Floating Offshore Wind Power Market by Type (Semi-submersible Foundations, Spar-buoy Foundations, Tension-leg Platforms), Water Depth (Deep Water, Shallow Water, Ultra-deep Water), Turbine Capacity - Global Forecast 2024-2030

Floating Offshore Wind Power Market by Type (Semi-submersible Foundations, Spar-buoy Foundations, Tension-leg Platforms), Water Depth (Deep Water, Shallow Water, Ultra-deep Water), Turbine Capacity - Global Forecast 2024-2030

The Floating Offshore Wind Power Market size was estimated at USD 3.14 billion in 2023 and expected to reach USD 3.67 billion in 2024, at a CAGR 17.53% to reach USD 9.74 billion by 2030.

Floating offshore wind power refers to the harnessing of wind energy using turbines anchored to the seafloor by flexible structures, allowing them to float atop the deep coastal waters where fixed-bottom turbines cannot be deployed. Unlike traditional offshore wind turbines anchored to the seabed, these turbines are mounted on floating structures. The floating bases are securely anchored to the seabed using various mooring systems, allowing the turbines to float on the water's surface. This innovative technology enables the capture of wind energy in previously inaccessible locations, potentially increasing the availability and efficiency of wind power generation. Increasing awareness and regulations regarding carbon emissions and climate change drive the demand for clean energy sources. In addition, the growing global demand for electricity is pushing the expansion of renewable energy sources, including floating offshore wind. However, the initial costs for developing and deploying floating wind farms are higher than for traditional offshore wind farms, which presents a significant challenge for key companies. Operating in deep waters presents logistical hurdles, such as installation and maintenance, which can be more complex and costly than fixed-bottom turbines. Moreover, the ability to operate in deep waters opens up vast new areas for wind power generation, previously inaccessible to traditional offshore methods. Integrating floating wind turbines with other marine renewable energy technologies, like tidal and wave power, could optimize the use of ocean space and increase energy yield.

Regional Insights

In the Americas, the focus on floating offshore wind power is gaining momentum, particularly in the United States and Canada. The United States is making significant strides, with California leading the charge through ambitious projects and supportive state policies. The federal government's commitment to renewable energy sources and technological innovations has facilitated the sector's growth. In addition, Canada is in the exploratory phase, with several studies and pilot projects underway to assess the feasibility and develop the technology for its geographical conditions. The country's vast coastlines and commitment to reducing carbon emissions present a promising future for floating offshore wind power development. On the other hand, EMEA is significant in the floating offshore wind sector, with projects such as Hywind Scotland leading the way in demonstrating commercial viability. The European Union's strong commitment to reducing carbon emissions, coupled with the mature offshore wind infrastructure, provides a conducive environment for growth. Moreover, in the Asia Pacific, rapid urbanization and industrial growth have propelled the energy demand. Customers, including governments and private entities, are leaning towards renewable energy to meet these needs sustainably. Investments in R&D and technological innovations reflect a behavior geared towards cost-effective and efficient solutions.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Floating Offshore Wind Power Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing global demand for electricity and the need for cost-effective power generation
Increasing awareness and regulations regarding carbon emissions and climate change

Market Restraints

High cost associated with the installation and maintenance of floating offshore wind power

Market Opportunities

Technological advancements in the floating offshore wind power
Favorable government initiatives and incentives for the development of renewable energy projects

Market Challenges

Technical complexities associated with the installation of floating offshore wind power

Market Segmentation Analysis

Type: Preference for spar-buoy foundations in deepwater due to their lower critical wave-induced motions
Water Depth: Adoption of floating offshore wind power in deep water to cater the demand for superior wind resources

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Floating Offshore Wind Power Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Floating Offshore Wind Power Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Strategic Collaboration Paves the Way for Gwynt Glas, Pioneering Floating Offshore Wind Farm Initiative

EDF Renewables UK, in a strategic alliance with ESB and Reventus Power, announces its venture into the development of the Gwynt Glas Floating Offshore Wind Farm located in the Celtic Sea. This partnership leverages existing collaborations, notably EDF's joint efforts with ESB in constructing the Neart na Gaoithe offshore wind farm and the onshore Stornoway wind farm, alongside its project with Reventus Power on France's first floating offshore wind farm, Provence Grand Large.

Encomara's Innovative SWIFT and SQUID Technologies Revolutionize Floating Offshore Wind Turbine Installation

Encomara, an emerging Scottish firm, has introduced groundbreaking solutions aimed at revolutionizing the floating offshore wind power sector. The company's Strategic Wind InFrastructure (SWIFT) system and its first patented product, SQUID, promise to redefine the installation and maintenance processes of floating wind turbines. These innovations emphasize life-cycle efficiency, safety, sustainability, and reliability across all water depths. SQUID, a rapid connection system for power cables, mooring lines, and anchors, facilitates a quicker, cost-effective, and risk-minimized deployment by offering plug-to-power capabilities.

Equinor Unveils World's Largest Floating Wind Farm, Hywind Tampen, Pioneering Renewable Energy

Equinor, the Norwegian energy titan, has marked a significant milestone in renewable energy with the inauguration of Hywind Tampen, largest floating offshore wind farm worldwide. The project is expected to slash CO₂ emissions by 200,000 tonnes annually, underscoring Equinor's commitment to sustainable energy solutions while leveraging the offshore wind sector's global growth potential.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Floating Offshore Wind Power Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Floating Offshore Wind Power Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Alstom SA, Blue Gem Wind Ltd., BlueFloat Energy International, S.L.U, BW Ideol, DNV AS, Engie SA, Envision Energy, Equinor ASA, Flowocean AB, General Electric Company, Hitachi Ltd., MHI Vestas, Ming Yang Smart Energy Group Co., Mitsubishi Heavy Industries, Ltd., MODEC, Inc., Nordex SE, Rockwell Automation, Inc., RWE AG, Siemens Gamesa Renewable Energy S.A., SSE PLC, Suzlon Energy Limited, TechnipFMC PLC, Xinjiang Goldwind Science & Technology Co., Ltd., and Ørsted A/S.

Market Segmentation & Coverage

This research report categorizes the Floating Offshore Wind Power Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Semi-submersible Foundations
Spar-buoy Foundations
Tension-leg Platforms
Water Depth
Deep Water
Shallow Water
Ultra-deep Water
Turbine Capacity
3 MW – 5 MW
Above 5 MW
Up to 3 MW
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year