What Has Been The Evolution of the Floating Wind Power Market in Recent Years?
The floating wind power market has seen considerable growth due to a variety of factors.
• The market size of floating wind power has seen significant expansion in recent years. The market is projected to increase from $4.91 $ billion in 2024 to $6.6 billion in 2025, with a compound annual growth rate (CAGR) of 34.4%.
The surge experienced in the historic period is due to factors such as growing demand for renewable energy, an upswing in supportive government policies and incentives, a decrease in carbon emissions, amplified investments in clean energy infrastructure, and the encouragement of energy diversification to lessen reliance on fossil fuels.
How Will the Floating Wind Power Market?
The floating wind power market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for floating wind power is predicted to experience dramatic growth in the forthcoming years. The market is projected to escalate to $21.4 billion by 2029, with a compound annual growth rate (CAGR) of 34.2%.
Factors contributing to the growth during the forecast period include declining costs of offshore setups, government policies that support it, increased need for energy, the potential expansion of offshore wind power, burgeoning investments in renewables, and an escalating requirement to cut carbon emissions. Notable trends within the forecast period entail advancements in the capacity of larger turbines, improved designs for floating platforms, integration with hydrogen production, enhancements in mooring and anchoring systems, and broadened deployment in deeper water regions.
Which Factors Are Boosting Growth In The Floating Wind Power Market?
As the demand for renewable energy rises, it is projected to stimulate the growth of the floating wind power market. This type of energy comes from natural sources that renew over time, including sunlight, wind, rain, tides, waves, and geothermal heat. With its roots in naturally renewable sources like solar, wind, hydro, geothermal, and biomass, renewable energy serves as a sustainable and eco-friendly alternative to fossil fuels. The use of floating wind power advances renewable energy by making it possible to generate electricity in deep offshore waters where the winds are stronger, and thus the energy output is higher. This opens up the potential for clean, renewable energy on a global scale. For example, the France-based International Energy Agency (IEA) has reported that in 2023, the global annual additions to renewable capacity increased by almost 50% to about 510 gigawatts (GW), which represents the fastest growth rate over the past twenty years. By 2028, the global renewable capacity is expected to reach 7,300 GW. For these reasons, the growing demand for renewable energy is fueling the expansion of the floating wind power market.
What Key Areas Define The Segmentation Of The Global Floating Wind Power Market?
The floating wind powermarket covered in this report is segmented –
1) By Foundation Type: Spar-Buoy Foundation, Tension-Leg Platform (TLP) Foundation, Semi-Submersible Foundation, Other Foundations
2) By Turbine Capacity: Up To 3 MW, 3 MW - 5 MW, Above 5 MW
3) By Water Depth: Shallow Water, Transitional Water, Deep Water
Subsegments:
1) By Spar-Buoy Foundation: Deep Water Spar Buoy Systems, Concrete Spar Buoy Foundations, Floating Turbines With Spar Buoy Anchoring, Hybrid Spar-Buoy Solutions, Lightweight Spar Buoy Designs
2) By Tension-Leg Platform (TLP) Foundation: Concrete TLP Foundations, Floating TLP For Deepwater Applications, Anchor-Based TLP Systems, Hybrid TLP Solutions With Concrete And Steel, TLP With Mooring Systems For Wind Turbines
3) By Semi-Submersible Foundation: Concrete Semi-Submersible Platforms, Steel Semi-Submersible Designs, Subsea Buoyancy-Based Semi-Submersible Platforms, Flexible Semi-Submersible Designs, Hybrid Semi-Submersible Platforms For Shallow And Deep Waters
4) By Other Foundations: Concrete Gravity-Based Foundations, Hybrid Floating Foundations, Submerged Buoy And Pontoon Systems, Mooring And Anchoring Solutions For Floating Wind, Innovative Foundation Designs For Harsh Marine Environments
Pre-Book The Floating Wind Power Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Reshaping The Future Of The Floating Wind Power Market?
Established corporations in the floating wind power market are engineering floating wind turbine platforms, which are designed to exploit offshore wind energy in areas of deep water where regular fixed-bottom turbines can't be utilized. This expansion improves renewable energy capability and stimulates innovation in eco-friendly energy solutions. The design of a floating wind turbine platform includes a singular floating structure with two mounted rotors to enhance energy absorption and stability in offshore settings. For example, Mingyang Smart Energy, a renewable energy firm in China, launched the largest twin-rotor floating wind turbine platform, Ocean X, in July 2024. This platform comprises two MySE8.3-180 hybrid drive wind turbines, each providing a capacity of 8.3 MW, taking the total capacity of the platform to 16.6 MW. Ocean X minimizes the levelized cost of energy (LCOE) by optimizing aerodynamic efficiency and reducing material usage. The platform also employs advanced anti-typhoon technology for substantial resilience in challenging maritime conditions. These advancements are posed to boost the effectiveness and application of offshore wind projects, delivering substantial energy yield and cost advantages.
Who Are the Key Players In The Floating Wind Power Market?
Major companies operating in the floating wind power market are:
• TotalEnergies SE
• Mitsubishi Corporation
• Engie SA
• Hitachi Ltd.
• General Electric Company
• Schneider Electric SE
• Siemens Energy AG
• ABB Ltd.
• Hyundai Engineering & Construction Co. Ltd.
• Shanghai Electric Wind Power Equipment Co.
• Vestas Wind Systems A/S
• Nexans S.A.
• Rockwell Automation Inc.
• Goldwind Science & Technology Co. Ltd.
• Nordex SE
• DEME Group
• Taiyuan Heavy Industry Co. Ltd.
• Suzlon Energy Limited
• Envision Group
• Sinovel Wind Group Co. Ltd.
• EEW Group
• Ming Yang Wind Power Group Limited
• Doosan Group
• BW Ideol AS
• Flowocean AB
What Is The Most Dominant Region In The Floating Wind Power Market?
Europe was the largest region in the floating wind power market in 2024. The regions covered in the floating wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
