Floating Wind Power Market Size, Share, By Foundation (Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation and Others), By Water Depth (Shallow Water, Transitional water and Deep Water), By Turbine Capacity (Up to 3 MW, 3 MW – 5 MW and Above 5 MW), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Trends, Analysis, and Forecast till 2034

Report Code: PMI541224 | Publish Date: July 2024 | No. of Pages: 187

Floating Wind Power Market Overview

Floating Wind Power Market Size was valued at US$ 7.9 billion in 2024 and is expected to grow at a CAGR of 46.1% to reach US$ 249.9 billion by 2034

A floating wind power is an offshore wind turbine installed on a floating construction, allowing it to generate energy in ocean depths where fixed-foundation turbines are impossible. The sea area that can be used for offshore wind farms might be significantly increased by floating wind farms, particularly in nations with a shortage of shallow waters like Spain, Portugal, Japan, France, and the West Coast of the United States. Placing wind farms farther offshore may also lessen visual pollution, improve fishing and shipping channels, and generate more robust, more reliable winds. Thus, they can serve as prototype test units to evaluate the suitability of the design and wind power potential of suitable locations in a realistic manner.

In regions with tropical and temperate climates, the artificial upwelling of nutrient-rich deep ocean water to the surface can be facilitated by installing floating wind turbines as a source of motive power. To extract cold water from below 50 meters of water depth and combine it with warm surface water via eductors before releasing it into the ocean, high-flow and low-head water pumps would be powered by the electricity produced by the floating wind turbine. Deep water lakes and reservoirs and the Mediterranean, Black, Caspian, Red, and Persian seas are good candidates for artificial upwelling to increase fish harvests profitably. Additionally, these units may be transportable to take advantage of the favorable winds at different times of the year.

Floating Wind Power Market Share

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Floating Wind Power Market Dynamics

Key Drivers of Target Market:

Rising government initiatives:

  • Government initiatives greatly aid the development of floating wind energy, a promising new area for the production of renewable energy. In the floating wind industry, these rules offer the structure and financial rewards required to stimulate investment, creativity, and long-term growth. To lower the initial costs of floating wind projects, governments provide financial incentives such as tax breaks, feed-in tariffs, and subsidies. Developers and investors find investing in this relatively new technology more appealing because of these advantages.
  • Furthermore, governments lease offshore regions for floating wind projects through fixed-price systems or competitive auctions to provide equitable access to premium wind resources. For example, in December 2022, the US Bureau of Ocean Energy Management granted five winners, subject to a $750 million payment, leases totaling 4.6 GW on 373,000 acres offshore California. Due to fewer competition and more significant development costs, the price of $2,000/acre is less than that of leases on the East Coast.
  • In conclusion, government initiatives have a significant role in encouraging the development of floating wind energy. Governments may expedite the development of this clean energy source and contribute to a more sustainable energy future by investing in research and infrastructure, offering financial incentives, and establishing a favorable regulatory framework.

Increasing demand for environmentally friendly resources:

  • Growing environmentally friendly and sustainable electricity sources drive the floating wind turbine market. Floating wind turbines generate electricity by installing wind farms in bodies of water. A floating wind turbine is one of the most innovative, cost-effective, and environmentally responsible energy-producing technologies. Larger size and better wind speeds are only two of their many benefits over onshore wind turbines. A significant movement towards renewable and green energy has occurred in the energy sector due to concerns about climate change, the need to cut carbon emissions, the depletion of fossil resources, and other difficulties.
  • There are many more benefits as well; wind energy is among the energy sources with the quickest rates of worldwide expansion. Since most of the best wind sites are located in rural regions, wind energy has substantial economic ramifications. As a consequence of the growing need for sustainable and environmentally friendly energy sources, the market for floating wind turbines is projected to see growth over the forecast period. Consequently, the floating wind turbine market's revenue is driven.

Restrains:

Excessive Initial and Ongoing Expenses:

  • Floating wind power's high capital cost prevents it from being developed despite its high capacity factor when compared to similar technologies like solar and onshore wind. Offshore wind turbines are susceptible to erosion because they operate in harsh maritime environments for years. Even the best characteristics, such as high wind speeds, may harm offshore wind farms.
  • Offshore wind plants also typically provide extra logistical challenges. Wind farms are often located far from the shore, making them difficult to access, particularly in bad weather. As a result, even minor technical issues can be difficult and costly to repair. Consequently, the industry is limited by expensive capital, maintenance, and shipping expenses, which will significantly hinder the floating wind turbine market's expansion.

Opportunities:

Technological advancements:

  • The development of floating foundations has already proven effective in challenging operational environments. The three main ideas behind floating foundations are the spar-buoy, semi-submersible, and tension leg platform. Putting many turbines on a single floating base is one of the other alternatives. The market offers tremendous development potential because of the major companies' increasing innovation and technical advancements.

