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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.
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).
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.
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.
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.
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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Water Depth |
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Breakup by Turbine Capacity |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Floating Wind Power Market Analysis
8.1 Key Industry Highlights
8.2 Global Floating Wind Power Historical Market (2018-2023)
8.3 Global Floating Wind Power Market Forecast (2024-2032)
8.4 Global Floating Wind Power Market by Water Depth
8.4.1 Shallow Water (<30 metre)
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Transitional Water (30 - 60 metre)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Deep Water (> 60 metre)
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Floating Wind Power Market by Turbine Capacity
8.5.1 Up to 3 MW
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 3 MW- 5MW
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Above 5 MW
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Floating Wind Power Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Floating Wind Power Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Floating Wind Power Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Floating Wind Power Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Floating Wind Power Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Floating Wind Power Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Siemens Gamesa Renewable Energy, S.A.U.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Vestas Wind Systems A/S
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Equinor ASA
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 General Electric Co.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Doosan Enerbility Co. Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 BW Ideol AS
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Goldwind Science & Technology Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Marubeni Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Flowocean AB
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 OW OFFSHORE S.L.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Figures and Tables
1. Global Floating Wind Power Market: Key Industry Highlights, 2018 and 2032
2. Global Floating Wind Power Historical Market: Breakup by Water Depth (USD Billion), 2018-2023
3. Global Floating Wind Power Market Forecast: Breakup by Water Depth (USD Billion), 2024-2032
4. Global Floating Wind Power Historical Market: Breakup by Turbine Capacity (USD Billion), 2018-2023
5. Global Floating Wind Power Market Forecast: Breakup by Turbine Capacity (USD Billion), 2024-2032
6. Global Floating Wind Power Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Floating Wind Power Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Floating Wind Power Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Floating Wind Power Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Floating Wind Power Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Floating Wind Power Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Floating Wind Power Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Floating Wind Power Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Floating Wind Power Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Floating Wind Power Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Floating Wind Power Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Floating Wind Power Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Floating Wind Power Market Structure
In 2023, the market reached an approximate value of USD 2.78 billion.
The market is expected to grow at a CAGR of 35.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 48.52 billion by 2032.
The market is being driven by the various advantages associated with floating wind power, such as the possibility of minimal environmental impact and ease of manufacture and installation, and the rising investments by various governments towards the renewable energy sector.
The key trends of the market include advancements in floating wind power technologies such as aerodynamic upgrades, enhanced stability systems, and scaling up of floating wind farms, and the increasing initiatives by various governments to reduce carbon emissions and achieve carbon neutrality.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different segments based on the water depth include shallow water (<30 metre), transitional water (30-60 metre), and deep water (>60 metre).
The major players in the market are 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, and OW OFFSHORE S.L., among others.
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