Floating Offshore Wind Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Floating Offshore Wind Companies and the Market is segmented by water depth (qualitative analysis only): shallow water (less than 30 m depth), transitional water (30 m to 60 m depth), deep water (higher than 60 m depth), and geography (North America, Europe, Asia-Pacific, South America, the Middle East, and Africa). The installed capacity and forecasts for floating offshore wind power are Provided in megawatts (MW) for all the above segments.

Floating Offshore Wind Market Size

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Floating Offshore Wind Power Market Summary
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Study Period 2019 - 2029
Market Volume (2024) 0.94 gigawatt
Market Volume (2029) 22.29 gigawatt
CAGR (2024 - 2029) 88.62 %
Fastest Growing Market Europe
Largest Market Europe

Major Players

Floating Offshore Wind Power Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Floating Offshore Wind Market Analysis

The Floating Offshore Wind Power Market size is estimated at 0.94 gigawatt in 2024, and is expected to reach 22.29 gigawatt by 2029, growing at a CAGR of 88.62% during the forecast period (2024-2029).

Though the COVID-19 pandemic negatively impacted the market in 2020, it reached pre-pandemic levels.

  • Long-term, the floating offshore wind power market is likely to grow because more people want to use offshore wind power. Also, increasing the water depth of offshore wind power projects is seen as a game-changing technology that can take advantage of the strong winds in deeper waters and help the market grow.
  • On the other hand, more and more gas and solar power, which are both clean ways to make electricity, are being used. Since getting power from solar and gas is one of the cleaner ways to make energy, more people using these methods is likely to slow the demand for wind power.
  • Also, offshore wind energy is becoming more popular in developing and untapped markets. This is likely to create growth opportunities for the floating offshore wind power market during the forecast period.
  • The European region has the biggest share of the market and is also expected to register the highest CAGR over the next five years. This growth is due to the fast rise in offshore wind power investments and the fact that countries in this area, like Norway, the UK, and France, have policies that support wind power.

Floating Offshore Wind Market Trends

The Transitional Water (30 m to 60 m Depth) Segment is Expected to Grow

  • Due to the greater water depth and favorable project economics, floating offshore wind turbine (FOWT) technology is more developed in transitional water depths (30-60 m). The barge variant is the most commercially viable floating wind turbine design at shallow depths. This model is appropriate for activities higher than 30 m and has the shallowest draft of any floating foundation. Barge-style floating wind turbines have a square footprint, while other designs incorporate a moonpool to lessen stresses brought on by wave-induced loads. A typical 6-megawatt floating barge wind turbine weighs between 2000 and 8000 tons, according to GWEC. However, BW Ideol, with its Damping Pool Barge Floating Substructure Technology, is the only company that has deployed barge-type FOWT at the MW scale.
  • Since the water depth is shallower, FOWT technology is less practical from a business point of view than fixed-base technology. So, during the period of the projection, barge technology is expected to make up a small part of the FOWT market as a whole.The US EPA claims that only 5 MW of barge FOWT capacity was operating globally as of 2021. Just 1932 MW of FOWT capacity on barges, or 2.1% of all announced offshore wind substructure technologies for future projects around the world, were announced.
  • Most companies attempt to market FOWT designs that can be used in deeper waters. However, some semi-submersible technologies can also be used at transitional water depths. They can function at transitional depths due to several commercial FOWT models that are built on the semi-submersible design. A few of these models were initially used in experimental projects, while others were modified for use in ventures for profit.
  • The EolMed project is France's first floating pilot wind farm in the Mediterranean Sea. In May 2022, TotalEnergies announced the start of the project's construction, which is expected to be operational by 2024. The project will consist of three 10 MW floating turbines on the bathymetry of the 62-meter depth and anchored to the seabed. The turbines will use a barge design with a damping pool. Quadran Energies Marines, Ideol, Bouygues Travaux Publics, a company that specializes in civil engineering, and Senvion, a manufacturer of wind turbines, will run the project.
  • In the area of transitional depth, both fixed and floating wind turbines can work, but the barge design is the most commercially viable.
  • Between 2010 and 2021, the global average installed cost of wind energy decreased by 41%, from USD 4,876 per kW to USD 2,858/kW. At its peak in 2011, the global weighted average installed cost was USD 5,584 per kW, which was twice its value in 2021. In Europe, the weighted average LCOE of newly commissioned offshore projects decreased by 29% between 2020 and 2021, from USD 0.092/kWh to USD 0.065/kWh. Driven by project economies of scale, there was a 25% reduction in total installed costs year-on-year and an increase in new projects' weighted average capacity factor from 42% to 48% in 2021.
  • Most of the FOWT projects in transitional depths are likely to be in Europe, especially in the United Kingdom, Scandinavia, and France, where large projects are in the planning stages. During the forecast period, most of the deployments in this market segment are likely to happen in these regions.
Floating Offshore Wind Power Market: Levelized Cost of Offshore Wind Electricity in USD per kWh, 2010 & 2021

Europe to Dominate the Market Growth

  • Europe holds the largest share of offshore wind energy installations globally. According to the European Union, Europe represents a quarter of global offshore wind installations. The country (primarily North Sea countries) is likely to be at the helm of the offshore wind market.
  • Around 85% of offshore wind installations are globally in European waters. The governments of the European region, particularly in the North Sea area, have set an ambitious target for installing offshore wind farms in their territorial waters.
  • Europe was expected to have 112 MW of floating offshore wind power capacity installed by 2022, with the UK, France, Norway, Ireland, and Spain being the region's biggest markets.
  • In August 2022, an agreement was made between Cerulean Winds and Ping Petroleum UK about offshore oil and gas facilities that would be mostly powered by offshore wind.Under the agreement, Cerulean Winds and its group of Tier 1 industrial partners will provide a large floating offshore wind turbine that will be connected by a cable to Ping Petroleum's floating production and storage vessel.The project is expected to go online by 2025. A grant enabled the project to go to Cerulean Winds through the Floating Offshore Wind Demonstration Program.
  • In February 2022, Norway announced plans for its first auction for offshore wind. The tender, scheduled for the second half of this year, would first look for bids to develop at least 1.5 GW of offshore wind capacity to supply the country, with subsequent tenders designed to provide an economic boost by providing more electricity for export to Europe.
  • During the forecast period, these trends should make Europe a great place to do business for people who are in the business of floating offshore wind farms.
Floating Offshore Wind Power Market: Growth Rate by Region, 2023-2028

Floating Offshore Wind Industry Overview

The floating offshore wind power market is moderately fragmented. Some major players in the market (in no particular order) include General Electric Company, Doosan Energy, Siemens Gamesa Renewable Energy, BW Ideaol SA, and Vestas Wind Systems AS, among others.

Floating Offshore Wind Market Leaders

  1. General Electric Company

  2. Vestas Wind Systems A/S

  3. Siemens Gamesa Renewable Energy, S.A

  4. Doosan Enerbility Co Ltd.

  5. BW Ideol AS

*Disclaimer: Major Players sorted in no particular order

Floating Offshore Wind Power Market Concentration
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Floating Offshore Wind Market News

  • May 2022: China deployed its largest floating offshore wind turbine as part of a project designed to advance the technology and demonstrate the capabilities of floating wind power generation. The floater, called Fuyao, developed by the China State Shipbuilding Corporation's (CSSC's) subsidiary Haizhuang WindPower, is equipped with a 6.2 MW typhoon-resistant wind turbine with a rotor diameter of 152 meters. The Fuyao floating platform has a total length of 236 feet, a depth of 108 feet, and a width of 262 feet. The site was chosen due to its complex seabed topography and water depths ranging between 50 and 70 meters.
  • April 2022: The Bureau of Ocean Energy Management (BOEM) announced its Central Atlantic Draft Call for Information and Nominations Area. The proposed areas, amounting to 3,897,388 acres, are likely to enable the development of approximately 30,000 MW of generating capacity and support the deployment of both fixed-bottom and floating wind turbines. As of May 2022, there are 11 call areas for offshore wind energy in the United States, with five areas allotted for floating structures.

Floating Offshore Wind Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Floating Offshore Wind Power Potential Installed Capacity Forecast in MW, till 2028

    3. 4.3 Key Projects Information

      1. 4.3.1 Major Existing Projects

      2. 4.3.2 Upcoming Projects

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraint

    7. 4.7 Supply Chain Analysis

    8. 4.8 Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitute Products and Services

      5. 4.8.5 Intensity of Competitive Rivalry


    1. 5.1 By Water Depth (Qualitative Analysis Only)

      1. 5.1.1 Shallow Water (less than 30 m depth)

      2. 5.1.2 Transitional Water (30 m to 60 m depth)

      3. 5.1.3 Deep Water (higher than 60 m depth)

    2. 5.2 By Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 South America

      5. 5.2.5 Middle East and Africa


    1. 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Company Profiles

      1. 6.3.1 Vestas Wind Systems AS

      2. 6.3.2 General Electric Company

      3. 6.3.3 Siemens Gamesa Renewable Energy SA

      4. 6.3.4 BW Ideol AS

      5. 6.3.5 Equinor ASA

      6. 6.3.6 Marubeni Corporation

      7. 6.3.7 Macquarie Group Limited

      8. 6.3.8 Doosan Enerbility Co. Ltd.

    4. *List Not Exhaustive

**Subject to Availability
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Floating Offshore Wind Industry Segmentation

Floating wind power is electricity made by an offshore wind turbine that is mounted on a floating structure. This lets the turbine make electricity in water depths where fixed-foundation turbines can't work.Floating wind farms can make a big difference in the amount of sea area that can be used for offshore wind farms, especially in places where there aren't many places with shallow water.

The floating offshore wind power market is segmented by water depth (qualitative analysis only): shallow water (less than 30 m depth), transitional water (30 m to 60 m depth), and deep water (higher than 60 m depth). The report also covers the size and forecasts of the floating offshore wind power market across major regions. For each segment, market sizing and forecasts have been done based on installed capacity (megawatts).

By Water Depth (Qualitative Analysis Only)
Shallow Water (less than 30 m depth)
Transitional Water (30 m to 60 m depth)
Deep Water (higher than 60 m depth)
By Geography
North America
South America
Middle East and Africa
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Floating Offshore Wind Market Research FAQs

The Floating Offshore Wind Power Market size is expected to reach 0.94 gigawatt in 2024 and grow at a CAGR of 88.62% to reach 22.29 gigawatt by 2029.

In 2024, the Floating Offshore Wind Power Market size is expected to reach 0.94 gigawatt.

General Electric Company , Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy, S.A, Doosan Enerbility Co Ltd. and BW Ideol AS are the major companies operating in the Floating Offshore Wind Power Market.

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Europe accounts for the largest market share in Floating Offshore Wind Power Market.

In 2023, the Floating Offshore Wind Power Market size was estimated at 0.5 gigawatt. The report covers the Floating Offshore Wind Power Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Floating Offshore Wind Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Floating Offshore Wind Industry Report

Statistics for the 2024 Floating Offshore Wind market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Floating Offshore Wind analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Floating Offshore Wind Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)