Global Floating Wind Power Market Report and Forecast 2024-2032

Global Floating Wind Power Market Outlook

The global floating wind power market size was approximately USD 2.78 billion in 2023. The market is further projected to grow at a CAGR of 35.8% between 2024 and 2032, reaching a value of USD 48.52 billion by 2032.

Key Trends in the Market

Floating wind turbines are installed over floating structures and stabilised by moorings and anchors. The way the structure's design distributes masses and weights makes up the floating wind farm. The concrete, steel, or hybrid foundation that provides buoyancy and stability for the installed wind turbine is known as a floating offshore wind platform (FOWP).

• The ambitious goals of various governments to reduce carbon emissions and achieve carbon neutrality are aiding the floating wind power market growth. The increasing power consumption by consumers and the rising investments by governments of several countries in the renewable energy sector are fostering the adoption of renewable energy sources such as solar and wind, supporting the market expansion.

• As floating turbines and platforms can be constructed and installed on land and then towed to the offshore installation site, several advantages, such as the possibility of minimal environmental impact and ease of manufacture and installation are provided, boosting the market growth.

• Rapid advancements such as aerodynamic upgrades, development of enhanced stability systems, and scaling up of floating wind farms are helping in enhancing the efficiency, stability, and scalability of turbines, which drives the market demand.

Floating Wind Power Market Segmentation

Based on water depth, the market is classified into shallow water (<30 metre), transitional water (30-60 metre), and deep water (>60 metre). On the basis of turbine capacity, the market can be divided into up to 3 MW, 3 MW- 5 MW, and above 5 MW. The major regional markets for floating wind power are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the floating wind power market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Siemens Gamesa Renewable Energy, S.A.U. 

• Vestas Wind Systems A/S 

• Equinor ASA 

• General Electric Co. 

• Doosan Enerbility Co. Ltd. 

• BW Ideol AS 

• Goldwind Science & Technology Co., Ltd. 

• Marubeni Corporation  

• Flowocean AB 

• OW OFFSHORE S.L. 

• Others

Market Share by Turbine Capacity

As per the floating wind power market analysis, the 3 MW–5 MW segment holds a significant share of the market in terms of turbine capacity. The average capacity of recently constructed wind turbines in the United States in 2022 stood at 3.2 megawatts (MW), marking an increase of 7% from 2021 and 350% from 1998–1999. The percentage of turbines of 3.5 MW or greater increased in 2021–2022, as did the number of turbines installed in the 2.75–3.5 MW range. Lower costs are ultimately achieved because fewer turbines are required to produce the same quantity of energy across a wind farm when the capacity of the turbines is higher.

Market Share by Region

North America holds a significant floating wind power market share due to massive government investments, construction of floating wind power projects such as the US east coast floating wind farm, floating wind farms on the west coast, and the provision of incentives to households utilising renewable energy sources. With bold plans to add 15 GW of floating wind power by 2035 and 110 GW of offshore wind by 2050, the United States is laying the groundwork to significantly boost its green economy, supporting the market expansion in North America and bolstering the overall floating wind power market demand.

Competitive Landscape

Siemens Gamesa Renewable Energy, S.A.U. is a global leader in the renewable energy sector and offers the best offshore and onshore wind turbines and related services worldwide. With constant innovation, a commitment to technological excellence, and solutions tailored to each project application, the company has installed around 130 GW globally.

General Electric Co., founded in 1892, is a leading global provider of energy and offers services, solutions, and equipment throughout the whole energy value chain, from production to consumption. The company has its shares listed on the New York Stock Exchange with the ticker symbol GE (NYSE: GE).

BW Ideol AS is one of the leading providers of energy transportation and infrastructure services across the energy value chain. The company also specialises in floating wind power, renewable energy, and offshore platforms, among others. BW Ideol AS was founded in 2010 and is headquartered in Provence-Alpes-Côte d'Azur, France.

Other key players in the floating wind power market include Vestas Wind Systems A/S, Equinor ASA, Doosan Enerbility Co. Ltd., Goldwind Science & Technology Co., Ltd., Marubeni Corporation, Flowocean AB, and OW OFFSHORE S.L., among others.

Key Highlights of the Report