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North America Floating Offshore Wind Energy Market Size

Report ID: GMI8969
Published Date: Apr 2024
Report Format: PDF

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North America Floating Offshore Wind Energy Market Size

North America Floating Offshore Wind Energy Market size was valued USD 24.1 Million in 2023 and is anticipated to grow at a CAGR of 39.4% from 2024 to 2032. It refers to the generation of electricity from wind turbines that are installed on floating structures anchored to the seabed in deep waters, typically beyond the continental shelf. The floating technology can be deployed in deeper waters where seabed conditions are not suitable for fixed installations.

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Rising advancements in technology enabling it to harness the wind energy to generate clean electricity will augment the industry landscape. Abundant wind resources along the various coastlines of the region stretching across its maritime territories will create immense opportunities for the floating market growth. Furthermore, improving strategic partnerships and collaborative initiatives will drive investments and innovation, thereby positively impacting the industry outlook.

North America Floating Offshore Wind Energy Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Floating Offshore Wind Energy Market Size in 2023:	USD 24.1 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	39.4%
2032 Value Projection:	USD 490.3 Million
Historical Data for:	2019 to 2022
No. of Pages:	180
Tables, Charts & Figures:	230
Segments covered:	Axis, Component, Depth, Turbine Rating and Country
Growth Drivers:	Presence of Abundant Wind Resources Rising Renewable Energy Goals Growing Technological Advancements
Pitfalls & Challenges:	High Development Costs Grid Integration Challenges

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Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

North America floating offshore wind energy market size was USD 24.1 million in 2023 and is expected to register 39.4% CAGR from 2024-2032 owing to rising advancements in technology enabling it to harness the wind energy to generate clean electricity in the region.

North America floating offshore wind energy market from the tower segment is expected to exceed USD 124 million by 2032 due to rising advancements in tower design and engineering enhancing the overall efficiency and productivity of the system.

U.S. floating offshore wind energy industry is expected to cross USD 471 million by 2032 due to its vast maritime territories, abundant wind resources and rising innovation in renewable energy in the country.

Hexicon, Nexans, Ørsted A/S, Principle Power Inc., Prysmian Group, RWE, Siemens Gamesa Renewable Energy, Simply Blue Group, Sumitomo Electric Industries, Ltd, Vattenfall AB, and Vestas Wind Systems A/S, are some of the major floating offshore wind energy companies in North America.