Floating Offshore Wind Energy Market by Technology (Spar-Buoy Technology, Tension Leg Platform, Semi-Submersible Platform, Floating Wind Turbines), by Location (Shallow Water, Deep Water), by Water Depth (Shallow Water, Deep Water), by End-Use Industry (Energy Generation, Utilities); Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Floating Offshore Wind Energy Market was valued at USD 1.0 Billion in 2023 and will surpass USD 16.9 Billion by 2030; growing at a CAGR of 49.4% during 2024 - 2030.

The floating offshore wind energy market is experiencing significant growth as the global demand for renewable energy sources continues to rise. Offshore wind power is a key component in reducing greenhouse gas emissions and transitioning toward a more sustainable energy mix. Floating wind turbines are an emerging solution for harnessing wind energy in deeper waters where traditional fixed-bottom turbines are not feasible. This market offers great potential, driven by advancements in technology, favorable regulatory environments, and increasing investments in offshore renewable energy projects. Floating offshore wind energy provides access to vast wind resources in deeper, offshore areas that were previously underutilized, unlocking new opportunities for the energy industry.

In the following sections, we will explore the various segments of the floating offshore wind energy market, highlighting the largest and fastest-growing subsegments across technology, location, water depth, and end-use industry. These insights will shed light on the key factors driving the growth and adoption of floating offshore wind energy solutions.

Spar-Buoy Technology is Largest Owing to Cost-Effectiveness and Stability

The Spar-Buoy technology is the largest segment within the floating offshore wind energy market, due to its proven stability and cost-effectiveness in deep water applications. This technology uses a buoyancy-based system that is anchored to the seabed by chains or anchors, allowing it to remain stable even in harsh offshore conditions. Spar-Buoy technology is ideal for deep-water locations where wind resources are abundant, but traditional fixed-bottom turbines cannot be deployed.

The growing demand for floating wind turbines in deep-water areas has bolstered the adoption of Spar-Buoy technology. Its ability to operate in deeper waters, combined with its relatively lower capital expenditure compared to other floating systems like Tension Leg Platforms (TLP), makes it an attractive solution for large-scale offshore wind projects. As projects in deeper waters gain momentum, Spar-Buoy technology continues to dominate the floating offshore wind market, providing a reliable and scalable solution for energy generation.

Semi-Submersible Platform is Fastest Growing Owing to Versatility and Deployment Ease

The Semi-Submersible Platform is the fastest-growing subsegment in the floating offshore wind energy market, driven by its versatility and ease of deployment in both shallow and deep waters. Semi-submersible platforms are buoyant, stable structures designed to hold wind turbines, and they can be used in a variety of water depths, making them adaptable to different offshore environments. Their ability to handle dynamic ocean conditions with greater stability has led to a surge in their adoption across various offshore wind energy projects.

The platform's ability to minimize the impact of wave motions and weather disruptions makes it an ideal choice for offshore wind farms. Additionally, its modular design allows for cost-effective scalability, which has made Semi-Submersible technology increasingly popular among developers looking to deploy floating wind turbines quickly. As the floating offshore wind energy sector continues to evolve, the Semi-Submersible Platform segment is expected to see the most significant growth, contributing to the overall expansion of the floating wind market.

Deep Water (> 60 Meters) Location is Largest Owing to Abundant Wind Resources

The Deep Water (> 60 meters) location segment is the largest in the floating offshore wind energy market, primarily due to the abundant and consistent wind resources found at greater depths. Deep water locations are often ideal for floating wind turbines, as these areas typically have stronger and more reliable wind speeds, which are crucial for maximizing energy generation efficiency. As floating wind turbine technologies advance, deep water locations have become increasingly accessible for large-scale projects, particularly with technologies like Spar-Buoy and Semi-Submersible platforms.

In these deep-water regions, floating turbines can be installed at much greater distances from shore, reducing the visual and environmental impact of wind farms on coastal areas. The growing adoption of deep-water floating wind solutions, combined with favorable policy incentives and investments in renewable energy, ensures that this subsegment will continue to lead the market. Deep-water locations are set to become a major focus for future floating wind projects, driving innovation and investment in the sector.

Energy Generation is Largest End-Use Industry Owing to Global Renewable Energy Demand

Energy generation is the largest end-use industry for floating offshore wind energy, as it aligns with the global push for clean, sustainable energy solutions. Offshore wind energy, particularly from floating turbines, is a vital source of renewable power, providing large-scale electricity generation without the environmental impact associated with fossil fuels. The energy generation industry is at the forefront of deploying floating wind turbines to meet growing global energy demand while reducing reliance on carbon-based energy sources.

With the advancement of floating turbine technologies, energy generation in offshore locations has become more viable, with several large-scale projects already in development or operational. Governments and private entities are increasing investments in floating wind energy to meet renewable energy targets and reduce carbon emissions. As the world transitions towards net-zero emissions goals, energy generation will continue to be the largest and most influential end-use industry driving the growth of the floating offshore wind energy market.

Europe is Largest Region Owing to Leading Offshore Wind Investments

Europe is the largest region in the floating offshore wind energy market, with countries like the United Kingdom, Norway, and Denmark leading the way in offshore wind investments. Europe’s commitment to renewable energy, backed by robust government policies and financial support, has made it the hub for floating wind energy development. In particular, the North Sea has become a major area for floating wind farms, with large-scale projects already underway and more planned in the coming years.

The region benefits from an established offshore wind infrastructure, advanced technological expertise, and a supportive regulatory framework, all of which contribute to its position as the largest market for floating offshore wind energy. With ambitious targets for expanding renewable energy capacity, Europe is poised to remain at the forefront of the floating wind energy sector.

Competitive Landscape and Leading Companies

The floating offshore wind energy market is competitive, with several companies leading the way in technological development, project execution, and system integration. Key players in the market include Ørsted, Equinor, and Siemens Gamesa, which are pioneering large-scale floating wind farms and investing heavily in the development of floating turbine technologies. These companies have also formed strategic partnerships and collaborations to enhance their market position and accelerate the commercialization of floating wind projects.

The competitive landscape is characterized by innovation and collaboration, with companies working to improve the efficiency, scalability, and cost-effectiveness of floating wind turbines. As the market continues to grow, the demand for advanced technologies and successful project execution will drive further consolidation and competition among key players, shaping the future of floating offshore wind energy.

List of Leading Companies:

• Aker Solutions
• Eni S.p.A.
• Equinor ASA
• General Electric (GE) Renewable Energy
• Iberdrola S.A.
• Macquarie Group
• MHI Vestas Offshore Wind
• Navantia
• Ørsted A/S
• Royal Dutch Shell
• RWE AG
• Saipem
• ScotWind (Crown Estate Scotland)
• Siemens Gamesa Renewable Energy
• Worley

Recent Developments:

• Ørsted A/S and Equinor ASA jointly announced the development of a large-scale floating wind farm off the coast of Scotland, which aims to supply renewable energy to thousands of homes.
• General Electric has revealed its new floating offshore wind turbine design that promises to enhance power generation capacity and reduce installation costs.
• Saipem secured a contract for the installation of floating wind turbines in a deep-water location, marking a significant step towards advancing offshore wind technologies.
• Iberdrola announced the launch of an offshore floating wind project in the North Sea, highlighting its commitment to accelerating the transition to clean energy.
• Aker Solutions and Macquarie Group revealed a partnership to develop a new floating wind farm project in the Asia-Pacific region, aiming to increase offshore wind capacity in the area.

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