Floating Offshore Wind Power Market

Market Overview

Floating wind turbine is among the most cutting-edge, economical, and ecologically friendly energy-producing technologies. They offer several advantages to onshore wind turbines, including larger size and faster wind speeds. Concerns about climate change, the need to reduce carbon emissions, the depletion of fossil fuels, and other challenges have led to a notable shift in the energy sector towards renewable and green energy. In recent years it is observed that the investment is rising in offshore renewable wind energy projects which are coupled with advanced and readily accessible offshore wind turbine technologies. These 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. Floating offshore wind energy is becoming more popular in developing untapped deep-water prospects favourable for floating structures, providing ample opportunities for the market players. One of the important aspect is market expansion which relies on various factors like increasing global energy demand, growing government support, and decreasing Levelized Cost of Energy (LCOE) for wind power generation. Challenges encompass competition from alternative energy sources, environmental apprehensions, and the substantial capital investment required for offshore wind power ventures. The global market is set to grow as the demand for floating wind power installation is rising due to the availability of advanced technology, operational advantages, and turnkey solutions provided by various service providers. This will encourage many governments, institutions, and offshore operators to experience the potential of floating wind power.

Floating Offshore Wind Power Market Size

Report	Details
Market Size Value	USD 3.63 Billion in 2023
Market Size Value	USD 9.59 Billion by 2030
CAGR	CAGR of 49.5%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	Capacity Type. Depth. Platform And Region
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Middle East & Africa

The major players in global floating offshore wind power market are: Equinor, MHI Vestas Offshore Wind, Naval Energies, Principle Power, Mingyang Smart Energy Group, BW Ideol, Iberdrola, Doosan, General Electric, Hitachi ABB, etc. and others.

Increasing shift toward clean energy

Wind energy is the fastest growing renewable energy with low carbon emissions and less pollution. The increase in consumption of power results in carbon emissions, leading the developing and underdeveloped countries to adopt renewable energy resources. Renewable energy sources, solar and wind are more dominant in reducing carbon emission which is resulting in the development of wind farms. Technical advancement and research playing the important role for the existence of offshore wind farms. Demand for carbon-neutral electricity from consumers has led to technological development and well-established supply chains. Therefore, renewable energy sources have driven the floating wind farm market.           

Market Dynamics:

Drivers:

• Global electricity demand
• Technological advancement in ocean energy technologies
• Increasing shift toward clean energy
• Rising investment in sustainable energy

Opportunities:

• High technologies readiness levels
• Full system easy transportation
• Expansion into new offshore markets

Expansion into new offshore markets

The opportunity for growth into new offshore markets that are unexplored due to depth constrains on traditional fixed-bottom installations is a substantial opportunity for the floating offshore wind power business. Floating wind technologies enable the harnessing of wind resources in deep-water environments, which are abundant and largely unexploited across the globe. Floating wind technology makes it possible to locate wind farms farther offshore where they can take advantage of stronger and more reliable winds which boosts the production and efficiency of renewable energy production. To combat climate change global push for renewable energy provides a robust framework for the expansion oft the floating offshore wind sector. Countries such as Japan, United States, and those along European Atlantic coast are surrounded by deep waters, stand to significantly benefit. These regions can now consider offshore wind as a viable part of their energy mix, enhancing heir energy security and contributing to their carbon reduction targets. Increasing experience and technological advancements within the industry are reducing the cost. It makes floating wind more competitive with other energy sources.

Europe is expected to dominate the market

Europe holds the largest market share of offshore wind energy installations globally. North Sea Countries are likely to be at the helm of the offshore wind market. Globally, offshore wind installations are in European waters which are about 80-85%. Governments of the northern countries have set an ambitious target for installing offshore wind farms in their territorial waters. France introduced its first floating pilot wind farm in Mediterranean Sea which is the EolMed project. In may 2022 total engineers announced the start of the project’s constructions, which is expected to be operational in 2024. Players which are involved in business of Floating Offshore Wind Farms, Europe is becoming a grate place to do business during the forecast period.

