Floating Wind Turbine Market Size

ID: MRFR/EnP/8573-HCR

128 Pages

Garvit Vyas

October 2025

Floating Wind Turbine Market Research Report By Technology (Spar-Buoy, Semi-Submersible, Tension Leg Platform, Dynamic Positioning Systems), By Mooring System (Drag-In Anchoring, Catenary Anchoring, Tethered Anchoring, Suction Anchoring), By Installation Method (Floating Installation, Wet Tow Installation, Dry Tow Installation), By End Use (Energy Production, Research and Development, Commercial Agreements) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2035

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Floating Wind Turbine Size

Market Size Snapshot

Year	Value
2024	USD 3.37 Billion
2035	USD 19.99 Billion
CAGR (2025-2035)	17.57 %

Note – Market size depicts the revenue generated over the financial year

The floating wind-power market is expected to grow rapidly. The current size of the market is estimated to be $3.37 billion in 2024, and it is expected to reach $19,980,800,000 by 2035. This represents a CAGR of 17.27% from 2025 to 2035, a rapid increase, driven by the increasing investment in clean energy and the development of offshore wind energy. The need to reduce carbon dioxide emissions has also driven the demand for floating wind-power equipment, which has the advantage of using wind power in deep waters, where the traditional fixed-turbine equipment is not suitable. The key to this growth is the continuous improvement of the efficiency and reliability of floating wind-power systems, as well as the implementation of national policies to support the development of new energy. The major players in the industry, such as Equinor, rsted and Siemens-Gamesa, are constantly expanding their business scope through strategic cooperation and joint ventures. The Hywind project has set new standards for floating wind power, and rsted's investment in offshore wind farms shows the confidence in this field. These companies will continue to play an important role in the development of the floating wind-power industry.

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Regional Market Size

Regional Deep Dive

The Floating Wind Turbines Market is gaining significant traction in various regions, driven by the growing demand for renewable energy and advancements in offshore wind technology. Each region has its own market dynamics, influenced by local government policies, economic conditions, and technological innovations. The market is characterized by a shift toward sustainable energy solutions, with floating wind farms being recognized for their ability to harness wind resources in deep-water areas, where traditional wind farms are not feasible. In the near future, the floating wind industry will be a promising area for growth, supported by investments and strategic collaborations.

Europe

Europe remains at the forefront of floating wind turbine development, with countries like Norway and Scotland investing heavily in pilot projects, such as the Hywind Scotland project, which is the world's first commercial floating wind farm.
The European Union's Green Deal and its commitment to achieving carbon neutrality by 2050 are driving regulatory support and funding for floating wind projects, fostering innovation and collaboration among key players in the market.

Asia Pacific

Japan is making strides in floating wind technology, with the Fukushima Floating Offshore Wind Farm being a notable project that showcases the country's commitment to renewable energy and innovation in offshore wind.
China is rapidly expanding its floating wind capacity, with significant investments from state-owned enterprises like China Three Gorges Corporation, which is expected to enhance the region's position in the global floating wind market.

Latin America

Latin America is witnessing growing interest in offshore wind energy, with countries like Brazil exploring floating wind projects to harness its extensive coastline and favorable wind conditions.
The Brazilian government is implementing policies to attract foreign investment in renewable energy, which could facilitate the development of floating wind farms and enhance the region's energy security.

North America

The United States is pushing hard to develop offshore wind power, including floating wind power, and aims to develop 30 gigawatts of offshore wind by 2030. The floating wind market will be further stimulated by this initiative.
Companies like Equinor and Ørsted are leading the charge in North America, with projects such as the 'Empire Wind' and 'Bay State Wind' aiming to leverage floating wind technology, thereby enhancing the region's renewable energy portfolio.

Middle East And Africa

The Middle East is beginning to explore floating wind technology as part of its diversification from oil dependency, with countries like Saudi Arabia and the UAE investing in renewable energy projects, including floating wind farms.
Regulatory frameworks are evolving in the region, with initiatives like the Saudi Vision 2030 aiming to increase the share of renewables in the energy mix, which could lead to increased adoption of floating wind technology.

