Floating Offshore Wind Power Market is expected to Grow with a CAGR of 20.65% through 2030
Rising global demand for
clean energy, government incentives, and advancements in floating turbine
technology are driving the rapid growth of the floating offshore wind power
market by enabling deepwater renewable energy deployment.
According to TechSci Research
report, “Floating Offshore Wind Power Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2030F”, the Floating Offshore Wind Power Market was valued at USD 4.27 Billion in 2024 and is expected to reach USD 13.29 Billion by 2030 with a CAGR of 20.65%. The Floating Offshore
Wind Power Market is driven primarily by the urgent global demand for clean,
renewable energy sources as nations intensify their efforts to reduce
greenhouse gas emissions and meet ambitious climate goals. Traditional fixed-bottom
offshore wind farms are limited to shallow waters, generally less than 60
meters deep, which restricts the geographic scope for offshore wind
development. In contrast, floating offshore wind technology allows for
deployment in much deeper waters—often exceeding 200 meters—opening vast new
areas with strong, consistent wind resources previously untapped.
This capability significantly
expands the potential capacity for offshore wind energy generation, making it
an attractive option for countries with deep coastal waters such as Japan,
South Korea, Norway, and parts of the U.S. Pacific coast. Additionally, the
rising global focus on energy security, driven by geopolitical tensions and
supply chain disruptions, further propels investment in domestic renewable
energy infrastructure, including floating offshore wind farms, to reduce
dependence on imported fossil fuels. Technological advancements are also
playing a crucial role in driving market growth by improving the efficiency,
reliability, and cost-effectiveness of floating platforms and turbines.
Innovations such as semi-submersible foundations, spar-buoy designs, and
tension-leg platforms have enhanced the structural stability and scalability of
floating wind projects, enabling larger turbines that produce more power at
lower costs.
Digitalization and AI-driven
maintenance are further reducing operational expenditures and extending asset
lifetimes, making floating offshore wind increasingly competitive with
conventional energy sources. Moreover, government policies and incentives worldwide
are accelerating the adoption of floating wind technology. Many countries have
introduced dedicated offshore wind targets, streamlined permitting processes,
and provided subsidies or power purchase agreements (PPAs) to de-risk projects
and attract private capital. Notably, the European Union’s Green Deal and
Asia-Pacific countries’ renewable energy roadmaps are emphasizing floating
offshore wind as a key pillar for their energy transition. Corporate
sustainability commitments and growing investor interest in Environmental,
Social, and Governance (ESG) criteria are also channeling funds into floating
offshore wind developments, bolstering market expansion.
Furthermore, floating
offshore wind projects offer strategic benefits beyond electricity generation,
such as enabling hybrid energy systems that integrate with green hydrogen
production or battery storage, enhancing grid stability and decarbonizing hard-to-electrify
sectors. The flexibility of floating wind farms to be located farther offshore
also reduces visual and environmental impacts compared to nearshore
developments, helping to mitigate community opposition and regulatory hurdles.
As global economies recover post-pandemic, stimulus packages targeting green
infrastructure have additionally injected momentum into the floating offshore
wind sector, encouraging large-scale pilot projects and commercial deployments.
Overall, the convergence of technological innovation, environmental
imperatives, supportive regulatory frameworks, and financial incentives creates
a powerful market driver landscape for floating offshore wind power,
positioning it as a critical solution for sustainable, large-scale renewable energy
generation worldwide.
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Floating Offshore Wind Power Market.”
Based on the Turbine
Capacity, Up to 3 MW segment held the largest Market share in 2024. A
significant market driver for the floating offshore wind power market in the up
to 3 MW segment is the growing demand for scalable and cost-effective renewable
energy solutions tailored to niche applications, remote locations, and emerging
markets. Smaller turbines within this capacity range offer unique advantages,
especially in initial floating wind farm deployments and pilot projects, where
lower capital expenditure and reduced technical complexity are critical to
de-risking investments and validating technology performance. The up to 3 MW
segment caters well to regions with limited grid infrastructure or smaller
power demands, such as island communities, offshore industrial sites, and
coastal areas with constrained marine environments, where large-scale turbines
may not be feasible or economically justified.
