Floating Wind Power Market Size & Share, By Water Depth (Shallow Water, Transitional water, Deep Water), Turbine Capacity (Up to 3 MW, 3 MW – 5 MW, Above 5 MW), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Floating Wind Power Market exceeded USD 2.58 Billion in 2023 and is expected to exceed USD 62.91 Billion by end of the year 2032, observing around 42.6% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 2.58 Billion
• CAGR (2024-2032): 42.6%
• Forecast Year Value (2032): USD 62.91 Billion
• Historical Data Period: 2019-2023
• Largest Region: Europe
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing demand for renewable energy sources and the need to decarbonize the power sector are driving the growth of the floating wind power market. Floating wind power offers the potential to harness wind energy in deeper waters where fixed-bottom turbines are not feasible, thus expanding the geographical reach of offshore wind energy projects. Additionally, technological advancements and cost reductions in floating wind power technology are further fueling market growth.

Report Scope

Report Coverage	Details
Segments Covered	Water Depth, Turbine Capacity
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	General Electric, Vestas, Siemens Gamesa, Goldwind, Shanghai Electric Wind Power Equipment Co., ABB, Doosan Heavy Industries and Construction, Hitachi, Nordex SE, EEW, Nexans, DEME, Ming Yang Smart Energy Group Co, China), Envision, Rockwell Automation, Hyundai Motor Group, Schneider Electric, Zhejiang Windey Co.(China), Taiyuan Heavy Industry Co., Sinovel(China)

Industry Restraints:

However, the high upfront costs associated with deploying floating wind power projects remain a major restraint for market growth. The initial investment required for developing floating wind farms can be significantly higher than traditional fixed-bottom offshore wind projects, posing a barrier to widespread adoption. Additionally, regulatory challenges and permitting issues in certain regions can also hinder the growth of the floating wind power market.

Regional Forecast:

North America:

The floating wind power market in North America is expected to witness significant growth, driven by the increasing focus on clean energy sources and the abundant offshore wind resources in the region. The United States and Canada are the key markets in North America, with several projects in the pipeline. The United States, in particular, has ambitious offshore wind targets and is actively working towards developing its offshore wind capacity. The favorable regulatory environment and government support for renewable energy projects are expected to further boost the growth of the floating wind power market in North America.

2. Asia Pacific:

In Asia Pacific, countries like China, Japan, and South Korea are rapidly emerging as key players in the floating wind power market. China, with its strong commitment to reducing carbon emissions and increasing renewable energy capacity, is expected to drive significant growth in the region. Japan and South Korea are also investing in floating wind power projects to harness the potential of offshore wind resources. The supportive government policies and growing investments in clean energy infrastructure are expected to contribute to the growth of the floating wind power market in Asia Pacific.

3. Europe:

Europe, particularly countries like the United Kingdom, Germany, and France, has been at the forefront of the floating wind power market. These countries have well-established offshore wind industries and are now focusing on developing floating wind projects to further expand their renewable energy capacity. The United Kingdom, in particular, has ambitious targets for offshore wind capacity and has been actively supporting the development of floating wind projects. Germany and France are also investing in floating wind power as part of their efforts to transition to a low-carbon economy. The favorable regulatory environment and strong government support are expected to drive the growth of the floating wind power market in Europe.

Segmentation Analysis:

In terms of segmentation, the global Floating Wind Power market is analyzed on the basis of Water Depth, Turbine Capacity.

Shallow Water:

Shallow water floating wind power projects are typically located in water depths of up to 60 meters. These projects are easier and cheaper to install compared to projects in deeper waters, making them a popular choice for developers looking to enter the floating wind power market. Additionally, the technology and infrastructure required for shallow water projects are more established and readily available, further driving growth in this segment.

Transitional Water:

Floating wind power projects in transitional water, with water depths ranging from 60 to 200 meters, offer a balance between the feasibility of shallow water projects and the potential for higher energy generation in deeper waters. As technology continues to advance, transitional water projects are becoming increasingly attractive for developers seeking to maximize energy production and overall project efficiency.

Deep Water:

Deep water floating wind power projects, situated in water depths exceeding 200 meters, present significant challenges but also offer vast opportunities for renewable energy generation. The development of projects in deep water requires advanced technology and expertise, leading to higher costs and longer lead times. However, with the potential for stronger and more consistent winds, deep water projects have the capacity to generate a higher amount of energy, making them a key focus for innovation and investment in the floating wind power market.

Up to 3 MW:

Floating wind turbines with a capacity of up to 3 MW are well-suited for smaller-scale projects and initial market entry. These turbines are generally more cost-effective and easier to install, making them a popular choice for developers looking to test the waters of the floating wind power market before scaling up to larger projects. Additionally, turbines in this capacity range can be easily deployed in a variety of water depths, providing flexibility for project development.

3 MW – 5 MW:

Turbines with capacities ranging from 3 to 5 MW are considered mid-sized and are ideal for projects seeking a balance between cost-effectiveness and energy production. These turbines are commonly used in transitional water depths where they can harness stronger winds for optimal power generation. As technology continues to advance, turbines in this capacity range are expected to become more efficient and cost-competitive, driving further growth in the floating wind power market.

Above 5 MW:

Turbines with capacities exceeding 5 MW represent the next frontier in floating wind power technology, offering the potential for higher energy generation and increased project efficiency. While these turbines require more advanced technology and infrastructure, they also have the capacity to unlock new possibilities for large-scale renewable energy projects in deep water locations. As the demand for clean energy continues to rise, turbines above 5 MW are expected to play a key role in shaping the future of the floating wind power market.

Competitive Landscape:

The floating wind power market is experiencing significant growth due to increasing demand for renewable energy and advancements in technology. Major players are investing in research and development to enhance the efficiency and reliability of floating wind turbines. Competitive dynamics are characterized by collaborations and partnerships between energy companies and technology providers, aiming to capitalize on the vast offshore wind potential in deeper waters where traditional fixed-bottom turbines are unsuitable. Additionally, government policies and incentives in various countries are promoting investment in floating wind projects, leading to a surge in competition among established energy firms and new entrants alike.

Top Market Players

- Equinor

- Ørsted

- Siemens Gamesa Renewable Energy

- General Electric

- Shell

- EDP Renewables

- ABS Group

- WindFloat

- RWE Renewables

- Saipem