Did You Know?

“Floating wind turbines can be installed in water depths exceeding 60 meters, allowing access to stronger and more consistent winds that are often found further offshore.” — International Energy Agency (IEA)

Segmental Market Size

A fast-growing part of the renewable energy market, driven by the increasing demand for sustainable energy solutions and the need to harvest offshore wind. The growth is also boosted by the development of new technology that increases the efficiency and reduces the cost of wind energy, and by regulatory measures to reduce carbon emissions. The leading regions for floating offshore wind are Europe, particularly the North Sea, and parts of the USA, where companies such as rsted and Equinor are leading the way with major projects. The market is currently at the implementation stage, with a number of notable projects such as Hywind Scotland and WindFloat Atlantic demonstrating its practical application. The main applications are for offshore power production, where floating wind farms can be located in deeper waters where they can access stronger and more predictable wind resources. However, the trend towards the increased use of sustainable energy solutions, the rise in government-mandated use of renewable energy and the growing international focus on climate change mitigation will continue to drive the growth of the market. Moreover, innovations in floating platform and mooring systems are defining the development of the industry, making it a key player in the transition to a low-carbon energy future.

Future Outlook

From 2024 to 2035, the Floating Wind Turbine Market is expected to grow at a CAGR of 17.57%. The demand for energy is increasing and the trend towards renewable energy sources. Technological innovations in floating wind technology, which increase efficiency and reduce costs, are accelerating this growth. By 2035, floating wind energy is expected to account for approximately 10-15% of the total offshore wind capacity. This is due to the fact that floating wind energy can be used in deeper waters, where fixed-base wind farms are not feasible. Various technological developments, such as improved windmills, improved materials and new anchoring systems, are expected to play a key role in this expansion. The reduction of CO2 emissions and the encouragement of sustainable energy solutions will also support the development of the market. The development of hybrid energy systems and the integration of floating wind farms with other types of renewable energy will also play an important role in the market, which will position floating wind farms as an important part of the future energy mix.

Market Highlights

Author

Garvit Vyas

Analyst

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FAQs

What is the expected market size of the Floating Wind Turbine Market in 2024?

The Floating Wind Turbine Market is expected to be valued at 3.37 billion USD in 2024.

What is the projected market value for the Floating Wind Turbine Market by 2035?

By 2035, the Floating Wind Turbine Market is projected to reach a value of 19.99 billion USD.

What is the expected CAGR for the Floating Wind Turbine Market from 2025 to 2035?

The expected compound annual growth rate (CAGR) for the Floating Wind Turbine Market is 17.57% from 2025 to 2035.

Which region is forecasted to have the largest market size in 2035?

Europe is forecasted to have the largest market size in 2035, valued at 10.0 billion USD.

What are the expected market values for the Spar-Buoy technology segment in 2024 and 2035?

The Spar-Buoy technology segment is expected to be valued at 1.0 billion USD in 2024 and 5.5 billion USD by 2035.

What is the market size forecast for the Semi-Submersible segment by 2035?

The Semi-Submersible segment is expected to reach a market size of 7.0 billion USD by 2035.

What is the projected market value for North America in 2035?

North America is projected to reach a market value of 4.0 billion USD by 2035.

Who are the key players in the Floating Wind Turbine Market?

Key players in the Floating Wind Turbine Market include General Electric, Siemens Gamesa Renewable Energy, and MHI Vestas Offshore Wind.

What is the expected market value for the Tension Leg Platform technology by 2035?

The Tension Leg Platform technology segment is expected to be valued at 4.5 billion USD by 2035.

What challenges does the Floating Wind Turbine Market face?

The market faces challenges such as high initial costs and technical complexities associated with floating wind technology.

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Market Summary

As per MRFR analysis, the Floating Wind Turbine Market Size was estimated at 6.54 USD Billion in 2024. The Floating Wind Turbine industry is projected to grow from 8.73 USD Billion in 2025 to 157.05 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 33.5 during the forecast period 2025 - 2035.

Key Market Trends & Highlights

The Floating Wind Turbine Market is poised for substantial growth driven by technological advancements and increasing energy demands.

