Floating Offshore Wind Energy Market - By Axis (Horizontal, Vertical), By Component (Blades, Tower), By Depth (≤ 30 m, >30 m to 50 m, > 50 m), By Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, > 12 MW) & Forecast, 2024 – 2032

Floating Offshore Wind Energy Market Size

Floating Offshore Wind Energy Market size was valued at USD 236.2 million in 2023 and is expected to grow at staggering CAGR of 46.1% from 2024 to 2032. Rising adoption of green energy sources along with extensive unexplored & unexploited energy potential across various deep-water sea locations will influence the industry growth.
 

COVID- 19 Impact

The COVID- 19 pandemic has made a significant impact on the worldwide economy, with the first and second waves halting overall industry development. The pandemic continued to impact the larger business landscape in regions comprising Europe, Asia Pacific, and North America. Ongoing implementation of large-scale vaccination campaigns in addition to continuous COVID protocols by the respective governments boosted up the market share. Furthermore, the relaxation of regulations imposed by the distinct governing bodies has stimulated the floating offshore wind projects.
 

Floating Offshore Wind Energy Market Trends

Floating offshore wind turbines are typically mounted on floating platforms that provide stability and support to the turbine structure. High-power generation capabilities from excess wind resource potential and continuous technological advancements to curb emissions will positively encourage the floating offshore wind energy market potential. Moreover, the growing focus towards enhancement of CUF for wind-based power generation technologies couple with favorable regulatory framework will complement the business statistics.
 

Floating Offshore Wind Energy Market Analysis

Horizontal floating offshore wind energy industry size will surpass over USD 4.8 billion by 2032. Shifting emphasis toward adoption of clean energy sources in line with large-scale renewable energy integration will positively influence the business landscape. The robust R&D initiatives focused on enhancing the capacity utilization factor for energy generation in an economical & efficient manner followed by proliferation of fundings through governing bodies will positively encourage the market dynamics.
 

For instance, in March 2023, the U.S. Department Of Energy (DOE) selected 9 floating wind foundation projects to grant USD 100 thousand as funds & USD 75 thousand as vouchers to provide technical support by the DOE national laboratories.
 

Blades floating offshore wind energy market is expected to register around 48% growth rate during 2023 to 2032. Introduction of reforms and directives by the government authorities for the implementation of green energy infrastructure will support gain sustainability of the energy sector. Consequently, manufacturers are involved in the development of high-quality blades capable to withstand the extreme environmental, water flow and harsh conditions. Additionally, ongoing saturation of near shore infrastructure along with significant penetration to offer a higher potential has encouraged the components upgradation for these projects.
 

≤ 30 m floating offshore wind energy industry will exceed USD 2.2 billion by 2032 owing to increasing public and private mergers and contracts accompanied by growing investments across floating offshore wind energy for the project deployment. The capability to offer higher potential along with competitive energy transition has enhanced the development of offshore wind energy projects at ≤ 30 m depth levels. The developed projects in this water depth offers huge prospective for grid connectivity and are economical as compared to the high-water depth’s projects developed, thereby augmenting the product penetration.
 

12 MW floating offshore wind energy market is estimated to amass USD 1.7 billion by 2032. Greater capacity utilization factor along with shifting focus from near-shore locations to far offshore sites possessing high technical wind energy potential will enhance the product adoption. Rising demand for electricity while meeting them near shore areas together with rapid infrastructural expansion and the advancement of offshore wind energy projects will drive the business scenario. Moreover, favorable policies for the deployment of offshore windfarms and growing focus on strategic agreements & collaborations will augment the industry outlook.
 

Europe floating offshore wind energy industry is likely to expand at more than 49% growth rate till 2032. Growing installation of offshore energy projects for power generation at an economical & efficient manner and rising research & development initiatives toward maximizing capacity utilization. For example, in October 2019, Siemens Gamesa Renewable Energy scheduled commissioning in 2022 for 88MW Hywind Tampen floating offshore wind project in Norway. The company’s SG 8.0-167 DD turbines were planned to be equipped for the project to further develop the power generation solutions in offshore areas thereby complementing the market growth in the region.
 

Floating Offshore Wind Energy Market Share

Major players operating in the floating offshore wind energy market include:

• Equinor ASA
•  RWE
•  Ørsted A/S
•  Hexicon
•  Vestas
•  General Electric
•  Vattenfall AB
•  Siemens Gamesa Renewable Energy
•  Global Energy (Group) Limited
•  Prysmian Group
•  Nexans
•  Sumitomo Electric Industries, Ltd and Simply Blue Group

These operating manufacturers are actively involved in strategic joint ventures & contracts to capture the business share.
 

Floating Offshore Wind Energy Industry News

• In June 2023, Simply Blue Group partnered with Archirodon to launch ArcoBlue brand for exploring and developing floating offshore wind opportunities in Greece. The company already has a portfolio of 10 GW projects for floating offshore wind and is focusing on sustainable marine conservations. This strategic partnership will support company in showcasing its potential and enhancing its position across the Europe.
   
• In March 2023, Vestas secured an order of turbine to for Munmorah floating wind project in South Korea. The company will deliver 33 V236-15.MW turbines for this 495MW project. The company aims to establish mature offshore wind energy supply chain across the country. Therefore, the product deployment will allow the company to showcase its portfolio across the industry.
   

This floating offshore wind energy market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2023 to 2032 for the following segments:

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Market, By Axis

• Horizontal
  • Up-Wind
  • Down-Wind
• Vertical

Market, By Component

• Blades
• Tower
• Others

Market, By Depth

• ≤ 30 m
• >30 m to 50 m
• > 50 m

Market, By Turbine Rating

• ≤ 2 MW
• >2 to 5 MW
• >5 to 8 MW
• >8 to 10 MW
• >10 to 12 MW
• >12 MW

The above information has been provided for the following regions and countries:

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Sweden
  • Poland
  • Denmark
  • Portugal
  • Ireland
  • Belgium
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Vietnam
  • Taiwan
• Rest of World