Report

Global floating wind power market is projected to witness a CAGR of 32.98% during the forecast period 2025-2032, growing from USD 2.46 billion in 2024 to USD 24.08 billion in 2032. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years.
The floating offshore wind power market is poised for substantial growth due to several factors, such as the renewable energy transition, technological advancements in wind turbines, rising investments to access deeper water, and government support, which will continue to evolve the market growth significantly over the coming years.
Countries are looking for new technologies to diversify the energy mix, and floating wind technology is becoming a viable solution for harnessing offshore wind resources effectively. Both public and private companies are involved in investments to build floating offshore wind projects to fulfill the rising demand for renewable energy. In addition, the government and higher authorities are introducing supportive policies and incentives that play a crucial role in driving the floating wind power market.
Furthermore, improvements in floating platform technologies enable better stability and performance in challenging marine environments. The upcoming advancements make floating wind power feasible by deploying turbine technology in deeper waters, creating opportunity for the market in the forecast period. In addition, companies are looking to collaborate to use innovative technology for the development of floating wind plants with cost-effectiveness and minimal maintenance.
For instance, in October 2024, Doosan Enerbility Co., Ltd. decided to enter a partnership with Siemens Gamesa and Equinor to develop the 750MW Bandibuli Floating Offshore Wind Farm project in Ulsan. This development highlights establishing a new plant in the market, which is expected to boost the floating wind power market size in the coming years.
Adoption of Renewable Energy Amplifies Market Growth
The rise in emphasis on transitioning towards renewable energy sources to combat climate change and reduce carbon emissions in the environment is driving the need for innovative technologies. The transformation of the energy landscape through renewable sources is driving an upward trend in floating wind power. Countries are setting ambitious targets such as net zero emissions and lowering carbon emissions, which is leading to the adoption of renewable energy adoption.
Floating offshore wind farms are seen as a critical component in meeting the energy targets, as farms can harness wind energy from deeper waters and generate more renewable energy inaccessible with traditional fixed-bottom turbines. Countries can address energy demands and contribute significantly to sustainability goals and economic resilience with the adoption of floating wind power technologies. Furthermore, the vast untapped potential for wind energy in different geographics creates a positive outlook for expanding the floating wind power market. In addition, countries are looking to adopt modern technologies that are engaged in producing renewable energy generation.
For instance, in August 2024, Mingyang Group established the OceanX project, which is the world's largest single-capacity floating wind power platform in China. The floating wind turbine platform is arranged in a 'V' shape and carries two 8.3 MW offshore wind turbines with a total capacity of 16.6 MW. This development highlights the adoption of innovative technologies for renewable energy generation in the market.
Rising Private and Public Investment Towards the Floating Offshore Wind Projects Boosts the Market Size
The influx of private and public investments provides essential capital for developing and operating floating offshore wind farms in different geographies. The governments of different regions are providing financial support through various mechanisms such as subsidies, tax credits, and feed-in tariffs to develop floating wind power projects. The public sector incentives help to reduce the upfront costs associated with projects. The involvement of public funds in the projects attracts developers and investors to invest. In addition, the public sector can streamline permitting processes at various levels and set environmental standards that facilitate responsible development while minimizing bureaucratic hurdles.
Furthermore, the private sector investment plays a significant role in the development of floating offshore wind farms which influences various aspects of project viability and growth. Public and private investments are essential for financing the high upfront costs associated with floating offshore wind projects. Large projects often require substantial capital for research, development, and construction. Private investors produce the capital and bring expertise in risk assessment and management which is vital for navigating the uncertainties associated with floating wind technologies. Thus, the collaboration between government bodies and private entities is essential for creating a conducive environment for floating wind farm development.
For instance, between September 2022 and May 2024, the United States Departments of Energy (DOE), the Interior (DOI), Commerce, and Transportation (DOT) dedicated over USD 950 million to advance the floating offshore wind spots which drive the development of the market.
Technology Upgradation Creates Opportunities for the Market
Recent advancements in technology have enhanced the feasibility and efficiency of floating wind turbines. Innovations are ongoing to build larger turbine capacities, improved aerodynamic designs, and better mooring systems, allowing for more effective energy capture in deeper waters. The improved blade aerodynamics enable floating wind turbines to capture more energy even in low-wind conditions. The above-mentioned upgrades enhance the overall efficiency, and output of floating wind farms, and make technology more competitive with other renewable energy generation technologies.
