Floating Wind Turbine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028F, Segmented By Foundation (Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation and Others), By Capacity (Up to 1 MW, 1-3 MW, 3-5 MW and Above 5MW), By Depth (Shallow Water, Deep Water), By Region and Competition 2021-2031F

Market Overview

The Global Floating Wind Turbine Market will grow from USD 3.87 Billion in 2025 to USD 32.97 Billion by 2031 at a 42.91% CAGR. Floating wind turbines consist of wind energy generators mounted on buoyant substructures moored to the seabed, enabling deployment in water depths where fixed-bottom foundations are technically unfeasible. The market is fundamentally driven by the critical need to access high-yield wind resources found in deeper waters, which provide more consistent power generation than nearshore sites. Furthermore, the increasing scarcity of available shallow-water zones and strict national decarbonization mandates are accelerating the strategic shift toward deep-water renewable energy exploitation.

However, the sector encounters a significant impediment in the form of immature supply chains and the associated high capital costs required for commercialization. The lack of specialized port infrastructure capable of assembling and transporting these massive floating structures further restricts rapid scalability and deployment velocity. According to the Global Wind Energy Council, at the end of 2024, a total of 278 MW of net floating wind capacity was installed globally, reflecting the early-stage development of this industry relative to its fixed-bottom counterpart.

Key Market Drivers

Favorable Government Policies and Decarbonization Mandates serve as the foundational catalyst for the Global Floating Wind Turbine Market. As nations strive to meet aggressive net-zero targets, they are increasingly implementing robust regulatory frameworks and dedicated financial mechanisms to de-risk early-stage commercial projects. These policies often manifest as specific auction pots or ring-fenced budgets designed to bridge the gap between immature technology costs and commercial viability, encouraging developers to exploit deep-water resources. For instance, according to OffshoreWIND.biz, July 2024, in the 'UK Boosts Sixth CfD Auction Budget' article, the United Kingdom government notably increased its renewable energy support, earmarking GBP 270 million specifically for emerging technologies, including floating offshore wind. Such targeted funding directly incentivizes developers to secure leases and accelerate project deployment in regions where fixed-bottom foundations are unsuitable.

Declining Levelized Cost of Energy (LCOE) is simultaneously propelling the market from pilot phases toward full-scale industrialization. Technological advancements in platform architectures and economies of scale are driving down capital expenditures, making floating wind increasingly competitive with mature renewable alternatives. This downward cost trajectory was evidenced recently in competitive European tenders, where aggressive bidding confirmed improved financial feasibility. According to OffshoreWIND.biz, May 2024, in the 'France Names Winner of Country’s First Large-Scale Floating Offshore Wind Tender' article, the winning consortium for the Pennavel project secured a Contract for Difference at EUR 86.45 per MWh, a record-low tariff that signaled a major step toward grid parity. This improving economic outlook is stimulating massive long-term interest; according to RenewableUK, in 2024, the global floating offshore wind project pipeline expanded by 9% to reach a total of 266 GW.

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Key Market Challenges

The intense reliance on immature supply chains and the scarcity of specialized port infrastructure severely restricts the growth of the Global Floating Wind Turbine Market. Unlike fixed-bottom installations, floating turbines require deep-water ports with expansive heavy-lift quayside reinforcement for the assembly of buoyant substructures. A global shortage of such facilities bottlenecks the deployment process, preventing the simultaneous assembly and transport of large-scale components. This logistical constraint forces developers to utilize distant ports, escalating transit times and operational expenses, which significantly inflates the overall project costs and deters investment in commercial-scale developments.

This infrastructure gap translates into a massive capital requirement that the industry is currently struggling to meet. The financial burden of upgrading ports to handle these giant floating units is a primary barrier to market expansion, creating a disparity between ambitious installation targets and actual execution capabilities. According to WindEurope, in 2025, an additional €6.4 billion investment in port facilities and new vessels is required to ensure the sector can deliver on its offshore energy targets. Without securing this substantial capital to modernize the supply chain, the industry faces prolonged delays in converting its planned project pipeline into operational capacity.

Key Market Trends

The adoption of 15MW+ high-capacity turbines is fundamentally altering unit economics by maximizing energy yield per foundation. Developers are transitioning toward massive, commercial-scale generators to amortize the high costs of buoyant substructures over a larger power output. This shift necessitates robust platforms capable of supporting heavier nacelles in deep-water environments. According to OffshoreWIND.biz, December 2024, in the 'Mingyang's 16.6 MW Dual-Turbine Floating Wind Platform Enters Operation in China' article, this trend was exemplified when MingYang Smart Energy commissioned the OceanX platform, a floating unit with a total generation capacity of 16.6 MW designed to withstand typhoon conditions.

