Floating Wind Turbine Market (Capacity - Below 10 MV, 10-20 MV, and Above 20 MV): Global Industry Analysis, Trends, Size, Share and Forecasts to 2032

A recent report published by Infinium Global Research on floating wind turbine market provides in-depth analysis of segments and sub-segments in the global as well as regional floating wind turbine market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional floating wind turbine market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global floating wind turbine market.

Market Insight:

The global floating wind turbine market is projected to grow at a CAGR of 7.38% between 2024 and 2032, expanding from USD 20642.52 million in 2023 to USD 38629.98 million in 2032.

The floating wind turbine market is experiencing significant growth driven by various factors, including the increasing shift toward clean energy generation, rising investments in sustainable energy development, and technological advancements. The transition to renewable energy sources, fueled by concerns over climate change and environmental degradation, has led to a growing consensus among governments, businesses, and communities worldwide. Floating wind turbines offer a promising solution to this challenge by harnessing abundant offshore wind resources, aligning with sustainability goals, and contributing to the reduction of greenhouse gas emissions. Moreover, rising investments in sustainable energy development further stimulate the growth of the floating wind turbine market, as investors recognize the economic potential and long-term viability of renewable energy projects. Supportive policies, incentives, and regulatory frameworks play a crucial role in driving investments in clean energy, encouraging greater participation from governments, financial institutions, and private sector entities. Furthermore, technological advancements provide lucrative opportunities for the growth of the floating wind turbine market by driving improvements in platform design, mooring systems, turbine technology, and installation and maintenance techniques. These advancements enhance the competitiveness, efficiency, and reliability of floating wind energy projects, unlocking new opportunities for market expansion, cost reduction, and innovation-driven growth. Thus, the floating wind turbine market is poised for significant growth as the world transitions to a low-carbon future. By capitalizing on the increasing shift toward clean energy generation, rising investments in sustainable energy development, and leveraging technological advancements, the floating wind turbine market can play a pivotal role in accelerating the global energy transition toward a more sustainable and resilient future.

Research Methodology Brief:

This research has been performed by using excessive primary and secondary research methods. The primary research has been conducted by interviewing several executives and consultants operating in the manufacturing industry and allied industries. The information has also been collected using the most prominent primary method which is interviews. This involves the application of questioners to dig for insights from industry experts. Moreover, the secondary research has helped us validate the research findings through primary research. The analyst has browsed through publications, manufacturing industry, power generation industry reports, and government data to track trends in popular procedures, destination countries, and revenue growth.

The market size has been identified and triangulated using both bottom-up and top-down approaches. In the bottom-up approach, we derived the market size from the currently established floating power plant manufacturers and the production of the product. This helps accumulate the country's market size, which is then added up to get the regional market size. With the top-down approach, the regional estimated market size is divided among regions and the key floating wind turbine producers. The revenues were distributed among the sub-segments in the floating wind turbine market in the regional market such as North America, Europe, APAC, and the rest of the world. The revenue distribution in the global floating wind turbine market can be estimated by analyzing the revenue generated by different floating wind turbine segments in each region and further in each country under the region. This approach helped us to triangulate the market and estimate the regional as well as country market size of the global floating wind turbine market.

Key Insights into the study:

The increasing shift toward clean energy generation is driving the growth of the floating wind turbine market. As concerns over climate change and environmental degradation intensify, there is a growing consensus among governments, businesses, and communities worldwide that transitioning to renewable energy sources is much more important. This shift is driven by the recognition of the urgent need to reduce greenhouse gas emissions and mitigate the impacts of climate change. Floating wind turbines offer a promising solution to this challenge by harnessing the abundant wind resources available offshore, where wind speeds tend to be higher and more consistent compared to onshore locations. For instance, according to the International Energy Agency, as much as 80% of the global offshore wind resource potential is in waters with depths exceeding 60 meters. Furthermore, the deployment of floating wind turbines aligns with broader sustainability goals and commitments to transition to a low-carbon economy. Governments and international organizations are increasingly setting ambitious targets for renewable energy deployment as part of their efforts to meet emissions reduction targets and achieve carbon neutrality. Floating wind energy contributes to these goals by providing a reliable and scalable source of clean electricity that can displace fossil fuels and reduce reliance on carbon-intensive energy sources such as coal, oil, and natural gas.

Rising investments in sustainable energy development are expected to stimulate the growth of the floating wind turbine market. As awareness of climate change and its impacts continues to increase, there has been a growing shift in investment patterns towards clean and renewable energy sources. Investors, including governments, financial institutions, and private sector entities, are recognizing the long-term potential and economic viability of renewable energy projects, including floating wind turbines. This is primarily driven by the growing recognition of the economic opportunities associated with renewable energy investments. As the costs of renewable technologies, including floating wind, continue to decline, they become increasingly competitive with conventional energy sources. This attractiveness is further enhanced by the potential for stable and predictable returns on investment, as well as the long-term sustainability of renewable energy assets. As a result, the companies operating in the renewable energy sector are increasingly investing in floating wind turbines. For instance, Ørsted A/S, a leading renewable energy company, is currently working on two floating wind turbine projects in Scotland named Project Stromar and Project Salamander. Project Stromar has a capacity of up to 1 GW and is expected to be operational by 2030. Additionally, Project Salamander has a capacity of 100 MW and is expected to be operational before 2030.

