Floating Wind Power Market Size, Share, and Analysis, By Water Depth (Shallow Water, Transitional Water, Deep Water), By Turbine Capacity (Up to 3 MW, 3 MW – 5 MW, Above 5 MW), By Region (North America, Europe, Asia-Pacific, And Rest of the World), And Regional Forecast 2024-2034
Floating Wind Power Market Size, Share, and Analysis, By Water Depth (Shallow Water, Transitional Water, Deep Water), By Turbine Capacity (Up t%li%3 MW, 3 MW – 5 MW, Above 5 MW), By Region (North America, Europe, Asia-Pacific, And Rest of the World), And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Floating Wind Power Market is anticipated t%li%grow at a CAGR of 48.8% in the forecast period (2024-2034), with the market size valued at USD 1.7 billion in 2023 and projected t%li%reach USD 136.8 billion by 2034.
Floating wind power refers t%li%the use of wind turbines at sea, that are anchored t%li%the seabed using floating structures instead of being fixed t%li%the ocean floor. This technology allows the use of wind energy in deeper waters where traditional fixed-bottom offshore wind turbines are not feasible. Floating wind turbines use advanced floating platforms, such as spar buoys, semi-submersibles, or tension-leg platforms, t%li%support the turbine tower and blades above the water surface. These platforms are tied t%li%the seabed using cables or chains. Moreover, floating wind power has the potential t%li%significantly expand offshore wind energy capacity by accessing wind resources in deeper waters and opening up new areas for development. It provides opportunities for high energy generation and low environmental impact compared t%li%conventional fossil fuels, thereby contributing t%li%the transition towards sustainable and renewable energy sources.
MARKET HIGHLIGHTS
Floating Wind Power Market is anticipated t%li%reach USD 136.8 billion, growing at a CAGR of 48.8% during the forecast period, due t%li%increasing demand for renewable energy and the requirement of tapping int%li%wind resources in deeper waters. Additionally, the growth in the market is attributed t%li%factors such as innovations in floating platform technology, supportive legal environments, and high investment in offshore wind energy ventures. Additionally, several nations across the world are embracing floating wind power, which is evident by initiatives such as collaborative research projects and various incentives by the government. Moreover, collaborations and strategic partnerships among industry players are encouraging innovation and accelerating the growth of the floating wind power market. Consequently, the floating wind power sector offers promising opportunities across the value chain, that attract further investment and participation from various stakeholders.
Floating Wind Power Market Segments:
Growth Drivers
Improvements in Technology have Boosted the Growth Trajectory of the Floating Wind Power Market
Expansion int%li%Deeper Waters is Proving Helpful for the Growth of the Market
Restraint
High Initial Costs Can Impact the Adoption of Floating Wind Power Market
Key Players
PRODUCT OVERVIEW
Floating Wind Power Market is anticipated t%li%grow at a CAGR of 48.8% in the forecast period (2024-2034), with the market size valued at USD 1.7 billion in 2023 and projected t%li%reach USD 136.8 billion by 2034.
Floating wind power refers t%li%the use of wind turbines at sea, that are anchored t%li%the seabed using floating structures instead of being fixed t%li%the ocean floor. This technology allows the use of wind energy in deeper waters where traditional fixed-bottom offshore wind turbines are not feasible. Floating wind turbines use advanced floating platforms, such as spar buoys, semi-submersibles, or tension-leg platforms, t%li%support the turbine tower and blades above the water surface. These platforms are tied t%li%the seabed using cables or chains. Moreover, floating wind power has the potential t%li%significantly expand offshore wind energy capacity by accessing wind resources in deeper waters and opening up new areas for development. It provides opportunities for high energy generation and low environmental impact compared t%li%conventional fossil fuels, thereby contributing t%li%the transition towards sustainable and renewable energy sources.
MARKET HIGHLIGHTS
Floating Wind Power Market is anticipated t%li%reach USD 136.8 billion, growing at a CAGR of 48.8% during the forecast period, due t%li%increasing demand for renewable energy and the requirement of tapping int%li%wind resources in deeper waters. Additionally, the growth in the market is attributed t%li%factors such as innovations in floating platform technology, supportive legal environments, and high investment in offshore wind energy ventures. Additionally, several nations across the world are embracing floating wind power, which is evident by initiatives such as collaborative research projects and various incentives by the government. Moreover, collaborations and strategic partnerships among industry players are encouraging innovation and accelerating the growth of the floating wind power market. Consequently, the floating wind power sector offers promising opportunities across the value chain, that attract further investment and participation from various stakeholders.
