Floating Offshore Wind Power - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)

The floating offshore wind power market size in terms of installed base is projected to expand from 0.4 gigawatt in 2025 and 0.54 gigawatt in 2026 to 4.13 gigawatt by 2031, registering a CAGR of 50.08% between 2026 to 2031. This report is Segmented by Water Depth (Shallow, Transitional, and Deep), Floating Platform Type (Semi-Submersible, Spar-Buoy, and More), Turbine Capacity (Up To 5 MW, 5 To 10 MW, 11 To 15 MW, and Above 15 MW), Application Stage (Pre-Commercial Pilot, Commercial Utility-Scale, and Hybrid Wind-To-X), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa).

Global Floating Offshore Wind Power Market Trends and Insights

Growing Lease Awards in U.S. & APAC Deep-Water Zones

The Bureau of Ocean Energy Management’s award of 4.6 GW of leases off California and Oregon in 2024 moved investment toward mooring systems able to withstand 1,200 m depths and seismic loads. Japan’s Ministry of Economy, Trade and Industry followed with 1.8 GW of Round 2 zones that impose typhoon-resilient design and 40% local-content rules. South Korea’s 8th power-supply plan sets a 6 GW floating target for 2030, steering capital to Ulsan and Jeju, where 150-m depths preclude monopiles. Taiwan’s 2026 allocation earmarks 3 GW for floating projects, incentivizing tension-leg pilots. Lease awards de-risk permitting, yet California’s interconnection queue stretches to 2029 because of congestion around Moss Landing and Diablo Canyon substations.

Rapid Turbine Upsizing to 15-20 MW Class Reducing LCOE

Serial production of Siemens Gamesa’s 15 MW SG 14-236 DD and Vestas’ V236-15 MW turbines began in 2025, each cutting foundation costs for 1 GW projects by nearly half and slicing balance-of-plant expenses by USD 180 million. GE Vernova’s 14 MW Haliade-X variant optimized for low-wind regimes enlarges viable lease zones in New York State. MingYang and Goldwind achieved 16 MW prototypes, validating two-piece blades, rail transport, and extended service intervals. Capex per installed megawatt is tracking from USD 4.2 million in 2024 toward USD 3.1 million by 2028.

WTIV & FIV Vessel Shortage Driving Day Rates Above USD 450k

Only 23 wind-turbine installation vessels (WTIVs) can handle 15 MW machines in 2025, yet 47 GW of projects need lifting through 2028. As utilization exceeds 95%, charter prices rose to USD 485,000 per day, postponing California’s Morro Bay array by two years and inflating a 500 MW project’s vessel bill to USD 87 million. Shipyards are building 14 new WTIVs for 2026-27 delivery, but supply relief before 2027 remains limited.

Other drivers and restraints analyzed in the detailed report include:

• Oil & Gas Platform Conversions Unlocking Gulf of Mexico Supply Chain
• EU & UK CfD Reform Boosting Bankability
• High-Voltage Dynamic Cable Failures in 50-100 m Depth Pilots

Segment Analysis

Transitional depths of 30-60 m represented 54.1% of global installations in 2025, largely around the North Sea, where hybrid gravity anchors lower mooring costs. Deep-water sites beyond 60 m are on pace for a 58.2% CAGR, unlocking the vast technical potential off California, Japan, and Norway. The Floating Offshore Wind Power market size for the Deep segment is projected to reach 2,900 MW by 2031. California’s Morro Bay area highlights the economics: suction anchors rated for 1,000-m depths lift capital expense to USD 4.1 million per MW, yet access to 25 GW of wind resource offsets that premium. Japan’s Goto leases and South Korea’s Ulsan sites confirm similar depth-driven economics.

Shallow settings under 30 m captured only demonstration activity. Several European pilots used benign waters to test platform behavior before scaling to harsher seas. Meanwhile, Deep-water adoption relies on mooring innovation such as Vryhof’s STEVMANTA suction anchor, which reduces anchor count from four to three and slashes installation time by 25%.