Floating Wind Power Market Segmentation

The market is segmented based on Foundation, Water Depth, Turbine Capacity, and Region.

Foundation Insights:

  • Spar-buoy Foundation: The spar-buoy base is a crucial component of floating wind turbine designs, especially in deep water. To stabilize the floating wind turbine, this form of foundation employs a massive cylindrical framework that is ballasted and reaches deep into the water.
  • Tension-leg platform (TLP) Foundation: The tension-leg platform (TLP) base is an essential component of floating wind turbine architecture, especially in areas with deeper water. This form of foundation includes arms and a central column that are very buoyant and coupled to tensioned vertical mooring lines to tie the foundation to the seafloor.
  • Semi-submersible Foundation: The semi-submersible foundation is a popular option for many floating offshore wind projects worldwide due to its stability, adaptability to different water depths, and modular building method.
  • Others: This category includes some newer design ideas for floating wind power foundations outside of the primary foundation types. Though they are still in the prototype or demonstration phase, these cutting-edge foundation concepts attempt to go beyond the more well-known spar-buoy, semi-submersible, and TLP concepts.

Water Depth Insights:

  • Shallow Water: Water depths up to fifty meters are included in the floating wind power market's Shallow Water section. The floating wind power sector takes this depth range into account.
  • Transitional water: Water depths ranging from fifty to two hundred meters are included in the floating wind power market's Transitional Water section. This depth range is crucial to consider since, in comparison to shallow water locations, it necessitates using more sophisticated floating foundation technologies.
  • Deep Water: In the floating wind power market, water depths of more than 200 meters are called Deep Water. Floating wind turbines are the only practical solution at these extremely deep offshore sites.

Turbine Capacity Insights:

  • Up to 3 MW: In the floating wind power business, smaller wind turbines with capacities up to 3 MW are frequently utilized for pilot and demonstration projects. Two such projects include the Kincardine project, which employs 2 MW and 9.5 MW turbines, and the Hywind Scotland project, which utilizes 6 MW turbines.
  • 3 MW – 5 MW: These days, commercial floating wind farms are most frequently equipped with turbines with a capacity between 3 and 5 MW. Compared to smaller or bigger turbines, this size class offers an excellent mix of power output, cost-effectiveness, and technological feasibility for floating wind applications.
  • Above 5 MW: Larger turbines with five megawatts or more power outputs can produce more electricity per unit, increasing floating wind farms' profitability and cost-effectiveness. Larger turbines also contribute to the economic attractiveness of these projects by offsetting the increased costs of floating wind foundations and infrastructure.

Regional Insights

  • North America: The two main markets propelling growth in North America are the United States and Canada. This is because the governments of these nations have set very high goals for offshore wind generation. Financial incentives, investments from the public and private sectors, and supportive regulations fuel the development of floating wind generation in North America.
  • Asia Pacific: The Asia Pacific floating wind power industry is expanding rapidly due to the region's strong commitment to the switch to renewable energy sources and the growing commercial feasibility of floating wind technology. With many massive projects either under development or already operating, China is quickly becoming the global leader in floating wind power.
  • Europe: Due to the impressive performance of nations like the UK, Norway, and Spain, Europe now leads the world market for floating wind power. In the UK, floating wind power development has been leading the way thanks to initiatives like Hywind Scotland, which show the technology's practicality.
  • Latin America: Though Brazil is at the forefront of this business, total floating wind activity in Latin America is comparatively lower than in other areas. Brazil has a sizable coastline and deep offshore regions that may be used to generate floating wind energy.
  • Middle East and Africa: This region's emerging economies, notably Morocco and Saudi Arabia, are investigating the possibilities of floating wind power. Although compared to other places, the Middle East and Africa have comparatively less floating wind activity, these nations are beginning to consider the viability of installing floating wind turbines.

Floating Wind Power Market Report Scope:

Attribute

Details

Market Size 2024

US$ 7.9 billion

Projected Market Size 2034

US$ 249.9 billion

CAGR Growth Rate

46.1%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Foundation - Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation and Others.

By Water Depth - Shallow Water, Transitional water and Deep Water.

By Turbine Capacity - Up to 3 MW, 3 MW – 5 MW and Above 5 MW.

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, the target market report is segmented based on foundation, water depth, turbine capacity, and region.

By Foundation:

  • Spar-buoy Foundation
  • Tension-leg platform (TLP) Foundation
  • Semi-submersible Foundation
  • Others

By Water Depth:

  • Shallow Water
  • Transitional water
  • Deep Water

By Turbine Capacity:

  • Up to 3 MW
  • 3 MW – 5 MW
  • Above 5 MW

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Floating Wind Power Market Key Players

The key players operating the Floating Wind Power Market include Vestas, Nordex SE, DEME, Siemens Gamesa, Hyundai Motor Group, Rockwell Automation, EEW, Doosan Heavy Industries and Construction, General Electric, Goldwind, Envision, Nexans, Shanghai Electric Wind Power Equipment Co., ABB, Hitachi, and Ming Yang Smart Energy Group Co.

