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, By Competition, Forecast and Opportunities 2020-2030F

Market Overview

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. Floating offshore wind power in North America refers to the generation of electricity using wind turbines mounted on floating platforms anchored in deep ocean waters where traditional fixed-bottom turbines are not feasible.

This technology enables the utilization of high-velocity and consistent wind resources far from shore, making it a strategic solution to expand clean energy production while minimizing visual and land-use conflicts. The North America floating offshore wind power market is poised for substantial growth due to a combination of regulatory support, technological innovation, and increasing corporate and governmental commitments to decarbonization. Governments in the United States and Canada are setting ambitious renewable energy targets, with the U.S. aiming to deploy 15 gigawatts of floating offshore wind by 2035.

Coastal states with deep waters, such as California and Oregon, present ideal conditions for floating platforms, and federal lease auctions for offshore wind development have drawn significant interest from global energy companies. The declining cost of floating wind technology, driven by economies of scale, advanced mooring systems, and improved turbine efficiency, is enhancing the commercial viability of these projects. Additionally, floating offshore wind farms can supply power to coastal urban centers without the constraints of land availability or shallow seabed conditions, which is particularly important as onshore and near-shore wind sites become saturated. Environmental considerations also favor floating platforms, as they reduce seabed disturbance and enable co-location with marine ecosystems.

Strategic investments in port infrastructure, supply chains, and workforce development further support the rapid scaling of this market. North America is also witnessing growing participation from oil & gas firms transitioning into renewable energy, bringing technical expertise and capital into offshore wind. As a result, the North America floating offshore wind power market is transitioning from pilot projects to utility-scale installations, unlocking a new frontier for sustainable energy generation. With an estimated potential to generate over 2000 gigawatts from floating offshore wind across the U.S. coastline, the market is expected to grow exponentially over the next decade.

Key Market Drivers

Regulatory Commitment to Renewable Energy Expansion

One of the most significant drivers propelling the North America floating offshore wind power market is the strong and accelerating commitment by federal and state governments to achieve large-scale renewable energy integration. Governmental agencies in both the United States and Canada have outlined ambitious climate action frameworks that prioritize the decarbonization of the power sector. Floating offshore wind power has been explicitly included in these national and regional clean energy strategies due to its vast potential to supply clean, consistent electricity in coastal regions with deep water, where traditional fixed-bottom turbines are technically infeasible. The United States federal government has taken concrete steps to advance this market by launching strategic initiatives such as the Floating Offshore Wind Shot, which targets a cost reduction of over 70 percent by 2035. In parallel, several coastal states including California, Oregon, Maine, and Hawaii have enacted policies and offshore wind goals that favor floating installations. California, for example, has established a target to deploy between 2 gigawatts and 5 gigawatts of floating offshore wind capacity by 2030. These regulatory actions not only create a policy framework for growth but also assure investors of long-term demand stability, thereby de-risking large-scale projects and attracting capital for deployment.

Canada, although in earlier stages compared to the United States, is also moving toward embracing floating offshore wind power in provinces such as Nova Scotia and British Columbia. These regions possess deep coastal waters and high wind speeds ideal for floating wind platforms. Regulatory incentives, including renewable energy procurement processes and emissions reduction mandates, are creating new market avenues for floating offshore wind development. Moreover, governments are facilitating environmental permitting and site leasing reforms to streamline deployment timelines and lower administrative costs. Legislative instruments such as tax credits, power purchase agreements, and direct infrastructure subsidies further enhance the commercial feasibility of these projects. The alignment of these policy frameworks across multiple jurisdictions in North America indicates a long-term, institutional commitment to renewable energy expansion, with floating offshore wind power positioned as a critical pillar in that transformation. The United States Department of Energy has announced a national target of deploying 15 gigawatts of floating offshore wind capacity by 2035, capable of powering over 5 million homes annually.

