Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Floating Offshore Wind Power Market size was USD 760.5 million in 2024 and is estimated to reach USD 177.32 billion by the end of 2037, expanding at a CAGR of 52.1% during the forecast period, i.e., 2025-2037. In 2025, the industry size of floating offshore wind power is assessed at USD 1.15 billion.
The zero-emission goals and increasing popularity of renewables are set to significantly fuel the floating offshore wind power demand in the coming years. The International Renewable Energy Agency (IRENA) study states that the global floating wind industry comprised around 270 MW of operational capacity in 2023. The increasing pipeline of 244 GW of new floating wind projects across the world is driving investments in advanced technologies. G7 countries are playing a vital role in shaping the global floating offshore wind power sector through supportive policies, technological innovations, and funding.
The National Renewable Energy Laboratory (NREL) analysis highlights that nearly 6326 MW of offshore wind energy was installed in 2023, reaching a total installed capacity of 68258 MW. During this period, over 13,096 operating offshore wind turbines were installed in 319 operating projects worldwide. By the end of 2023, the pipeline for all offshore wind energy projects crossed 453.6 GW. Europe, followed by China, dominates the future project pipelines owing to the majority of them being in the development stages. The full commissioning of the 88-MW Hywind Tampen floating offshore wind plant in Norway represented it as the largest operational farm in 2023. Investments in floating offshore wind power are estimated to offer double-digit percent revenue growth to investors during the foreseeable period.
Floating Offshore Wind Power Market: Growth Drivers and Challenges
Growth Drivers
- Positive government support: The supportive government policies in the form of tax benefits, schemes, and initiatives are set to positively influence the floating offshore wind power market in the coming years. The introduction of clean energy tax benefits passed under the Inflation Reduction Act (IRA) and issued by the Internal Revenue Service (IRS) is poised to be game game-changer for offshore wind energy projects. The projects meeting prevailing wage and apprenticeship requirements are expected to get investment tax credit (ITC) of up to 30% for offshore wind energy production.
- Increasing development of novel technologies: The continuous innovations aimed at introducing advanced floating offshore wind power technologies are estimated to offer high revenue gains to floating offshore wind power market players in the years ahead. Strong monopolies for fixed-bottom offshore wind projects, coupled with increasing interest in jacket and gravity-base substructures, are fueling high demand for next-gen technologies. Novel floating offshore wind technologies are gaining traction in strong wind and deep-water regions. The trend towards integrating floating wind technologies with other systems, such as solar or energy storage solutions, is also forecast to offer lucrative gains in the coming years.
Challenges
- High Capex a supreme barrier: The high capital investment required for the construction of the offshore floating wind power farms acts as a major barrier for small-scale investors. The new floating offshore wind power market entries are often hindered by the significant CAPEX requirements. The supreme cost of turbine development, specialized floating platforms, grid connection, equipment installations, and the overall infrastructure is poised to be a limiting factor for small and new companies.
- Environmental and regulatory challenges delay operations: The strict regulatory processes are set to lead to delays in the construction of floating offshore wind power plants. Even though these are considered to be a sustainable energy source, their negative impact on the marine ecosystem creates environmental concerns. Thus, the strict regulatory framework and negative impact on marine life are estimated to challenge the approval processes.
Floating Offshore Wind Power Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
52.1% |
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Base Year Market Size (2024) |
USD 760.5 million |
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Forecast Year Market Size (2037) |
USD 177.32 billion |
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Regional Scope |
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Floating Offshore Wind Power Segmentation
Turbine Capacity (Up to 3 MW, 3 MW – 5 MW, Above 5 MW)
Above 5 MW turbine capacity segment is set to capture floating offshore wind power market share of over 91.7% by 2037. The robust commercial production activities are driving sales of larger floating offshore wind turbines. The NREL study estimates that the average installed turbine rating increased to 9.7 MW in 2023, up from 7.7 MW in 2022, owing to a swift shift to the new 15-MW turbine technology platforms. The same source also states that Vestas Wind Systems A/S secured the first orders for its 15-MW turbine model with delivery plans by 2025. The increasing investments and funding for research and development activities are set to offer bright demand for large floating offshore wind turbines.
Water Depth (Deep Water, Shallow Water, Transitional Water)
In floating offshore wind power market, deep water segment is expected to dominate revenue share of over 53.7% by 2037. The stronger and consistent wind flow, which leads to high energy production, makes deep water more favorable for constructing farms. Increased capacity and low noise and visual impacts on coastal communities also increase the significance of deep water floating offshore wind power farms. In April 2024, the U.S. Secretary of the Interior Deb Haaland introduced the new BOEM leasing plan through 2028, in which 7 new proposed offshore wind energy auctions were for deep water.
