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Floating Offshore Wind Energy Market Analysis

Report ID: GMI6147
Published Date: Aug 2024
Report Format: PDF

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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.

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of floating offshore wind energy was worth over USD 201.5 million in 2023 and will expand at 46.7% CAGR between 2024 and 2032, propelled by the need for renewable energy sources to combat climate change and reduce reliance on fossil fuels.

Floating offshore wind energy market from the vertical axis segment will achieve more than 69% share by 2032, fueled by its inherent advantages in low-wind conditions and its ability to capture wind from any direction.

North America floating offshore wind energy industry will record USD 490 million by 2032, owing to its extensive coastline, favorable wind conditions, and significant investments in renewable energy infrastructure.

Key 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, and Vestas, among others.