Floating Offshore Wind Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Water Depth (Shallow Water, Transitional Water, and Deep Water ), By Turbine Capacity, By Region, By Competition, 2020-2030F

Description

The Global Floating Offshore Wind Power Market was valued at USD 4.27 Billion in 2024 and is projected to reach USD 13.29 Billion by 2030, growing at a CAGR of 20.65% during the forecast period. This market segment focuses on the deployment of wind turbines on floating platforms, enabling wind energy generation in deep-water regions unsuitable for fixed-bottom installations. Floating offshore wind expands access to stronger, more consistent wind resources found in deeper waters-typically beyond 60 meters-overcoming geographical limitations of traditional offshore systems. The sector includes a broad value chain involving floating platform engineers, turbine manufacturers, cable and mooring system providers, energy companies, and service operators. Floating wind technology reduces visual and acoustic impact concerns near coastlines while unlocking untapped wind resources further offshore. As a result, it is emerging as a vital component of the global transition to renewable energy.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 4.27 Billion
Market Size 2030	USD 13.29 Billion
CAGR 2025-2030	20.65%
Fastest Growing Segment	Transitional Water (30M To 60M Depth)
Largest Market	North America

Key Market Drivers

Increasing Global Demand for Renewable Energy and Net-Zero Commitments

A major growth driver for the Floating Offshore Wind Power Market is the escalating demand for renewable energy, driven by global efforts to achieve net-zero emissions. As climate change concerns intensify, many countries are adopting ambitious policies to reduce reliance on fossil fuels, positioning offshore wind as a key solution. Floating wind technology enables energy generation in deeper coastal waters, unlocking previously inaccessible wind potential. Nations with deep-sea coastlines-such as Japan, the U.S., Norway, South Korea, and the U.K.-are especially poised to benefit. Governments are supporting the market through regulatory incentives, auctions, and subsidies to accelerate adoption. In Europe, the EC aims for 300 GW of offshore wind by 2050, with floating platforms playing a critical role. U.S. initiatives, including federal lease programs and infrastructure funding, further catalyze market growth. Floating wind's scalability supports large utility projects and growing interest in corporate PPAs, aligning with ESG goals and reinforcing investment flows into the sector.

Key Market Challenges

High Capital Expenditure and Cost Uncertainty

A critical challenge for the floating offshore wind sector is the high CAPEX involved in deploying and operating installations in deep-sea environments. Floating wind farms demand advanced technologies, robust mooring systems, and resilient substructures to endure marine conditions-resulting in higher construction, logistics, and installation costs. Compared to more mature fixed-bottom offshore wind technology, floating solutions are still in early stages, limiting opportunities for cost reductions through economies of scale. Additionally, diverse prototype platforms-like spar-buoy, semi-submersible, and tension leg designs-contribute to pricing variability. Long project payback periods and limited standardization add further financial uncertainty, deterring new entrants and private investors, especially in markets lacking consistent subsidies or policy frameworks.

Key Market Trends

Increasing Investments and Government Support for Floating Wind Projects

The floating offshore wind industry is witnessing a surge in investment and policy support, accelerating commercialization and deployment. Governments across Europe, Asia-Pacific, and North America are prioritizing floating wind to meet decarbonization targets, particularly in deep-water regions unsuitable for fixed foundations. The EU's 2030 goal of 60 GW offshore capacity, along with initiatives in the U.K., France, Norway, and Japan, are spurring pilot projects and offering financial mechanisms such as CfDs and research funding. Collaborative efforts-like Equinor's Hywind Tampen or U.S. federal leasing programs-demonstrate growing public-private partnerships. Simultaneously, capital inflows from venture and corporate investors are supporting developers like Principle Power and BW Ideol. Investments are also being channeled into upgrading port infrastructure and localizing supply chains. Strategic alliances with oil and gas firms transitioning to renewables, including Shell, BP, and TotalEnergies, reflect heightened industry engagement and are propelling the market toward rapid, scalable growth.

Key Market Players

Equinor ASA
Orsted A/S
Principle Power Inc.
Hexicon AB
Saitec Offshore Technologies
Floating Power Plant A/S
GE Renewable Energy
Siemens Gamesa Renewable Energy S.A.
Aker Solutions ASA
TotalEnergies SE

Report Scope:

In this report, the Global Floating Offshore Wind Power Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Floating Offshore Wind Power Market, By Water Depth:

Shallow Water (Less Than 30 M Depth)
Transitional Water (30 M To 60 M Depth)
Deep Water (Higher Than 60 M Depth)

Floating Offshore Wind Power Market, By Turbine Capacity:

Up to 3 MW
3 MW - 5 MW
Above 5 MW

Floating Offshore Wind Power Market, By Region:

North America
- United States
- Canada
- Mexico
Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
South America
- Brazil
- Argentina
- Colombia
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
- Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Floating Offshore Wind Power Market.

