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, By Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 4.76 Billion
CAGR (2026-2031)	21.03%
Fastest Growing Segment	3 MW - 5 MW
Largest Market	North America
Market Size (2031)	USD 14.96 Billion

Market Overview

The Global Floating Offshore Wind Power Market is projected to grow from USD 4.76 Billion in 2025 to USD 14.96 Billion by 2031 at a 21.03% CAGR. Floating offshore wind power consists of wind turbines mounted on buoyant platforms that are tethered to the seabed via mooring lines, allowing for energy generation in water depths where fixed foundations are technically or economically unfeasible. The primary drivers supporting this market include the necessity to access stronger and more consistent wind resources found in deeper marine environments and the diminishing availability of suitable shallow-water sites for conventional bottom-fixed projects. This technology effectively unlocks vast ocean areas for renewable energy development that were previously inaccessible.

Market momentum is evidenced by the substantial volume of capacity currently in planning and development stages. According to RenewableUK, in 2024, the global pipeline of floating offshore wind projects expanded to 266 gigawatts. Despite this robust potential, the sector faces a significant challenge regarding the high capital costs associated with establishing a dedicated supply chain. The scarcity of specialized port infrastructure capable of accommodating the assembly and logistical requirements of these massive floating structures remains a critical barrier that could impede rapid commercialization.

Key Market Drivers

Ambitious national renewable energy targets and decarbonization mandates act as the foremost catalyst accelerating the deployment of floating offshore wind infrastructure. Governments are aggressively incentivizing the sector to access untapped deep-water resources, utilizing specific auction frameworks to de-risk these capital-intensive projects and meet net-zero goals. This strategic support is evident in recent policy adjustments designed to bridge the commercial viability gap. According to the UK Government, July 2024, in the 'Contracts for Difference Allocation Round 6' announcement, the budget was uplifted to earmark £270 million specifically for emerging technologies like floating wind. Such mandates are rapidly translating into tangible development activities across major markets. According to the National Renewable Energy Laboratory, in 2024, the United States pipeline for floating offshore wind reached approximately 25,116 MW.

Technological maturation and the declining levelized cost of energy (LCOE) constitute the second critical driver, enabling the transition from pilot schemes to commercial-scale arrays. Innovations in dynamic cabling, mooring systems, and modular platform designs are systematically reducing the cost premium associated with deep-water installations. As supply chains standardize and economies of scale are realized, the long-term affordability of floating wind is expected to improve drastically, unlocking geographies with narrow continental shelves. According to DNV, November 2024, in the 'Energy Transition Outlook', the cost of floating offshore wind is projected to fall from $280 per MWh for investment decisions made in 2030 to $82 per MWh by 2050. This downward trajectory is essential for competing with fixed-bottom alternatives.

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Key Market Challenges

The high capital costs associated with establishing a dedicated supply chain, particularly the scarcity of specialized port infrastructure, act as a primary constraint on the Global Floating Offshore Wind Power Market. Unlike conventional fixed-bottom wind farms, floating projects require turbines to be fully assembled at the quayside before being towed to the site. This process demands ports with exceptionally deep drafts, reinforced heavy-lift quays, and vast storage areas, which are currently in short supply globally. The immense financial investment required to upgrade existing ports or build new facilities creates a logistical bottleneck that prevents the rapid conversion of planned capacity into operational projects.

This infrastructure deficit has forced the industry to significantly temper its near-term growth expectations. According to the Global Wind Energy Council, in 2025, the global floating wind installation forecast for 2030 was downgraded to 2.6 gigawatts, representing a 69% reduction compared to the previous year’s projection. This substantial downward revision highlights how the lack of industrial-ready ports and supply chain maturity is directly delaying project execution and hampering the market's ability to meet its theoretical potential.

Key Market Trends

The Decarbonization of Offshore Oil and Gas Assets is emerging as a commercially distinct market segment, driven by the need to lower the carbon intensity of hydrocarbon extraction. Unlike utility-scale projects connected to the onshore grid, these floating arrays are purpose-built to electrify remote drilling platforms, replacing carbon-heavy gas generators with clean power. This application allows developers to secure off-take agreements with industrial operators independent of national grid constraints, creating a viable route to market that bypasses transmission bottlenecks. According to Crown Estate Scotland, April 2024, the Green Volt project secured an Option Agreement for a 560 MW floating wind farm expressly designed to electrify oil and gas infrastructure in the North Sea.

