Global Floating Wind Power Market Report and Forecast 2024-2032

Global Floating Wind Power Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global floating wind power market reached a value of USD 2.78 billion in 2023. Aided by the escalating energy demands, the market is projected to further grow at a CAGR of 35.8% between 2024 and 2032 to reach a value of USD 48.52 billion by 2032.

Floating wind turbines, unlike their fixed-bottom counterparts, are not anchored to the ocean floor but are instead attached to floating structures. This allows them to be deployed in deeper waters, where wind speeds are higher and more consistent, thus unlocking previously inaccessible areas for wind energy generation. The flexibility and scalability of floating wind farms herald a new era of power production, one that could significantly contribute to global renewable energy targets.

The floating wind power market growth is driven by several factors. Firstly, the limitations of land-based wind farms, including land scarcity and lower wind speeds, have prompted the exploration of offshore alternatives. Deepwater locations, unreachable by traditional fixed-bottom turbines, offer untapped potential for wind energy generation, with floating platforms providing the necessary innovation to access these resources.

Moreover, technological advancements in turbine design, mooring systems, and materials science have made floating wind power more feasible and cost-effective. The industry is witnessing rapid progress in reducing costs, improving efficiency, and enhancing the durability of floating wind structures, making them a competitive option for large-scale renewable energy production.

Environmental and regulatory pressures also influence the floating wind power market outlook. With governments around the world setting ambitious renewable energy targets and implementing policies to reduce carbon emissions, floating wind power is gaining traction as a viable and desirable solution to meet these goals.

The market is characterised by a dynamic and innovative landscape, with a range of stakeholders including energy companies, technology developers, and governmental bodies. Collaboration and investment in research and development are critical to overcoming the technical challenges associated with floating wind farms, such as mooring stability, maintenance in harsh marine environments, and efficient energy transmission to shore.

According to the floating wind power market analysis, the regulatory frameworks and environmental considerations are integral to the development of the floating wind power market. Navigating the complex regulatory landscapes of maritime zones and securing permits for offshore wind projects are essential steps in project development. Moreover, environmental impact assessments are crucial to ensure that floating wind farms do not adversely affect marine ecosystems, with ongoing monitoring and mitigation strategies implemented as necessary.

Market Segmentation

The market can be divided based on water depth, turbine capacity, and region.

Market Breakup by Water Depth

• Shallow Water (<30 metre)
• Transitional Water (30 - 60 metre)
• Deep Water (> 60 metre)

Market Breakup by Turbine Capacity

• Up to 3 MW
• 3 MW- 5MW
• Above 5 MW

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global floating wind power market. Some of the major players explored in the report by Expert Market Research are as follows:

• Siemens Gamesa Renewable Energy, S.A.U.
• Vestas Wind Systems A/S
• Equinor ASA
• General Electric Co.
• Doosan Enerbility Co. Ltd.
• BW Ideol AS
• Goldwind Science & Technology Co., Ltd.
• Marubeni Corporation
• Flowocean AB
• OW OFFSHORE S.L.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.