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

Rising government initiatives:

• The government plays a significant role in promoting the development of floating wind energy, a promising new field for producing renewable energy. These regulations provide the framework and monetary benefits to encourage investment, innovation, and long-term growth in the floating wind sector. Governments offer subsidies, tax rebates, and feed-in tariffs as financial incentives to reduce the upfront costs of floating wind farms. These benefits invest in this relatively new technology, which is more enticing to developers and investors.
• In addition, governments lease offshore areas for floating wind projects through competitive auctions or fixed-price schemes to provide equal access to premium wind resources. For instance, in December 2022, the US Bureau of Ocean Energy Management awarded five winners leases totaling 4.6 GW on 373,000 acres offshore California, contingent upon a payment of $750 million. The $2,000/acre pricing is cheaper than leases on the East Coast since there is less competition and more development expenditures.
• To sum up, government measures play a significant role in promoting the growth of floating wind energy. Governments that invest in infrastructure and research, provide financial incentives, and provide a supportive regulatory environment may hasten the development of this clean energy source and contribute to a more sustainable energy future.