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Floating Wind Turbine Market Research Report Information By Foundation (Spar-Buoy Foundation, Tension-Leg Platform (TLP) Foundation, Semi-Submersible Foundation, And Others), By Depth (Deep Water And Shallow Water) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/E&P/8573-HCR | 128 Pages | Author: Garvit Vyas| April 2024

Floating Wind Turbine Market Overview:

Floating Wind Turbine Market Size was valued at USD 3.7 Billion in 2022. The Floating Wind Turbine market industry is projected to grow from USD 4.9 Billion in 2023 to USD 49.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 33.50% during the forecast period (2023 - 2032). Increased eco-friendly and sustainable power sources and rising benefits of wind energy are the key market drivers enhancing the market growth.

Global Floating Wind Turbine Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Floating Wind Turbine Market Trends

Growing eco-friendly power sources are driving the market growth

Market CAGR for floating wind turbine is driven by the rising eco-friendly and sustainable power sources. By constructing wind farms in bodies of water, floating wind turbines harness wind energy to produce power. 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.

Additionally, there are numerous advantages; wind energy is one of the energy sources with the fastest global growth rates. Wind energy has significant economic implications because most of the best wind sites are in rural areas. Farmers and ranchers can still utilize the land for their livelihoods because wind turbines only take up a small portion. Landowners earn additional cash as farmers and ranchers rent their properties from wind power plant owners. Wind energy is infinitely abundant, so the industry is expanding faster.

Furthermore, it employs a significant percentage of the workforce. Wind turbine technicians are among the fastest growing professions in the country, employing over 1 00,000 people. As a result, these advantageous qualities eventually raise the demand for floating wind turbines, which raises the market's total growth rate.

They are increasing urbanization and knowledge of the advantages of wind energy. The utilization of renewable energy sources will also promote industry growth. The elements also help create a solid foundation for the commercial and industrial sectors.

As a result, it is anticipated that demand for floating wind turbine market will increase throughout the projection period due to the rising demand for eco-friendly and sustainable sources. Thus driving the Floating Wind Turbine market revenue.

Floating Wind Turbine Market Segment Insights:

Floating Wind Turbine Foundation Insights

The Floating Wind Turbine Market segmentation, based on foundation, includes spar-buoy foundation, tension-leg platform (TLP) foundation, semi-submersible foundation, and others. The spar-buoy foundation segment dominated the market, accounting for maximum market revenue due to its stabilization and simple design, which is economical for small and medium-sized rigs. Compared to TLPs and semi-submersible foundations, a spar-buoy foundation is more stable. Generally speaking, its structure is simpler than that of TLPs and semi-submersibles. Moreover, spar-buoy anchoring system costs are lower than TLP. Furthermore, because it has a large counterbalance at the bottom and is not dependent on the mooring for stability, it is more stable than a TLP.

Floating Wind Turbine Depth Insights

The Floating Wind Turbine Market segmentation, based on depth, includes deep water and shallow water. The deep water category generated the most income due to the wide advantage of floating wind farm installation in deep water. Deep water has higher wind speeds and no obstacles in the wind channel, which increases the ability to capture wind energy. These are the main advantages of these installations. The demand for floating wind power is driven in certain countries with a small continental shelf.

Figure 1: Floating Wind Turbine Market by Depth, 2022 & 2032 (USD Billion)

Floating Wind Turbine Market by Depth, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Floating Wind Turbine Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Floating Wind Turbine market area will dominate this market, owing to an increased promotion of power generation through renewable energy sources. In addition, the strict rules and regulations imposed by the government to control greenhouse emissions will also boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Floating Wind Turbine Market Share By Region 2022 (USD Billion)

Floating Wind Turbine Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Floating Wind Turbine market accounts for the second-largest market share due to the maximum number of offshore wind farms and advanced technology in the region. Further, the German Floating Wind Turbine market held the largest market share, and the UK Floating Wind Turbine market was the fastest-growing market in the European region.

The Asia-Pacific Floating Wind Turbine Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the rising adoption of offshore wind farms and the surging deployment and demand of renewable energy sources. Moreover, China's Floating Wind Turbine market held the largest market share, and the Indian Floating Wind Turbine market was the fastest-growing market in the Asia-Pacific region.