Technological Advancements in Floating Platform Design

The evolution of floating platform technologies is a key driver enabling the growth of the North America floating offshore wind power market. Early designs, which were costly and limited in scale, have given way to innovative solutions that improve the efficiency, durability, and cost-effectiveness of floating wind turbines. Advanced semi-submersible, tension-leg, and spar-buoy platforms are being engineered with modular components, allowing for standardized fabrication and easier deployment in harsh marine environments. These innovations reduce installation risks and lower the levelized cost of electricity, making floating offshore wind competitive with other forms of renewable energy. Additionally, integrated sensors and smart systems now enable real-time performance monitoring and predictive maintenance, which enhances operational efficiency and reduces downtime. North American research institutions and technology firms are actively participating in prototype development and testing in real-world marine conditions, accelerating the pace of commercial viability.

Coupled with improvements in platform design is the growing availability of high-capacity wind turbines suited for floating applications. The emergence of turbines with capacities exceeding 15 megawatts allows floating wind farms to generate more energy per unit, increasing their overall project returns. These turbines are designed with lightweight materials, aerodynamic blades, and control systems that optimize performance in variable offshore conditions. As a result, floating offshore wind farms can be placed farther from the coast, where wind speeds are higher and more consistent, without compromising power generation. This capability is particularly beneficial for North America, where several coastal regions have deep waters close to population centers. The synergy between advanced platform engineering and next-generation turbine technology is creating a technical foundation robust enough to support gigawatt-scale floating offshore wind projects across North America. Turbines rated at 15 megawatts or higher are now being integrated into floating offshore wind designs, allowing a single turbine to generate enough electricity to power approximately 12,000 homes annually.

Rising Demand for Coastal Power and Grid Decentralization

Urbanization and industrial growth in coastal regions are driving significant demand for electricity in North America, making floating offshore wind power a strategic solution for decentralized grid expansion. Major metropolitan areas such as Los Angeles, San Francisco, Seattle, Boston, and Vancouver are located near deep ocean zones with ideal wind conditions for floating wind deployment. These cities face mounting electricity loads due to population growth, increased electrification of transport systems, and expanding data infrastructure, all of which place pressure on existing energy grids. Floating offshore wind provides a scalable and clean power source that can be transmitted directly to coastal load centers, minimizing the need for long-distance transmission infrastructure and reducing energy losses. This aligns with regional planning objectives to diversify energy supply and build localized, resilient grids capable of adapting to climate risks and surging demand.

Floating offshore wind power supports grid flexibility by complementing other intermittent renewables such as solar and onshore wind. It produces electricity during periods when solar generation is low, thereby stabilizing the supply-demand balance. Integration of floating offshore wind into coastal power systems also allows utilities to reduce reliance on fossil fuel-based peaker plants, which are expensive and polluting. In Canada, similar opportunities are emerging in the Atlantic provinces, where isolated communities and industries require dependable, renewable electricity. These regions are exploring floating offshore wind as a means to reduce energy import dependency and improve local generation capacity. In both countries, floating offshore wind helps decentralize electricity production, ensuring that growing coastal populations have access to clean, affordable, and reliable power. Coastal states in the United States account for over 40 percent of total national electricity consumption, highlighting the critical need for localized renewable energy solutions like floating offshore wind power.

Transition of Oil and Gas Sector into Offshore Wind Energy

The strategic pivot of North America’s oil and gas sector toward renewable energy investments is creating new momentum for the floating offshore wind power market. Energy majors with deep offshore engineering expertise are now leveraging their capabilities in subsea construction, platform stability, and marine logistics to participate in floating wind projects. This transition is being driven by both investor pressure and regulatory incentives aimed at reducing carbon emissions across energy portfolios. Companies such as Shell, BP, and Equinor are forming joint ventures and acquiring offshore wind leases in North America, signaling a long-term commitment to this emerging energy segment. These firms bring significant financial capital, risk management experience, and project execution capacity, all of which are crucial for the success of large-scale floating wind initiatives.

