Floating Wind Power Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends

How Are the key drivers contributing to the expansion of the floating wind power market?
The escalating need for renewable energy is projected to drive the expansion of the floating wind power market in the future. Human-scaled replenishment of natural resources such as sun, wind, rain, tides, waves, and geothermal heat contribute to the production of renewable energy. Solar, wind, hydro, geothermal, and biomass are some naturally replenishing sources that serve as sustainable and eco-friendly alternatives to fossil fuels. By facilitating electricity generation in deep offshore waters where wind intensity is higher, floating wind power enriches renewable energy, thus broadening the possibility for the generation of clean and environmentally-friendly energy worldwide. For example, in 2023, the International Energy Agency (IEA), a France-based international organization involved in global affairs, stated that the global annual capacity additions of renewables escalated almost 50% to around 510 gigawatts (GW), indicating the highest growth rate over the last two decades. By 2028, the international capacity of renewables is predicted to reach 7,300 GW. Consequently, the escalating need for renewable energy fuels the growth of the floating wind power market.

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What growth opportunities are expected to drive the floating wind power market's CAGR through 2034?
In recent times, the floating wind power market has witnessed a remarkable surge, expanding from $4.91 billion in 2024 to a projected $6.6 billion in 2025. This represents a Compound Annual Growth Rate (CAGR) of 34.4%. The historic growth has been driven by factors such as the increased demand for renewable energy, supportive government policies and incentives, efforts to decrease carbon emissions, a growth in investment in clean energy infrastructure, as well as the drive towards energy diversification to reduce dependence on fossil fuels.

In the coming years, the size of the floating wind power market is anticipated to experience substantial growth, projected to reach $21.4 billion by 2029, with a compound annual growth rate (CAGR) of 34.2%. Factors contributing to this growth during the forecast period include the lowering costs of offshore installations, supportive governmental policies, an increase in energy demand, expansion of offshore wind energy capabilities, a rise in investments in renewable energy, and an increasing necessity to diminish carbon emissions. The industry anticipates trends such as enhanced turbine capacities, improved designs for floating platforms, involvement of hydrogen production, advancements in mooring and anchoring technologies, and wider deployment in deeper waters.

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What are the emerging trends shaping the future of the floating wind power market?
Leading businesses in the floating wind power market are advancing in the design of floating wind turbine platforms. These platforms aim to exploit offshore wind energy in deeper waters where conventional fixed-bottom turbines are unworkable, thus facilitating an augmentation of renewable energy capacity and underpinning the innovation of eco-friendly energy solutions. A floating wind turbine platform encompasses two rotors affixed to a single floating structure, an arrangement engineered to elevate energy retention and boost stability in offshore settings. For example, in July 2024, Mingyang Smart Energy, a firm specializing in renewable energy based in China, unveiled the Ocean X, the largest dual-rotor floating wind turbine platform yet. It houses twin MySE8.3-180 hybrid drive wind turbines, with each possessing an impressive capacity of 8.3 MW. The platform notes a considerable capacity of 16.6 MW and a diminished levelized cost of energy (LCOE), thanks to an improved aerodynamic performance and conservative material consumption. Further, the inclusion of state-of-the-art anti-typhoon technology renders it apt for severe maritime circumstances. Such advancements predict an amplification in the efficiency and implementation of offshore wind projects, offering substantial energy yield and fiscal advantages.

Which growth-oriented segments of the floating wind power market are leading the industry's development?
The floating wind powermarket covered in this report is segmented -

1) By Foundation Type: Spar-Buoy Foundation, Tension-Leg Platform (TLP) Foundation, Semi-Submersible Foundation, Other Foundations
2) By Turbine Capacity: Up To 3 MW, 3 MW - 5 MW, Above 5 MW
3) By Water Depth: Shallow Water, Transitional Water, Deep Water

Subsegments:
1) By Spar-Buoy Foundation: Deep Water Spar Buoy Systems, Concrete Spar Buoy Foundations, Floating Turbines With Spar Buoy Anchoring, Hybrid Spar-Buoy Solutions, Lightweight Spar Buoy Designs
2) By Tension-Leg Platform (TLP) Foundation: Concrete TLP Foundations, Floating TLP For Deepwater Applications, Anchor-Based TLP Systems, Hybrid TLP Solutions With Concrete And Steel, TLP With Mooring Systems For Wind Turbines
3) By Semi-Submersible Foundation: Concrete Semi-Submersible Platforms, Steel Semi-Submersible Designs, Subsea Buoyancy-Based Semi-Submersible Platforms, Flexible Semi-Submersible Designs, Hybrid Semi-Submersible Platforms For Shallow And Deep Waters
4) By Other Foundations: Concrete Gravity-Based Foundations, Hybrid Floating Foundations, Submerged Buoy And Pontoon Systems, Mooring And Anchoring Solutions For Floating Wind, Innovative Foundation Designs For Harsh Marine Environments

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What regions are leading the charge in the floating wind power market?
Europe was the largest region in the floating wind power market in 2024. The regions covered in the floating wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What companies are at the forefront of innovation in the floating wind power market?
Major companies operating in the floating wind power market are TotalEnergies SE, Mitsubishi Corporation, Engie SA, Hitachi Ltd., General Electric Company, Schneider Electric SE, Siemens Energy AG, ABB Ltd., Hyundai Engineering & Construction Co. Ltd., Shanghai Electric Wind Power Equipment Co., Vestas Wind Systems A/S, Nexans S.A., Rockwell Automation Inc., Goldwind Science & Technology Co. Ltd., Nordex SE, DEME Group, Taiyuan Heavy Industry Co. Ltd., Suzlon Energy Limited, Envision Group, Sinovel Wind Group Co. Ltd., EEW Group, Ming Yang Wind Power Group Limited, Doosan Group, BW Ideol AS, Flowocean AB

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What Is Covered In The Floating Wind Power Global Market Report?

•Market Size Forecast: Examine the floating wind power market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the floating wind power market for a structured understanding.
•Key Players Overview: Analyze major players in the floating wind power market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the floating wind power market.
•Segment Contributions: Evaluate how different segments drive overall growth in the floating wind power market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the floating wind power market.
•Industry Challenges: Identify potential risks and obstacles affecting the floating wind power market.
•Competitive Landscape: Review strategic developments in the floating wind power market, including expansions, agreements, and new product launches.

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