Floating Offshore Wind Energy Market Size - By Axis (Horizontal, Vertical), By Component (Blades, Tower), By Depth (≤ 30 m, >30 m to 50 m, > 50 m), By Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, > 12 MW), & Forecast, 2025 – 2034

Floating Offshore Wind Energy Market Size

The global floating offshore wind energy market size was valued at USD 367.7 million in 2024 and is anticipated to reach USD 7.69 billion by 2034, growing at a CAGR of 31.5% from 2025 to 2034. The industry is primarily driven by favorable measures including set tariffs, technology-specific quotas, and auctions. Several countries including China, Denmark, France, Germany, Japan, the Netherlands, and the UK are introducing substantial steps to accelerate the business growth. For instance, in November 2023, Portugal kicked off its preparatory process for the first auction of licenses of wind farms by mid-November 2023, to support low carbon projects including offshore wind and enhance the renewables deployment.
 

Growing electricity demand, the production of power has increased exponentially. For instance, as per the International Energy Agency (IEA), in 2024, the net electricity generation accounted to more than 8,592 TWh, resulting in increased GHG footprints, thereby accelerating the demand for clean energy. Furthermore, the continuous upsurge in the renewable power demand along with rising emission concerns have shifted the interest toward sustainable sources.
 

The floating offshore wind energy market is primarily driven by favorable measures including set tariffs, technology-specific quotas, and auctions. Several countries including China, Denmark, France, Germany, Japan, the Netherlands, and the UK are introducing substantial steps to accelerate the business growth. For instance, in November 2023, Portugal kicked off its preparatory process for the first auction of licenses of wind farms by mid-November 2023, to support low carbon projects including offshore wind and enhance the renewables deployment.
 

The industry participants are investing aggressively in R&D initiatives to increase operational efficiency and achieve the broader economies of scale. For instance, in October 2023, Japan signed a letter of intent (LOI) with Denmark for research, design & development activities in floating wind technologies to combat the climate change. Furthermore, ongoing efforts toward augmenting the product life cycle along with growing expertise in advanced system installations will significantly proliferate the business growth.
 

Floating Offshore Wind Energy Market Trends

• Ongoing integration of floating offshore wind with energy storage systems and other renewable energy sources, creating hybrid systems, for better grid stability, improved capacity factor, and enhanced overall energy production is set to influence the business landscape.
   
• Robust investments across the private and public sectors in line with continuous introduction of large-scale projects utilizing enhanced construction & experimental designs are set to boost the business landscape. For instance, in October 2022, Iberdrola along with Haizea Wind announced MEGAWIND project with emphasis to improve monopiles and integrate it into large wind turbines consisting of over 15 MW with an intend to develop large scale wind turbines.
   
• The floating offshore wind energy market participants are investing aggressively in R&D initiatives to increase operational efficiency and achieve the broader economies of scale. For instance, in October 2023, Japan signed a letter of intent (LOI) with Denmark for research, design & development activities in floating wind technologies to combat the climate change.
   
• Furthermore, ongoing efforts toward augmenting the product life cycle along with growing expertise in advanced system installations will significantly proliferate the business growth. Additionally, robust investments across the private and public sectors in line with continuous introduction of large-scale projects utilizing enhanced construction & experimental designs are set to boost the business landscape.
   

Floating Offshore Wind Energy Market Analysis

• Based on turbine rating, the floating offshore wind energy industry is segmented into horizontal and vertical. The market accounted for USD 237.2 million, USD 267.7 million and USD 367.7 million in 2022, 2023 and 2024 respectively.
   
• The horizontal segment accounted for over 85% market share in 2024 owing to key features including high efficiency, standardized manufacturing processes and easier maintenance which is set to complement the business landscape. Ongoing research and development efforts focusing on improving the design and efficiency of floating platforms coupled with innovations in materials and manufacturing processes will contribute to the development of more durable and cost-effective components for floating wind turbines, thereby stimulating the product demand. According to DNV 2022, floating offshore wind is anticipated to account for 15% of total offshore wind energy, contributing to 264 GW by 2050.
   
• The vertical segment will grow at a CAGR of over 34% through 2034, on account of driven by their ability to be mounted on floating platforms to harness wind energy in deep offshore waters. These turbines can capture wind from any direction, eliminating the need for complex yaw systems used in horizontal-axis turbines to orient the rotor into the wind. For citation, in 2022, Scotland awarded nearly 15 GW of leases to floating wind energy projects.
   

