Floating Offshore Wind Power Market Report 2026

The floating offshore wind power market size has grown exponentially in recent years. It will grow from $0.36 billion in 2025 to $0.48 billion in 2026 at a compound annual growth rate (CAGR) of 33.5%. The growth in the historic period can be attributed to growing offshore wind investments, technological limitations of fixed-bottom turbines, government incentives for renewable energy, increasing energy demand, advancements in turbine design.

The floating offshore wind power market size is expected to see exponential growth in the next few years. It will grow to $2.27 billion in 2030 at a compound annual growth rate (CAGR) of 47.5%. The growth in the forecast period can be attributed to expansion in deep-water wind projects, supportive policies for renewable energy, innovations in floating platform technology, integration with hydrogen production, increasing focus on carbon neutrality. Major trends in the forecast period include adoption of spar-buoy, semi-submersible, and tlp platforms, development of high-capacity floating wind turbines, integration of advanced mooring and dynamic positioning systems, deployment of hvdc, hvac, and inter-array subsea cables, expansion of utility-scale and off-grid floating wind farms.

The growing demand for renewable energy is expected to drive the expansion of the floating offshore wind power market in the future. Renewable energy is derived from natural sources that are continuously replenished, such as sunlight, wind, rain, tides, geothermal heat, and biomass. This increased demand is primarily driven by the need to reduce greenhouse gas emissions and combat climate change. As the detrimental effects of fossil fuel consumption, including air pollution and rising global temperatures, become more apparent, governments, businesses, and individuals are seeking cleaner energy alternatives. For example, in December 2024, Eurostat, a UK-based government agency, reported that renewable energy accounted for 24.5% of the European Union's total energy consumption in 2023, up from 23% in 2022. Thus, the growing demand for renewable energy is fueling the growth of the floating offshore wind power market.

Leading companies in the floating offshore wind power market are focusing on developing innovative solutions, such as floating wind farm clusters, to optimize energy production and reduce costs. These wind farm clusters enable multiple turbines to share essential infrastructure such as mooring systems and subsea cables, thereby increasing efficiency and scalability. For instance, in March 2025, ECO TLP, a US-based company specializing in deep-water offshore wind tension leg platforms (TLPs), introduced a new floating offshore wind turbine platform aimed at improving efficiency and scalability in offshore wind energy production. The platform incorporates advanced stability features, enabling deployment in deeper waters and reducing both installation and maintenance costs. This innovation is designed to enhance the economic viability of floating wind farms, accelerating the transition to renewable energy.

In November 2024, TechnipFMC, a UK-based technology company, partnered with Prysmian to enhance project delivery through an integrated engineering, procurement, construction, and installation model. This collaboration seeks to speed up the development of floating offshore wind projects by providing a comprehensive, integrated solution. Prysmian, an Italy-based manufacturing company, plays a significant role in the development of floating offshore wind power, contributing innovative cable solutions to support the growth of this emerging sector.

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, Principle Power, Gazelle Wind Power Limited.

Europe was the largest region in the floating offshore wind power market in 2025. 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, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the floating offshore wind power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The floating offshore wind power market consists of revenues generated by entities by providing services such as production, installation, and maintenance of floating wind turbines. The market value includes the value of related goods sold by the service provider or contained within the service offering. The floating offshore wind power market also includes sales of floating platforms, anchoring and mooring systems, subsea cables, electrical infrastructure, and advanced control systems that ensure the efficient operation of floating turbines. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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