Floating Wind Power Market Report 2026

The floating wind power market size has grown exponentially in recent years. It will grow from $6.6 billion in 2025 to $8.87 billion in 2026 at a compound annual growth rate (CAGR) of 34.4%. The growth in the historic period can be attributed to limitations of fixed-bottom offshore wind sites, early offshore wind pilot projects, advancements in offshore engineering, increasing demand for renewable offshore power, government support for offshore wind.

The floating wind power market size is expected to see exponential growth in the next few years. It will grow to $28.67 billion in 2030 at a compound annual growth rate (CAGR) of 34.1%. The growth in the forecast period can be attributed to increasing investments in deepwater offshore wind farms, rising demand for large-scale clean energy generation, technological advancements in floating foundations, expansion of offshore transmission infrastructure, growing commercialization of floating wind technology. Major trends in the forecast period include advancement of floating turbine platform designs, increasing deployment in deepwater locations, growing use of large-capacity offshore turbines, expansion of mooring and anchoring technologies, enhanced focus on offshore grid integration.

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 June 2025, Aurora Energy Services Ltd., a UK-based energy services company, acquired Encomara for an undisclosed amount. Through this acquisition, Aurora seeks to enhance its floating wind power capabilities by integrating Encomara’s proprietary SQUID quick-connect mooring and electrical connection system, which helps reduce installation time, costs, and operational risks for floating offshore wind turbines. Encomara Ltd. is a UK-based engineering company specializing in floating wind deployment systems and subsea engineering solutions that support the development, installation, and operation of floating offshore wind projects.

Major companies operating in the floating wind power market are TotalEnergies SE, Mitsubishi Corporation, Engie SA, Hitachi Ltd., General Electric Company, Siemens Energy AG, Hyundai Engineering & Construction Co.Ltd., Shanghai Electric Wind Power Equipment Co., Vestas Wind Systems A/S, 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 2025. The regions covered in the floating wind power market report are Asia-Pacific, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

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