Floating Offshore Wind Power Market Size

Statistics for the 2023 & 2024 Floating Offshore Wind Power market size, created by Mordor Intelligence™ Industry Reports. Floating Offshore Wind Power size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Floating Offshore Wind Power Industry

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