Floating Wind Power Market: Current Analysis and Forecast (2022-2028)

Floating Wind Power refers to a technology that enables the deployment of wind turbines in deep offshore waters where the water depth exceeds the maximum depth that traditional fixed-bottom foundations can support. Floating wind turbines are mounted on a floating structure such as a spar, barge, semi-sub miserable, and others that allow them to operate in deep waters. Where wind speeds are typically higher and more consistent, increasing the amount of electricity generation.

The Floating Wind Power Market is expected to grow at a skyrocketing rate of around 31.9% owing to the positioning of floating wind power as an effective alternative to onshore wind power generation. For instance, The Hornsea Phase 2 offshore wind farm will become the largest wind farm in the world, when operational in 2022. It will generate 1.3GW of green energy from 165 8MW wind turbines, which is enough to supply 1.4 million homes in the U.K. Additionally, factor such as ease of supply chain limitations within the wind power generation components industry also leads to the growth of the market.

Based on platform, the floating wind power market is segmented into the barge, semi-submersible, spar, and tension-leg platform (TLP). Semi-submersible is expected to grow significantly during the forecast period. This is mainly because Semi-submersible platforms provide stability in rough seas, which is important for offshore wind installations. They are also able to support large wind turbines and other equipment required for wind power generation. Thus, such factors are escalating the growth of the platforms which will increase the market growth of floating wind power.

Based on Plant Capacity, the floating wind power market is segmented into 0.1 - 3 GW, 3.1 - 6 GW, and Above 6 GW. 3.1-6 GW is expected to grow with a significant CAGR during the forecasted period. This is mainly due to factors such as larger capacity floating wind power projects tend to be more stable in rough sea conditions, which improve the reliability of the energy production and increase the project lifespan. Additionally, the size of the project decreases the cost of energy production which helps to meet the energy demands of a larger population or industry. Thus, such factors lead to the increasing use of floating wind power in the market.

For a better understanding of the market adoption of the floating wind power industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. This is because of favorable wind conditions, the need for renewable energy, technological expertise, and others available in the region. Such factors help in increasing the use of floating wind power in the European region. Additionally, Europe has the best wind resources in the world, particularly in coastal areas such as the Baltic Sea, the North Sea, the North East Atlantic Ocean, the Mediterranean Sea, the Black Sea, and the outermost regions. Thus, making the European Union set ambitious targets to reduce greenhouse gas emissions and increase the share of renewable energy in its energy mix. Furthermore, many major players are driving investment in floating wind power projects, as companies seek to meet their sustainability targets and reduce their carbon footprint. For instance, in April 2022, Repsol and Ørsted developed offshore wind projects. Aimed to have 3GW of floating offshore wind capacity installed by 2030.

Some of the major players operating in the market include: Siemens Gamesa Renewable Energy, S.A.; Vestas; MITSUBISHI HEAVY INDUSTRIES, LTD.; Principle Power Inc.; GENERAL ELECTRIC; Equinor ASA; Hexicon; Suzlon Energy Limited; Aker Offshore Wind; Naval Group.