• Based on axis, the floating offshore wind energy market is segmented into ≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW and >12 MW. The >8 to 10 MW segment held approximately 48.3% market share in 2024.
   
• >12 MW will grow owing to ongoing advancements in turbine technology and Improved materials, aerodynamics, and control systems continue to contribute to the increased performance of large-scale wind turbines. In addition, hub height, the height at which the rotor is mounted on the tower, has also been increasing. For instance, the GoliatVIND project with a planned capacity of 75MW, has a turbine capacity of 15 MW.
   
• The > 10 to 12 MW segment is set to grow at a 54% CAGR through 2034, driven by the aim to reduce the levelized cost of electricity. Larger turbine ratings with their increased efficiency, contribute to lowering the overall cost of wind energy production. Ongoing investments toward technological advancements including exploring new materials, advanced control systems, and innovative designs to push the boundaries of turbine size and efficiency by major turbine manufacturers and developers will propel the floating offshore wind energy market dynamics.
   
• > 8 to 10 MW is set to grow on account of ongoing technological advancements by the turbine manufacturers to produce models with capacities exceeding several megawatts including improvements in rotor design, materials, and control systems, contribute to the development of more powerful turbines suitable for offshore environments. To cite an instance, Hywind Tampen, became operational in August 2023 with a power generation capacity of 88 MW. Further, the project consists of 11 wind turbines which have been upgraded to 8.6 MW.
   
• > 5 to 8 MW segment amounted to more than 48% share of the floating offshore wind energy market in 2024 owing to key advantages including increased energy capture, improved efficiency, and potential cost reductions per unit of energy produced will contribute to the business scenario. These turbines have the potential to reduce the overall cost of energy production by capturing more wind and generating more electricity with fewer turbines, resulting in economies of scale and lower levelized cost of electricity.
   
• >2 to 5 MW offshore wind energy market will grow corresponding development in the supply chain to support the manufacturing, transportation, and installation of these components. These floating platforms have a large, submerged ballast that anchors the turbine and are designed to be stable even in deep waters. For citation, in 2024, floating Power Plant selected a Siemens Gamesa 4.3 MW SWT-DD-120 turbine for the demonstration project, Seaworthy.
   
• ≤ 2 MW floating offshore wind energy market is set to cross over USD 280 million by 2034, on account of growing interest in deploying smaller turbines for applications where large-scale installations are not feasible, such as in regions with limited grid capacity or in areas requiring less energy output. For instance, the PivotBuoy project received USD 4.2 million in EU funding to install a 225 kW Vestas downwind turbine at a depth of 50 meters.
   

• The U.S. floating offshore wind energy market size surpassed USD 62.8 million in 2024.  North America market contributed to more than 15% revenue share in 2024, driven by favorable government regulations & supportive incentives followed by declining turbine prices and increasing capacity. For instance, in November 2023, the U.S. DOE introduced its Funding Opportunity Announcement (FOA), through which it introduced a funding of USD 16.4 billion to support the country’s offshore wind industry.
   
• Significant research & development activities in Europe to advance port infrastructure and investigate opportunities to obtain increased energy output will enhance the product demand. An upsurge in offshore wind capacity due to introduction of ambitious policies & investments by major authorities have accelerated the business growth. For instance, in May 2024, France announced the winners for world’s first commercial-scale 250 MW floating offshore wind auction at USD 90/MWh.
   
• Asia Pacific floating offshore wind energy market revenue to cross USD 700 million by 2034 on account of current port capacities, domestic industrial capabilities along with potential synergies from the existing industries is set to influence the installation cost. Introduction of funds across economies with abundant wind resources will sway the business trends. For instance, in March 2023, CNOOC, introduced the China’s first offshore wind power project. It further features Mingyang Smart Energy’s MySE 7.25-158 hybrid drive typhoon proof wind turbine, with a water depth of over 100 meters and an offshore distance of over 100 km.
   

Floating Offshore Wind Energy Market Share

• Top 5 players operating in the industry include Ørsted, Equinor, Prysmian Group, Vestas and General Electric. The sector of floating offshore wind energy is becoming more competitive due to modernization and new technology emerging in the market.
   
• There are significant stakeholders spending to increase their research and development efforts to strengthen market share. However, a more comprehensive strategy is needed to successfully exploit the market, including investment spending, infrastructure building, and managing geopolitical factors. Floating offshore wind is likely to become a large source of renewable energy when the technology develops and is subsequently cheaper.
   