Additionally, this segment
supports the increasing interest from utilities and independent power producers
seeking modular, flexible solutions that can be incrementally scaled to match
demand growth and accommodate evolving regulatory frameworks. Technological
advancements in turbine design, materials, and floating platform concepts are
enhancing the reliability and efficiency of sub-3 MW systems, enabling them to
operate effectively in challenging offshore conditions while maintaining
favorable levelized costs of energy (LCOE). Furthermore, governments and
regional agencies are incentivizing pilot floating wind projects in this
segment as part of broader renewable energy and climate goals, often providing
grants, subsidies, and streamlined permitting processes to encourage innovation
and local industry development. This public support not only accelerates
commercialization but also fosters partnerships between technology developers,
marine engineering firms, and energy providers, driving knowledge exchange and
economies of scale.
The up to 3 MW floating
offshore wind turbines also play a vital role in facilitating integration with
complementary technologies such as offshore microgrids, green hydrogen
production, and hybrid renewable systems, offering versatile solutions for
energy resilience and decarbonization in remote or off-grid applications.
Additionally, smaller floating turbines reduce the logistical and environmental
challenges associated with installation and maintenance, making them attractive
for sensitive marine ecosystems and regulatory environments emphasizing
sustainability. As the floating offshore wind market matures, the up to 3 MW
segment provides an accessible entry point for new market entrants and emerging
economies, expanding the global footprint of offshore wind beyond traditional
large-scale projects.
This growth in smaller-scale
floating wind systems is further supported by ongoing research into lightweight
materials, improved mooring techniques, and digital monitoring technologies
that enhance operational efficiency and asset longevity. Overall, the
confluence of technological progress, regulatory incentives, and market demand
for adaptable, low-capacity offshore wind solutions is driving substantial
expansion in the up to 3 MW floating offshore wind turbine segment, positioning
it as a key growth area within the broader offshore renewable energy landscape.
Based on region, Asia Pacific
is the fastest-growing region in the Floating Offshore Wind Power Market,
driven by its vast untapped deepwater resources and increasing energy demand
from rapidly expanding economies like China, Japan, and South Korea. Governments
across the region are actively promoting renewable energy through favorable
policies, subsidies, and ambitious net-zero targets, accelerating project
development. Significant investments in offshore wind infrastructure and
technological advancements in floating platforms are further propelling market
growth. Additionally, the region’s strategic focus on reducing carbon emissions
and diversifying energy sources positions Asia Pacific as a key hub for
floating offshore wind power expansion in the coming years.
Major companies operating in
the Global Floating Offshore Wind Power Market are:
- Equinor ASA
- Ørsted A/S
- Principle Power Inc.
- Hexicon AB
- Saitec Offshore Technologies
- Floating Power Plant A/S
- GE Renewable Energy
- Siemens Gamesa Renewable
Energy S.A.
- Aker Solutions ASA
- TotalEnergies SE
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“The Global Floating Offshore
Wind Power Market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period. The Floating Offshore Wind Power
Market offers substantial growth potential, driven by increasing demand for
renewable energy in deepwater areas unsuitable for fixed-bottom turbines.
Strengthening government policies and aggressive net-zero commitments worldwide
are accelerating project approvals and investment flows. Advances in floating
platform technologies and larger turbine designs are enhancing cost-efficiency
and operational performance, thereby attracting capital. Furthermore, synergies with green hydrogen production and energy storage
solutions create additional revenue avenues, reinforcing floating offshore
wind’s role as a critical component of the global clean energy transition.
Therefore, the Market of Floating Offshore Wind Power is expected to boost in
the upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based global management consulting firm.
“Floating
Offshore Wind Power Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, Segmented, By Water Depth (Shallow Water (Less Than 30 M Depth),
Transitional Water (30 M To 60 M Depth), and Deep Water (Higher Than 60 M
Depth)), By Turbine Capacity (Up to 3 MW, 3 MW - 5 MW, and Above 5 MW), By
Region & Competition, 2020-2030F”, has evaluated the future growth potential of Global
Floating Offshore Wind Power Market and provides statistics & information
on the Market size, structure, and future Market growth. The report intends to
provide cutting-edge Market intelligence and help decision-makers make sound
investment decisions., The report also identifies and analyzes the emerging
trends along with essential drivers, challenges, and opportunities in the
Global Floating Offshore Wind Power Market.
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