Global Floating Wind Power Market

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 News

  • 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.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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 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 reach to drive large-scale floating wind farm development. '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)'

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 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.

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 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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Offshore Wind Power Market
Buy Now GET FREE SAMPLE
Wind Energy Market
Buy Now GET FREE SAMPLE
Onshore Wind Energy Market
Buy Now GET FREE SAMPLE
Floating Power Plant Market
Buy Now GET FREE SAMPLE
Offshore Wind Turbine Market
Buy Now GET FREE SAMPLE
Wind Tower Market
Buy Now GET FREE SAMPLE
Offshore Wind Cable Market
Buy Now GET FREE SAMPLE
Wind Turbine Casting Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Floating Wind Power Market

Report ID: SQMIG55E2020

$5,300
BUY NOW GET FREE SAMPLE