Floating Offshore Wind Power Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 0.94 gigawatt |
| Market Volume (2029) | 22.29 gigawatt |
| CAGR (2024 - 2029) | 88.36 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Floating Offshore Wind Power Market Analysis
The Floating Offshore Wind Power Market size in terms of installed base is expected to grow from 0.94 gigawatt in 2024 to 22.29 gigawatt by 2029, at a CAGR of 88.36% during the forecast period (2024-2029).
- Over the medium term, rising investments in offshore renewable wind energy projects, coupled with advanced and readily accessible offshore wind turbine technologies, are expected to be major drivers of the floating offshore wind market during the forecast period.
- On the other hand, tough competition from alternate renewable energy markets will restrain the floating offshore wind market during the forecast period.
- Nevertheless, floating offshore wind energy is becoming more popular in developing untapped deep-water prospects favorable for floating structures, providing ample opportunities for the market players.
- Europe is expected to dominate the floating offshore wind market during the forecast period.
Floating Offshore Wind Power Market Trends
The Transitional Water (30 m to 60 m depth) Segment is Expected to Grow
- Due to the greater water depth and favorable project economics, floating offshore wind turbine (FOWT) technology is more developed in transitional water depths (30-60 meters). The barge variant is the most commercially viable floating wind turbine design at shallow depths. This model is appropriate for activities higher than 30 meters (m) and has the shallowest draft of any floating foundation.
- Barge-style floating wind turbines have a square footprint, while other designs incorporate a moonpool to lessen stresses brought on by wave-induced loads. According to GWEC, a typical 6-megawatt floating barge wind turbine weighs between 2,000 and 8,000 tons. However, BW Ideol, with its Damping Pool Barge Floating Substructure Technology, is the only company that has deployed barge-type FOWT at the MW scale.
- Since the water depth is shallower, FOWT technology is less practical from a business point of view than fixed-base technology. During the forecast period, barge technology is expected to make up a small part of the FOWT market. According to the US EPA, only 5 MW of barge FOWT capacity operated globally as of 2021. Around 1,932 MW of FOWT capacity on barges, or 2.1% of all announced offshore wind substructure technologies for future projects worldwide, was announced.
- Most companies attempt to market FOWT designs that can be used in deeper waters. However, some semi-submersible technologies can also be used at transitional water depths. They can function at transitional depths due to several commercial FOWT models that are built on the semi-submersible design. A few of these models were initially used in experimental projects, while others were modified for use in ventures for profit.
- The US Department of Energy鈥檚 Wind Energy Technologies Office (WETO) announced on April 24, 2024, that it intended to issue a Notice of Intent involving a USD 48 million funding opportunity for regional and national research and development of offshore wind technologies, including floating offshore wind platform research and development. This promises future growth potential for the market.
- According to the International Renewable Energy Agency RE Capacity 2024, the global installed offshore wind energy capacity increased by 17.26% in FY 2023-24, adding 10,696 MW in 2023 to the earlier installed capacity of 61,967 MW in 2022. Such developments show promising outlooks for the market players in the near future.
- Most of the FOWT projects in transitional depths are likely to be in Europe, especially in the United Kingdom, Scandinavia, and France, where large projects are in the planning stages. During the forecast period, most of the deployments in this segment are likely to happen in these regions.
- Thus, the transitional water (30 m to 60 m depth) segment is expected to grow significantly during the forecast period.
Europe is Expected to Dominate the Market
- Europe holds the largest share of offshore wind energy installations globally. According to the European Union, Europe represents a quarter of global offshore wind installations. The country (primarily North Sea countries) is likely to be at the helm of the offshore wind market.
- Around 85% of offshore wind installations are globally in European waters. Governments, particularly in the North Sea area, have set ambitious targets for installing offshore wind farms in their territorial waters.
