The Business Research Company’s report on the Floating Offshore Wind Power Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the floating offshore wind power market in recent years?
The rising demand for renewable energy is expected to propel the growth of the floating offshore wind power market going forward. Renewable energy refers to energy derived from natural sources that are constantly replenished, such as sunlight, wind, rain, tides, geothermal heat, and biomass. The rising demand for renewable energy is due to the need to reduce greenhouse gas emissions and combat climate change. As the negative impacts of fossil fuel consumption, such as air pollution and rising global temperatures, become more evident, governments, businesses, and individuals are seeking cleaner energy alternatives. For instance, in December 2024, Eurostat, a UK-based government agency, renewable energy made up 24.5% of the European Union’s total energy consumption in 2023, up from 23.0% in 2022. Therefore, the rising demand for renewable energy is driving the growth of the floating offshore wind power market.
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What is the projected market size of the floating offshore wind power industry, and how is it expected to grow?
The floating offshore wind power market size has grown exponentially in recent years. It will grow from $1.21 billion in 2024 to $1.50 billion in 2025 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to technological advancements in floating wind turbine designs, government incentives for renewable energy, increasing offshore wind energy investments, rising environmental concerns over fossil fuels, and the expansion of offshore wind projects in deep waters.
The floating offshore wind power market size is expected to see exponential growth in the next few years. It will grow to $3.43 billion in 2029 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to growing demand for clean energy, advancements in floating platform stability and efficiency, increasing private and public investments in offshore wind farms, supportive regulatory frameworks for offshore wind development, and declining costs of floating wind technology. Major trends in the forecast period include the integration of AI and IoT for wind farm optimization, the development of larger and more efficient floating turbines, the increasing use of hybrid renewable energy systems, rising collaborations between energy firms and tech providers, and the expansion of floating wind projects into deeper and more challenging waters.
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Who are the key players driving competition in the floating offshore wind power market?
Major companies operating in the floating offshore wind power market are Equinor ASA, Iberdrola S.A., RWE, Vestas Wind Systems A/S, Doosan Corporation, Siemens Gamesa, Ørsted A/S, Nexans SA, TechnipFMC plc, Nordex SE, SBM Offshore, MODEC Inc., Ming yang Smart Energy Group, DNV AS, Hitachi ABB, Naval Energies, Ocean Winds, BW Ideol, Gazelle Wind Power Limited, Principle Power
What key trends are expected to drive the flexible packaging market during the forecast period?
Major companies operating in the floating offshore wind power market are focusing on developing innovative products, such as floating wind farm clusters, to optimize energy production and lower costs. The floating wind farm clusters allow multiple turbines to share infrastructure like mooring systems and subsea cables, enhancing efficiency and scalability. For instance, in March 2025, ECO TLP, a US-based company specializing in deep-water offshore wind tension leg platforms (TLPs), introduced a new floating offshore wind turbine platform designed to improve efficiency and scalability in offshore wind energy production. The platform features advanced stability enhancements, allowing deployment in deeper waters and reducing installation and maintenance costs. This innovation aims to boost the economic feasibility of floating wind farms, accelerating the shift to renewable energy.
Which key geographies are driving the growth of the floating offshore wind power market?
Europe was the largest region in the floating offshore wind power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating offshore wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the floating offshore wind power market?
The floating offshore wind power market covered in this report is segmented –
1) By Component: Mooring Systems, Platforms, Subsea Cables, Turbines
2) By Technology: Floating Wind Turbine, Hydrodynamic Floating Structure, Other Technologies
3) By Water Depth: Shallow Water, Transitional Water, Deep Water
4) By Turbine Capacity: Up To 3 MW, 3 MW – 5 MW, Above 5 MW
5) By Application: Hydrogen Production, Off-Grid Power Generation, Utility-Scale Power Generation
Subsegments:
1) By Mooring Systems: Tension Leg Mooring, Catenary Mooring, Semi-Taut Mooring, Single Point Mooring, Spread Mooring, Dynamic Positioning Mooring
2) By Platforms: Spar-Buoy Platform, Semi-Submersible Platform, Tension Leg Platform (TLP), Barge Platform, Hybrid Floating Platform
3) By Subsea Cables: Inter-Array Cables, Export Cables, Dynamic Cables, HVAC (High Voltage Alternating Current) Cables, HVDC (High Voltage Direct Current) Cables
4) By Turbines: Horizontal-Axis Wind Turbines (HAWT), Vertical-Axis Wind Turbines (VAWT), Direct Drive Turbines, Gearbox-Based Turbines, Variable Speed Turbines
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What defines the structure and scope of the floating offshore wind power market?
Floating offshore wind power is a renewable energy technology with wind turbines installed on floating platforms rather than being fixed directly to the seabed. These floating platforms are anchored to the ocean floor with mooring lines, allowing the turbines to operate in deeper water areas where traditional fixed-bottom structures are not feasible. This technology enables access to stronger and more consistent wind resources far offshore, potentially increasing the efficiency and capacity of wind power generation while minimizing environmental and visual impacts near the coast.
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