the deployment of wind turbines mounted on floating structures in marine environments where traditional fixed-bottom foundations are not feasible due to deep water depths or unsuitable seabed conditions. These systems enable wind energy generation in deeper waters, typically more than 50-60 meters deep, unlocking access to stronger and more consistent wind resources farther from shore.
Floating offshore wind power is primarily used by utility companies, energy developers, independent power producers and grid operators seeking renewable electricity generation. It is also employed in specific industrial applications, such as powering offshore hydrogen production or delivering electricity to remote or off-grid facilities like oil platforms or island communities.
The global floating offshore wind power market reached a value of nearly $219.18 million in 2024, having grown at a compound annual growth rate (CAGR) of 37.88% since 2019. The market is expected to grow from $219.18 million in 2024 to $1,333.37 million in 2029 at a rate of 43.49%. The market is then expected to grow at a CAGR of 68.97% from 2029 and reach $18,367.06 million in 2034.
Rising Government Funding For Decarbonization
Rising government funding for decarbonization contributed to the growth of the floating offshore wind power market in the historic period. Policymakers have recognized that large-scale renewable deployment is crucial to decarbonize the power sector and reduce greenhouse gas emissions. Consequently, public funding, tax incentives and dedicated offshore wind programs have been introduced to support research, development and early-stage project deployment. For instance, in October 2024, the U.S. Department of Energy (DOE) launched a $3 million initiative through its Industrial Efficiency and Decarbonization Office (IEDO) to enhance workforce readiness in industrial energy efficiency. The program, called the Industrial Systems Energy Efficiency Development (ISEED) Collaborative, supports training programs focused on sustainable manufacturing and decarbonization. It will fund up to six partners to develop curricula, pilot workforce solutions and expand access for underserved communities, emphasizing energy-efficient processes, electrification and low-carbon fuels.. Therefore, rising government funding for decarbonization drove the growth of the floating offshore wind power market.
Focus On Lightweight Semi-Submersible Platforms For Cost Efficiency
Major companies in the floating offshore wind power market are focusing on designing lightweight semi-submersible platforms that reduce overall project costs and improve installation efficiency. These platforms are engineered to support large turbines while minimizing structural weight, leading to lower steel usage, easier transport and reduced manufacturing costs. In August 2024, TotalEnergies, a France-based energy company, launched a floating offshore wind pilot project in the United Kingdom. The project involves installing a 3 MW (megawatts) floating wind turbine on a modular, lightweight semi-submersible floater hull designed by Ocergy. This design allows for fast assembly and optimized costs, aiming to reduce greenhouse gas emissions and enhance energy supply efficiency.
The global floating offshore wind power market is concentrated, with large players operating in the market. The top 10 competitors in the market made up 41.30% of the total market in 2024.
Floating Offshore Wind Power Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global floating offshore wind power market as it emerges from the COVID-19 shut down.
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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 history and forecasts market growth by geography. It places the market within the context of the wider floating offshore wind power market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by component, by technology, by water depth, by turbine capacity and by application.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM)
- Global Market Size And Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by component, by technology, by water depth, by turbine capacity and by application in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for floating offshore wind power providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Component: Mooring Systems; Platforms; Subsea Cables; Turbines
- 2) By Technology: Floating Wind Turbine; Hydrodynamic Floating Structure; Other Technologies
- 3) By Water Depth: Shallow Water; Transitional Water; Deep Water
- 4) By Turbine Capacity: Up To 3 MW; 3 MW - 5 MW; Above 5 MW
- 5) By Application: Hydrogen Production; Off-Grid Power Generation; Utility-Scale Power Generation
- Companies Mentioned: Equinor ASA; Orsted A/S; Vestas Wind Systems A/S; GE Vernova; Siemens Energy AG (Siemens Gamesa Renewable Energy SA)
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; floating offshore wind power indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.