Simultaneously, the Shift Toward Ultra-Large Capacity Turbines is reshaping platform engineering as manufacturers seek to maximize energy yield per floating unit. To offset the high capital expenditure of buoyant foundations and mooring systems, the industry is moving rapidly toward turbines exceeding 15 megawatts, which drastically improves the ratio of power generation to installed hardware. This trend is pushing the boundaries of aerodynamic stability and structural load management, necessitating novel designs that can withstand extreme marine forces. According to Mingyang Smart Energy, December 2024, the 'OceanX' floating platform entered full operation featuring a dual-rotor design with a combined capacity of 16.6 MW, setting a new benchmark for single-platform output.

Segmental Insights

Based on recent industry analysis, the 3 MW - 5 MW turbine segment is recognized as the fastest-growing category within the Global Floating Offshore Wind Power Market. This rapid expansion is primarily driven by the segment's extensive adoption in pilot and pre-commercial demonstration projects, which are essential for validating diverse floating foundation technologies. Developers favor this capacity range as it offers an optimal balance between energy output and capital expenditure, significantly reducing the technical risks and logistical complexities associated with larger, unproven turbine classes. Consequently, this segment enables faster deployment timelines, serving as a critical stepping stone for the industry's commercial maturity.

Regional Insights

North America currently stands as the leading region in the global floating offshore wind power market, driven by the United States' aggressive federal mandates and extensive technical potential. The region holds this dominant position because deep continental shelves along the Pacific Coast and the Gulf of Maine necessitate floating infrastructure rather than fixed-bottom alternatives. The Bureau of Ocean Energy Management actively accelerates this expansion through strategic lease auctions, while the Department of Energy drives cost-reduction innovation via the Floating Offshore Wind Shot initiative. These coordinated regulatory and geographic advantages firmly establish North America’s leadership in the sector.

Recent Developments

• In July 2025, Dongfang Electric Corporation achieved a significant technological breakthrough by rolling out the world's most powerful direct-drive floating offshore wind turbine. The 17 MW unit, developed in partnership with China Huaneng Group, features a record-breaking rotor diameter of 262 meters and is specifically designed for deep-sea environments. This massive turbine is engineered to withstand extreme weather conditions, including super typhoons, while maintaining stable power generation capabilities. The successful production of this unit marks a major milestone in the advancement of high-capacity floating wind equipment, supporting the global transition towards utilizing deep-water wind resources for clean energy.
• In November 2024, TechnipFMC and Prysmian signed a strategic collaboration agreement to develop a comprehensive solution for the floating offshore wind market. This partnership combines TechnipFMC's expertise in system design and mooring integration with Prysmian's leadership in submarine power cable systems. The companies aim to deliver a fully integrated Engineering, Procurement, Construction, and Installation (iEPCI) model that covers the entire water column from the seabed to the ocean surface. This innovative approach is designed to improve project economics, reduce execution risks, and accelerate the deployment of floating wind technologies to meet rising renewable energy demand.
• In August 2024, TotalEnergies launched a pioneering floating offshore wind pilot project in the North Sea to decarbonize its Culzean offshore platform operations. The initiative involves the installation of a 3 MW floating wind turbine on a modular, semi-submersible hull designed by Ocergy. Located approximately 220 kilometers off the eastern coast of Scotland, the facility is expected to be fully operational by late 2025. The project aims to demonstrate the feasibility of hybrid power generation by integrating renewable energy with existing gas turbine electricity, thereby supplying around 20% of the platform's power requirements and reducing greenhouse gas emissions.
• In July 2024, JGC Corporation and Sumitomo Corporation entered into a collaborative agreement to establish a robust supply chain for floating offshore wind power structures. This partnership addresses critical industry challenges, such as the need for cost reduction and the mass production of floating foundations. By leveraging their respective strengths in project management and material supply, the companies intend to design and manufacture components that meet the growing global demand for renewable energy. The collaboration focuses on optimizing the production system to ensure the efficient delivery of floating structural components for large-scale wind farms expected to be developed in the coming decades.

Key Market Players

• Equinor ASA
• Ørsted A/S
• Principle Power Inc.
• Hexicon AB
• Saitec Offshore Technologies S.L.
• Floating Power Plant A/S
• GE Vernova Inc.
• Siemens Gamesa Renewable Energy, S.A.
• Aker Solutions ASA
• TotalEnergies SE

By Water Depth	By Turbine Capacity	By Region
Shallow Water (Less Than 30 M Depth) Transitional Water (30 M To 60 M Depth) Deep Water (Higher Than 60 M Depth)	Up to 3 MW 3 MW - 5 MW Above 5 MW	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Floating Offshore Wind Power Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• 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)

• Floating Offshore Wind Power Market, By Turbine Capacity:

• Up to 3 MW
• 3 MW - 5 MW
• Above 5 MW

• Floating Offshore Wind Power Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE