Floating Wind Power Market

Global Floating Wind Power Market Size (2024-2032):

The size of the global floating wind power market was worth USD 6.55 billion in 2023. The global market is anticipated to grow at a CAGR of 62.61% from 2024 to 2032 and be worth USD 520.67 billion by 2032 from USD 10.65 billion in 2024. 

Market Scenario

Market Trends

Offshore wind technologies have achieved significant traction under a high CUF and favorable regulatory policies that complement the expansion of the global floating wind power market. Worldwide lawmakers are stepping up their efforts to successfully meet emission reduction targets under the Paris Agreement. Governments and respective market players are actively investing in clean energy sources. This has fuelled the expansion of the industry as the call for the installation of large-capacity offshore wind projects is predicted to see a significant boost in the coming years.

Market Drivers

Escalated consumption of wind energy to gain ground in the global floating wind power market. The adoption of renewable energy is supported by worldwide clean energy initiatives and government incentives and subsidies, which motivate the use of this form of energy. Today, in the face of growing concern about pollution, countries are forced to adopt renewable energy sources to control carbon emissions into the atmosphere. Wind and solar are the two main renewable energy sources that are being employed at an accelerated rate. The creation of onshore wind farms around the world has proven to be a success, opening new doors of opportunity for offshore wind farms. The latter is capable of harnessing a large amount of wind energy that would otherwise go to waste. These factors are driving the expansion of the floating wind power market. The other main factors supporting growth in the floating wind energy market are the exponential investments made for the development of sustainable energy. The trend of depletion of petroleum products has raised concerns about meeting the energy needs of a population that is growing at a healthy rate around the world. This has forced government agencies to guarantee secondary energy sources, which is why significant research and development activities are carried out.

Market Restraints

However, the turbines could cause noise and cosmetic disturbances that would hamper market expansion.

Market Opportunities

Emerging developers of floating wind technologies would present an opportunity for the worldwide wind energy market. This would help predict weather conditions, lightning warnings, and tidal information.

Market Challenges

Floating wind turbine installations represent a major challenge for the worldwide floating wind power market. The main challenges are the installation time and cost of the boat, the deep water mooring and the installation of electrical cables, and many more.

FLOATING WIND POWER MARKET REPORT COVERAGE:

Market Segmentation:

Global Floating Wind Power Market Analysis By Foundation

• Spar-Buoy
• Semi-Submersible
• Others

The spar buoy foundation segment will account for the largest market share of floating wind power during the foreseen period. However, the semi-submersible segment will represent the fastest expansion rate in the market.

Global Floating Wind Power Market Analysis By Capacity

• Up to 3 MW
• 3MW to 5 MW
• Above 5MW

Market Regional Analysis:

• North America - U.S., Canada.
• Europe - The UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
• Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
• Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.
• Middle East & Africa - KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

North America has the largest share of the global floating wind power market. This is due to the higher production of the national system and lower component costs maintaining the business outlook. The size of the US market is predicted to reach 7 GW of annual installation by 2032. According to the US Department of Energy, in 2023, the installation of these units escalated by 11%, establishing more than 20% of the capacity of newly added production throughout the area. The market share in Europe is predicted to grow by more than 6% thanks to energy security initiatives, decarbonization reforms, and favorable directives. The Renewable Energy Directive introduced by the European Union defines the policy for the production and promotion of sustainable energy sources in the region. This directive sets targets for 20% sustainable energy integration in the worldwide energy scenario, and wind energy will account for over 200 GW of installed capacity by 2021. Currently, the UK has the highest revenue from the floating wind power market. This expansion is attributable to the country's green energy goal. By the end of 2030, it aims to reach around 40 GW of offshore wind capacity. It should attract a large number of investors. In addition, the country is home to the largest number of floating offshore wind farms (OWF) in the world. Although most of them are currently under construction, they are predicted to be operational in 2023.

Sweden, the United States, France, and Japan are some of the other countries that are predicted to follow in the footsteps of the United Kingdom. These countries have a large number of OWFs installed. Finally, South Korea, Spain, and Germany will become the most influential players in the coming years due to the rising number of planned floating wind turbine installations.

Market Key Players:

1. Vestas (Denmark)
2. General Electric (US)
3. Senvion SA (Germany)
4. Wind World Limited (India)
5. Orient Green Power Company Limited (India)
6. Indowind (India)
7. DNV GL (Norway)
8. Siemens Gamesa Renewable Energy SA (Spain)
9. Goldwind (China)
10. Bergey Wind Power (US)

MarkeRecent Developments

• The world's largest floating wind turbine will soon be launched in Portugal. 20 kilometers off the coast of Viana do Castello, Portugal, it is planned to host the world's largest floating wind turbine, an ABS-rated 8.4 megawatt (MW) offshore wind turbine. It is the first large-scale floating wind farm in continental Europe. One belief is that this renewable facility ushers in the golden age of wind power, especially offshore wind.
• Vestas, accompany by operating from Denmark published about its launch of a new turbine variant that is ideal for low and ultra-low wind project conditions in India. It added that the turbine would be manufactured and purchased locally in the country.