The participation of oil and gas companies also accelerates the pace of innovation, as they apply decades of ocean engineering knowledge to develop cost-effective and reliable floating wind solutions. Their involvement is fostering collaboration between traditional energy and clean technology sectors, leading to hybrid business models and shared infrastructure. For example, offshore oil platforms are being repurposed as floating wind testbeds, while integrated systems are being developed that allow for power sharing between oil production and wind generation facilities. This convergence of sectors is redefining offshore energy in North America and positioning floating offshore wind as a commercially viable alternative to hydrocarbon-based power. The diversification of the energy industry through floating offshore wind contributes to both economic resilience and environmental sustainability. Over 10 oil and gas companies have secured offshore wind lease areas in the United States and Canada as of 2025, collectively holding over 9,000 square kilometers of ocean territory for floating wind development.

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Key Market Challenges

High Capital Investment and Cost Uncertainty

One of the most pressing challenges facing the North America floating offshore wind power market is the exceptionally high capital investment required for project development and the persistent uncertainty around cost structures. Unlike fixed-bottom offshore wind projects, floating installations involve complex platform engineering, advanced mooring systems, and dynamic cable configurations, all of which significantly elevate upfront capital expenditures. These engineering complexities translate into higher manufacturing, deployment, and maintenance costs. Additionally, as the market is still in the early phases of commercial deployment across North America, economies of scale have yet to be realized, which limits the ability of developers to reduce per-unit installation costs. Floating offshore wind farms also require purpose-built vessels and port infrastructure, which further contributes to capital intensity. For developers and financiers, these large financial requirements present a barrier to entry and limit the range of actors capable of participating in the market, concentrating project ownership among a few multinational energy firms with high-risk tolerance and deep capital reserves.

Adding to the financial pressure is the lack of mature market benchmarks for long-term revenue predictability and return on investment. The North America floating offshore wind power market does not yet benefit from established cost transparency, as floating projects remain largely in demonstration or early commercial phases. As a result, lenders and institutional investors often encounter difficulty in assessing project bankability, particularly in estimating the levelized cost of electricity, payback periods, and revenue reliability over the project lifecycle. The absence of long-term power purchase agreements, guaranteed feed-in tariffs, or auction price stability compounds this issue. This makes it challenging for developers to secure financing at competitive interest rates or lock in favorable insurance terms. In turn, these constraints delay final investment decisions and project timelines. Until the market can deliver proven financial returns across multiple utility-scale projects, the challenge of high capital expenditure and cost uncertainty will remain a critical barrier to widespread adoption of floating offshore wind power in North America.

Limited Domestic Supply Chain and Infrastructure Readiness

The underdevelopment of a dedicated domestic supply chain and the lack of infrastructure readiness present another major challenge to the North America floating offshore wind power market. Floating offshore wind projects require highly specialized components such as large-scale floating substructures, flexible dynamic cables, high-capacity subsea connectors, and corrosion-resistant materials. Currently, North America lacks sufficient local manufacturing capacity for many of these components, resulting in a dependence on international suppliers, particularly from Europe and Asia. This reliance introduces supply chain vulnerabilities including long lead times, transportation constraints, and price volatility due to currency fluctuations or geopolitical tensions. In addition, importation of large components is constrained by the physical limitations of ports, bridges, and inland transportation networks, which are often not designed to handle such oversized and heavy cargo. These limitations cause delays in construction schedules and escalate logistics costs, further complicating project feasibility and budgeting.

