USD 4.13 billion
Floating Wind Power Market Size, Share, Growth Analysis, By Water Depth(Shallow Water, Transitional water, and Deep Water), By Turbine Capacity(Up to 3 MW, 3 MW – 5 MW, and Above 5 MW), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55E2020 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|Tables:
63
|Figures:
67
Floating Wind Power Market Insights
Global Floating Wind Power Market size was valued at USD 4.13 billion in 2022 and is poised to grow from USD 5.88 billion in 2023 to USD 99.44 billion by 2031, growing at a CAGR of 42.4% in the forecast period (2024-2031).
The floating wind power market is a burgeoning sector within the renewable energy industry, poised to revolutionize offshore wind energy generation. Unlike traditional fixed-bottom wind turbines, floating wind turbines are not restricted by water depth, enabling deployment in deeper waters where wind resources are often more consistent and abundant. This versatility expands the potential sites for offshore wind farms, reducing visual impact on coastlines and mitigating potential conflicts with other marine activities.
Several key regions are driving the growth of the floating wind power market, including Europe, where countries like Norway, the UK, and France are making significant investments in floating wind projects. Additionally, Asia, with countries such as Japan and South Korea, is actively exploring floating wind technology to tap into its vast offshore wind potential.
In terms of market segments, the demand for floating wind power systems, including platforms, moorings, and turbines, is expected to rise. Technological advancements and innovative designs in floating platforms are enhancing stability and reducing costs, making these systems more economically viable.
The primary driver for this market is the increasing need to transition to clean, sustainable energy sources to combat climate change. Floating wind power has the potential to tap into powerful and consistent offshore wind resources, providing a steady supply of renewable energy while reducing carbon emissions.
As the floating wind power sector continues to develop and demonstrate its viability, it is expected to play a pivotal role in meeting global energy demands and accelerating the transition to a more sustainable energy future.
US Floating Wind Power Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Deep Water
Fastest Growth
Deep Water
Growth Rate
42.4% CAGR
Global floating wind power market ($ Bn)
Country Share for Asia Pacific Region (%)
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Floating Wind Power Market Segmental Analysis
The global floating wind power market is segmented by Water Depth, Turbine Capacity, and Region. Based on Water Depth the market is segmented as, Shallow Water, Transitional water and Deep Water. Based on Turbine the market is segmented as, Up to 3 MW, 3 MW – 5 MW, and Above 5 MW. Based on Regional the market is segmented as, North America, Asia Pacific, Latin America, Middle East & Africa (MEA)
Floating Wind Power Market Analysis By Water Depth
The market segmentation based on water depth classifies it into three categories: shallow water (depth <30m), transitional water (depth ranging from 30m to 60m), and deep water (depth >60m). The deep water segment is projected to dominate the floating wind power market share, with further growth prospects attributed to the substantial advantages offered by floating wind farm installations in deep waters. This includes the significant benefits of higher wind speeds and the absence of obstructions in the wind path, leading to an increased potential for capturing wind energy. Particularly in countries with limited continental shelf space, the introduction of floating foundations is seen as a gateway to unlock new opportunities for large-scale wind farm deployments, thus driving the demand for floating wind power solutions.
Conversely, in the range of depths from 25m to 50m, shallow water and transitional water floating wind turbines present themselves as a favorable alternative to fixed bottom foundations. These alternatives come with a range of benefits, such as reduced capital requirements, environmental advantages, and the ease of accessing installation vessels. These factors are expected to encourage their adoption at depths up to 60m, providing a compelling case for expanding their installation in this depth range.
Floating Wind Power Market Analysis By Turbine Capacity
The market is segmented based on turbine capacity, encompassing three categories: up to 3 MW, 3 MW - 5 MW, and above 5 MW. The selection of wind farm capacity is typically influenced by both anticipated power generation and available capital. Considering that substantial capital investment is a prerequisite for wind farm development, higher capacity wind farms are often viewed as more viable investments, with a focus on long-term returns. This trend is reflected in the market, where new wind farm projects being approved for construction tend to have capacities exceeding 5 MW, leading this particular segment to hold a significant share of the market.
Since 2013, the global landscape has witnessed the implementation of numerous pilot projects, primarily falling within the 2 MW to 5 MW capacity range. Noteworthy examples of these demonstration projects are evident in countries like Japan, the U.K., and Germany. This trend is expected to extend to other countries that possess untapped market potential, consequently driving investments in the up to 3 MW and 3 MW - 5 MW segments in the forthcoming years. As these unexplored markets embrace wind energy, the demand for wind farms within these capacity brackets is projected to rise, contributing to the continued growth of the floating wind power market.
Global floating wind power market By Water Depth
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Floating Wind Power Market Regional Insights
Japan has emerged as a key player in the international floating offshore wind market, with the government aiming to increase installed capacity to 4 GW by 2030 and a remarkable 18 GW by 2050, as outlined by the Japan Wind Power Association. This ambitious target is expected to attract significant investor interest, further boosting the country's position in the industry. Meanwhile, the United Kingdom leads the global market, annually installing 47.5 megawatts, and aims to reach a target of 1 GW for offshore floating wind by 2030. This target will likely focus on Scotland's coastline and south-westerly waters.