Floating Wind Power Market Segments:
- By Type
- Shallow Water
- Transitional Water
- Deep Water
- By Turbine Capacity
- Up t%li%3 MW
- 3 MW – 5 MW
- Above 5 MW
Growth Drivers
Improvements in Technology have Boosted the Growth Trajectory of the Floating Wind Power Market
Expansion int%li%Deeper Waters is Proving Helpful for the Growth of the Market
Restraint
High Initial Costs Can Impact the Adoption of Floating Wind Power Market
Key Players
- Siemens Gamesa Renewable Energy
- Equinor ASA
- Principle Power, Inc.
- MHI Vestas Offshore Wind
- Ideol S.A.
- BlueFloat Energy
- Hexicon AB
- BW Ideol
- Saitec Offshore Technologies
- X1 Wind
- Ocean Winds
- General Electric
- NEDO (New Energy and Industrial Technology Development Organization)
- Seawind Ocean Technology
- Sway Turbine AS
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected t%li%witness the fastest growth as well as t%li%dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect t%li%recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight int%li%the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years t%li%come
- 3-month post-sales analyst support.
1.EXECUTIVE SUMMARY
1.1. Regional Market Share
1.2.Business Trends
1.3. Floating Wind Power Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1.Market Definition
3.2.Floating Wind Power Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data
4.FLOATING WIND POWER MARKET – INDUSTRY INSIGHTS
4.1. Industry Segmentation
4.2.COVID-19 overview of world economy
4.3.Industry ecosystem Channel Analysis
4.4.Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7. MARKET DYNAMICS
7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends
8.RISK ANALYSIS
9. MARKET ANALYSIS
9.1.Porter's Five Forces
9.2. PEST Analysis
9.2.1.Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10.FLOATING WIND POWER MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11. FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
11.1. Overview
11.2.Key Findings
11.3.Market Segmentation
11.3.1.By Water Depth
11.3.1.1. Shallow Water
11.3.1.1.1.By Value (USD Million) 2024-2034F
11.3.1.1.2. Market Share (%) 2024-2034F
11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.2.Transitional Water
11.3.1.2.1. By Value (USD Million) 2024-2034F
11.3.1.2.2.Market Share (%) 2024-2034F
11.3.1.2.3.Y-o-Y Growth (%) 2024-2034
11.3.1.3.Deep Water
11.3.1.3.1. By Value (USD Million) 2024-2034F
11.3.1.3.2.Market Share (%) 2024-2034F
11.3.1.3.3.Y-o-Y Growth (%) 2024-2034F
11.3.2. By Turbine Capacity
11.3.2.1.Up to 3 MW
11.3.2.1.1. By Value (USD Million) 2024-2034F
11.3.2.1.2.Market Share (%) 2024-2034F
11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.2. 3 MW – 5 MW
11.3.2.2.1.By Value (USD Million) 2024-2034F
11.3.2.2.2. Market Share (%) 2024-2034F
11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.3. Above 5 MW
11.3.2.3.1.By Value (USD Million) 2024-2034F
11.3.2.3.2. Market Share (%) 2024-2034F
11.3.2.3.3. Y-o-Y Growth (%) 2024-2034F
12.NORTH AMERICA FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Water Depth
12.3.2.By Turbine Capacity
12.4. Country
12.4.1. United States
12.4.2. Canada
13.EUROPE FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1.By Water Depth
13.3.2.By Turbine Capacity
13.4.Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14.ASIA-PACIFIC FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
14.3.1.By Water Depth
14.3.2. By Turbine Capacity
14.4. Country
14.4.1.India
14.4.2. China
14.4.3. South Korea
14.4.4.Japan
14.4.5.Rest of APAC
15.MIDDLE EAST AND AFRICA FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1.By Water Depth
15.3.2.By Turbine Capacity
15.4.Country
15.4.1. Israel
15.4.2. GCC
15.4.3. North Africa
15.4.4.South Africa
15.4.5. Rest of Middle East and Africa
16. LATIN AMERICA FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Water Depth
16.3.2.By Turbine Capacity
16.4.Country
16.4.1. Mexico
16.4.2. Brazil
16.4.3. Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1. Siemens Gamesa Renewable Energy
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2.Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.Equinor ASA
18.3.Principle Power, Inc.
