North America Floating Offshore Wind Power Market is Expected to grow at a robust CAGR of 17.60% through 2030F
The
North America Floating Offshore Wind Power Market is to be led by the United
States, driven by strong government support and extensive offshore wind
resources, during the forecast period 2026-2030F.
According
to TechSci Research report, “North
America Floating Offshore Wind Power Market – By Country, Competition, Forecast
& Opportunities, 2020-2030F, The North America Floating Offshore Wind
Power Market was valued at USD 1.52 Billion in 2024 and is expected to reach
USD 4.02 Billion by 2030 with a CAGR of 17.60% during the forecast period.
Robust
investment in port infrastructure and marine supply chains is a pivotal driver
for the scaling of the floating offshore wind power market in North America.
Floating wind installations require specialized facilities for turbine
assembly, platform integration, and transportation logistics that are distinct
from those used in fixed-bottom wind projects. Ports must accommodate large
vessels, heavy-lift equipment, and extensive laydown areas to support the
construction and deployment of floating platforms. Recognizing this need,
several ports along the Pacific and Atlantic coasts are being upgraded to
function as staging grounds for offshore wind activities. The Port of Long
Beach in California and the Port of Halifax in Nova Scotia are two key examples
of infrastructure hubs being modified to meet the technical requirements of
floating wind projects.
In
tandem with port upgrades, the development of regional supply chains tailored
to the floating offshore wind sector is gaining momentum. Domestic fabrication
of components such as mooring systems, subsea cables, and turbine towers is
being prioritized to reduce dependence on international suppliers and create
local economic value. This is driving the establishment of specialized
manufacturing clusters and workforce development programs focused on offshore
wind competencies. Public-private partnerships are playing a critical role in
financing these efforts, with governments offering grants and subsidies to
de-risk infrastructure investments. The result is a strengthening of the entire
value chain, from component production and logistics to operations and maintenance.
This comprehensive supply ecosystem not only supports project execution but
also enhances long-term market competitiveness by reducing lead times and
costs.
An
emerging trend in the North America Floating Offshore Wind Power Market is the
integration of floating wind platforms with offshore green hydrogen production
systems. As governments and industries look for decarbonization strategies
across hard-to-electrify sectors such as shipping, aviation, and heavy
manufacturing, green hydrogen produced using renewable electricity is gaining
traction as a strategic solution. Floating offshore wind power offers an ideal
complement to this objective by providing high-capacity, continuous renewable
energy in remote marine environments that are often well suited for hydrogen
electrolysis. Several pilot projects are underway to co-locate electrolyzers on
offshore platforms or nearby coastal facilities that receive direct power from
floating turbines.
This
integration allows for the creation of a distributed energy ecosystem where
excess electricity can be stored or converted into hydrogen, helping to
stabilize the grid and support energy security. Furthermore, countries like
Canada and the United States are exploring export opportunities for hydrogen,
which could be produced in coastal regions with abundant offshore wind
resources and shipped internationally. As this trend evolves, it is expected to
attract investment from both traditional energy firms and new entrants in the
hydrogen economy, paving the way for hybrid offshore energy systems that
combine floating wind and green hydrogen in a single, scalable infrastructure.
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Based on Turbine Capacity, The
3-5 MW turbine capacity segment is recognized as the fastest-growing segment in
the North America floating offshore wind power market. This segment strikes an
optimal balance between energy generation efficiency and cost-effectiveness,
making it highly attractive for developers and investors alike. Turbines within
this capacity range are large enough to capture substantial wind energy while
maintaining manageable installation and maintenance costs compared to larger,
above 5 MW turbines, which often require more complex infrastructure.
The
growth of this segment is further driven by technological advancements that
have improved turbine reliability and performance within this capacity range.
Additionally, the 3 to 5 megawatt turbines are well-suited for the varying wind
conditions found off the North American coasts, especially in transitional and
deepwater zones where floating offshore wind farms are being developed. These
turbines enable faster project deployment and scalability, facilitating quicker
returns on investment. Government incentives and policies supporting renewable
energy also encourage the adoption of turbines in this category. Consequently,
the 3-5 MW turbine segment is poised for rapid expansion, playing a critical
role in the overall growth of the floating offshore wind power market across
North America.
Based
on country, Mexico is quickly becoming the fastest-growing country in the North
America Floating Offshore Wind Power Market due to its favorable coastal
geography and increasing focus on renewable energy. The Gulf of Mexico offers
vast potential for floating offshore wind projects, with large areas suitable
for deepwater installations. The Mexican government supports this growth
through policies encouraging clean energy investments and ambitious plans to
expand renewable capacity by 2030.
Private
companies are investing heavily in developing offshore wind infrastructure. Key
initiatives like competitive leasing processes for offshore wind sites in the
Gulf further accelerate market expansion. These combined factors position
Mexico as an emerging leader in the region, with the floating offshore wind
sector expected to experience strong growth in the near future.
Key
market players in the North America Floating Offshore Wind Power market are: -
- TotalEnergies
SE
- RWE
Renewables GmbH
- Ørsted
A/S
- BP
p.l.c.
- Shell
plc
- Dominion
Energy, Inc.
- Enel
SpA
- General
Electric Company
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“The
North America Floating Offshore Wind Power Market is expected to grow
significantly in the coming years, driven by increasing demand for clean and
renewable energy sources. Advancements in floating platform technology enable
efficient energy capture in deepwater locations previously inaccessible to
traditional fixed turbines. Supportive government policies, including
substantial funding and incentives, are accelerating project development and
infrastructure expansion. Strategic partnerships between energy companies and
investments in grid integration are further boosting market growth. As
environmental concerns and carbon reduction targets intensify, the market is
positioned to expand rapidly, making North America a key region in the global
floating offshore wind power landscape.Top
of Form” said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based Global management consulting firm.
“North America Floating Offshore Wind Power Market
By Water Depth (Shallow Water (Less Than 30 M Depth), Transitional Water (30 M
to 60 M Depth), Deep Water (Higher Than 60 M Depth)), By Turbine Capacity (Up
to 3 MW, 3-5 MW, Above 5 MW), By Country, Competition, Forecast and
Opportunities, 2020-2030F,”
has evaluated the future growth potential of North America Floating Offshore
Wind Power Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in North America Floating
Offshore Wind Power Market.
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