The electrification of offshore oil and gas platforms is simultaneously emerging as a distinct market segment driven by the requirement to decarbonize extraction assets. Unlike utility-scale farms, these projects often operate via dedicated microgrids to replace gas-fired power generation on rigs, directly addressing Scope 1 emissions and bypassing some grid congestion issues facing broader deployment. According to Crown Estate Scotland, April 2024, in the 'INTOG leasing round' update, this trajectory was reinforced when an option agreement was signed for the Green Volt project, which targets 560 MW of floating wind capacity specifically to decarbonize North Sea installations.

Segmental Insights

The semi-submersible foundation segment is currently the fastest-growing category within the Global Floating Wind Turbine Market. This expansion is primarily driven by the platform's distinct logistical advantages, most notably the capability for full quayside assembly. Unlike other floating concepts, semi-submersibles can be constructed at the port and towed to the site, effectively eliminating the need for expensive heavy-lift offshore vessels. This installation efficiency, combined with robust stability in varying water depths, reduces overall project risk and capital expenditure, establishing the design as the preferred choice for large-scale commercial developments.

Regional Insights

North America stands as the leading region in the global floating wind turbine market, driven by extensive deep-water wind resources and a cohesive federal strategy. The United States propels this dominance through initiatives like the Department of Energy’s Floating Offshore Wind Shot, which fosters supply chain maturity and technological advancement. Furthermore, the Bureau of Ocean Energy Management facilitates market expansion by actively designating lease areas in the Pacific and Atlantic specifically for floating applications. This proactive regulatory environment, coupled with substantial investment in infrastructure, solidifies the region’s status as the central driver of global market activity.

Recent Developments

• In May 2025, the American Bureau of Shipping (ABS) awarded Approval in Principle to Seatrium Marine & Deepwater Technology for a newly designed floating wind foundation. The semi-submersible floating column structure was optimized to support 15 MW wind turbines and featured a center column supported by pontoons on three sides. Seatrium emphasized that the design focused on efficient fabrication and cost-effectiveness while maintaining the capability to withstand harsh environmental conditions. This regulatory approval marked a critical step in validating the engineering viability of the concept, paving the way for its potential deployment in future large-scale floating wind farm developments.
• In September 2024, Principle Power expanded its product portfolio by unveiling two new semi-submersible foundation designs, the WindFloat TC and WindFloat FC. These new platforms were specifically engineered to support next-generation wind turbines with capacities exceeding 15 MW. The company's Chief Executive Officer highlighted that the center-column designs offered optimized solutions for stiffer towers and were compatible with standard manufacturing supply chains. This product launch aimed to address the industry's need for standardization and cost reduction as the floating wind market transitions toward commercial-scale projects in deep-water environments globally.
• In August 2024, TotalEnergies announced the initiation of a pilot project utilizing a floating wind turbine to supply renewable electricity to the Culzean offshore platform in the UK North Sea. The 3 MW turbine, expected to be fully operational by the end of 2025, was designed to provide approximately 20% of the platform's power requirements. The Chief Technology Officer of TotalEnergies noted that the project aimed to prove the concept of hybridization by integrating renewable generation with existing gas turbine power. The initiative also sought to qualify a modular semi-submersible floater design for future commercial-scale floating wind deployments.
• In July 2024, Mingyang Smart Energy officially launched the OceanX, a dual-rotor floating wind turbine platform described as the world's largest by single capacity. Unveiled in Guangzhou, China, this innovative V-shaped structure features two hybrid drive wind turbines with a combined capacity of 16.6 MW. The platform was engineered to withstand extreme typhoon conditions, capable of enduring winds up to 79.8 meters per second. The company stated that the modular high-performance concrete foundation was designed to reduce system costs while enhancing production efficiency. This development marked a significant milestone in the scaling of deep-water offshore wind technologies.

Key Market Players

• Siemens Gamesa Renewable Energy S.A.
• MHI Vestas Offshore Wind A/S
• ABB Group
• General Electric Company
• Nordex SE
• Goldwind Science & Technology Co., Ltd
• Envision Energy Ltd
• Ming Yang Smart Energy Group Co., Ltd.
• Hitachi Group
• Suzlon Energy Ltd.

Report Scope:

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

• Floating Wind Turbine Market, By Foundation:

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

• Floating Wind Turbine Market, By Capacity:

• Up to 1 MW
• 1-3 MW
• 3-5 MW and Above 5MW

• Floating Wind Turbine Market, By Depth:

• Shallow Water
• Deep Water

• Floating Wind Turbine 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