North America remains the largest market for floating wind turbines, driven by robust investments in renewable energy infrastructure.
Asia-Pacific is emerging as the fastest-growing region, reflecting a surge in offshore power supply projects.
The energy generation segment continues to dominate the market, while the offshore power supply segment is witnessing rapid expansion.
Rising energy demand and government incentives are key drivers propelling the floating wind turbine market forward.

Floating Wind Turbine Market

CAGR

33.5%

Market Size & Forecast

2024 Market Size	6.54 (USD Billion)
2035 Market Size	157.05 (USD Billion)
CAGR (2025 - 2035)	33.5%
Largest Regional Market Share in 2024	Europe

Major Players

Equinor (NO), Ørsted (DK), Siemens Gamesa (ES), MHI Vestas (DK), General Electric (US), Principle Power (US), Cobra Group (ES), Saipem (IT), Senvion (DE)

Market Trends

The Floating Wind Turbine Market is currently experiencing a transformative phase, driven by the increasing demand for renewable energy sources and advancements in technology. This sector appears to be gaining traction as countries strive to meet their energy needs while reducing carbon emissions. The integration of floating wind turbines into energy portfolios seems to offer a viable solution for harnessing wind energy in deeper waters, where traditional fixed-bottom turbines may not be feasible. As a result, investments in research and development are likely to enhance the efficiency and reliability of these systems, potentially leading to wider adoption across various regions. Moreover, the Floating Wind Turbine Market is characterized by a growing interest from both public and private sectors. Governments are implementing supportive policies and incentives to encourage the deployment of offshore wind projects. This trend indicates a shift towards sustainable energy solutions, as stakeholders recognize the potential of floating wind technology to contribute to energy security and economic growth. Collaborative efforts among industry players, research institutions, and regulatory bodies may further accelerate the development of this market, fostering innovation and creating new opportunities for growth in the coming years.

Technological Advancements

The Floating Wind Turbine Market is witnessing rapid technological innovations that enhance turbine design and performance. These advancements may lead to increased energy output and reduced operational costs, making floating wind farms more competitive with traditional energy sources.

Regulatory Support

There appears to be a growing trend of favorable regulations and policies aimed at promoting offshore wind energy. Governments are likely to implement frameworks that facilitate the development of floating wind projects, thereby encouraging investment and accelerating market growth.

Environmental Considerations

The Floating Wind Turbine Market is increasingly influenced by environmental sustainability concerns. Stakeholders are focusing on minimizing ecological impacts while maximizing energy production, which may drive the adoption of more environmentally friendly technologies and practices.

Floating Wind Turbine Market Market Drivers

Rising Demand for Renewable Energy

The Global Floating Wind Turbine Market Industry is experiencing a surge in demand for renewable energy sources, driven by the increasing global emphasis on sustainability and reducing carbon emissions. Governments worldwide are implementing policies and incentives to promote clean energy technologies, which is likely to bolster the adoption of floating wind turbines. For instance, the European Union aims to achieve a significant share of its energy from renewable sources by 2030, which could enhance market growth. The market is projected to reach 3.37 USD Billion in 2024, reflecting the growing commitment to renewable energy solutions.

Market Segment Insights

By Application: Energy Generation (Largest) vs. Offshore Power Supply (Fastest-Growing)

The Floating Wind Turbine Market is primarily driven by the energy generation segment, which holds the largest market share among its peers. This segment focuses on harnessing wind energy to produce electricity, catering to an increasing global demand for clean and renewable energy solutions. Meanwhile, the offshore power supply segment is emerging rapidly due to advancements in technology and increasing investments, making it a significant contributor to the market dynamics.

Energy Generation (Dominant) vs. Research and Development (Emerging)

The energy generation segment dominates the Floating Wind Turbine Market, characterized by established technologies and widespread deployment across various geographies. This segment benefits from policies promoting renewable energy adoption, making it a preferred choice for energy suppliers. Conversely, the research and development segment is gaining importance as developers seek innovative solutions for energy efficiency and sustainability. Investment in R&D is crucial for optimizing turbine designs and increasing energy output, thus positioning it as an emerging force in the market.