Asia-Pacific region is expected to have highest CAGR during the forecast period. Asia-Pacific already holds the biggest market share for wind turbines rotor blades, with countries like China and India leading the way. Many Asian countries have set ambitious goals for increasing renewable energy generation which generates a need of more wind farm and more rotor blades. The Asia-Pacific region is currently performing rapid economic and infrastructure development which leads to surge energy demand.

Rotor blade segment is anticipated to hold the largest market share during the forecast period

Rotor blades are an important component of the wind turbine system in the offshore wind turbine market. Rotor blades are also known as wind turbine blades which are aerodynamic structures attached to the hub of wind turbine’s rotor which are mainly responsible for harnessing the wind energy to produce power. As currently the countries are shifting towards the cleaner energy sources, wind power is becoming increasingly important. This automatically promotes to built more wind turbines. To capture more wind, newer turbines have longer blades. These blades require specialized materials and manufacturing techniques, further driving the rotor blade segment. For the weight advantage and strength, materials like carbon fiber are being used in blades. This creates a niche market within the rotor blade segment itself.

Major Segmentations Are Distributed as follows:

• By Water Depth

• Shallow Water
• Transitional Water
• Deep Water
• Others

• By Type

• Shallow Water
• Transitional Water
• Deep Water
• Others

• By Turbine capacity

• Up To 3MW
• 3MW-5MW
• Above 5MW

• By Axis

• Horizontal
• Vertical

• Components

• Rotor Blades
• Towers
• Others

• By Application

• Rotor Blades
• Towers
• Others

• By Turbine Rating

• ≤ 2 MW
• >2 to 5 MW
• >5 to 8 MW
• >8 to 10 MW
• >10 to 12 MW
• > 12MW

• By Region
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • U.K.
    • BENELUX
    • CIS & Russia
    • Nordics
    • Austria
    • Poland
    • Rest of Europe
  • Asia Pacific

• • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Vietnam
  • Australia & New Zealand
  • Rest of Asia Pacific

• • Middle East & Africa

• • Saudi Arabia
  • UAE
  • South Africa
  • Nigeria
  • Egypt
  • Israel
  • Turkey
  • Rest of MEA

Recent Development

• June 2023 - Under the Union government's viability gap finance (VGF) programme, the TN government intends to purchase 4 GW of offshore wind energy. The Ministry of New and Renewable Energy has identified 14 seabed blocks in Tamil Nadu as suitable locations for producing 1 GW of offshore wind energy.
• 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.
• China installed its largest floating offshore wind turbine as part of a project to showcase the potential of floating wind power generation and improve technology. The China State Shipbuilding Corporation (CSSC) subsidiary Haizuhuang WindPower built the Fuyao floater, a 6.2 MW typhoon-resistant wind turbine with a 152-meter-rotor diameter. The Fuyao floating platform is 236 feet long, 108 feet deep, and 262 wide overall.

Answers to Following Key Questions:

• What will be the Floating offshore wind power market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the Floating offshore wind power market?
• What are the main forces behind worldwide Floating offshore wind power market? Which companies dominate Floating offshore wind power market?
• Which companies dominate Floating offshore wind power market? Which business possibilities, dangers, and tactics did they embrace in the market?
• What are the global Insight Engines industry's suppliers' opportunities and dangers in Floating offshore wind power market?
• What is the Insight Engines industry's regional sales, income, and pricing analysis? In the Floating offshore wind power market, who are the distributors, traders, and resellers?
• What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Floating offshore wind power market?
• What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Floating offshore wind power market?
• What are the dominant revenue-generating regions for Floating offshore wind power market, as well as regional growth trends?
• By the end of the forecast period, what will the market size and growth rate be?
• What are the main Floating offshore wind power market trends that are influencing the market's expansion?
• Which key product categories dominate Floating offshore wind power market? What is Floating offshore wind power market’s main applications?
• In the coming years, which Floating offshore wind power market technology will dominate the market?