Market Size of North America Floating Offshore Wind Power Industry
| Study Period | 2019-2028 |
| Base Year For Estimation | 2022 |
| Market Volume (2024) | 0.84 megawatt |
| Market Volume (2028) | 163 megawatt |
| CAGR (2024 - 2028) | 186.80 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Floating Offshore Wind Power Market Analysis
The North America Floating Offshore wind power Market size in terms of installed base is expected to grow from 0.84 megawatt in 2023 to 163 megawatt by 2028, at a CAGR of 186.80% during the forecast period (2023-2028).
- Over the medium term, the growing demand for offshore wind power coupled with international commitments to reduce carbon emissions are expected to drive the growth of the market studied during the forecast period.
- On the other hand, increasing adoption of alternate sources of clean power generation, mainly gas and solar power, are expected to hinder the growth of Floating Offshore wind power during the forecast period.
- Nevertheless, technological innovation and adaptation of the latest technologies in Floating Offshore wind power are likely to create opportunities for the Floating Offshore wind power market in the forecast period.
- The United States dominates the market and is also likely to witness the highest CAGR during the forecast period.
North America Floating Offshore Wind Power Industry Segmentation
Floating wind power is electricity generated on an offshore wind turbine mounted on a floating structure that allows the turbine to generate electricity in water depths where fixed-foundation turbines are not feasible. The floating offshore wind power market is segmented by water depth 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). The report also covers the installed capacity and forecasts for the floating offshore wind power market.
| 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) |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Floating Offshore Wind Power Market Size Summary
The North American floating offshore wind power market is poised for significant expansion, driven by increasing demand for renewable energy sources and international commitments to reduce carbon emissions. The United States leads the market, benefiting from its extensive coastal areas suitable for offshore wind farms and supportive government policies aimed at boosting domestic energy production. The deepwater floating offshore wind technology is particularly advantageous due to its economic viability and the abundance of wind resources in offshore regions, which offer higher and more consistent wind speeds compared to onshore locations. Despite the potential challenges posed by the adoption of alternative clean energy sources like gas and solar power, technological innovations in floating offshore wind power are expected to create new opportunities for market growth.
The market landscape in North America is moderately fragmented, with key players such as Vestas Wind Systems, General Electric, and Siemens Gamesa Renewable Energy actively participating in the sector. Recent developments, including the installation of the South Fork offshore wind project in New York and proposals for Canada's first floating offshore wind farm, highlight the region's commitment to expanding its offshore wind capacity. The United States, in particular, is set to experience substantial growth, supported by ambitious offshore wind procurement targets and ongoing projects. As both the United States and Canada continue to harness their coastal and deepwater resources, the floating offshore wind power market is expected to see robust growth during the forecast period.
North America Floating Offshore Wind Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity and Forecast, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Adoption of Carbon Free Electricity Generation Sources
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1.5.1.2 Favorable Government Policies
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1.5.2 Restraints
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1.5.2.1 Tough Competition from Alternative renewable energy sources
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1.6 Supply Chain Analysis
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1.7 Porter's Five Force Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Water Depth (Qualitative Analysis Only)
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2.1.1 Shallow Water ( less than 30 m Depth)
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2.1.2 Transitional Water (30 m to 60 m Depth)
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2.1.3 Deep Water (higher than 60 m Depth)
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2.2 Geography
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2.2.1 United States
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2.2.2 Canada
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2.2.3 Mexico
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North America Floating Offshore Wind Power Market Size FAQs
How big is the North America Floating Offshore Wind Power Market?
The North America Floating Offshore Wind Power Market size is expected to reach 0.84 megawatt in 2024 and grow at a CAGR of 186.80% to reach 163 megawatt by 2028.
What is the current North America Floating Offshore Wind Power Market size?
In 2024, the North America Floating Offshore Wind Power Market size is expected to reach 0.84 megawatt.
