Floating Offshore Wind Market Report 2026

The floating offshore wind market size has grown exponentially in recent years. It will grow from $2.8 billion in 2025 to $5.38 billion in 2026 at a compound annual growth rate (CAGR) of 92.1%. The growth in the historic period can be attributed to rising offshore wind energy investments, limitations of shallow water fixed-bottom turbines, government incentives for renewable energy, technological advancements in wind turbine design, 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 $72 billion in 2030 at a compound annual growth rate (CAGR) of 91.3%. The growth in the forecast period can be attributed to expansion of deep-water wind farm projects, increasing focus on carbon neutrality, advancements in floating platform technology, integration with smart grids and energy storage, 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, expansion of floating offshore wind farms for commercial power generation.

The increasing demand for renewable energy is expected to drive the growth of the floating offshore wind market in the future. Renewable energy refers to energy derived from natural sources that are replenished over time, such as sunlight, wind, rain, tides, waves, and geothermal heat. The rising demand for renewable energy is largely driven by the need to reduce carbon emissions by replacing fossil fuels such as coal, oil, and natural gas, which are major contributors to greenhouse gases such as carbon dioxide (CO₂). Floating offshore wind contributes to renewable energy by capturing wind power in deeper ocean waters, where traditional fixed turbines cannot be deployed, thus greatly expanding the potential for clean energy generation in areas with strong, consistent winds. For example, a report from the Energy Information Administration published in February 2024 highlighted that solar capacity in the U.S. is expected to grow by 30% (31 GW) in 2024, while U.S. wind capacity is projected to increase by 5% annually, adding 6 GW in 2023 and 7 GW in 2024. As a result, the growing demand for renewable energy is driving the floating offshore wind market.

Companies in the floating offshore wind market are focusing on technological innovations, such as floating offshore wind technology, to improve efficiency, scalability, and cost-effectiveness. Floating offshore wind technology involves generating electricity from wind energy by mounting turbines on floating structures that are anchored to the seabed. For instance, in March 2025, Saipem S.p.A., an Italy-based oilfield services company, introduced Star1, a semi-submersible floating wind foundation designed to support next-generation offshore turbines over 20 MW. This technology features a steel semi-submersible design with three arms for increased stability, optimized mooring loads, and the ability to support turbines exceeding 20 MW, which are ready for FEED and deployment in projects such as Sicily’s 7 Seas Med (800 GWh/year) and Sardinia’s Ichnusa Wind Power (1.6 TWh/year).

In July 2024, Archer Limited, a Norway-based oilfield services company, acquired Moreld Ocean Wind (MOW) for an undisclosed sum. This acquisition allows Archer to expand its energy services portfolio and support its clients' energy transition goals by entering and capitalizing on the growing floating offshore wind market. Moreld Ocean Wind, based in Norway, specializes in 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.

The floating offshore wind market consists of revenues earned by entities by providing services such as design and engineering services, manufacturing, fabrication, installation, and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The floating offshore wind market also includes sales of floating foundations, mooring systems, substations, installation vessels and equipment, and maintenance and inspection tools. 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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