- The EolMed project is France's first floating pilot wind farm in the Mediterranean Sea. In May 2022, TotalEnergies announced the start of the project's construction, which is expected to be operational by 2024. The project consists of three 10 MW floating turbines on the bathymetry of the 62-meter depth and anchored to the seabed. The turbines will use a barge design with a damping pool.
- According to the International Renewable Energy Agency RE Capacity 2024, the installed offshore wind energy capacity in Europe increased by 9.58% in FY 2023-24, adding 2,830 MW in 2023 to the earlier installed capacity of 29,539 MW in 2022. Such developments show promising outlooks for the market players in the near future.
- In August 2023, the world鈥檚 largest floating wind farm, the Hywind Tampen Project, started operating around 140 kilometers off the coast of Norway in depths ranging from 270 to 310 meters. Hywind Tampen uses 11 floating wind turbines and has a system capacity of 88 MW. It helps power operations at offshore oil and gas platforms.
- In May 2023, France announced to tender 250 MW of floating wind energy project off Brittany. Further, the country has plan to ender another 250 MW project in the Mediterranean. By 2030, Europe is expected to have 3-4GW of floating wind energy projects.
- During the forecast period, these trends should make Europe a significant players involved in floating offshore wind farms.
Floating Offshore Wind Power Industry Overview
The floating offshore wind power market is semi-fragmented. Some major players in the market include General Electric Company, Doosan Energy, Siemens Gamesa Renewable Energy, BW Ideaol SA, and Vestas Wind Systems AS.
Floating Offshore Wind Power Market Leaders
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General Electric Company
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Vestas Wind Systems A/S
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Siemens Gamesa Renewable Energy, S.A
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Doosan Enerbility Co Ltd.
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BW Ideol AS
*Disclaimer: Major Players sorted in no particular order
Floating Offshore Wind Power Market News
- April 2024: Octopus Energy, a European renewable energy group specializing in sustainable energy, announced investments in Ocergy, a US-headquartered floating offshore wind tech company, to boost the development of floating offshore wind farms globally.
- April 2024: V氓rgr酶nn and Flotation Energy, a JV between Plenitude (Eni) and HitecVision, announced that their floating offshore wind project, Green Volt, was granted offshore planning approval. With onshore consent announced earlier, Green Volt is expected to be the first commercial-scale 560 MW floating wind farm offshore Scotland in Europe.
Floating Offshore Wind Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Floating Offshore Wind Power Potential Installed Capacity Forecast in GW, till 2029
4.3 Key Projects Information
4.3.1 Major Existing Projects
4.3.2 Upcoming Projects
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.1.1 Rising investments in offshore renewable wind energy projects
4.6.1.2 Advanced and readily accessible offshore wind turbine technologies
4.6.2 Restraint
4.6.2.1 Tough competition from alternate renewable energy markets
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
4.8.1 Bargaining Power of Suppliers
4.8.2 Bargaining Power of Consumers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitute Products and Services
4.8.5 Intensity of Competitive Rivalry
4.9 Investment Analysis
5. MARKET SEGMENTATION
5.1 By Water Depth (Qualitative Analysis Only)
5.1.1 Shallow Water (less than 30 m depth)
5.1.2 Transitional Water (30 m to 60 m depth)
5.1.3 Deep Water (higher than 60 m depth)
5.2 By Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 Germany
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Nordic Countries
5.2.2.7 Russia
5.2.2.8 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 Indonesia
5.2.3.5 Malaysia
5.2.3.6 Vietnam
5.2.3.7 Thailand
5.2.3.8 Rest of Asia-Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Colombia
5.2.4.4 Rest of South America
5.2.5 Middle East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 United Arab Emirates
5.2.5.3 Egypt
5.2.5.4 South Africa
5.2.5.5 Nigeria
5.2.5.6 Rest of the Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Vestas Wind Systems AS
6.3.2 General Electric Company
6.3.3 Siemens Gamesa Renewable Energy SA
6.3.4 BW Ideol AS
6.3.5 Equinor ASA
6.3.6 Marubeni Corporation
6.3.7 Macquarie Group Limited
6.3.8 Doosan Enerbility Co. Ltd
- *List Not Exhaustive
6.4 Market Ranking Analysis
6.5 List of Other Prominent Companies
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Developing Floating Offshore Wind Projects in untapped offshore deep-water prospects
Floating Offshore Wind Power Industry Segmentation
Floating wind power is electricity made by an offshore wind turbine that is mounted on a floating structure. This lets the turbine make electricity in water depths where fixed-foundation turbines cannot work. Floating wind farms can make a big difference in the amount of sea area that can be used for offshore wind farms, especially in places where shallow water is not available.