By Technology: Semi-Submersible Technology (Largest) vs. Spar-Buoy Technology (Fastest-Growing)

In the Floating Wind Turbine Market, Semi-Submersible Technology currently holds the largest share due to its stability and cost-effectiveness. This technology has gained significant traction among offshore wind projects, allowing for the deployment of larger turbines in deeper waters. Spar-Buoy Technology, while having a smaller market share, is emerging rapidly due to its unique design capabilities that facilitate its installation and operation in challenging marine environments. The growth trends in the Floating Wind Turbine Market are driven by increasing global energy demands and governmental incentives for renewable energy. The push for sustainable energy solutions has accelerated investments in innovative floating technologies, fostering competition. Emerging technologies like Tension Leg Platforms and Spar-Buoy systems are anticipated to augment efficiency, reducing costs and enhancing overall performance, thus attracting new ventures to this sector.

Technology: Semi-Submersible (Dominant) vs. Spar-Buoy (Emerging)

Semi-Submersible Technology is recognized for its robustness and adaptability, making it the dominant force in the floating wind sector. This technology efficiently accommodates larger wind turbines and can be anchored in varying water depths, providing flexibility across diverse marine conditions. Its established infrastructure and scalability have contributed to its leadership position. Conversely, Spar-Buoy Technology, though still emerging, presents a revolutionary approach by utilizing a single point mooring system that enhances its maneuverability and installation ease. With significant advancements in engineering and material science, Spar-Buoy is becoming increasingly attractive, particularly for new projects that aim to harness wind energy in deeper waters efficiently.

By Installation Type: Fixed Installation (Largest) vs. Mobile Installation (Fastest-Growing)

Within the Floating Wind Turbine Market, the installation type segment showcases a diverse array of approaches including Fixed, Mobile, and Temporary Installations. The Fixed Installation category commands a significant portion of the market, leading in market share due to its established infrastructure and reliability in various marine environments. Conversely, the Mobile Installation segment is swiftly gaining traction, primarily driven by its flexibility and the increasing demand for adaptiveness in offshore wind projects.

Installation Type: Fixed (Dominant) vs. Mobile (Emerging)

The Fixed Installation segment of the Floating Wind Turbine Market is characterized by its robust design and ability to withstand harsh environmental conditions, making it a preferred choice for long-term projects. This segment benefits from a well-developed supply chain and proven technologies, offering stability and efficiency for developers. On the other hand, Mobile Installations represent an emerging segment that offers innovative advantages such as rapid deployment and relocation. This flexibility is becoming increasingly vital as project requirements shift, thereby attracting investment and technological advancements, positioning it as a key driver in the evolution of the market.

By End User: Utility Companies (Largest) vs. Research Institutions (Fastest-Growing)

In the Floating Wind Turbine Market, the end user segment is characterized by a diverse landscape with utility companies holding a significant share. These companies have been pivotal in driving the adoption of floating wind technology due to their need for sustainable energy solutions and regulatory support. Government agencies also play a crucial role, ensuring compliance and facilitating investment in renewable energy, while private sector involvement adds flexibility and innovation to the market dynamics. Research institutions are gaining traction by pushing the envelope on technology advancements and fostering collaborations that enhance industry growth.

Utility Companies (Dominant) vs. Research Institutions (Emerging)

Utility companies are the dominant end users in the Floating Wind Turbine Market, leveraging their extensive infrastructure and resources to implement large-scale floating wind projects. These organizations typically prioritize cost efficiency and reliability, leading to substantial investments in mature technologies. In contrast, research institutions are emerging as vital players, focusing on innovative approaches and novel solutions that can complement existing technologies. Their role in advancing research, developing prototypes, and conducting pilot projects is essential for overcoming engineering challenges and optimizing performance in diverse marine environments. This emerging sector is expected to attract increased interest and partnerships, aligning with global sustainability goals.

