Key Factor Supporting Floating Offshore Wind Power Market Development in 2025: Surge In Renewable Energy Demand Fueling The Growth Of The Market Due To The Need To Combat Climate Change And Reduce Greenhouse Gas Emissions

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How Large Will the Floating Offshore Wind Power Market Size By 2025?
Recent years have seen a significant expansion in the size of the floating offshore wind power market. Predicted to surge from $1.21 billion in 2024 to $1.49 billion in 2025, it's expected to experience a compound annual growth rate (CAGR) of 22.9%. This substantial growth in the historic period can be credited to advancements in floating wind turbine technology, governmental encouragement for renewable energy, increased investments in offshore wind energy, environmental apprehension related to fossil fuels, and the proliferation of offshore wind projects in high-depth waters.

How Big Is the Floating Offshore Wind Power Market Size Expected to Grow by 2029?
It is anticipated that the floating offshore wind power market will experience significant expansion in the coming years, with its valuation expected to reach $3.36 billion in 2029, reflecting a compound annual growth rate (CAGR) of 22.6%. This growth over the forecasted period can be credited to the escalating demand for environmentally friendly energy, improvements in floating platform reliability and productivity, rising private and public investment in offshore wind farms, supportive regulations encouraging offshore wind generation, and a drop in the prices of floating wind power technology. Key trends to watch in the forecast period include the use of AI and IoT to enhance wind farm performance, the creation of larger and more efficient floating turbines, the growing use of mixed renewable energy systems, increasing partnerships between energy companies and tech suppliers, and the expansion of floating wind ventures into deeper and more difficult waters.

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Which Key Market Drivers Powering Floating Offshore Wind Power Market Expansion and Growth?
The growth of the floating offshore wind power market is expected to be influenced by the increasing demand for renewable energy. This type of energy comes from continually replenishing natural sources such as sunlight, wind, rain, tides, geothermal heat, and biomass. The desire to cut down on greenhouse gas emissions and combat climate change has led to a surge in demand for renewable energy. As the harmful effects of fossil fuel usage, including air pollution and global temperature increases, become more noticeable, there is a shift towards cleaner energy alternatives led by governments, businesses, and individuals. For example, in December 2024, according to Eurostat, a government agency based in the UK, the consumption of renewable energy accounted for 24.5% of the total energy use in the European Union in 2023, a rise from 23.0% in the previous year. Thus, the growth of the floating offshore wind power market is being fueled by the increasing demand for renewable energy.

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Which Fast-Growing Trends Are Poised to Disrupt the Floating Offshore Wind Power Market?
In the floating offshore wind power market, numerous established businesses are prioritizing the development of novel products, such as floating wind farm clusters, in an effort to boost energy production and reduce expenses. Floating wind farm clusters improve efficiency and scalability by enabling various turbines to utilize shared infrastructure such as mooring systems and subsea cables. For example, in March 2025, ECO TLP, a US firm with expertise in deep-water offshore wind tension leg platforms (TLPs), launched an innovative floating offshore wind turbine platform. This platform is designed to enhance efficiency and scalability in offshore wind energy production by featuring advanced stability enhancements. The result is the capability to deploy in deeper waters while reducing installation and maintenance expenses. The objective of this innovation is to amplify the financial viability of floating wind farms, thereby hastening the transition to renewable energy.

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

1) By Component: Mooring Systems, Platforms, Subsea Cables, Turbines
2) By Technology: Floating Wind Turbine, Hydrodynamic Floating Structure, Other Technologies
3) By Water Depth: Shallow Water, Transitional Water, Deep Water
4) By Turbine Capacity: Up To 3 MW, 3 MW - 5 MW, Above 5 MW
5) By Application: Hydrogen Production, Off-Grid Power Generation, Utility-Scale Power Generation

Subsegments:
1) By Mooring Systems: Tension Leg Mooring, Catenary Mooring, Semi-Taut Mooring, Single Point Mooring, Spread Mooring, Dynamic Positioning Mooring
2) By Platforms: Spar-Buoy Platform, Semi-Submersible Platform, Tension Leg Platform (TLP), Barge Platform, Hybrid Floating Platform
3) By Subsea Cables: Inter-Array Cables, Export Cables, Dynamic Cables, HVAC (High Voltage Alternating Current) Cables, HVDC (High Voltage Direct Current) Cables
4) By Turbines: Horizontal-Axis Wind Turbines (HAWT), Vertical-Axis Wind Turbines (VAWT), Direct Drive Turbines, Gearbox-Based Turbines, Variable Speed Turbines

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Who Are the Global Leaders in the Floating Offshore Wind Power Market?
Major companies operating in the floating offshore wind power market are Equinor ASA, Iberdrola S.A., RWE, Vestas Wind Systems A/S, Doosan Corporation, Siemens Gamesa, Ørsted A/S, Nexans SA, TechnipFMC plc, Nordex SE, SBM Offshore, MODEC Inc., Ming yang Smart Energy Group, DNV AS, Hitachi ABB, Naval Energies, Ocean Winds, BW Ideol, Gazelle Wind Power Limited, Principle Power

Which are the Top Profitable Regional Markets for the Floating Offshore Wind Power Industry?
Europe was the largest region in the floating offshore wind power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating offshore wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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