Rising eco-friendly and sustainable power sources by constructing wind farms in bodies of water is expected to drive market expansion in the near future at a CAGR of 33.50% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the "Global Floating Wind Turbine Market" that contains information from 2018 to 2032. The Floating Wind Turbine market is estimated to register a CAGR of 33.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Floating Wind Turbine market— Goldwind, Siemens Gamesa Renewable, General Electric Company, Envision Energy, Nordex SE, MHI Vestas Offshore Wind, Senvion SA, Hitachi, ABB Group, Mingyang Smart Energy Group Co. Ltd.

Market Highlights

The global Floating Wind Turbine market is accounted to register a CAGR of 33.50% during the forecast period. It is estimated to reach USD 49.8 billion by 2032.

The growing investment in eco-friendly and sustainable power sources drives the floating wind turbine market. Installing and maintaining power cables with high investment is restraining the market's growth. Additionally, the move towards renewable energy sources advanced technology research, which is anticipated to promote the growth of the global Floating Wind Turbine market.

Segment Analysis

The global Floating Wind Turbine market has been segmented based on foundation and depth.

On the basis of foundation, the market is segmented into spar-buoy foundation, tension-leg platform (TLP) foundation, semi-submersible foundation, and others. The spar-buoy foundation segment held the largest market share in 2022 due to its stabilization and simple design.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Floating Wind Turbine Market Trends

Based on depth, the global Floating Wind Turbine market has been segmented into deep and shallow water. The deep water segment was expected to hold the largest market share in 2022 due to the wide advantage of floating wind farm installation in deep water.

Regional Analysis

The global Floating Wind Turbine market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European Floating Wind Turbine market comprises of Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Floating Wind Turbine market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The rest of the World Floating Wind Turbine market comprises the Middle East, Africa, and Latin America.

The largest market share for Floating Wind Turbine was maintained by the North American regional sector. This increase is attributed to increased power generation through renewable energy sources. Additional factors promoting market growth include increased investor investments, government support, and the technology's viability. Implementing stringent rules, the growing trend of using renewable sources, and the considerable presence of significant technology providers and major production companies all impact the US market.

Moreover, the European market has been persistently growing over the forecast period. The maximum number of offshore wind farms and advanced technology drives the demand for Floating Wind Turbine. The market expansion is supported by increased deployment of eco-friendly sources due to a rise in consumer preference for using sustainable energy sources.

Additionally, due to the increasing emphasis on renewable energy sources and rising adoption of offshore wind farms, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The Asia Pacific market will benefit from a growing emphasis on environmentally friendly energy sources.

Furthermore, the rest of the world's Floating Wind Turbine market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising demand for eco-friendly sources and advanced research and development. Government support, a rise in investor interest, and the viability of the technology in the sector contribute to market expansion.

Key Findings of the Study

• The global Floating Wind Turbine market is expected to reach USD 49.8 billion by 2032, at a CAGR of 33.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the increasing emphasis on eco-friendly energy and sustainable sources.


• Based on depth, the deep water segment was attributed to holding the largest market in 2022, with an approximate market share of X–X%.


• Glodwind, Siemens Gamesa Renewable, General Electric Company, Envision Energy, Nordex SE, MHI Vestas Offshore Wind, Senvion SA, Hitachi, ABB Group, Mingyang Smart Energy Group Co. Ltd.