Floating Offshore Wind Power Global Market Opportunities and Strategies to 2034

This report describes and explains the floating offshore wind power market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global floating offshore wind power market reached a value of nearly $219.18 million in 2024, having grown at a compound annual growth rate (CAGR) of 37.88% since 2019. The market is expected to grow from $219.18 million in 2024 to $1.33 billion in 2029 at a rate of 43.49%. The market is then expected to grow at a CAGR of 68.97% from 2029 and reach $18.36 billion in 2034.

Growth in the historic period resulted from high electricity demand, rising government funding for decarbonization, rising demand for corporate renewable PPAs and increased private and institutional investment in floating wind projects. Factors that negatively affected growth in the historic period were the high initial capital and installation costs and complex grid integration challenges.

Going forward, high integration of renewable energy sources, expansion of offshore wind projects, expanding industrial and port infrastructure for floating wind and rising connection to offshore transmission hubs and grids will drive growth. Factors that could hinder the growth of the floating offshore wind power market in the future include supply chain and component cost volatility, environmental and regulatory approval barriers and impact of trade war and tariff.

Western Europe was the largest region in the floating offshore wind power market, accounting for 81.81% or $179.31 million of the total in 2024. Going forward, the fastest-growing regions in the floating offshore wind power market will be Asia Pacific and Western Europe where growth will be at CAGRs of 82.22% and 24.32% respectively.

The global floating offshore wind power market is concentrated, with large players operating in the market. The top 10 competitors in the market made up 41.30% of the total market in 2024. Equinor ASA was the largest competitor with a 8.57% share of the market, followed by Ørsted A/S with 5.09%, Vestas Wind Systems A/S with 4.81%, GE Vernova, with 4.43%, Siemens Energy AG (Siemens Gamesa Renewable Energy SA), with 3.62%, RWE AG with 3.52%, TotalEnergies SE with 3.35%, BW Ideol with 2.66%, Saipem S.p.A. with 2.65% and Aker Solutions ASA (Mainstream Renewable Power) with 2.60%.

The floating offshore wind power market is segmented by component into mooring systems, platforms, subsea cables and turbines. The turbines market was the largest segment of the floating offshore wind power market segmented by component, accounting for 41.63% or $91.24 million of the total in 2024. Going forward, the platforms segment is expected to be the fastest growing segment in the floating offshore wind power market segmented by component, at a CAGR of 52.49% during 2024-2029.

The floating offshore wind power market is segmented by technology into floating wind turbine, hydrodynamic floating structure and other technologies. The hydrodynamic floating structure market was the largest segment of the floating offshore wind power market segmented by technology, accounting for 50.88% or $111.51 million of the total in 2024. Going forward, the hydrodynamic floating structure segment is expected to be the fastest growing segment in the floating offshore wind power market segmented by technology, at a CAGR of 48.39% during 2024-2029.

The floating offshore wind power market is segmented by water depth into shallow water, transitional water and deep water. The transitional water market was the largest segment of the floating offshore wind power market segmented by water depth, accounting for 48.38% or $106.03 million of the total in 2024. Going forward, the deep water segment is expected to be the fastest growing segment in the floating offshore wind power market segmented by water depth, at a CAGR of 49.38% during 2024-2029.

The floating offshore wind power market is segmented by turbine capacity into Up To 3 MW, 3 MW - 5 MW and above 5 MW. The above 5 MW market was the largest segment of the floating offshore wind power market segmented by turbine capacity, accounting for 51.72% or $113.37 million of the total in 2024. Going forward, the above 5 MW segment is expected to be the fastest growing segment in the floating offshore wind power market segmented by turbine capacity, at a CAGR of 55.05% during 2024-2029.

The floating offshore wind power market is segmented by application into hydrogen production, off-grid power generation and utility-scale power generation. The utility-scale power generation market was the largest segment of the floating offshore wind power market segmented by application, accounting for 86.81% or $190.26 million of the total in 2024. Going forward, the hydrogen production segment is expected to be the fastest growing segment in the floating offshore wind power market segmented by application, at a CAGR of 56.07% during 2024-2029.

The top opportunities in the floating offshore wind power market segmented by component will arise in the turbines segment, which will gain $440.6 million of global annual sales by 2029. The top opportunities in the floating offshore wind power market segmented by technology will arise in the hydrodynamic floating structure segment, which will gain $690.76 million of global annual sales by 2029. The top opportunities in the floating offshore wind power market segmented by water depth will arise in the transitional water segment, which will gain $531.88 million of global annual sales by 2029. The top opportunities in the floating offshore wind power market segmented by turbine capacity will arise in the above 5 MW segment, which will gain $902.41 million of global annual sales by 2029. The top opportunities in the floating offshore wind power market segmented by application will arise in the utility-scale power generation segment, which will gain $958.98 million of global annual sales by 2029. The floating offshore wind power market size will gain the most in China at $734.0 million.

Market-trend-based strategies for the floating offshore wind power market include innovation in dynamic cable designs for deepwater durability, adoption of high-capacity turbines to boost energy output in deep water, development of smart mooring technologies to enhance turbine stability, focus on lightweight semi-submersible platforms for cost efficiency and expansion of hybrid offshore energy systems integrating wind and wave power.

Player-adopted strategies in the floating offshore wind power market include focus on strategic acquisitions to enhance their business offerings, business presence through securing new orders, new launches and strategic partnerships.

To take advantage of the opportunities, the analyst recommends the floating offshore wind power market companies to focus on dynamic subsea cable system advancement, focus on ultra-large turbine deployment and platform integration, focus on lightweight semi-submersible platform design, focus on hybrid offshore renewable system integration, focus on platforms to unlock scalable deep-water deployment, focus on hydrodynamic floating structures to enable deep-water scaling, focus on deep water deployment to maximize long-term capacity growth, focus on above 5 MW capacity to capture large-scale offshore growth, expand in emerging markets, focus on smart mooring system collaboration, focus on flexible value-based pricing to improve project viability and investor confidence, focus on performance-driven promotion to increase stakeholder confidence and accelerate adoption, focus on digital outreach and collaborative education to expand market readiness and focus on hydrogen production to capture high-growth offshore value creation.