Floating Offshore Wind Energy Market Size

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.