Available Customizations:

Global Floating Offshore Wind Power Market report with the given Market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
1.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
- 2.5.1. Secondary Research
- 2.5.2. Primary Research
2.6. Approach for the Market Study
- 2.6.1. The Bottom-Up Approach
- 2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
- 2.8.1. Data Triangulation & Validation

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Floating Offshore Wind Power Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Water Depth (Shallow Water (Less Than 30 M Depth), Transitional Water (30 M To 60 M Depth), and Deep Water (Higher Than 60 M Depth))
- 5.2.2. By Turbine Capacity (Up to 3 MW, 3 MW - 5 MW, and Above 5 MW)
- 5.2.3. By Region
5.3. By Company (2024)
5.4. Market Map

6. North America Floating Offshore Wind Power Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Water Depth
- 6.2.2. By Turbine Capacity
- 6.2.3. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Floating Offshore Wind Power Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Water Depth
    - 6.3.1.2.2. By Turbine Capacity
- 6.3.2. Canada Floating Offshore Wind Power Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Water Depth
    - 6.3.2.2.2. By Turbine Capacity
- 6.3.3. Mexico Floating Offshore Wind Power Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Water Depth
    - 6.3.3.2.2. By Turbine Capacity

7. Europe Floating Offshore Wind Power Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Water Depth
- 7.2.2. By Turbine Capacity
- 7.2.3. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Floating Offshore Wind Power Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Water Depth
    - 7.3.1.2.2. By Turbine Capacity
- 7.3.2. United Kingdom Floating Offshore Wind Power Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Water Depth
    - 7.3.2.2.2. By Turbine Capacity
- 7.3.3. Italy Floating Offshore Wind Power Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Water Depth
    - 7.3.3.2.2. By Turbine Capacity
- 7.3.4. France Floating Offshore Wind Power Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Water Depth
    - 7.3.4.2.2. By Turbine Capacity
- 7.3.5. Spain Floating Offshore Wind Power Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Water Depth
    - 7.3.5.2.2. By Turbine Capacity

8. Asia-Pacific Floating Offshore Wind Power Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Water Depth
- 8.2.2. By Turbine Capacity
- 8.2.3. By Country
8.3. Asia-Pacific: Country Analysis
- 8.3.1. China Floating Offshore Wind Power Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Water Depth
    - 8.3.1.2.2. By Turbine Capacity
- 8.3.2. India Floating Offshore Wind Power Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Water Depth
    - 8.3.2.2.2. By Turbine Capacity
- 8.3.3. Japan Floating Offshore Wind Power Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Water Depth
    - 8.3.3.2.2. By Turbine Capacity
- 8.3.4. South Korea Floating Offshore Wind Power Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Water Depth
    - 8.3.4.2.2. By Turbine Capacity
- 8.3.5. Australia Floating Offshore Wind Power Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Water Depth
    - 8.3.5.2.2. By Turbine Capacity

9. South America Floating Offshore Wind Power Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Water Depth
- 9.2.2. By Turbine Capacity
- 9.2.3. By Country
9.3. South America: Country Analysis
- 9.3.1. Brazil Floating Offshore Wind Power Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Water Depth
    - 9.3.1.2.2. By Turbine Capacity
- 9.3.2. Argentina Floating Offshore Wind Power Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Water Depth
    - 9.3.2.2.2. By Turbine Capacity
- 9.3.3. Colombia Floating Offshore Wind Power Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Water Depth
    - 9.3.3.2.2. By Turbine Capacity

10. Middle East and Africa Floating Offshore Wind Power Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Water Depth
- 10.2.2. By Turbine Capacity
- 10.2.3. By Country
10.3. Middle East and Africa: Country Analysis
- 10.3.1. South Africa Floating Offshore Wind Power Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Water Depth
    - 10.3.1.2.2. By Turbine Capacity
- 10.3.2. Saudi Arabia Floating Offshore Wind Power Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Water Depth
    - 10.3.2.2.2. By Turbine Capacity
- 10.3.3. UAE Floating Offshore Wind Power Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Water Depth
    - 10.3.3.2.2. By Turbine Capacity
- 10.3.4. Kuwait Floating Offshore Wind Power Market Outlook
  - 10.3.4.1. Market Size & Forecast
    - 10.3.4.1.1. By Value
  - 10.3.4.2. Market Share & Forecast
    - 10.3.4.2.1. By Water Depth
    - 10.3.4.2.2. By Turbine Capacity
- 10.3.5. Turkey Floating Offshore Wind Power Market Outlook
  - 10.3.5.1. Market Size & Forecast
    - 10.3.5.1.1. By Value
  - 10.3.5.2. Market Share & Forecast
    - 10.3.5.2.1. By Water Depth
    - 10.3.5.2.2. By Turbine Capacity

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Company Profiles

13.1. Equinor ASA
- 13.1.1. Business Overview
- 13.1.2. Key Revenue and Financials
- 13.1.3. Recent Developments
- 13.1.4. Key Personnel/Key Contact Person
- 13.1.5. Key Product/Services Offered
13.2. Orsted A/S
13.3. Principle Power Inc.
13.4. Hexicon AB
13.5. Saitec Offshore Technologies
13.6. Floating Power Plant A/S
13.7. GE Renewable Energy
13.8. Siemens Gamesa Renewable Energy S.A.
13.9. Aker Solutions ASA
13.10. TotalEnergies SE