Floating Wind Turbine Market Analysis, Size, Share, Growth, Trends, and Forecast by 2031

The Floating Wind Turbine Market is expected to register a CAGR of 28.3% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.

The Floating Wind Turbine Market research covers analysis By Foundation (Spar-buoy Foundation, Tension-leg Platform (TLP) Foundation, Semi-submersible Foundation) and Depth (Shallow Water, Deep Water). The market report offers a segmental analysis based on the geographical growth regions.

Purpose of the Report

The report Floating Wind Turbine Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:

• Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
• Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
• Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.

Floating Wind Turbine Market Segmentation

Foundation

• Spar-buoy Foundation
• Tension-leg Platform Foundation
• Semi-submersible Foundation
• Others

Depth

• Shallow Water
• Deep Water

Floating Wind Turbine Market: Strategic Insights

Floating Wind Turbine Market Growth Drivers

• Floating Platform Innovations Boost Market: Innovations in the design of floating platforms, such as tension-leg platforms and semi-submersible structures, become more efficient apart from making floating wind turbines relatively cheaper and increasing investment. Increased investments reduce the cost of installation and increase its generating capacity. A report on a floating wind turbine market analysis recently done indicates that this trend will continue to take the market growth rate above 20% with an implication of increasing the floats' share of the global market.
• Offshore Wind Energy Demand Drives Growth: A significant growth driver for the floating wind turbine market is the increased demand for offshore wind energy. Great potential lies in the coastal areas where waters are too deep to be installed with fixed-bottom turbines, which is not very viable here. Global offshore wind capacity hit 64 GW at the end of 2022 and was estimated that the report would predict floating wind turbines forming 10% of new installations by 2030. Size and opportunities in the floating wind turbine market will thus be in great demand.
• Government Policies Accelerate Market Expansion: Enhanced government policies related to clean energy and offshore wind are accelerating the growth of the floating wind turbine market. Countries like the UK and Norway have set ambitious offshore wind targets with a backup of subsidies and funding related to floating wind projects in Europe. A 2023 report on the floating wind turbine market has revealed a growing expectation that government-backed projects will drive the value of the market, opening significant floating wind turbine market opportunities to global players.

Floating Wind Turbine Market Future Trends

• Shift to Deepwater Installations: It is shifting to deep water installation, as a deepwater installation ensures higher wind potential and over 80% of offshore wind resources are in waters deeper than 60 meters. For the year 2023, this trend makes up a relatively significant scope within the Floating Wind Turbine Market, opening up the way for bigger wind farms and increasing energy production. Key players are focusing on investments in advanced floating platforms, significantly changing the dynamics of the Floating Wind Turbine Market.
• Technology Cost Decline in Floating Wind: Floating Wind Turbine Market trends indicate a significant decline in technology cost; floating wind turbines are expected to attain affordable cost per megawatt-hour by 2030. Price drop in the Floating Wind Turbine Market, the result of improvement in platform design, materials, and economies of scale, is more according to forecasts by leading players in the Floating Wind Turbine Market.
• Ambitious Offshore Wind Targets Fuel Growth: Ambitious targets set by many countries in their attempts to increase the potential for offshore wind energy capacity fuel the growth of the Floating Wind Turbine Market. Europe aims at installing 150 GW offshore wind capacity by 2050, and floating wind farms will be central to the efforts. These Floating Wind Turbine Market trends highlight that governments are offering incentives to investments in floating technologies to reach deeper waters. This brings out an emerging window of opportunity for established players and some new entrants in the Floatation Wind Turbine Market dynamics.

Floating Wind Turbine Market Opportunities

• Deepwater Expansion Provides New Opportunities: The global floating wind turbine market is growing rapidly into increasingly deeper waters that traditional turbines cannot be deployed in. This provides considerable scope for players to exploit windy areas that were inaccessible earlier. Strategies for the floating wind turbine market focus largely on cost reduction and efficiency enhancement. According to the International Renewable Energy Agency, offshore wind will potentially account for up to 10% of global electricity, fueled largely by the deployment of floating wind projects.
• Renewable Energy Integration with Green Hydrogen: In the integration of renewable energy production with green hydrogen projects, floating wind turbine market players can find themselves in a better position.
• Grid Balancing: It would help them with better energy storage and grid balancing. This is one of the major challenges in the utilization of renewable energy, so such a strategy can be taken advantage of, and it is expected that the floating wind turbine market will gain momentum. Projects using wind energy together with hydrogen production are set to garner $300 billion in investments across the globe by 2050.

Floating Wind Turbine Market Regional Insights

The regional trends and factors influencing the Floating Wind Turbine Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Floating Wind Turbine Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Floating Wind Turbine Market Report Scope

Floating Wind Turbine Market Players Density: Understanding Its Impact on Business Dynamics

The Floating Wind Turbine Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Floating Wind Turbine Market are:

2. ABB
3. ENVISION GROUP
4. Equinor ASA
5. Flowocean

Disclaimer: The companies listed above are not ranked in any particular order.

Key Selling Points

• Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Floating Wind Turbine Market, providing a holistic landscape.
• Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
• Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
• Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.

The research report on the Floating Wind Turbine Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.