Following Japan and the UK, other nations have made strides in establishing floating wind farms, including France, the United States, and Sweden. Notably, countries such as Norway, Germany, and Spain are anticipated to become significant market players during the projection period, driven by planned floating wind power construction.
Moreover, Asia Pacific is experiencing a shift toward web-based modern activities across various sectors due to the growing industry. Countries like Japan, Australia, and South Korea are actively researching the potential effects of new services and connected devices. Additionally, the Asia Pacific region stands out as a major hub for vehicle production globally, contributing to the expansion of end-use organizations in this market during the forecast period.
Latin America, the Middle East, and Africa are expected to witness notable improvement, driven by increased interest in the oil and gas sector and rising construction activity in these regions, promoting growth in both the private and business sectors.
Global floating wind power market By Geography
- Largest
- Fastest
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Floating Wind Power Market Dynamics
Floating Wind Power Market Drivers
Increasing Demand from End-Use Industries:
- The growth of industries such as paints and coatings, plastics, printing inks, and paper & pulp is a significant driver for the lithopone market. The product's versatile properties and applications in these sectors contribute to its demand.
Cost-Effectiveness:
- Lithopone's competitive pricing compared to alternatives like titanium dioxide has positioned it as an attractive choice for manufacturers, especially in cost-sensitive markets.
Floating Wind Power Market Restraints
Vast Offshore Wind Potential:
- Floating wind power allows harnessing wind energy in deeper waters where wind resources are more consistent and abundant, unlocking vast offshore wind potential previously untapped by traditional fixed-bottom turbines.
Reduced Visual Impact:
- Floating wind farms can be located farther offshore, reducing their visibility from the coastlines, thus mitigating potential aesthetic concerns and conflicts with coastal activities.
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Floating Wind Power Market Competitive Landscape
The competitive landscape of the floating wind power market is characterized by a mix of established energy companies, innovative startups, and collaborations between traditional offshore wind players and specialized technology firms. Leading companies such as Equinor, Shell, and Total Energies have made significant investments in floating wind projects, leveraging their expertise in offshore energy production to tap into this emerging sector. These industry giants often have the financial resources, technical knowledge, and global reach to drive large-scale floating wind farm development.
Collaborations and partnerships are becoming increasingly common in the floating wind power market. Established energy companies often team up with specialized engineering firms to design and construct efficient floating platforms. Furthermore, collaborations between governments, research institutions, and industry stakeholders play a vital role in driving R&D efforts, regulatory frameworks, and cost reductions.
Floating Wind Power Market Top Player’s Company Profile
- Siemens Gamesa Renewable Energy S.A. (Spain)
- MHI Vestas (Denmark)
- FlowOcean (Sweden)
- Engie Energy (France)
- ABB Ltd. (Switzerland)
- General Electric (U.S.)
- Ming Yang Smart Energy Group Co. (China)
- Nordex SE (Germany)
- GoldWind (China)
- Envision Energy (China)
- Suzlon Energy Limited (India)
- Hitachi Ltd. (Japan)
Floating Wind Power Market Recent Developments
-
The Norwegian Offshore Wind and the Polish Offshore Wind Energy Society (PTMEW) signed two memorandums of understanding (MoUs) in October 2023, deepening their cooperation in the offshore wind sector. Both countries' offshore wind projects will benefit from the MoUs' promotion of knowledge exchange and cooperation.
-
In July 2021, Siemens Gamesa, Stiesdal Offshore Technologies, and other industry partners announced their participation in the new TetraSpar Demonstration Project. The project may contribute to lower offshore wind power floating costs.
- In June 2021 – An MoU was signed by Siemens Gamesa and Siemens Energy and Odfjell Oceanwind to work together on the creation of mobile offshore wind units. Electricity for micro-grid or off-grid customers is produced by a fleet of floating units that Odfjell Oceanwind develops, owns, and manages.
Floating Wind Power Key Market Trends
- Cost Reduction and Technological Innovations: Continuous innovation in floating platform designs, mooring systems, and turbine technologies is leading to cost reductions. As the technology matures, economies of scale are being realized, making floating wind power more competitive with traditional fixed-bottom offshore wind.
Floating Wind Power Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global floating wind power market analysis, the floating wind power market is a dynamic and growing sector within the renewable energy industry. Key regions driving this market include Europe, with countries like the UK, Norway, and France leading the way, and emerging interest from Asia, particularly Japan, South Korea, and Taiwan. The market is segmented based on water depth (shallow, transitional, and deep waters) and turbine capacity (up to 3 MW, 3 MW - 5 MW, and above 5 MW).
Several drivers fuel the market's expansion. The vast offshore wind potential in deeper waters, with higher wind speeds and minimal obstructions, presents a compelling case for floating wind farms. Governments worldwide are setting ambitious renewable energy targets, spurring investments in floating wind power. Technological advancements, cost reductions, and partnerships between established energy players and innovative startups further bolster the market. As environmental concerns intensify, floating wind power emerges as a sustainable solution, with reduced visual impact and minimal carbon emissions, driving the transition towards cleaner energy sources.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.13 billion |
| Market size value in 2031 | USD 99.44 billion |
| Growth Rate | 42.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Floating Wind Power Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Floating Wind Power Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Floating Wind Power Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Floating Wind Power Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Floating Wind Power Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Floating Wind Power Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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