2025 Floating Wind Power Industry Trends Report: Long-Term Outlook Through 2034

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How Large Will the Floating Wind Power Market Size By 2025?
The size of the floating wind power market has experienced an exponential growth in the past years. The market will expand from $4.91 billion in 2024 to $6.6 billion in 2025, boasting a compound annual growth rate (CAGR) of 34.4%. The growth during the historical period can be credited to an increased demand for renewable energy sources, an escalation of supportive governmental policies and incentives, a noticeable cut in carbon emissions, enhanced investment in clean energy infrastructure, and a drive towards energy diversification to lessen dependence on fossil fuels.

How Big Is the Floating Wind Power Market Size Expected to Grow by 2029?
The size of the floating wind power market is predicted to undergo remarkable expansion in the coming years, swelling to a worth of $21.4 billion in 2029, reflecting a compound annual growth rate (CAGR) of 34.2%. This anticipated growth during the forecast period is largely a result of factors such as lowering costs of offshore installments, supportive governmental policies, rising demand for energy, increased potential for offshore wind energy, significant investments in the renewable energy sector, and the increasing urgency to cut carbon emissions. In the period of forecast, the market will see key trends such as advancements in larger turbine capacities, superior designs for floating platforms, collaboration with hydrogen production, enhancements in mooring and anchoring technologies, and an expanded deployment in deeper waters.

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Which Key Market Drivers Powering Floating Wind Power Market Expansion and Growth?
The rising need for renewable energy is projected to accelerate the expansion of the floating wind power market in the future. Renewable energy, which originates from natural elements that renew themselves within a human lifespan, including sunlight, wind, rain, tides, waves, and geothermal heat, has become increasingly important. These naturally regenerative sources, such as solar, wind, hydro, geothermal, and biomass, offer sustainable and environmentally friendly replacements for fossil fuels. Floating wind power boosts renewable energy production by facilitating electricity generation in deep offshore waters where wind speeds are higher and thereby produce more energy, extending the scope for eco-friendly, renewable energy globally. For instance, as per the International Energy Agency (IEA), a global affairs entity based in France, in 2023 the global annual additions to renewable capacity shot up almost 50% to approximately 510 gigawatts (GW), the quickest growth rate seen in the past twenty years. By 2028, the global renewable capacity is predicted to touch 7,300 GW. Consequently, the escalating demand for renewable energy propels the floating wind power market.

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Which Fast-Growing Trends Are Poised to Disrupt the Floating Wind Power Market?
Key players in the floating wind power sector are advancing the creation of floating wind turbine platforms to tap into offshore wind power in deeper waters. This option is an ideal alternative in areas where traditional fixed-bottom turbines are not a practical solution. Such developments enhance the potential for renewable energy and spur innovative clean energy solutions. A floating wind turbine platform comes equipped with two rotors mounted on a lone floating structure with the objective to maximize energy capture and provide stability in the challenging offshore conditions. A relevant example is the announcement made by Mingyang Smart Energy, a renewable energy firm in China, in July 2024. The company unveiled the Ocean X, the largest twin-rotor floating wind turbine platform. This device is outfitted with two MySE8.3-180 hybrid drive wind turbines, each capable of an individual capacity of 8.3 MW. The platform has an impressive capacity of 16.6 MW and it enables a reduced levelized cost of energy (LCOE) due to its superior aerodynamic performance and efficient material utilization. It's also fitted with advanced anti-typhoon technology, which makes it ideal for severe maritime conditions. These improvements are anticipated to augment the efficiency and implementation of offshore wind ventures, ensuring considerable energy outputs and cost-effectiveness.

What Are the Emerging Segments in the Floating Wind Power Market?
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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Floating Wind Power Industry?
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.

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