Future of the Floating Offshore Wind Market: Strategic Analysis and Forecast to 2034

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Floating Offshore Wind Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the size of the floating offshore wind market has seen rapid expansion. A significant growth from $1.46 billion in 2024 to $2.8 billion in 2025, at a compound annual growth rate (CAGR) of 91.4%, is projected. This historic growth is the result of an increased concentration on clean energy, escalating energy demands alongside sustainability, an increasing need for energy security and diversification. Other contributing factors include the rising acceptance for stability and versatility, as well as an intensified demand for sustainable energy solutions.

Floating Offshore Wind Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the market size of floating offshore wind is anticipated to witness explosive growth. It is projected to expand to $37.79 billion by 2029, growing at a compound annual growth rate (CAGR) of 91.7%. The predicted growth during this period can be credited to factors such as regulations and policies set by the government, goals for reducing carbon, environmental advantages, the pursuit of energy autonomy and security, as well as investments by the private sector. The forecast period is expected to see predominant trends such as digital twin technology, future-generation floating platforms, predictive maintenance powered by AI, innovative dynamic cables, and sophisticated mooring systems.

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What Are the Drivers Transforming the Floating Offshore Wind Market?
The floating offshore wind market's progression is anticipated to be fueled by the escalating necessity for renewable energy. Renewable energy is produced from naturally replenishing resources, like sun, wind, rain, waves, tides, geothermal heat, among others. This rising renewable energy demand is linked to the reduction in carbon emissions, emanating from the substitution of fossil fuels such as coal, oil, and natural gas, which are the main contributors of greenhouse gases (GHGs), for instance, carbon dioxide (CO2). Floating offshore wind contributes to renewable energy through the extraction of wind energy in the deeper parts of the ocean, at locations where normal fixed turbines can't be set up. This substantially enhances the potential for producing clean energy in regions marked by strong and steady winds. As an illustration, a report compiled by the Energy Information Administration, a US-government agency, in February 2024, anticipates a growth of 30% (31 GW) in solar capacity in 2024, while wind capacity in the U.S. is predicted to swell at the rate of 5% per annum, adding 6 GW in 2023 and another 7 GW in the following year, 2024. Consequently, the amplified demand for renewable energy is a key driver propelling the floating offshore wind market.

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What Long-Term Trends Will Define the Future of the Floating Offshore Wind Market?
Major corporations in the floating offshore wind market are prioritizing technological advancements like floating offshore wind technology to improve effectiveness, scalability, and affordability. This technology pertains to a method of electricity generation through wind energy by using turbines affixed to floating structures that are moored to the ocean floor. For example, in March 2025, Saipem S.p.A., a company that provides services for oilfields based in Italy, introduced Star1, a semi-submersible floating wind foundation for supporting offshore turbines exceeding 20 MW. The innovation involves a steel semi-submersible design with three arms for better stability, efficient mooring loads, and ability to support turbines over 20 MW, all set for FEED and set up in 7 Seas Med (800 GWh/year) in Sicily and Ichnusa Wind Power (1.6 TWh/year) in Sardinia.

Which Segments in the Floating Offshore Wind Market Offer the Most Profit Potential?
The floating offshore windmarket 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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Which Firms Dominate the Floating Offshore Wind Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential 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.

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