Floating Wind Power Market Key Players

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Floating Wind Power Market Key Issues Addressed

  • In March 2024, The Norwegian Crown Prince Haakon formally opened the Hywind Tampen wind farm. In addition to providing electricity to the Gullfaks and Snorre oil and gas fields, the offshore wind power project will help the locations save 200,000 tons of CO2 emissions annually. Hywind Tampen is the first renewable energy project to be utilized only for oil and gas activities. It can offset about 200,000 tons of carbon dioxide emissions annually. Along with producing 384,000MWh of renewable energy annually, it can also drastically lower nitrogen oxide emissions.

Floating Wind Power Market Company Profile

  • Vestas*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Nordex SE
  • DEME
  • Siemens Gamesa
  • Hyundai Motor Group
  • Rockwell Automation
  • EEW
  • Doosan Heavy Industries and Construction
  • General Electric
  • Goldwind
  • Envision
  • Nexans,
  • Shanghai Electric Wind Power Equipment Co.
  • ABB
  • Hitachi
  • Ming Yang Smart Energy Group Co.

“*” marked represents similar segmentation in other categories in the respective section.

Floating Wind Power Market Table of Contents

Research Objective and Assumption

  • Research Objectives
  • Assumptions
  • Abbreviations

Market Preview

  • Report Description
    • Market Definition and Scope
  • Executive Summary
    • Market Snippet, By Foundation
    • Market Snippet, By Water Depth
    • Market Snippet, By Turbine Capacity
    • Market Snippet, By Region
  • Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

  • Market Dynamics
    • Drivers
    • Restraints
    • Market Opportunities
  • Market Trends
  • Product Launch
  • Merger and Acquisitions
  • Impact Analysis
  • PEST Analysis
  • Porter’s Analysis

Market Segmentation, Foundation, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Spar-buoy Foundation
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Tension-leg platform (TLP) Foundation
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends
  • Semi-submersible Foundation
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends
  • Others
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends

Market Segmentation, Water Depth, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Shallow Water
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Transitional water
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Deep Water
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, Turbine Capacity, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Up to 3 MW
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • 3 MW – 5 MW
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Above 5 MW
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Regional Trends
  • North America
    • Market Size and Forecast (US$ Bn), By Foundation, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Water Depth, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Turbine Capacity, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • U.S
      • Canada
  • Asia Pacific
    • Market Size and Forecast (US$ Bn), By Foundation, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Water Depth, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Turbine Capacity, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • India
      • Japan
      • South Korea
      • China
      • Rest of Asia Pacific
  • Europe
    • Market Size and Forecast (US$ Bn), By Foundation, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Water Depth, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Turbine Capacity, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • UK
      • Germany
      • France
      • Russia
      • Italy
      • Rest of Europe
  • Latin America
    • Market Size and Forecast (US$ Bn), By Foundation, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Water Depth, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Turbine Capacity, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • Brazil
      • Mexico
      • Rest of Latin America
  • Middle East and Africa
    • Market Size and Forecast (US$ Bn), By Foundation, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Water Depth, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Turbine Capacity, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • GCC
      • Israel
      • South Africa
      • Rest of Middle East and Africa

Competitive Landscape

  • Heat Map Analysis
  • Company Profiles
    • Vestas
    • Nordex SE
    • DEME
    • Siemens Gamesa
    • Hyundai Motor Group
    • Rockwell Automation
    • EEW
    • Doosan Heavy Industries and Construction
    • General Electric
    • Goldwind
    • Envision
    • Nexans,
    • Shanghai Electric Wind Power Equipment Co.
    • ABB
    • Hitachi
    • Ming Yang Smart Energy Group Co.

The Last Word

  • Future Impact
  • About Us
  • Contact

FAQs

Floating Wind Power Market Size was valued at US$ 7.9 billion in 2024 and is expected to grow at a CAGR of 46.1% to reach US$ 249.9 billion by 2034.

The Floating Wind Power Market is segmented into Foundation, Water Depth, Turbine Capacity, and Region.

The market is driven by the growing need for green energy, the constraints of shallow-water and onshore wind farms, and the development of floating platform designs through technology.

Restraints of the Floating Wind Power Market include the high initial capital expenditures, which include specialized installation vessels and intricate mooring systems.

The Floating Wind Power Market is segmented by region into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America is expected to dominate the Market.

The key players operating the Floating Wind Power Market include Vestas, Nordex SE, DEME, Siemens Gamesa, Hyundai Motor Group, Rockwell Automation, EEW, Doosan Heavy Industries and Construction, General Electric, Goldwind, Envision, Nexans, Shanghai Electric Wind Power Equipment Co., ABB, Hitachi, and Ming Yang Smart Energy Group Co.