Floating Offshore Wind Energy Market Companies

• Equinor is the largest energy supplier to Europe, and the product portfolio encompasses renewables, oil and gas, and low carbon solutions. The company has over 23,449 employees with total power generation of 4,235 GWh by 2023. In addition, it opened its largest floating offshore wind farm, named Hywind Tampen wind farm in Norway. Further, the farm is expected to reduce CO₂ emissions with 200,000 tonnes annually from key oil and gas producers in the North Sea
   
• Ørsted is a renewable energy company that supports countries and other players transition to green energy. The company has around 23,000 employees with locations across 25 countries. The company recorded the revenue of USD 8.7 Billion in Q4 of 2024. In addition, the company entered in a partnership with Acciona, to explore options for floating offshore wind foundations.
   
• Prysmian Group is a global cable player, manufacturing underground and submarine cables and systems for power transmission and distribution. It accounts for over USD 15 Billion in sales across 50 countries. Further, in 2024, the company along with Technip, announced a floating offshore agreement to deliver the optimized solution through a fully integrated Engineering, Procurement, Construction and Installation (iEPCI™) commercial model.
   

Eminent players operating in the floating offshore wind energy market are:

• Equinor ASA
• General Electric
• Global Energy (Group) Limited
• Hexicon
• Nexans
• Ørsted A/S
• Prysmian Group
• RWE
• Sumitomo Electric Industries, Ltd.
• Simply Blue Group
• Siemens Gamesa Renewable Energy
• Vattenfall AB
• Vestas
   

Floating Offshore Wind Energy Industry News

• In December 2024, the French government announced the winners of the AO6 tender, offering two 250 MW floating wind sites in the Mediterranean Sea. The Ocean Winds-led partnership secured the rights to a site in the Narbonaise area, located more than 25 km from the French coast, between Agde and Port-la-Nouvelle. Further, EDF and Maple Power were awarded the site in the Golfe de Fos area also in waters more than 25 km from the coast.
   
• In July 2023, Blue Gem Wind, a joint venture between Simply Blue Group and Total Energies, successfully concluded a comprehensive geotechnical campaign for the 100MW Erebus Test & Demonstration Project. Fugro led the surveys, utilizing techniques such as vibrocore, borehole, and cone penetration tests with Fugro Scout for offshore and the Aran 120 jack-up barge for nearshore locations. Samples will undergo lab testing to inform detailed design for offshore cables, anchoring, and construction preparation. This demonstration project is set to enhance the company’s market position across the floating offshore wind energy market.
   
• In November 2023, Prysmian Group completed the pre-termination phase of the dynamic cables designated for the Provence Grand Large floating wind farm situated off the coast of France. Expected to be finalized by the end of 2023, this offshore wind farm will deliver 24 MW of clean, secure, and dependable energy to over 40,000 households in France. The wind farm operates in a water depth of around 100 meters, featuring three 8.4 MW turbines mounted on floating foundations. This project will enhance the company’s market position across the floating offshore wind energy industry.
   
• In November 2023, Salamander, a collaboration involving Simply Blue Group, Ørsted, and Subsea7, successfully launched floating LiDAR along with wave buoys for a metocean campaign supporting a proposed floating offshore wind farm located off the North East of Scotland. Fugro is conducting a 12-month survey to gather crucial data for project design, operations, and maintenance. Deployed buoys collect meteorological, oceanographic, and environmental data, informing a comprehensive assessment of site characteristics for the Salamander project, located 35 km off the coast of Peterhead, Scotland. The wind farm aims to power 100,000 Scottish homes with green energy.
   

This floating offshore wind energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2034, for the following segments:

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Market, By Turbine Rating

• ≤ 2 MW
• >2 to 5 MW
• >5 to 8 MW
• >8 to 10 MW
• >10 to 12 MW
• > 12 MW

Market, By Axis

• Horizontal (HAWTs)
  • Up-wind
  • Downwind
• Vertical (VAWTs)

Market, By Component

• Blades
• Towers
• Others

Market, By Depth

• ≤ 30 m
• >30 m to ≤ 50 m
• > 50 m

The above information has been provided for the following countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Sweden
  • Poland
  • Denmark
  • Portugal
  • Ireland
  • Belgium
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Vietnam
  • Taiwan
• Rest of World