Beyond supply chains, the supporting port infrastructure in North America is largely unprepared to accommodate the unique demands of floating offshore wind projects. Unlike fixed-bottom turbines, floating wind components are assembled entirely onshore and towed out to sea, requiring ports with deep drafts, large laydown areas, and specialized cranes capable of handling gigawatt-scale installations. However, very few ports in the United States or Canada currently meet these technical specifications. Port upgrades require long permitting timelines and substantial capital investments, which may not be justifiable without a guaranteed pipeline of future projects. Additionally, there is a limited workforce trained in offshore wind-specific disciplines such as marine engineering, composite manufacturing, and offshore assembly. This talent gap reduces the ability to scale operations rapidly and can affect both project quality and safety standards. Without a strong and resilient domestic supply and infrastructure ecosystem, the North America floating offshore wind power market faces considerable logistical and operational hurdles that hinder its growth trajectory.

Environmental and Regulatory Complexity in Offshore Permitting

Navigating environmental regulations and obtaining permits for floating offshore wind projects is a complex and often unpredictable process that poses a significant challenge to market development in North America. Offshore energy projects must comply with a multitude of federal, state, and provincial environmental laws that govern marine ecosystems, migratory bird patterns, fisheries, and cultural heritage sites. In the United States, this includes regulatory oversight from the Bureau of Ocean Energy Management, the United States Coast Guard, the National Oceanic and Atmospheric Administration, and various state coastal management authorities. In Canada, multiple federal and provincial agencies are involved, including Fisheries and Oceans Canada and Environment and Climate Change Canada. Each of these entities conducts its own independent review, often requiring extensive environmental impact assessments, stakeholder consultations, and multi-year permitting timelines. The fragmented nature of the permitting process introduces uncertainty into project planning and increases the risk of legal challenges, especially from fishing communities and environmental advocacy groups concerned about marine habitat disruption.

Floating offshore wind power introduces new regulatory complications that are not fully addressed by existing frameworks. Unlike fixed-bottom turbines, floating installations can move slightly with the ocean current and require anchoring systems that occupy large underwater footprints. These factors raise concerns about potential interference with shipping lanes, military training zones, and protected marine areas. As a result, developers must often negotiate with multiple stakeholders, including the Department of Defense, indigenous groups, and local fishing industries, to secure approvals and prevent project delays. In some jurisdictions, outdated regulations do not adequately distinguish between fixed and floating wind technologies, leading to policy misalignment and permitting inefficiencies. This lack of regulatory clarity hampers investment confidence and can delay project milestones by several years. For the North America floating offshore wind power market to grow efficiently, a more integrated and adaptive permitting framework will be essential—one that balances ecological protection with energy transition priorities.

Key Market Trends

Rising Interest in Deepwater Lease Auctions Along the Pacific Coast

One of the most prominent trends shaping the North America floating offshore wind power market is the rising governmental and private sector interest in deepwater lease auctions, particularly along the Pacific coastline. States such as California and Oregon are increasingly recognized for their strong offshore wind potential, but the steep ocean shelf makes traditional fixed-bottom wind installations impractical, necessitating floating technologies. In response, federal authorities have initiated leasing rounds specifically designated for floating offshore wind developments. These lease sales are attracting significant participation from multinational energy companies, infrastructure investors, and clean energy developers who view floating platforms as a gateway to accessing vast untapped wind resources in deeper waters. This leasing momentum is reinforced by favorable state-level policy targets aimed at expanding clean energy portfolios and reducing carbon emissions.

In California, for instance, the state has set an offshore wind target of several gigawatts by the early 2030s, much of which will have to come from floating systems due to the geological nature of its coastline. As these lease auctions become more structured and competitive, they are also encouraging greater clarity in grid planning, transmission coordination, and investment strategies. The growing market enthusiasm is expected to accelerate technology demonstration, stakeholder engagement, and infrastructure planning, thereby strengthening the foundation for a long-term pipeline of floating offshore wind projects in North America.

Technological Advancements in Mooring and Platform Design

Technological innovation is emerging as a central trend within the North America floating offshore wind power market, particularly in the areas of mooring and platform design. As developers seek to reduce the cost and complexity of floating systems, engineering firms are investing in the development of lighter, modular, and more scalable floating platforms that can support larger turbines in a wider range of sea conditions. Innovations in tension leg platforms, semi-submersibles, and spar-buoy systems are enabling greater stability in high wind and wave environments, while also improving the speed and safety of offshore deployment.