Get more detailed insights about Floating Wind Turbine Market Research Report – Forecast till 2035

Regional Insights

North America : Growing Renewable Energy Sector

The North American floating wind turbine market is poised for significant growth, driven by increasing investments in renewable energy and favorable regulatory frameworks. With a market size of $1.96 billion, the region is focusing on harnessing offshore wind resources to meet energy demands. The U.S. government is actively promoting clean energy initiatives, which are expected to catalyze further advancements in floating wind technology. Leading the charge in this sector are the United States and Canada, where companies like General Electric and Principle Power are making substantial contributions. The competitive landscape is characterized by a mix of established players and innovative startups, all vying for a share of the growing market. As the region continues to prioritize sustainability, the floating wind turbine market is set to expand, attracting more investments and partnerships.

Europe : Pioneering Floating Wind Technology

Europe remains the largest market for floating wind turbines, with a market size of $3.92 billion. The region's growth is fueled by ambitious renewable energy targets and robust government support for offshore wind projects. Countries like Denmark, Norway, and the UK are leading the way, implementing policies that encourage innovation and investment in floating wind technology. The European Union's commitment to reducing carbon emissions is a significant regulatory catalyst driving this market. The competitive landscape in Europe is vibrant, featuring key players such as Ørsted, Siemens Gamesa, and MHI Vestas. These companies are at the forefront of technological advancements, collaborating with governments and research institutions to enhance efficiency and reduce costs. As Europe continues to invest heavily in renewable energy, the floating wind turbine market is expected to thrive, solidifying its position as a global leader in this sector.

Asia-Pacific : Emerging Market Potential

The Asia-Pacific floating wind turbine market is emerging, with a market size of $0.98 billion. This growth is driven by increasing energy demands and a shift towards renewable sources. Countries like Japan and South Korea are investing in floating wind technology to harness their extensive offshore resources. Government initiatives aimed at reducing reliance on fossil fuels are acting as catalysts for market expansion in this region. The competitive landscape is evolving, with local and international players entering the market. Companies such as Cobra Group and Saipem are exploring opportunities in this burgeoning sector. As the region focuses on sustainable energy solutions, the floating wind turbine market is expected to gain momentum, attracting investments and fostering innovation in technology and infrastructure.

Middle East and Africa : Untapped Renewable Resources

The Middle East and Africa floating wind turbine market is in its nascent stages, with a market size of $0.68 billion. The region is beginning to recognize the potential of renewable energy, driven by the need for energy diversification and sustainability. Countries like South Africa and Morocco are exploring floating wind projects as part of their broader renewable energy strategies, supported by favorable government policies. The competitive landscape is still developing, with a mix of local and international companies looking to establish a foothold. Key players are beginning to invest in research and development to adapt floating wind technology to the region's unique environmental conditions. As awareness of renewable energy benefits grows, the floating wind turbine market in the Middle East and Africa is expected to expand, paving the way for future investments and projects.

Key Players and Competitive Insights

The Floating Wind Turbine Market is currently characterized by a dynamic competitive landscape, driven by the increasing demand for renewable energy and the need for sustainable solutions to combat climate change. Key players such as Equinor (NO), Ørsted (DK), and Siemens Gamesa (ES) are at the forefront, each adopting distinct strategies to enhance their market positioning. Equinor (NO) focuses on innovation and technological advancements, particularly in floating wind technology, while Ørsted (DK) emphasizes strategic partnerships and regional expansion to bolster its project portfolio. Siemens Gamesa (ES) is leveraging its expertise in turbine manufacturing and digital transformation to optimize operational efficiency, thereby shaping a competitive environment that is increasingly reliant on technological prowess and strategic collaborations.

In terms of business tactics, companies are localizing manufacturing and optimizing supply chains to enhance operational efficiency and reduce costs. The market structure appears moderately fragmented, with several key players exerting influence over their respective segments. This fragmentation allows for a diverse range of strategies, as companies seek to differentiate themselves through innovation and localized solutions, thereby collectively shaping the competitive dynamics of the market.

In November 2025, Ørsted (DK) announced a groundbreaking partnership with a leading technology firm to develop advanced predictive maintenance solutions for floating wind turbines. This strategic move is likely to enhance operational reliability and reduce downtime, thereby improving overall project economics. Such initiatives underscore Ørsted's commitment to leveraging technology to optimize performance and maintain its competitive edge in the market.