The floating offshore wind power market is segmented by water depth (qualitative analysis only) and geography. By water depth, the market is segmented into shallow water (less than 30 m depth), transitional water (30 m to 60 m depth), and deep water (higher than 60 m depth). By Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report also covers the sizes and forecasts of the floating offshore wind market across major regions. For each segment, market sizing and forecasts have been done based on installed capacity (megawatts).
| By Water Depth (Qualitative Analysis Only) | |
| Shallow Water (less than 30 m depth) | |
| Transitional Water (30 m to 60 m depth) | |
| Deep Water (higher than 60 m depth) |
| By Geography | ||||||||||
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Floating Offshore Wind Market Research FAQs
How big is the Floating Offshore Wind Power Market?
The Floating Offshore Wind Power Market size is expected to reach 0.94 gigawatt in 2024 and grow at a CAGR of 88.36% to reach 22.29 gigawatt by 2029.
What is the current Floating Offshore Wind Power Market size?
In 2024, the Floating Offshore Wind Power Market size is expected to reach 0.94 gigawatt.
Who are the key players in Floating Offshore Wind Power Market?
General Electric Company, Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy, S.A, Doosan Enerbility Co Ltd. and BW Ideol AS are the major companies operating in the Floating Offshore Wind Power Market.
Which is the fastest growing region in Floating Offshore Wind Power Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Floating Offshore Wind Power Market?
In 2024, the Europe accounts for the largest market share in Floating Offshore Wind Power Market.
What years does this Floating Offshore Wind Power Market cover, and what was the market size in 2023?
In 2023, the Floating Offshore Wind Power Market size was estimated at 0.11 gigawatt. The report covers the Floating Offshore Wind Power Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Floating Offshore Wind Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What factors are driving the growth of the Floating Offshore Wind Energy Market?
The factors driving the growth of the Floating Offshore Wind Energy Market are a) Rising adoption of green energy sources b) Extensive unexplored energy potential in deep-water sea locations c) Operational advantages of floating wind farms, and the rising demand for clean energy
What factors are driving the growth of the Floating Offshore Wind Energy Market?
The factors driving the growth of the Floating Offshore Wind Energy Market are a) Rising adoption of green energy sources b) Extensive unexplored energy potential in deep-water sea locations c) Operational advantages of floating wind farms, and the rising demand for clean energy
Floating Offshore Wind Industry Report
The floating offshore wind energy market is witnessing robust growth, propelled by the increasing adoption of clean energy sources and supportive regulatory frameworks. This market is segmented into various categories such as axis, component, depth, and turbine rating, addressing diverse technological needs and advancements. There is a notable surge in investments and technological innovations aimed at boosting the capacity utilization factor and simplifying installation processes, despite the high capital costs involved. The expansion of this market is further bolstered by strategic joint ventures and collaborations among key players, who are keen on exploring and developing new offshore wind opportunities to enhance grid connectivity. Europe is at the forefront of this growth, driven by aggressive offshore wind energy targets and significant investments in renewable energy projects. For detailed statistics on the market share, size, and revenue growth rate, refer to industry reports by 糖心vlog传媒鈩�, which provide a comprehensive market forecast outlook and historical overview. Access a free report PDF download for a sample of this detailed industry analysis.