Concurrently, research institutions and marine engineering companies are refining dynamic mooring systems that minimize stress on anchor points and cables, thereby reducing maintenance requirements and extending the operational life of floating wind assets. These advancements are being driven by collaborative public-private research efforts and prototype testing in real-world marine conditions off the coasts of California, Maine, and Nova Scotia. The adoption of digital twins, artificial intelligence for maintenance prediction, and advanced materials for corrosion resistance further enhance system performance. As these technologies move toward commercial readiness, they are expected to significantly improve project economics and scalability, making floating offshore wind a more viable solution for widespread deployment in North America.

Growing Focus on Workforce Development and Offshore Wind Education

A significant trend gaining traction in the North America floating offshore wind power market is the expanding emphasis on workforce development and offshore wind education. As floating wind moves from pilot stage toward commercial-scale deployment, the sector requires a diverse talent pool with specialized skills in marine engineering, turbine assembly, offshore operations, environmental science, and regulatory compliance. Recognizing this need, several states and provinces are partnering with universities, community colleges, and technical institutes to create dedicated training programs tailored to the floating offshore wind sector.

These include hands-on courses in turbine maintenance, subsea installation, and safety certifications that align with international standards. In addition to technical training, educational institutions are launching research partnerships to foster innovation in floating platform design, material science, and ocean mapping. Federal and state governments are supporting these initiatives through workforce grants and labor transition programs designed to upskill workers from traditional energy sectors. This education-focused trend is also attracting youth and underrepresented communities into renewable energy careers, supporting broader equity goals. As these programs expand, they are expected to provide a steady pipeline of qualified professionals capable of supporting the large-scale buildout of floating offshore wind infrastructure across North America.

Segmental Insights

Water Depth Insights

In 2024, the Deep Water (Higher Than 60 M Depth) segment, the dominated the North America Floating Offshore Wind Power Market and is expected to maintain its dominance throughout the forecast period. This dominance is primarily driven by the unique geographic and geological features of key coastal states such as California and Hawaii, where continental shelves drop steeply, rendering traditional fixed-bottom offshore wind installations unfeasible and making floating technologies the only viable option. The deep water segment benefits from consistent and stronger wind speeds found further offshore, which contribute to higher energy yields and improved project economics over the long term.

Technological advancements in floating substructure platforms, including spar-buoy and semi-submersible designs, have significantly increased the feasibility of deep water installations by improving stability, reducing operational risks, and allowing for larger turbine sizes to be deployed in more remote, high-capacity wind zones. Furthermore, the regulatory and policy landscape is increasingly supportive of deep water developments, with states such as California setting ambitious offshore wind energy targets that can only be met through floating installations in deep waters. Federal lease auctions for floating wind projects are also prioritizing deeper marine zones, providing access to vast areas for future development. As a result, major energy developers are strategically investing in deep water projects, citing long-term scalability and the ability to tap into underutilized marine resources.

Deeper waters tend to encounter less stakeholder conflict related to visual impact, fishing activity, and coastal tourism, further easing the permitting process. With ongoing research and public-private investment into mooring systems, dynamic cabling, and remote maintenance solutions, the deep water segment is well-positioned to benefit from continued cost reductions and efficiency gains. Therefore, its dominant market position in 2024 is set to strengthen further during the forecast period as deep water floating offshore wind transitions from early deployment to commercial maturity across North America.

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Country Insights

Largest Country

In 2024, the United States emerged as the dominant country in the North America Floating Offshore Wind Power Market, driven by robust policy support, strategic coastal geography, and substantial private and public investment. Coastal states such as California, Maine, and Oregon have played a pivotal role in this leadership by advancing floating offshore wind power initiatives to harness wind resources in deep water zones that are inaccessible to fixed-bottom turbines. The United States federal government, through the Department of the Interior, accelerated the leasing of offshore areas specifically suited for floating wind technology, particularly along the Pacific Coast where water depths exceed 60 meters. This move spurred participation from global energy developers and technology providers, reinforcing the country’s lead position.

