Floating Wind Power Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

The Global Floating Wind Power Market Size accounted for USD 0.8 Billion in 2021 and is projected to occupy a market size of USD 33.7 Billion by 2030 growing at a CAGR of 51.9% from 2022 to 2030.

Floating wind power is the next big breakthrough in renewable energy generation. Floating offshore wind energy is a renewable and clean energy source that is generated by harnessing the power of the wind offshore. A floating offshore wind platform (FOWP) is a floating structure that allows wind turbines to be deployed in larger, deeper offshore areas with greater wind potential. When compared to other energy sources, floating wind power has a higher output. This is because offshore wind power can take advantage of strong winds blowing in deeper areas, increasing energy efficiency. The global goal of achieving net zero emissions will spur new investment in the floating wind power market.

Floating Wind Power Market Report Statistics

• Global floating wind power market revenue is projected to reach USD 33.7 Billion by 2030 with a CAGR of 51.9% from 2022 to 2030
• Europe floating wind power market share generated over US$ 486 million revenue in 2021
• As per the European Government Statistics, the region set to target 450GW of offshore wind by 2050
• Asia-Pacific floating wind power market growth will record noteworthy CAGR from 2022 to 2030
• Based on water depth, the deep water sub-segment achieved USD 445.5 million revenue in 2021
• Among turbine capacity, the above 5MW sub-segment generated revenue of USD 688.5 million in 2021
• The increasing investment in floating offshore wind energy is a prominent floating wind power market trend that drives the industry demand

Global Floating Wind Power Market Dynamics

Market Drivers

• Growing focus on renewable source of energy
• Rising environmental concerns regarding carbon emission
• Higher output efficiency as compared to fixed offshore structures

Market Restraints

• High initial investments
• Trouble with maintenance and repairs

Market Opportunities

• Increasing investments in the offshore wind power projects
• Growing emphasis on deep water floating wind power projects

Floating Wind Power Market Report Coverage

Floating Wind Power Market Growth Factors

The growing number of floating offshore wind energy projects is a key factor boosting the global floating wind power market growth. For instance, according to the U.S. Department of Energy, the National Renewable Energy Laboratory declared the launch of the Floating Offshore Wind Array Design project, which will build a set of modeling tools to enhance designs for hovering offshore wind farm arrays. This project will also help in numerous benchmarks array designs for Americas floating off-shore wind farm locations. The above project is funded by the Bipartisan Infrastructure Law and will last three years.

The rising focus on reducing carbon emissions from the world is another factor that is propelling the floating wind power market share. As per the U.S. Environment Protection Agency (EPA), the total U.S. greenhouse gas emissions were equal to 5,981 Million Metric Tons of CO2 equivalent. This noteworthy generation was driven by the higher energy demand growing over the past couple of years. While emissions from all fossil fuels increased, nearly two-thirds of the increase was attributed to the power sector. Coal use in power generation alone exceeded 10 Gt CO2, primarily in Asia. The United States, China, and India accounted for 85% of the net increase in emissions. As a result, many governments have shifted their focus towards green and clean energy generation solutions, thereby driving the floating wind power market size.

However, the market is constrained by factors such as high installation cost and trouble with maintenance and repair of the floating offshore wind equipment. Furthermore, rising investments in the offshore wind power projects will significantly drive the market demand. Key players across the world have been collaborating with their respective government organizations and planning on starting new floating wind power projects. For example, a design methodology and solutions that can be used with floating wind concepts have been developed by Equinor, allowing for increased regional relevance and industry standardization.

Key Investments of Offshore Wind Power Projects

• China intends to break its record by building a new offshore wind farm capable of producing over 43.3 GW of power and powering over 13 million homes by 2025.
• Then again, the Indian government, for example, recently planned to invest up to USD 30 billion in an offshore wind energy project that will generate 25 gigatonnes (GW) of clean wind energy.
• The US Department of Energy's (DOE) Wind Energy Technologies Office (WETO) today announced a $28 million funding opportunity to reduce costs and address barriers to wind energy deployment in all applications—offshore, land-based, and distributed.

Floating Wind Power Market Segmentation

The global floating wind power market is segmented based on water depth, turbine capacity, and geography.

Floating Wind Power Market By Water Depth

• Deep Water
• Shallow Water
• Transitional Water

As per the floating wind power industry analysis, the deep water sub-segment gathered the maximum percentage of share in 2021 and is expected to do so in the coming years. Installing deep-water floating wind farms offers obstruction-free wind paths, gives maximum output, and gives less visual impact. Then again, the deep water floating wind platforms can generate more energy and offer the freedom to install much bigger turbines.

Floating Wind Power Market By Turbine Capacity

• Up to 3MW
• 3MW - 5 MW
• Above 5 MW

According to our floating wind power market forecast, the above 5W turbine capacity sub-segment is anticipated to record a significant market share from 2022 to 2030. The rising demand for energy, increasing urbanization and capitalization, and growing focus towards high yield of power are the key factors that have rose numerous investments in above 5 megawatts of turbine capacity.

Floating Wind Power Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Floating Wind Power Market Regional Analysis

In 2021, Europe generated the largest revenue in the overall floating wind power market. The presence of strict regulations for carbon emission and rising investment in various offshore wind power projects across European countries are some of the factors that are fueling the European floating wind power market growth. On the other hand, Asia-Pacific region is likely to attain a significant growth rate (CAGR) during the forecasted timeframe from 2022 to 2030. The upcoming floating wind power projects in countries like China, India, Japan, South Korea etc will favor the Asia-Pacific market growth.

Floating Wind Power Market Players

Some of the leading floating wind power companies include Doosan Heavy Industries and Construction, Equinor, General Electric, Goldwind, Hitachi, Nordex SE, Rockwell Automation, Schneider Electric, Shanghai Electric Wind Power Equipment Co., Siemens Gamesa, Suzlon Energy Limited, Taiyuan Heavy Industry Co, and Vestas.