How has the floating wind power market evolved, and where is it heading next?
The floating wind power market size has grown exponentially in recent years. It will grow from $4.91 $ billion in 2024 to $6.6 $ billion in 2025 at a compound annual growth rate (CAGR) of 34.4%. The growth in the historic period can be attributed to increase in demand for renewable energy, rise in favorable government policies and incentives, increase reduction in carbon emissions, rise in investments in clean energy infrastructure, and the push for energy diversification to reduce reliance on fossil fuels.
The floating wind power market size is expected to see exponential growth in the next few years. It will grow to $21.4 $ billion in 2029 at a compound annual growth rate (CAGR) of 34.2%. The growth in the forecast period can be attributed to decreasing cost of offshore installations, supportive government policies, increasing energy demand, expanding offshore wind energy potential, growing investments in renewable energy, and rising need for reducing carbon emissions. Major trends in the forecast period include advancements in larger turbine capacities, enhanced floating platform designs, integration with hydrogen production, improved mooring and anchoring technologies, and expanded geographic deployment in deeper waters.
Get Your Free Sample of The Global Floating Wind Power Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=19440&type=smp
What are the key drivers behind the rapid expansion of the floating wind power market?
The increasing demand for renewable energy is expected to propel the growth of the floating wind power market going forward. Renewable energy is derived from natural sources replenished on a human timescale, such as sunlight, wind, rain, tides, waves, and geothermal heat. Renewable energy is attributed to naturally replenished sources, such as solar, wind, hydro, geothermal, and biomass, which provide sustainable and environmentally friendly alternatives to fossil fuels. Floating wind power enhances renewable energy by enabling electricity generation in deep offshore waters, where stronger winds lead to higher energy output, expanding the potential for clean, sustainable energy worldwide. For instance, in 2023, according to the International Energy Agency (IEA), a France-based international affairs organization, global annual renewable capacity additions surged by nearly 50% to approximately 510 gigawatts (GW), marking the fastest growth rate in the past two decades. By 2028, global renewable capacity is forecast to reach 7,300 GW. Therefore, the increasing demand for renewable energy drives the floating wind power market.
What is the segmentation for the floating wind power market?
The floating wind powermarket covered in this report is segmented –
1) By Foundation Type: Spar-Buoy Foundation, Tension-Leg Platform (TLP) Foundation, Semi-Submersible Foundation, Other Foundations
2) By Turbine Capacity: Up To 3 MW, 3 MW – 5 MW, Above 5 MW
3) By Water Depth: Shallow Water, Transitional Water, Deep Water
Subsegments:
1) By Spar-Buoy Foundation: Deep Water Spar Buoy Systems, Concrete Spar Buoy Foundations, Floating Turbines With Spar Buoy Anchoring, Hybrid Spar-Buoy Solutions, Lightweight Spar Buoy Designs
2) By Tension-Leg Platform (TLP) Foundation: Concrete TLP Foundations, Floating TLP For Deepwater Applications, Anchor-Based TLP Systems, Hybrid TLP Solutions With Concrete And Steel, TLP With Mooring Systems For Wind Turbines
3) By Semi-Submersible Foundation: Concrete Semi-Submersible Platforms, Steel Semi-Submersible Designs, Subsea Buoyancy-Based Semi-Submersible Platforms, Flexible Semi-Submersible Designs, Hybrid Semi-Submersible Platforms For Shallow And Deep Waters
4) By Other Foundations: Concrete Gravity-Based Foundations, Hybrid Floating Foundations, Submerged Buoy And Pontoon Systems, Mooring And Anchoring Solutions For Floating Wind, Innovative Foundation Designs For Harsh Marine Environments
Order your report now for swift delivery
https://www.thebusinessresearchcompany.com/report/floating-wind-power-global-market-report
Who are the most influential companies in the floating wind power market?
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
What are the most influential trends expected to drive the floating wind power market forward?
Major companies operating in the floating wind power market are developing floating wind turbine platforms to harness offshore wind energy in deeper waters, where traditional fixed-bottom turbines are not feasible, thereby expanding renewable energy capacity and driving innovation in clean energy solutions. A floating wind turbine platform features two rotors mounted on a single floating structure, designed to increase energy capture and improve stability in offshore environments. For instance, in July 2024, Mingyang Smart Energy, a China-based renewable energy company, introduced the Ocean X, the biggest twin-rotor floating wind turbine platform, featuring two MySE8.3-180 hybrid drive wind turbines, each boasting a capacity of 8.3 MW. This platform boasts a high capacity of 16.6 MW and a reduced levelized cost of energy (LCOE) through improved aerodynamic performance and lower material usage. Additionally, it includes advanced anti-typhoon technology, making it suitable for harsh maritime conditions. These developments are expected to enhance the efficiency and deployment of offshore wind projects, providing significant energy output and cost-effectiveness benefits.
What are the major regional insights for the floating wind power market, and which region holds the top position?
Europe was the largest region in the floating wind power market in 2024. The regions covered in the floating wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Floating Wind Power Market Report 2025 Offer?
The floating wind power market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Floating wind power refers to the generation of electricity using wind turbines that are installed on floating platforms anchored to the seabed in deep waters, typically where conventional fixed-bottom turbines are not feasible. These floating platforms are designed to remain stable despite the motion of the waves, allowing the turbines to capture wind energy from areas with stronger and more consistent winds. Floating wind power has the potential to expand offshore wind energy capacity significantly by accessing deeper ocean areas where wind resources are abundant.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=19440
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