In October 2025, Siemens Gamesa (ES) unveiled a new floating wind turbine prototype designed to operate in deeper waters, which could potentially unlock new markets previously deemed unfeasible. This innovation not only reflects Siemens Gamesa's focus on R&D but also positions the company to capitalize on emerging opportunities in regions with high wind potential, thus reinforcing its market presence.

In December 2025, Equinor (NO) secured a significant contract for a floating wind farm project off the coast of Scotland, marking a pivotal expansion in its operational footprint. This project is expected to contribute substantially to the company's renewable energy portfolio and demonstrates Equinor's strategic focus on scaling up its floating wind capabilities in response to growing global demand.

As of December 2025, the competitive trends in the Floating Wind Turbine Market are increasingly defined by digitalization, sustainability, and the integration of AI technologies. Strategic alliances are becoming more prevalent, as companies recognize the value of collaboration in enhancing innovation and operational efficiency. Looking ahead, competitive differentiation is likely to evolve from traditional price-based competition to a focus on technological innovation, supply chain reliability, and sustainable practices, thereby reshaping the market landscape.

Key Companies in the Floating Wind Turbine Market market include

Industry Developments

Q2 2024: Windletter #88 - OceanX, the dual-rotor floating platform by Mingyang, installed at its final location Mingyang installed its OceanX dual-rotor floating wind platform at its final location in 2024, marking a significant technology deployment in the floating wind turbine sector.
Q2 2024: France: 750 MW awarded in the AO5 and AO6 tenders, spread across three floating projects France awarded 750 MW of floating wind capacity in 2024 through the AO5 and AO6 tenders, distributed across three separate floating wind projects.
Q2 2024: South Korea: 750 MW for the Firefly project South Korea awarded 750 MW of floating wind capacity to the Firefly project in 2024, representing a major contract win in the sector.
Q2 2024: United Kingdom: 400 MW for the Green Volt project, in the CfD Allocation Round 6 The UK awarded 400 MW of floating wind capacity to the Green Volt project during the sixth round of Contracts for Difference (CfD) in 2024.

Future Outlook

Floating Wind Turbine Market Future Outlook

The Floating Wind Turbine Market is poised for robust growth at 33.5% CAGR from 2024 to 2035, driven by technological advancements, increasing energy demands, and supportive government policies.

New opportunities lie in:

Development of advanced floating platform designs for deeper waters.
Integration of AI for predictive maintenance and operational efficiency.
Expansion into emerging markets with tailored financing solutions.

By 2035, the Floating Wind Turbine Market is expected to achieve substantial growth, solidifying its role in renewable energy.

Market Segmentation

Floating Wind Turbine Market End User Outlook

Utility Companies
Government Agencies
Private Sector
Research Institutions

Floating Wind Turbine Market Technology Outlook

Spar-Buoy Technology
Semi-Submersible Technology
Tension Leg Platform Technology
Floating Platform Technology

Floating Wind Turbine Market Application Outlook

Energy Generation
Research and Development
Environmental Monitoring
Offshore Power Supply

Floating Wind Turbine Market Installation Type Outlook

Fixed Installation
Mobile Installation
Temporary Installation

Report Scope

MARKET SIZE 2024	6.54(USD Billion)
MARKET SIZE 2025	8.73(USD Billion)
MARKET SIZE 2035	157.05(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	33.5% (2024 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
Market Forecast Period	2025 - 2035
Historical Data	2019 - 2024
Market Forecast Units	USD Billion
Key Companies Profiled	Equinor (NO), Ørsted (DK), Siemens Gamesa (ES), MHI Vestas (DK), General Electric (US), Principle Power (US), Cobra Group (ES), Saipem (IT), Senvion (DE)
Segments Covered	Application, Technology, Installation Type, End User
Key Market Opportunities	Advancements in floating wind turbine technology enhance offshore energy generation potential and sustainability.
Key Market Dynamics	Technological advancements and regulatory support drive growth in the floating wind turbine market, enhancing competitive dynamics.
Countries Covered	North America, Europe, APAC, South America, MEA