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Floating Offshore Wind Energy Market Size

  • Report ID: GMI6147
  • Published Date: Aug 2024
  • Report Format: PDF

Floating Offshore Wind Energy Market Size

Floating Offshore Wind Energy Market was valued USD 201.5 million in 2023 and is anticipated to grow at a CAGR of 46.7% between 2024 and 2032. Floating offshore wind energy refers to the generation of electricity from wind turbines that are mounted on floating structures moored to the seabed rather than fixed to the ocean floor. This technology allows for the deployment of wind turbines in deeper waters where traditional fixed-bottom offshore wind structures are not economically feasible.

 

 

The industry is primarily driven by favorable measures including set tariffs, technology-specific quotas, and auctions. Several countries including China, Denmark, France, Germany, Japan, the Netherlands, and the UK are introducing substantial steps to accelerate the business growth. For instance, in November 2023, Portugal kicked off its preparatory process for the first auction of licenses of wind farms by mid-November 2023, to support low carbon projects including offshore wind and enhance the renewables deployment.
 

Ongoing integration of floating offshore wind with energy storage systems and other renewable energy sources, creating hybrid systems, for better grid stability, improved capacity factor, and enhanced overall energy production is set to influence the business landscape. Further, the offshore wind technologies are gaining major traction owing to their high-power generation capabilities due to the availability of excessive wind resource potential across the sites, strengthening the market landscape.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of floating offshore wind energy was worth over USD 201.5 million in 2023 and will expand at 46.7% CAGR between 2024 and 2032, propelled by the need for renewable energy sources to combat climate change and reduce reliance on fossil fuels.

Floating offshore wind energy market from the vertical axis segment will achieve more than 69% share by 2032, fueled by its inherent advantages in low-wind conditions and its ability to capture wind from any direction.

North America floating offshore wind energy industry will record USD 490 million by 2032, owing to its extensive coastline, favorable wind conditions, and significant investments in renewable energy infrastructure.

Key players operating in the floating offshore wind energy industry are Equinor ASA, General Electric, Global Energy (Group) Limited, Hexicon, Nexans, Ørsted A/S, Prysmian Group, RWE, Sumitomo Electric Industries, Ltd., Simply Blue Group, Siemens Gamesa Renewable Energy, Vattenfall AB, and Vestas, among others.

Floating Offshore Wind Energy Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 13
  • Tables & Figures: 35
  • Countries covered: 16
  • Pages: 250
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