North America Floating Offshore Wind Energy Market - By Axis (Horizontal, Vertical), By Component (Blades, Tower and Others), 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) 2024 – 2032

North America Floating Offshore Wind Energy Market Size

North America Floating Offshore Wind Energy Market size was valued USD 24.1 Million in 2023 and is anticipated to grow at a CAGR of 39.4% from 2024 to 2032. It refers to the generation of electricity from wind turbines that are installed on floating structures anchored to the seabed in deep waters, typically beyond the continental shelf. The floating technology can be deployed in deeper waters where seabed conditions are not suitable for fixed installations.

Rising advancements in technology enabling it to harness the wind energy to generate clean electricity will augment the industry landscape. Abundant wind resources along the various coastlines of the region stretching across its maritime territories will create immense opportunities for the floating market growth. Furthermore, improving strategic partnerships and collaborative initiatives will drive investments and innovation, thereby positively impacting the industry outlook.
 

North America Floating Offshore Wind Energy Market Trends

Presence of abundant wind resources along its coastlines along with growing interest in developers, investors, and policymakers will propel the growth statistics. Rising technological advancements, with innovations in floating turbine designs, mooring systems, and installation methods will make offshore wind projects more feasible and cost-effective. Moreover, growing exploration of deeper waters and more challenging environments will create opportunities for the market expansion.
 

North America Floating Offshore Wind Energy Market Analysis

Based on component, the market is segmented into blades, tower and others. Tower is anticipated to grow by more than USD 124 Million by 2032. Rising advancements in tower design and engineering enhancing the overall efficiency and productivity of the system, will drive the component demand. Additionally, the modular nature of its construction allows for easier transportation, installation, and maintenance of floating system, reducing project costs and timelines will stimulate the market growth.
 

Based on axis the North America floating offshore wind energy market is segmented into Horizontal and Vertical. Vertical is set to grow at a CAGR of more than 50% by 2032. They are inherently more compact than their horizontal axis counterparts, making them ideal for floating offshore wind installations where space constraints are a concern. The design is driven by its improved performance and reliability in turbulent or complex wind conditions. It offers omnidirectional property which enables them to capture wind from any direction without the need for complex yaw mechanisms, thereby improving market presence by enhancing overall energy capture efficiency and operational stability.

U.S. floating offshore wind energy market is anticipated to grow by more than USD 471 Million by 2032 on account of its vast maritime territories, abundant wind resources and rising innovation in renewable energy. Ambitious state and federal renewable energy goals including the California, Hawaii, and Maine among others along with aggressive targets for offshore wind deployment will stimulate the industry projections. Various government funding schemes will escalate the market scenario.
 

For instance, in February 2024, the U.S. DOE Wind Energy Technologies Office and Innovation Fund Denmark offered a USD 4.2 million opportunity to propel the floating offshore wind industry by fostering collaboration and amplifying the impact of research and development efforts in both the countries.
 

North America Floating Offshore Wind Energy Market Share

Eminent market players are developing strategic partnerships and collaborations with other industry stakeholders, research institutions, and government agencies to share expertise, mitigate risks, and accelerate project development. They are investing heavily in research and development to enhance technology and innovation, driving down costs and improving the efficiency of floating offshore wind turbines. Moreover, key players are actively engaging with policymakers to advocate for supportive regulations and incentives that will facilitate the deployment of floating wind projects.
 

North America Floating Offshore Wind Energy Market Companies

Eminent players operating in the North America floating offshore wind energy industry are:

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

North America Floating Offshore Wind Energy Industry News:

• In January 2024, RWE unveiled the floating wind project known as the Canopy Offshore Wind Farm in California. The company announced plans to establish an office in the city of Eureka by early 2024. The project is situated approximately 28 miles off the coast of Humboldt County and was awarded the development rights in the 2022 federal offshore lease auction.
   
• In August 2023, Nova East Wind Inc, developed Canada's inaugural offshore wind farm. The proposed floating offshore wind project, boasting a capacity of around 300-400 MW, is slated to be situated in Nova Scotia. This groundbreaking endeavor has the potential to ignite a promising new sector in Nova Scotia, aiding in the transition to cleaner energy sources and aligning with the province’s target of generating 80% of its electricity from renewables by 2030.
   

North America 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 “MW & USD Million” from 2019 to 2032, for the following segments:

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Market, By Axis, 2019 – 2032 (MW & USD Million)

• Horizontal
  • Up-wind
  • Down-wind
• Vertical

Market, By Component, 2019 – 2032 (MW & USD Million)

• Blades
• Tower
• Others

Market, By Depth, 2019 – 2032 (MW & USD Million)

• ≤ 30 m
• >30 m to ≤ 50 m
• > 50 m

Market, By Turbine Rating, 2019 – 2032 (MW & USD Million)

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

The above information has been provided for the following countries:

• U.S.
• Canada