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Floating Wind Power Market

Global Floating Wind Power Market Size, Share, Analysis: By Water Depth: Shallow Water (<30 metre), Transitional Water (30 - 60 metre), Deep Water (> 60 metre); By Turbine Capacity: Up to 3 MW, 3 MW- 5MW, Above 5 MW; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 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

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:

  • Water Depth
  • Turbine Capacity
  • Region
Breakup by Water Depth
  • Shallow Water (<30 metre)
  • Transitional Water (30 - 60 metre)
  • Deep Water (> 60 metre)
Breakup by Turbine Capacity
  • Up to 3 MW
  • 3 MW- 5MW
  • Above 5 MW
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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

 

*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

Key Questions Answered in the Report

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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