Floating Offshore Wind Market Global Report 2026

The floating offshore wind market size has grown exponentially in recent years. It will grow from $2.12 billion in 2025 to $3.09 billion in 2026 at a compound annual growth rate (CAGR) of 45.6%. The growth during the historic period can be attributed to increasing investments in offshore wind energy, limitations of shallow-water fixed-bottom turbines, government incentives supporting renewable energy, technological advancements in wind turbine design, and growing global electricity demand.

The floating offshore wind market size is expected to see exponential growth in the next few years. It will grow to $13.05 billion in 2030 at a compound annual growth rate (CAGR) of 43.3%. The growth during the forecast period can be attributed to the expansion of deep-water wind farm projects, increasing focus on carbon neutrality, advancements in floating platform technology, integration with smart grids and energy storage, and supportive government policies and subsidies. Major trends in the forecast period include development of high-capacity floating wind turbines, adoption of semi-submersible and spar-buoy platforms, integration of advanced mooring and ballast systems, deployment of subsea power and fiber optic cables, and expansion of floating offshore wind farms for commercial power generation.

Increasing demand for renewable energy is expected to propel the growth of the floating offshore wind market going forward. Renewable energy refers to energy produced from naturally replenishing resources, including sunlight, wind, rain, tides, waves, and geothermal heat. The growing demand for renewable energy is driven by the need to reduce carbon emissions by replacing fossil fuels such as coal, oil, and natural gas, which are major sources of greenhouse gases (GHGs), including carbon dioxide (CO₂). Floating offshore wind contributes to renewable energy generation by harnessing wind power in deeper ocean waters, where conventional fixed turbines cannot be installed, substantially expanding the potential for clean energy generation in regions with strong and consistent wind resources. For instance, in February 2024, according to a report published by the Energy Information Administration, a US-based government agency, solar capacity was expected to increase by 30% (31 GW) in 2024, while U.S. wind capacity was projected to grow by 5% annually, adding 6 GW in 2023 and 7 GW in 2024. Therefore, the increasing demand for renewable energy is driving the floating offshore wind market.

Major companies operating in the floating offshore wind market are concentrating on technological advancements, including floating offshore wind technology, to improve efficiency, scalability, and cost-effectiveness. Floating offshore wind technology is a method of generating electricity from wind energy using turbines installed on floating structures that are anchored to the seabed. For instance, in March 2025, Saipem S.p.A., an Italy-based oilfield services company, launched Star1, a semi-submersible floating wind foundation designed to support next-generation offshore turbines exceeding 20 MW. The technology incorporates a steel semi-submersible design with three arms to improve stability, optimize mooring loads, and accommodate turbines exceeding 20 MW. It is ready for FEED and deployment in Sicily’s 7 Seas Med project, which is expected to generate 800 GWh per year, and Sardinia’s Ichnusa Wind Power project, expected to generate 1.6 TWh per year.

In July 2024, Archer Limited, a Norway-based oilfield services company, acquired Moreld Ocean Wind (MOW) for an undisclosed amount. Through this acquisition, Archer aims to expand its energy services portfolio and support its energy customers’ energy-transition objectives by entering the growing floating offshore wind market and capitalizing on its development opportunities. Moreld Ocean Wind (MOW) is a Norway-based provider of floating offshore wind solutions.

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 Renewable Energy, Aker Solutions ASA, Vattenfall AB, Envision Energy Limited, Principle Power Inc., Naval Energies SAS, Doosan Heavy Industries & Construction Company Limited, BW Ideol AS, Global Energy Group Limited.

Europe was the largest region in the floating offshore wind market in 2025. The regions covered in the floating offshore wind 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 market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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