Floating Wind Power Market Report 2024

This Floating Wind Power market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The floating wind power market size has grown exponentially in recent years. It will grow from $3.66 billion in 2023 to $4.91 billion in 2024 at a compound annual growth rate (CAGR) of 34.2%. The growth during the historic period can be attributed to the increasing demand for renewable energy, the rise in favorable government policies and incentives, reductions in carbon emissions, higher investments in clean energy infrastructure, and the drive for energy diversification to reduce dependence on fossil fuels.

The floating wind power market size is expected to see exponential growth in the next few years. It will grow to $15.96 billion in 2028 at a compound annual growth rate (CAGR) of 34.3%. The growth during the forecast period can be attributed to the decreasing cost of offshore installations, supportive government policies, rising energy demand, the expanding potential of offshore wind energy, increasing investments in renewable energy, and the growing need to reduce carbon emissions. Major trends expected in this period include advancements in larger turbine capacities, improvements in floating platform designs, integration with hydrogen production, enhanced mooring and anchoring technologies, and expanded geographic deployment in deeper waters.

The rising demand for renewable energy is anticipated to drive the growth of the floating wind power market in the future. Renewable energy is sourced from natural phenomena that are replenished on a human timescale, including sunlight, wind, rain, tides, waves, and geothermal heat. These sources - solar, wind, hydro, geothermal, and biomass - provide sustainable and eco-friendly alternatives to fossil fuels. Floating wind power contributes to renewable energy by facilitating electricity generation in deep offshore waters, where stronger winds can produce higher energy output, thus broadening the scope for clean, sustainable energy globally. For example, the International Energy Agency (IEA) reported in 2023 that global annual renewable capacity additions increased by nearly 50% to about 510 gigawatts (GW), representing the fastest growth in two decades. By 2028, the global renewable capacity is projected to reach 7,300 GW. Hence, the growing demand for renewable energy is propelling the floating wind power market.

Key players in the floating wind power market are advancing the development of floating wind turbine platforms to capture offshore wind energy in deeper waters where traditional fixed-bottom turbines are impractical. These platforms, equipped with two rotors on a single floating structure, enhance energy capture and stability in offshore conditions. For instance, Mingyang Smart Energy, a China-based renewable energy firm, unveiled the Ocean X in July 2024. This platform features the largest twin-rotor floating wind turbine setup, with two MySE8.3-180 hybrid drive turbines, each with a capacity of 8.3 MW, resulting in a total capacity of 16.6 MW. It achieves a lower levelized cost of energy (LCOE) through improved aerodynamic performance and reduced material use. The platform also includes advanced anti-typhoon technology, making it suitable for severe maritime conditions. These innovations are expected to boost the efficiency and deployment of offshore wind projects, delivering significant energy output and cost advantages.

In November 2022, Tokyo Electric Power Company (TEPCO), a Japan-based utility firm, acquired 100% of the issued shares of Flotation Energy for an undisclosed amount. This acquisition provides TEPCO with access to Flotation Energy’s extensive project portfolio, which includes over 12 GW of commercial-scale offshore wind projects in the UK, Ireland, Taiwan, Japan, and Australia. Flotation Energy, based in Scotland, specializes in offshore wind development, focusing on both fixed-bottom and floating wind farms.

Major companies operating in the floating wind power market are TotalEnergies SE, Mitsubishi Corporation, Engie SA, Hitachi Ltd., General Electric Company, Schneider Electric SE, Siemens Energy AG, ABB Ltd., Hyundai Engineering & Construction Co.Ltd., Shanghai Electric Wind Power Equipment Co., Vestas Wind Systems A/S, Nexans S.A., Rockwell Automation Inc., Goldwind Science & Technology Co. Ltd., Nordex SE, DEME Group, Taiyuan Heavy Industry Co. Ltd., Suzlon Energy Limited, Envision Group, Sinovel Wind Group Co. Ltd., EEW Group, Ming Yang Wind Power Group Limited, Doosan Group, BW Ideol AS, Flowocean AB.

Europe was the largest region in the floating wind power market in 2023. The regions covered in the floating wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the floating wind power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Floating wind power involves generating electricity with wind turbines mounted on floating platforms anchored to the seabed in deep waters, where traditional fixed-bottom turbines cannot be used. These floating platforms are engineered to remain stable despite wave motion, enabling turbines to harness wind energy from regions with stronger and more consistent winds. Floating wind power offers the potential to significantly expand offshore wind energy capacity by tapping into deeper ocean areas with abundant wind resources.

The main types of foundations in the floating wind power market are spar-buoy foundations, tension-leg platform (TLP) foundations, and semi-submersible foundations. A spar-buoy foundation features a long, cylindrical structure (the spar) that extends deep into the water, providing stability through ballast and buoyancy. Turbines are available in various capacities, including up to 3 MW, between 3 MW and 5 MW, and above 5 MW. These turbines are deployed at different water depths, including shallow, transitional, and deep waters.

The floating wind power market research report is one of a series of new reports that provides floating wind power market statistics, including the floating wind power industry global market size, regional shares, competitors with floating wind power market share, detailed floating wind power market segments, market trends, and opportunities, and any further data you may need to thrive in the floating wind power industry. These floating wind power market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The floating wind power market consists of revenues earned by entities by providing services such as feasibility studies and site assessment, design and engineering, and permitting and regulatory compliance. The market value includes the value of related goods sold by the service provider or included within the service offering. The floating wind power market also includes sales of spar-buoy or semi-submersible structures, offshore wind turbines, mooring and anchoring systems, underwater cabling, and floating substations. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.