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, 2024 – 2032

Floating Offshore Wind Energy Market Size

Floating Offshore Wind Energy Market was valued USD 201.5 million in 2023 and is anticipated to grow at a CAGR of 46.7% between 2024 and 2032. Floating offshore wind energy refers to the generation of electricity from wind turbines that are mounted on floating structures moored to the seabed rather than fixed to the ocean floor. This technology allows for the deployment of wind turbines in deeper waters where traditional fixed-bottom offshore wind structures are not economically feasible.
 

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.
 

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. Further, the offshore wind technologies are gaining major traction owing to their high-power generation capabilities due to the availability of excessive wind resource potential across the sites, strengthening the market landscape.
 

Floating Offshore Wind Energy Market Trends

The industry participants are investing aggressively in R&D initiatives to increase operational efficiency and achieve the broader economies of scale. 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 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. Shifting focus on larger turbine rating is largely driven by the aim to reduce the levelized cost of electricity. Key factors including increased efficiency and economies of scale make them more economically attractive for developers and investors. Additionally, 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 business dynamics.
 

Based on axis, the vertical segment is set to register more than 69% CAGR through 2032, 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. Furthermore, the drivetrain in vertical-axis turbines is simpler in comparison to the horizontal-axis turbines, thereby reducing the manufacturing and maintenance costs, contributing to the overall business scenario.
 

North America floating offshore wind energy market is likely to exceed USD 490 million by 2032, driven by favorable government regulations & supportive incentives followed by declining turbine prices and increasing capacity. North America, led by the U.S., is still considered as an emerging market for the industry. 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. In addition, significant research & development activities to advance port infrastructure and investigate opportunities to obtain increased energy output will enhance the business demand across North America.
 

Floating Offshore Wind Energy Market Share

The competitive landscape in the floating offshore wind energy sector is evolving rapidly, with several key players and emerging technologies shaping the market. The competitive landscape in floating offshore wind energy is dynamic, with established energy companies and innovative startups driving progress. As the technology matures and costs decrease, floating offshore wind is poised to become a significant contributor to the global renewable energy mix.
 

Floating Offshore Wind Energy Market Companies

Eminent players operating in the floating offshore wind energy industry 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 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 2032, 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