18.4.MHI Vestas Offshore Wind
18.5.Ideol S.A.
18.6.BlueFloat Energy
18.7.Hexicon AB
18.8.BW Ideol
18.9.Saitec Offshore Technologies
18.10.X1 Wind
18.11. Ocean Winds
18.12.General Electric
18.13.NEDO (New Energy and Industrial Technology Development Organization)
18.14.Seawind Ocean Technology
18.15.Sway Turbine AS
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
1.1. Regional Market Share
1.2.Business Trends
1.3. Floating Wind Power Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1.Market Definition
3.2.Floating Wind Power Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data
4.FLOATING WIND POWER MARKET – INDUSTRY INSIGHTS
4.1. Industry Segmentation
4.2.COVID-19 overview of world economy
4.3.Industry ecosystem Channel Analysis
4.4.Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7. MARKET DYNAMICS
7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends
8.RISK ANALYSIS
9. MARKET ANALYSIS
9.1.Porter's Five Forces
9.2. PEST Analysis
9.2.1.Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10.FLOATING WIND POWER MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11. FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
11.1. Overview
11.2.Key Findings
11.3.Market Segmentation
11.3.1.By Water Depth
11.3.1.1. Shallow Water
11.3.1.1.1.By Value (USD Million) 2024-2034F
11.3.1.1.2. Market Share (%) 2024-2034F
11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.2.Transitional Water
11.3.1.2.1. By Value (USD Million) 2024-2034F
11.3.1.2.2.Market Share (%) 2024-2034F
11.3.1.2.3.Y-o-Y Growth (%) 2024-2034
11.3.1.3.Deep Water
11.3.1.3.1. By Value (USD Million) 2024-2034F
11.3.1.3.2.Market Share (%) 2024-2034F
11.3.1.3.3.Y-o-Y Growth (%) 2024-2034F
11.3.2. By Turbine Capacity
11.3.2.1.Up to 3 MW
11.3.2.1.1. By Value (USD Million) 2024-2034F
11.3.2.1.2.Market Share (%) 2024-2034F
11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.2. 3 MW – 5 MW
11.3.2.2.1.By Value (USD Million) 2024-2034F
11.3.2.2.2. Market Share (%) 2024-2034F
11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.3. Above 5 MW
11.3.2.3.1.By Value (USD Million) 2024-2034F
11.3.2.3.2. Market Share (%) 2024-2034F
11.3.2.3.3. Y-o-Y Growth (%) 2024-2034F
12.NORTH AMERICA FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Water Depth
12.3.2.By Turbine Capacity
12.4. Country
12.4.1. United States
12.4.2. Canada
13.EUROPE FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1.By Water Depth
13.3.2.By Turbine Capacity
13.4.Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14.ASIA-PACIFIC FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
14.3.1.By Water Depth
14.3.2. By Turbine Capacity
14.4. Country
14.4.1.India
14.4.2. China
14.4.3. South Korea
14.4.4.Japan
14.4.5.Rest of APAC
15.MIDDLE EAST AND AFRICA FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1.By Water Depth
15.3.2.By Turbine Capacity
15.4.Country
15.4.1. Israel
15.4.2. GCC
15.4.3. North Africa
15.4.4.South Africa
15.4.5. Rest of Middle East and Africa
16. LATIN AMERICA FLOATING WIND POWER MARKET SIZE & FORECAST 2024A-2034F
16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Water Depth
16.3.2.By Turbine Capacity
16.4.Country
16.4.1. Mexico
16.4.2. Brazil
16.4.3. Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1. Siemens Gamesa Renewable Energy
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2.Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.Equinor ASA
18.3.Principle Power, Inc.
18.4.MHI Vestas Offshore Wind
18.5.Ideol S.A.
18.6.BlueFloat Energy
18.7.Hexicon AB
18.8.BW Ideol
18.9.Saitec Offshore Technologies
18.10.X1 Wind
18.11. Ocean Winds
18.12.General Electric
18.13.NEDO (New Energy and Industrial Technology Development Organization)
18.14.Seawind Ocean Technology
18.15.Sway Turbine AS
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
