North America Floating Offshore Wind Power Market Size (2024 - 2029)

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.