High capital investments can hamper the growth of the floating wind turbine market. One of the primary reasons for this is the considerable upfront costs associated with developing and deploying floating wind projects. Unlike onshore wind or traditional offshore wind projects with fixed-bottom foundations, floating wind turbines require specialized floating platforms, sophisticated mooring systems, and installation techniques tailored to withstand the harsh marine environment. These complex and technologically advanced components significantly contribute to the overall capital expenditure of floating wind projects, making them more expensive compared to other forms of renewable energy. According to the World Economic Forum, the costs of floating wind turbines are currently higher than those of fixed-bottom wind turbines. This is because there are high costs associated with cables and connecting to the grid. In some cases, it may not be possible to connect to local grids, which may require alternative methods to bring energy to the shore, such as green hydrogen.

Technological advancements can provide lucrative opportunities for the growth of the floating wind turbine market. As the renewable energy sector continues to evolve, innovations in floating wind turbine technology play a crucial role in improving the efficiency, reliability, and cost-effectiveness of offshore wind energy generation. These advancements not only enhance the competitiveness of floating wind turbines but also unlock new opportunities for market expansion and innovation-driven growth. One of the key areas where technological advancements present opportunities for the floating wind turbine market is in platform design and engineering. Innovations in floating platform architectures, materials, and construction techniques can lead to the development of more robust and cost-effective platforms capable of withstanding extreme marine conditions. Advanced designs, such as semi-submersible, spar, and tension-leg platforms, offer improved stability, reduced motion-induced fatigue, and enhanced operational performance, enabling the deployment of larger and more efficient turbines in deeper waters. Moreover, technological advancements in mooring systems and anchoring solutions contribute to the scalability and commercial viability of floating wind projects. Innovative mooring designs, including dynamic positioning systems, synthetic ropes, and hybrid mooring configurations, enhance the reliability and flexibility of floating wind turbines, enabling them to operate in a wide range of water depths and ocean environments. These advancements can reduce installation and maintenance costs, mitigate project risks, and increase the attractiveness of floating wind energy investments for developers and investors.

The global floating wind turbine market covers the analysis of regions such as North America, Europe, APAC, and the rest of the world. The Europe region accounted for the highest share in the global floating wind turbines market, generating revenue of USD 3148.43 million in 2023, and is expected to grow with the highest CAGR of 7.53% over the forecast period 2024-2032. Europe stands at the forefront of innovation in renewable energy, including the floating wind turbines. With its vast coastal areas and strong winds, Europe has become a hub for the development and deployment of these innovative structures, which harness wind energy far offshore where water depths are too great for fixed-bottom turbines. The European floating wind turbine market has witnessed significant growth in recent years, driven by a combination of factors including favorable government policies, technological advancements, and increasing concerns about climate change. Countries such as Norway, the United Kingdom, France, and Portugal have emerged as leaders in this sector, actively investing in research, development, and deployment initiatives.

Germany, a global leader in renewable energy adoption, is emerging as a key player in the floating wind turbine market. Leveraging its strong maritime expertise, technological prowess, and commitment to decarbonization, Germany is spearheading the development of floating wind turbines, which can be used in its coastal waters. EnBW and the North German engineering company Aerodyn Engineering are jointly testing a new offshore technology for floating wind turbines. The prototype of such a turbine at a scale of 1:10 was installed in a flooded gravel pit in Hymendorf between Bremerhaven and Cuxhaven. In addition, the United Kingdom has established itself as a global leader in offshore wind energy, and it is now paving the way for the development of floating wind turbines. With its extensive coastline and favorable wind conditions, the UK possesses significant potential for offshore wind energy generation, making it an ideal market for the expansion of floating turbine technology. According to Offshore Wind Scotland, the UK has two operational floating wind farms Hywind Scotland and Kincardine Wind Farm with a combined capacity of 80MW. The Hywind Scotland is the world`s first floating wind farm, with a capacity of 30 MW, and has been in operation since 2017 in the United Kingdom. Additionally, 24.7 GW of floating wind capacity in the Scottish pipeline, with a GBP 50 billion investment, and more than 1,300 floating substructures.

France, with its extensive coastline and strong commitment to renewable energy, is emerging as a key player in the floating wind turbine market. Building on its expertise in offshore engineering and maritime industries, France can harness the potential of floating wind technology to meet its energy needs and contribute to its climate goals. The French government's ambitious energy transition policies, including the target to achieve 40% renewable energy in its electricity mix by 2030 and carbon neutrality by 2050, have laid the foundation for the development of offshore wind projects, including floating turbines. Currently, companies are exploring opportunities to establish floating wind turbines to harness renewable energy. For instance, on October 2023, SBM Offshore announced the successful installation of the 3 floating wind units for the Provence Grand Large pilot project to their final location 17 kilometers off the Port-Saint-Louis-du-Rhône, near Marseille, France. Provence Grand Large is the first project in the world to use a tension leg floater developed by SBM Offshore in cooperation with IFP Energies Nouvelles.

Report Scope of the Floating Wind Turbine Market:

Segment Covered

The report on provides a detailed analysis of segments in the market based on Capacity.

Segmentation Based on Capacity

·       Below 10 MV

·       10-20 MV

·       Above 20 MV

Companies Profiled:

·       Vestas

·       Siemens Gamesa Renewable Energy S.A.U.

·       GE Vernova

·       Goldwind

·       Equinor ASA

·       CSSC

·       Mingyang Smart Energy Group Co., Ltd

·       Principle Power

·       Others

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the floating wind turbine market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.