Global Floating Offshore Wind Market Outlook 2025-2034: Trends, Innovations, And Future Outlook

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What Is the Floating Offshore Wind Market Size and Projected Growth Rate?
The size of the floating offshore wind market has seen remarkable growth in recent years. The market, which will be valued at $1.46 billion in 2024, is projected to almost double a year later, reaching a value of $2.82 billion in 2025. This reflects a compound annual growth rate (CAGR) of 92.5%. Factors contributing to this exponential growth within the historical period include the rising focus on green energy, an increased demand for energy and sustainability, the need for secure and diversified energy sources, a growing appreciation of stability and versatility, and the increasing demand for sustainable energy practices.

The size of the offshore wind market that is floating is projected to expand dramatically in the coming years. By 2029, it is anticipated to reach $38.46 billion, with a compound annual growth rate (CAGR) of 92.2%. The expected growth during this period results from factors such as governmental policies and regulations, carbon reduction goals, environmental advantages, energy security and autonomy, as well as investment from private sectors. Key trends for the forecast period encompass digital twin technology, innovative floating platforms of the next generation, AI-enabled predictive maintenance, revolutionary dynamic cable systems, and sophisticated mooring systems.

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What Are the Major Segments in the Floating Offshore Wind Market?
The floating offshore wind market covered in this report is segmented -

1) By Component: Turbines, Floating Structures, Subsea Cables, Other Components
2) By Location: Shallow Water, Deep Water, Transitional Water
3) By Application: Commercial Power Generation, Research And Development, Other Applications

Subsegments:

1) By Turbines: Horizontal Axis Wind Turbines (HAWT), Vertical Axis Wind Turbines (VAWT), Direct-Drive Wind Turbines, Gearbox-based Wind Turbines, High Capacity Wind Turbines
2) By Floating Structures: Spar-Buoy, Semi-Submersible Platform, Tension Leg Platform (TLP), Floating Concrete Structures, Submerged Floating Tunnels (SFT)
3) By Subsea Cables: Power Cables, Fiber Optic Cables, Umbilical Cables
4) By Other Components: Mooring Systems, Anchoring Systems, Ballast Systems, Dynamic Positioning Systems

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What Are The Driving Floating Offshore Wind Market Evolution?
The growing interest in renewable energy is predicted to stimulate the expansion of the floating offshore wind market. Renewable energy, derived from naturally replenishing resources such as sunlight, wind, rain, tides, waves and geothermal heat among others, is witnessing escalating demand as it minimizes carbon emissions by replacing traditional fossil fuels like coal, oil, and natural gas, all notorious for contributing to greenhouse gases (GHGs) like carbon dioxide (CO2). Floating offshore wind plays a pivotal role in renewable energy by exploiting wind power in the deeper oceanic waters, where conventional fixed turbines are ineffectual. This significantly widens the scope for creating pollution-free energy, particularly in areas characterized by robust and steady winds. For example, a report released by the Energy Information Administration, a government agency based in the U.S., predicted a 30% growth (31 GW) in solar capacity in February 2024, while wind capacity in the U.S. is projected to ascend by 5% annually, adding 6 GW in 2023 and 7 GW in 2024. Consequently, the soaring demand for renewable energy is augmenting the growth of the floating offshore wind market.

Which Firms Dominate The Floating Offshore Wind Market Segments?
Major companies operating in the floating offshore wind market are Equinor ASA, Hitachi Ltd., Iberdrola S.A., Mitsubishi Heavy Industries, ABB Limited, Ørsted A/S, Prysmian S.p.A., Shanghai Electric Group Company Limited, Siemens Gamesa Renewable Energy S.A., Goldwind Science & Technology Co Ltd. , Guangdong Mingyang Smart Energy Group Co Ltd., General Electric (GE) Renewable Energy, Aker Solutions ASA, Global Energy (Group) Limited, Vattenfall AB , Envision Energy Limited, Principle Power Inc., Naval Energies SAS, Doosan Heavy Industries & Construction Company Limited, BW Ideol AS

What Trends Are Expected to Dominate the Floating Offshore Wind Market in the Next 5 Years?
Firms leading in the market for floating offshore wind are prioritizing advancements in technology, such as floating offshore wind technology, to improve efficiency, scalability, and affordability. This specific technology involves generating power from wind energy through turbines affixed to floating structures anchored to the ocean floor. For example, Saipem S.p.A., a services company in the oilfield sector based in Italy, unveiled Star1 in March 2025. Star1 is a semi-submersible floating wind foundation aimed at supporting offshore turbines going beyond 20 MW. The foundation is characterized by a semi-submersible steel design equipped with three arms for increased stability, optimized mooring loads, and has the capability to support turbines over 20 MW, prepared for FEED and to be launched in the 7 Seas Med project in Sicily (800 GWh/year) and Sardinia's Ichnusa Wind Power project (1.6 TWh/year).

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Which Is The Largest Region In The Floating Offshore Wind Market?
Europe was the largest region in the floating offshore wind market in 2024. The regions covered in the floating offshore wind market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Floating Offshore Wind Market?
2. What is the CAGR expected in the Floating Offshore Wind Market?
3. What Are the Key Innovations Transforming the Floating Offshore Wind Industry?
4. Which Region Is Leading the Floating Offshore Wind Market?

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