Floating Wind Turbine Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Floating Wind Turbine market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Floating Wind Turbine industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Floating Wind Turbine industry to benefit clients and increase the market sector. In recent years, the Floating Wind Turbine industry has offered some of the most significant advantages to energy. Major players in the Floating Wind Turbine market, including 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. are attempting to increase market demand by investing in research and development operations.

Siemens Gamesa Renewable Energy SA and Grupo Auxiliar Metalúrgico S.A. are Spanish-German wind engineering companies headquartered in Zamudio, Biscay, Spain. The corporation operates two other major locations in Spain: one in Madrid and the other in Sarriguren. In addition to producing wind turbines, it offers offshore and onshore wind services. It is the second-biggest producer of wind turbines worldwide. At Siemens Gamesa, the company sees endless possibilities when the wind blows. Siemens recognized the possibility of combining engineering and nature forty years ago. The company imagined it could purify the air while lighting up cities and powering factories. By generating clean energy to run their hospitals, schools, and houses and keep us moving throughout the globe, from the biggest cities to the most isolated areas, the company has realized that vision. The firm is well known for producing the largest wind turbine in the world, the SG 14.0-22, the largest version based on the Siemense D7 Platform. In January 2023, by signing a Preferred Supplier Agreement with Siemens Gamesa, RWE will move closer to establishing the largest offshore wind farm in Denmark. At RWE's 1,000 megawatt (MW) Thor Project, 72 Siemens Gamesa flagship SG14-236 DD offshore wind turbines are scheduled to be installed. A wind turbine maintenance contract is also included. Delivery of any kind is contingent upon RWE's ultimate investment decision.

Cerulean is a developer of green energy and infrastructure that creates, owns, finances, develops, produces, and distributes green energy directly to industrial customers. By obtaining floating wind leases, the company can quickly decarbonize its current industrial assets, generating thousands of jobs in the clean energy sector and a large export supply. The company is swiftly delivering floating offshore wind (FOW) to the market on an industrial scale, supporting net zero ambitions and making a significant contribution to the supply of renewable energy. A distinct and innovative business model that uses integrated finance and infrastructure delivery, as well as a track record of success in comparable large-scale offshore projects. In August 2022, an agreement was reached between Ping Petroleum UK and Cerulean Winds about offshore wind-powered oil and gas infrastructure. As per the deal, Ping Petroleum's floating production and storage vessel will be connected to a sizable floating offshore wind turbine via a cable provided by Cerulean Winds and its consortium of Tier 1 industrial partners. By 2025, the project is anticipated to be operational. Cerulean Winds was able to take over the project thanks to a grant from the Floating Offshore Wind Demonstration Program.

Key Companies in the Floating Wind Turbine market include

Floating Wind Turbine Industry Developments

May 2022: 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. The site was selected because of the water depths ranging from 50 to 70 meters and the diverse bottom topography.

April 2022: the Central Atlantic Draught Call for Information and Nominations Area was launched by the Bureau of Ocean Energy Management (BOEM). It is anticipated that the 3,897,388 acres of proposed regions will allow for the installation of both fixed-bottom and floating wind turbines, with a potential generating capacity of about 30,000 MW. There are 11 call areas for offshore wind energy in the United States as of May 2022, five of which are reserved for floating constructions.

Floating Wind Turbine Market Segmentation

Floating Wind Turbine Foundation Outlook

  • Spar-buoy Foundation

  • Tension-Leg Platform (TLP) Foundation

  • Semi-Submersible Foundation

  • Others

Floating Wind Turbine Depth Outlook

  • Deep Water

  • Shallow Water

Floating Wind Turbine Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 3.7 Billion
Market Size 2023 USD 4.9 Billion
Market Size 2032 USD 49.8 Billion
Compound Annual Growth Rate (CAGR) 33.50% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Foundation, Depth,  and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  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.
Key Market Opportunities Advanced Technology
Key Market Dynamics Increased eco-friendly power sources Rising benefits of wind energy

Frequently Asked Questions (FAQ) :

The Floating Wind Turbine Market size was valued at USD 3.7 Billion in 2022.

The global market is projected to grow at a CAGR of 33.50% during the forecast period, 2023-2032.

North America had the largest share of the global market

The key players in the market are 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.

The Spar-buoy foundation category dominated the market in 2022.

The deep water had the largest share in the global market.

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