The Inflation Reduction Act introduced strong incentives for renewable energy development, which included tax credits and infrastructure funding applicable to floating wind projects. The country also benefited from a growing network of universities, research institutions, and training centers focused on developing the technical expertise needed for offshore wind deployment. With long-term targets such as achieving 15 gigawatts of floating offshore wind capacity by 2035, the United States is poised to further expand its market dominance and serve as a benchmark for floating wind development in North America.

Emerging Country

Canada is rapidly emerging as a significant country in the North America floating offshore wind power market due to its extensive coastlines, favorable wind conditions, and growing commitment to clean energy. Provinces such as Nova Scotia and Newfoundland and Labrador are actively exploring the potential of floating offshore wind installations in deep Atlantic waters, where fixed-bottom solutions are not feasible.

The Canadian government is advancing regulatory frameworks and marine spatial planning to support offshore wind development while aligning with national decarbonization targets. In addition, partnerships with global renewable energy firms and investments in offshore research are accelerating technology adoption. As project pipelines develop, Canada is expected to play an increasingly vital role in shaping the region’s floating offshore wind power landscape.

Recent Developments

• In May 2025, Enel’s subsidiary Enel Green Power North America signed a swap agreement with Gulf Pacific Power to increase its indirect equity stake in wind farms to 51%, boosting its U.S. net installed capacity by 285 MW. The deal includes a USD 50 million cash consideration and is expected to add approximately USD 50 million annually to Enel’s consolidated EBITDA, while slightly increasing net financial debt. The transaction awaits regulatory approvals.
• In December 2024, the French government awarded two 250-megawatt floating wind farm sites in the Mediterranean Sea through the AO6 tender. Ocean Winds, leading a consortium, secured the Narbonaise site located over 25 kilometers off the coast between Agde and Port-la-Nouvelle. The second site in the Golfe de Fos, also over 25 kilometers offshore, was awarded to a consortium comprising EDF and Maple Power, advancing France’s offshore wind ambitions.
• In November 2024, Mainstream Renewable Power and Ocean Winds, through their joint venture KF Wind, secured a Transmission Service Agreement with Korea Electric Power Corporation. The agreement enables integration of 1,125 megawatts from KF Wind’s floating offshore wind project off Ulsan into Korea’s grid. Upon completion, the Ulsan wind cluster is expected to deliver around 6 gigawatts, making it the world’s largest floating offshore wind area and advancing Korea’s carbon neutrality objectives.
• In November 2024, Swedish offshore wind specialist Hexicon advanced its acquisition of the 1.1-gigawatt MunmuBaram floating offshore wind project by securing approval from Korea’s Electricity Regulatory Commission to transfer two of three required business licenses. The project is part of a larger 6.2-gigawatt East Sea wind complex off Ulsan, attracting about USD 29 billion in investments and operating through five special-purpose entities, including MunmuBaram.

Key Market Players

• TotalEnergies SE
• RWE Renewables GmbH
• Ørsted A/S
• BP p.l.c.
• Shell plc
• Dominion Energy, Inc.
• Enel SpA
• General Electric Company

Report Scope:

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

• North America Floating Offshore Wind Power Market, By Water Depth:

o   Shallow Water (Less Than 30 M Depth)

o   Transitional Water (30 M to 60 M Depth)

o   Deep Water (Higher Than 60 M Depth)                

• North America Floating Offshore Wind Power Market, By Turbine Capacity:

o   Up to 3 MW

o   3-5 MW

o   Above 5 MW

• North America Floating Offshore Wind Power Market, By Country:

o   United States

o   Canada

o   Mexico

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the North America Floating Offshore Wind Power Market.

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Company Information

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