Our in-depth analysis of the global floating offshore wind power market includes the following segments:
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Axis |
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Water Depth |
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Turbine Capacity |
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Customize this ReportFloating Offshore Wind Power Industry - Regional Scope
Europe Market Forecast
Europe in floating offshore wind power market is likely to capture over 59.1% revenue share by 2037. The favorable government policies and funding are uplifting the floating offshore wind power generation activities. The dominance of floating offshore wind power projects is aiding the region to stand strong in the global landscape. The swift regulatory approvals and decarbonization goals are set to increase the floating offshore wind power generation in Europe and offer long-term gains to investors. The study by Wind Europe states that in 2023, the volume of new offshore installations reached 3.8 GW in the EU.
The supportive government policies and increasing public-private investments are driving the Norway floating offshore wind power market growth. For instance, in May 2022, the government of Norway revealed its intention to increase its offshore wind capacity to 30 GW by 2040. To meet these requirements, the government is focused on the construction of new farms and the integration of advanced technologies. These advancements are poised to positively contribute the Europe's position in the global landscape.
France is also emerging as a lucrative marketplace for floating offshore wind power-generating companies. Similar to Norway, the government support is set to increase the offshore wind power capacities in the coming years. The government aims to construct 40 GW of offshore wind by 2050, and to give it a start by auctioning 1 GW of new offshore wind capacity per year. The expanding offshore wind power farms are also bringing tremendous employment opportunities to the country, and currently, the sector offers over 5,000 offshore wind jobs.
North America Market Statistics
The North America floating offshore wind power market is set to increase at the fastest CAGR between 2025 to 2037. The strong presence of high-tech companies is estimated to positively influence the technological innovations in the floating offshore wind power field. The increasing investment and tax benefit initiatives of the government are likely to propel the overall floating offshore wind power market growth in the years ahead. The advanced shipbuilding and marine engineering expertise is also increasing the floating offshore wind power construction activities in both Canada and the U.S.
The abundance of offshore wind resources is majorly augmenting the attention of investors in the U.S. The technical resource potential for the country’s offshore wind is over 4200 GW of capacity, or 13500 TWh per year of generation, states the U.S. Department of Energy (DOE). The expanding investment in offshore wind manufacturing facilities and ports is also poised to drive the overall floating offshore wind power market growth in the coming years. The NERL study states that the U.S. floating offshore wind energy sector had nearly 25116 MW in the pipeline in 2024.
The public-private investments are set to increase the number of floating offshore wind power farms in Canada. The Nova East Wind’s 300-400 MW floating offshore wind project, estimated to be operational by 2030, consists of 20-25 floating wind turbines, each with an energy production capacity of 15 MW. Such projects are also aiding the country to meet its decarbonization goals and expand the clean energy mix. The Natural Resources Canada states that the country’s offshore wind sector is poised to attract USD 1 trillion in investments by 2040.
Companies Dominating the Floating Offshore Wind Power Landscape
- Iberdrola S.A.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- TotalEnergies SE
- European Energy A/S
- Ocean Winds
- Siemens Gamesa Renewable Energy S.A.
- Ming Yang Smart Energy Group Co.
- FlowOcean
- GoldWind
- Windplus S.A.
- ABB Ltd.
- General Electric Company
- Nordex SE
- Engie Energy
- Suzlon Energy Limited
- Envision Energy
- MHI Vestas
The key players in the floating offshore wind power market are employing several organic and inorganic tactics to increase their revenues and reach. The heavy investments in research and development activities are set to introduce innovative floating offshore wind power technologies and boost the profits of leading companies. Strategic collaborations with public entities and partnerships with other players are estimated to offer lucrative gains to industry giants in the coming years. Cross-border collaboration strategies have the potential to drive high-earning opportunities to floating offshore wind power market players as well as investors.
Some of the key players include:
In the News
- In April 2025, Iberdrola S.A. announced the completion of the planning approval process for the Windanker offshore wind farm. The project is to be operational by 2026, has also received a positive decision from the German Federal Maritime and Hydrographic Agency (BSH).
Author Credits: Dhruv Bhatia
- Report ID: 7471
- Published Date: Apr 04, 2025
- Report Format: PDF, PPT
