2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!

How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theFloating Wind Power Market?

The increasing shift toward renewable energy is set to enhance the floating wind power market. With wind being a replenishable source, floating turbines allow power generation in deeper offshore areas, boosting capacity and output. The International Energy Agency reported that in 2023, global renewable energy capacity grew by nearly 50%, reaching 510 gigawatts, and is projected to hit 7,300 gigawatts by 2028. Thus, renewable energy demand is accelerating the floating wind power market.

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How Will the Growth Rate of theFloating Wind Power Market Impact Industry Trends by 2034?

The floating wind power market size has grown from $4.91 billion in 2024 to $6.6 billion in 2025, with a CAGR of 34.4%. The growth in the historic period can be attributed to an increase in demand for renewable energy, favorable government policies and incentives, a reduction in carbon emissions, investments in clean energy infrastructure, and the push for energy diversification to reduce reliance on fossil fuels.

The floating wind power market size is expected to reach $21.4 billion in 2029, with a CAGR of 34.2%. Growth factors include decreasing offshore installation costs, supportive policies, rising energy demand, expanding offshore wind potential, renewable energy investments, and carbon emission reduction needs. Trends include larger turbine capacities, enhanced platform designs, hydrogen production integration, advanced mooring technologies, and deeper water deployment.

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What Are the Current Market Growth and Trends in theFloating Wind Power Market That Industry Players Should Watch?

Leading companies in the floating wind power sector are working on floating wind turbine platforms to harness wind energy from deeper waters where traditional fixed-bottom turbines are impractical, expanding renewable energy capacity and encouraging clean energy innovation. For example, Mingyang Smart Energy from China unveiled the Ocean X in July 2024, the largest twin-rotor floating wind turbine platform, equipped with two 8.3 MW turbines. This platform has a total capacity of 16.6 MW, providing cost-effective energy through better aerodynamic performance and reduced material usage, while also featuring anti-typhoon technology.

What Are the Major Market Players Making an Impact on theFloating Wind Power Market Growth?

Major companies operating in the floating wind power market are TotalEnergies SE, Mitsubishi Corporation, Engie SA, Hitachi Ltd., General Electric Company, Schneider Electric SE, Siemens Energy AG, ABB Ltd., Hyundai Engineering & Construction Co. Ltd., Shanghai Electric Wind Power Equipment Co., Vestas Wind Systems A/S, Nexans S.A., Rockwell Automation Inc., Goldwind Science & Technology Co. Ltd., Nordex SE, DEME Group, Taiyuan Heavy Industry Co. Ltd., Suzlon Energy Limited, Envision Group, Sinovel Wind Group Co. Ltd., EEW Group, Ming Yang Wind Power Group Limited, Doosan Group, BW Ideol AS, Flowocean AB

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How Are the Key Segments of the Floating Wind Power Market Driving Opportunities and Innovations?

The floating wind powermarket covered in this report is segmented –

1) By Foundation Type: Spar-Buoy Foundation, Tension-Leg Platform (TLP) Foundation, Semi-Submersible Foundation, Other Foundations

2) By Turbine Capacity: Up To 3 MW, 3 MW – 5 MW, Above 5 MW

3) By Water Depth: Shallow Water, Transitional Water, Deep Water

Subsegments:

1) By Spar-Buoy Foundation: Deep Water Spar Buoy Systems, Concrete Spar Buoy Foundations, Floating Turbines With Spar Buoy Anchoring, Hybrid Spar-Buoy Solutions, Lightweight Spar Buoy Designs

2) By Tension-Leg Platform (TLP) Foundation: Concrete TLP Foundations, Floating TLP For Deepwater Applications, Anchor-Based TLP Systems, Hybrid TLP Solutions With Concrete And Steel, TLP With Mooring Systems For Wind Turbines

3) By Semi-Submersible Foundation: Concrete Semi-Submersible Platforms, Steel Semi-Submersible Designs, Subsea Buoyancy-Based Semi-Submersible Platforms, Flexible Semi-Submersible Designs, Hybrid Semi-Submersible Platforms For Shallow And Deep Waters

4) By Other Foundations: Concrete Gravity-Based Foundations, Hybrid Floating Foundations, Submerged Buoy And Pontoon Systems, Mooring And Anchoring Solutions For Floating Wind, Innovative Foundation Designs For Harsh Marine Environments

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What Regions Are At the Forefront of #How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theFloating Wind Power Market?# Market Expansion?

Europe was the largest region in the floating wind power market in 2024. The regions covered in the floating wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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