Floating offshore wind farms utilize larger and efficient wind turbines which are designed to withstand harsh marine conditions. Innovations regarding the raw material and specialized coatings protect against corrosion from saltwater to blade, which reduces the overall maintenance cost of the project. The use of advanced materials, such as high-strength synthetic fibers and steel alloys, enhances the stability of floating turbines against dynamic marine forces. The adaptation of innovative materials and turbine technology for offshore environments ensures the systems under extreme weather conditions.
For instance, in October 2024, three companies in the region signed contracts with Norway's Marine Energy Test Centre (METCentre) to evaluate new technology aimed at reducing the costs of floating offshore wind. This development highlights the adoption and development of innovative technologies for floating wind power in the market.
Semi-Submersible to Dominate the Market Share
Semi-submersibles are experiencing a high adoption rate in the forecast period, which makes the segment dominate the market. Semi-submersible platforms provide enhanced stability compared to other floating structures in the market. They are also easier and more cost-effective to construct compared to other floating designs, which fosters demand in the market.
Furthermore, the design of the platform typically includes multiple buoyant columns that are submerged below the waterline, allowing the system to resist the forces of waves and wind effectively. The semi-submersible platforms could be upscaled to accommodate the larger units of the turbine while ensuring stability and safety, driving its demand in the market. In addition, the modular design of the platform facilitates large-scale manufacturing and simplifies coordination requirements, which could significantly reduce overall project timelines and costs.
Europe Leads the Floating Wind Power Market
Europe has dominated the floating wind power market and is expected to continue during the forecast period. The government is actively promoting the development of renewable energy to meet climate targets and reduce carbon emissions in the region, leading to the development of a floating wind power market. The European government has taken the initiative to boost significant investments in floating energy generation technologies. The government providing financial incentives, grants, and streamlined regulatory processes in support of developing floating wind projects with the private sector, has further facilitated the developers to invest in the projects. European companies have established a dominant position in the floating wind market by implementing innovative technologies for renewable energy generation.
Currently, the region has been at the forefront of developing and testing floating power technologies, with successful pilot projects such as Hywind Scotland and WindFloat Atlantic which demonstrate the feasibility and effectiveness of floating wind systems in the market. In addition, the European Union has set ambitious targets for increasing offshore wind capacity, aiming for at least 60 GW by 2030 and 300 GW by 2050, driving the deployment of floating wind turbines in the region in the coming years.
Future Market Scenario (2025 � 2032F)
� Massive investments in renewable energy technologies are driving the growth of the floating wind power market in the coming years.
� Governments are focusing on investment and modernizing the floating wind power plant which fosters the market growth in the forecast period.
� Ongoing technological innovations are enhancing the efficiency and reliability of floating wind turbines which creates the opportunity for the market.
� Countries with extensive deep-water coastlines, such as Norway, Spain, Japan, South Korea, and Brazil, are increasingly recognizing the potential for the deployment of floating wind technology in the coming years.
Key Players Landscape and Outlook
Continuous innovation characterizes floating wind power globally as the companies compete in terms of energy efficiency, technology, and unique features. The market outlook remains pragmatic, owing to increased demand for renewable energy and increasing investment in wind energy generation technologies. Floating wind power players focus on energy efficiency and environmental practices, defining the industry's future. Technology upgrades, agreements, business expansions, and collaborations will increase competition in the fast-paced market.
For instance, in September 2023, RWE collaborated with Saitec Offshore Technologies and Kansai Electric Power (KEPCO) for the development of the commercial floating offshore wind project DemoSATH. The DemoSATH project has successfully begun supplying electricity to the Spanish grid. This milestone marks Spain's first floating wind turbine connected to the grid, located offshore in the Basque Country. The platform's 2 MW turbine is expected to generate enough energy to power around 2,000 households annually. Over the next two years, the project will gather data on the technology's performance and environmental interactions, aiming to enhance marine biodiversity and support sustainable fishing practices.