Semi-submersibles contributed 55.8% of 2025 capacity, thanks to modular fabrication and compatibility with 15-20 MW turbines. Principle Power’s WindFloat platform can be towed out from quays with only a 4 m draft and then ballasted in place. Spar-buoys show the fastest ascent with a 55.3% CAGR as Asian yards employ high-volume steel roll-forming and demonstrate remarkable pitch stability in typhoon seas. The Floating Offshore Wind Power market share of Spar-buoys is therefore set to expand sharply through 2031.

Tension-leg platforms hold a niche 12% share, appearing where firm seabed clay enables vertical tethers that minimize heave. Hybrid barge ideas like BW Ideol’s Damping Pool or Hexicon’s TwinWind duet aim to trim anchor costs by sharing moorings but remain at pilot scale.

Complete Report Scope:

• By Water Depth
  • Shallow (Up to 30 m)
  • Transitional (30 to 60 m)
  • Deep (Above 60 m)
• By Floating Platform Type
  • Semi-Submersible
  • Spar-Buoy
  • Tension-Leg Platform (TLP)
  • Barge & Hybrid Concepts
• By Turbine Capacity
  • Up to 5 MW
  • 5 to 10 MW
  • 11 to 15 MW
  • Above 15 MW
• By Application Stage
  • Pre-Commercial Pilot
  • Commercial Utility-Scale
  • Hybrid Wind-to-X (Hydrogen, Desalination)
• By Geography
  • North America
    • United States
    • Rest of North America
  • Europe
    • France
    • United Kingdom
    • Spain
    • Nordic Countries
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East and Africa
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Rest of Middle East and Africa

Geography Analysis

Europe maintained 53.6% of installations in 2025, supported by the United Kingdom’s ScotWind leases, France’s Golfe du Lion tender, and Norway’s oil-platform decarbonization schemes. The Floating Offshore Wind Power market size in Europe is expected to pass 2,000 MW by 2031. United Kingdom policy mandates 25% local content, prompting port upgrades at Aberdeen and Inverness and sustaining semi-submersible fabrication. France’s 15-year CfDs at EUR 120/MWh and Mediterranean barge deployments provide predictable revenue and regional yard work. Spain, Italy, and Nordic nations follow with smaller yet fast-moving allocations that embed aquaculture or desalination co-use.

Asia-Pacific shows the strongest growth trajectory with a 53.3% CAGR. China’s Guangdong and Fujian provinces target 5 GW under the 14th Five-Year Plan, deploying MingYang and Goldwind 16 MW turbines. Japan’s 1.8 GW Round 2 leases include mandatory green-ammonia synthesis, while South Korea’s Ulsan Hydrogen City connects 500 MW of wind to 200 MW of PEM electrolyzers. Taiwan’s 2026 round reserves 3 GW for floating projects with 60% local content to develop domestic cable and mooring suppliers.

North America secured 4.6 GW of leases off California and Oregon, but ESA consultations for the North Pacific right whale extend permitting by 18 months. Developers now fund passive-acoustic monitoring and seasonal work restrictions, pushing the first power to 2030. Meanwhile, Gulf of Mexico platform conversions tap idle rigs and established subsea infrastructure to curb capex by 35%. South America and the Middle East & Africa remain nascent. Petrobras studies a 150 MW conversion off Rio de Janeiro, and the United Arab Emirates assesses 200 MW near Abu Dhabi for green-hydrogen export.

List of Companies Covered in this Report:

• Siemens Gamesa Renewable Energy SA
• Vestas Wind Systems A/S
• GE Vernova (GE Renewable Energy)
• BW Ideol AS
• Equinor ASA
• Ørsted A/S
• Principle Power Inc.
• Aker Solutions ASA
• Hexicon AB
• TotalEnergies SE
• Shell plc
• Ocean Winds (EDPR/ENGIE)
• Copenhagen Infrastructure Partners
• RWE AG
• Marubeni Corporation
• Doosan Enerbility Co., Ltd
• MingYang Smart Energy
• Goldwind Science & Technology
• Cobra IS (Grupo ACS)
• Gazelle Wind Power Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support