Market Size of Floating Offshore Wind Power Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 0.94 gigawatt |
| Market Volume (2029) | 22.29 gigawatt |
| CAGR (2024 - 2029) | 88.36 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Floating Offshore Wind Power Market Analysis
The Floating Offshore Wind Power Market size in terms of installed base is expected to grow from 0.94 gigawatt in 2024 to 22.29 gigawatt by 2029, at a CAGR of 88.36% during the forecast period (2024-2029).
- Over the medium term, rising investments in offshore renewable wind energy projects, coupled with advanced and readily accessible offshore wind turbine technologies, are expected to be major drivers of the floating offshore wind market during the forecast period.
- On the other hand, tough competition from alternate renewable energy markets will restrain the floating offshore wind market during the forecast period.
- Nevertheless, floating offshore wind energy is becoming more popular in developing untapped deep-water prospects favorable for floating structures, providing ample opportunities for the market players.
- Europe is expected to dominate the floating offshore wind market during the forecast period.
Floating Offshore Wind Power Industry Segmentation
Floating wind power is electricity made by an offshore wind turbine that is mounted on a floating structure. This lets the turbine make electricity in water depths where fixed-foundation turbines cannot work. Floating wind farms can make a big difference in the amount of sea area that can be used for offshore wind farms, especially in places where shallow water is not available.
The floating offshore wind power market is segmented by water depth (qualitative analysis only) and geography. By water depth, the market is segmented into shallow water (less than 30 m depth), transitional water (30 m to 60 m depth), and deep water (higher than 60 m depth). By Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report also covers the sizes and forecasts of the floating offshore wind market across major regions. For each segment, market sizing and forecasts have been done based on installed capacity (megawatts).
| By Water Depth (Qualitative Analysis Only) | |
| Shallow Water (less than 30 m depth) | |
| Transitional Water (30 m to 60 m depth) | |
| Deep Water (higher than 60 m depth) |
| By Geography | ||||||||||
| ||||||||||
| ||||||||||
| ||||||||||
| ||||||||||
|
Floating Offshore Wind Power Market Size Summary
The floating offshore wind market is poised for significant expansion, driven by increasing investments in renewable energy projects and advancements in offshore wind turbine technologies. This growth is expected despite the competitive pressures from other renewable energy sectors. The market is particularly gaining traction in Europe, where there is a strong focus on developing untapped deep-water sites suitable for floating structures. The floating offshore wind turbine technology, especially in transitional water depths, is becoming more commercially viable, with barge-style designs being prominent in shallower areas. These developments are supported by initiatives such as the US Department of Energy's funding opportunities for offshore wind technology research, which promise to enhance the market's growth potential.
Europe remains a dominant force in the offshore wind energy sector, with a substantial share of global installations, particularly in the North Sea region. The region's ambitious targets for offshore wind farm installations, coupled with projects like France's EolMed and Norway's Hywind Tampen, underscore the promising outlook for the market. The floating offshore wind power market is moderately fragmented, with key players like General Electric, Siemens Gamesa, and Vestas Wind Systems actively participating. Recent investments and project approvals, such as Octopus Energy's investment in Ocergy and the Green Volt project in Scotland, further highlight the dynamic nature of the market and its potential for future growth.
Floating Offshore Wind Power Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Floating Offshore Wind Power Potential Installed Capacity Forecast in GW, till 2029
-
1.3 Key Projects Information
-
1.3.1 Major Existing Projects
-
1.3.2 Upcoming Projects
-
-
1.4 Recent Trends and Developments
-
1.5 Government Policies and Regulations
-
1.6 Market Dynamics
-
1.6.1 Drivers
-
1.6.1.1 Rising investments in offshore renewable wind energy projects
-
1.6.1.2 Advanced and readily accessible offshore wind turbine technologies
-
-
1.6.2 Restraint
-
1.6.2.1 Tough competition from alternate renewable energy markets
-
-
-
1.7 Supply Chain Analysis
-
1.8 Porter's Five Forces Analysis
-
1.8.1 Bargaining Power of Suppliers
-
1.8.2 Bargaining Power of Consumers
-
1.8.3 Threat of New Entrants
-
1.8.4 Threat of Substitute Products and Services
-
1.8.5 Intensity of Competitive Rivalry
-
-
1.9 Investment Analysis
-
-
2. MARKET SEGMENTATION
-
2.1 By Water Depth (Qualitative Analysis Only)
-
2.1.1 Shallow Water (less than 30 m depth)
-
2.1.2 Transitional Water (30 m to 60 m depth)
-
2.1.3 Deep Water (higher than 60 m depth)
-
-
2.2 By Geography
-
2.2.1 North America
-
2.2.1.1 United States
-
2.2.1.2 Canada
-
2.2.1.3 Rest of North America
-
-
2.2.2 Europe
-
2.2.2.1 United Kingdom
-
2.2.2.2 Germany
-
2.2.2.3 France
-
2.2.2.4 Italy
-
2.2.2.5 Spain
-
2.2.2.6 Nordic Countries
-
2.2.2.7 Russia
-
2.2.2.8 Rest of Europe
-
-
2.2.3 Asia-Pacific
-
2.2.3.1 China
-
2.2.3.2 India
-
2.2.3.3 Japan
-
2.2.3.4 Indonesia
-
2.2.3.5 Malaysia
-
2.2.3.6 Vietnam
-
2.2.3.7 Thailand
-
2.2.3.8 Rest of Asia-Pacific
-
-
2.2.4 South America
-
2.2.4.1 Brazil
-
2.2.4.2 Argentina
-
2.2.4.3 Colombia
-
2.2.4.4 Rest of South America
-
-
2.2.5 Middle East and Africa
-
2.2.5.1 Saudi Arabia
-
2.2.5.2 United Arab Emirates
-
2.2.5.3 Egypt
-
2.2.5.4 South Africa
-
2.2.5.5 Nigeria
-
2.2.5.6 Rest of the Middle East and Africa
-
-
-
Floating Offshore Wind Power Market Size FAQs
How big is the Floating Offshore Wind Power Market?
The Floating Offshore Wind Power Market size is expected to reach 0.94 gigawatt in 2024 and grow at a CAGR of 88.36% to reach 22.29 gigawatt by 2029.
What is the current Floating Offshore Wind Power Market size?
In 2024, the Floating Offshore Wind Power Market size is expected to reach 0.94 gigawatt.
