North America Floating Offshore Wind Energy Market Analysis

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.