US 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) and By End Use (Energy Production, Research and Development, Commercial Agreements) - Forecast to 2035.
US Floating Wind Turbine Market Overview:
As per MRFR analysis, the US Floating Wind Turbine Market Size was estimated at 301.35 (USD Million) in 2023. The US Floating Wind Turbine Market Industry is expected to grow from 400(USD Million) in 2024 to 2,200 (USD Million) by 2035. The US Floating Wind Turbine Market CAGR (growth rate) is expected to be around 16.763% during the forecast period (2025 - 2035).
Key US Floating Wind Turbine Market Trends Highlighted
The US Floating Wind Turbine Market is witnessing significant momentum driven by multiple factors. First, the increasing demand for renewable energy sources in the US, in line with federal and state policies aimed at reducing carbon emissions, is a crucial market driver. Initiatives like the Biden administration's commitment to reaching clean energy goals encourage investments in floating wind technology. This indicates a strong governmental support for offshore wind projects, particularly in states like California and Oregon, where floating platforms are essential due to deep waters. Opportunities to be explored in this market include the potential for research and development in advanced floating turbine designs that can withstand harsher oceanic conditions, which is especially relevant as the US looks to expand its offshore wind capacity.Additionally, collaboration between public and private sectors can lead to accelerated project developments and increased funding avenues for floating wind initiatives. Trends in recent times in the US show a rising focus on environmental sustainability, which correlates with floating wind turbines as they offer a viable solution for areas with high energy needs without occupying valuable land. Furthermore, technological advancements in wind turbine efficiency and energy storage systems are also enhancing the viability of floating platforms. As the US seeks to implement more offshore wind farms, investments toward site-specific studies, environmental assessments, and maritime navigation improvements are becoming more prevalent.Coupled with this is a budding interest from local communities in participating in renewable energy initiatives, which collectively supports the growth of the floating wind turbine sector in the country.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
US Floating Wind Turbine Market Drivers
Government Support and Policy Initiatives
The US government has been increasingly supportive of renewable energy initiatives, particularly in the wind power sector. The Biden Administration's goal to achieve 100% carbon-free electricity by 2035 significantly influences the US Floating Wind Turbine Market Industry. According to the U.S. Department of Energy, investments in offshore wind energy are projected to create over 77,000 jobs and generate billions in economic growth over the next decade.The Bureau of Ocean Energy Management (BOEM) has also streamlined the permitting process for offshore wind projects, making it easier for companies to invest in floating wind technology. This government support coupled with massive investments from organizations such as the American Wind Energy Association helps foster a favorable environment for the growth of the US Floating Wind Turbine Market, as more assets are allocated toward developing floating wind turbine technology.
Advancements in Technology and Innovation
The advancement in floating wind turbine technology plays a critical role in the growth of the US Floating Wind Turbine Market Industry. Recent innovations in turbine design, materials, and efficiency have led to a decrease in the levelized cost of energy. The National Renewable Energy Laboratory estimates that the cost of floating wind energy could drop to approximately 35 to 50 dollars per megawatt-hour by 2030, making it competitive with other energy sources.Organizations like the American Institute of Aeronautics and Astronautics are conducting Research and Development (R&D) to enhance the reliability and efficiency of floating wind turbines, which will further propel market growth.
Increased Demand for Renewable Energy
The growing demand for renewable energy sources in the United States is a significant driver for the US Floating Wind Turbine Market Industry. According to the U.S. Energy Information Administration, renewable energy contributed to about 21% of total electricity generation in the US in 2020, with expectations of reaching up to 40% by 2030. This shift is fueled by both environmental concerns and a desire for energy independence. Organizations such as the Solar Energy Industries Association and the American Clean Power Association advocate for the increased use of wind energy, which is leading to an uptick in investments and projects related to floating wind technology in the US.
Environmental Benefits and Sustainability Goals
As climate change becomes an increasingly pressing issue, there is a growing focus on sustainability and reducing carbon emissions in the United States. The Environmental Protection Agency outlines stringent regulations aimed at reducing greenhouse gas emissions, which aligns with the transition toward more sustainable energy sources. The American Wind Energy Association reports that wind energy projects, including floating wind farms, can reduce carbon dioxide emissions by up to 1 billion metric tons annually.This fundamental shift toward sustainable energy sources creates a strong incentive for investments in the US Floating Wind Turbine Market, as states work to meet their renewable energy standards and sustainability goals.
US Floating Wind Turbine Market Segment Insights:
Floating Wind Turbine Market Technology Insights
The Technology segment of the US Floating Wind Turbine Market is pivotal for the advancement of offshore wind energy, as it encompasses a variety of innovative solutions designed to harness wind power in deep waters. Among the prominent technologies are the Spar-Buoy and Semi-Submersible platforms, both of which have unique characteristics that enable them to operate efficiently in challenging marine environments. Spar-Buoy platforms, with their deep-draft designs, provide enhanced stability and are particularly effective in deep-water locations, where traditional fixed-bottom turbines may not be feasible. On the other hand, Semi-Submersibles are designed to float on the water surface, utilizing buoyancy to remain stable during turbulent sea conditions, thus making them a substantial part of the market's technological landscape.The Tension Leg Platform (TLP) technology holds significant advantages as it minimizes motion in rough seas, allowing for a more consistent energy output. This aspect makes TLPs a preferred choice for areas subject to high wave action and strong currents, which is essential for maximizing efficiency and reducing wear on the turbine systems. Furthermore, Dynamic Positioning Systems, which utilize thrusters and GPS technology, ensure that floating platforms can maintain their intended position and orientation, which is critical for the effective functioning of wind turbines in variable ocean conditions. Each of these technologies plays a crucial role in the US Floating Wind Turbine Market segmentation, contributing to the overall efficiency, reliability, and cost-effectiveness of offshore wind projects. The deployment of these innovative technologies is supported by growing interests in renewable energy sources and governmental initiatives aimed at reducing reliance on fossil fuels, thus driving the market forward. Overall, advancements in technology within this segment represent a major opportunity for enhancing the sustainability and operability of floating wind energy systems in the United States.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Floating Wind Turbine Market Mooring System Insights
The Mooring System segment within the US Floating Wind Turbine Market plays a crucial role in ensuring the stability and efficiency of offshore wind installations. With the focus on harnessing wind energy, various anchoring technologies are employed, including Drag-In Anchoring, Catenary Anchoring, Tethered Anchoring, and Suction Anchoring. Each of these anchoring solutions presents its own advantages, catering to different marine environments and turbine designs. Drag-In Anchoring is favored for its ease of installation and resilience in dynamic wave conditions, making it a reliable choice for deeper waters.Catenary Anchoring offers flexibility, adapting to seabed conditions, while Tethered Anchoring delivers a robust solution for increased load capacity, critical for larger turbine models. Suction Anchoring, known for its minimal environmental disturbance and effective installation process, is gaining traction as a sustainable option. As the US focuses on expanding its offshore wind capacity, driven by government initiatives and investments, the demand for innovative mooring solutions is expected to grow significantly, influencing market dynamics and paving the way for advancements in technology and installation practices.The growth of this segment is bolstered by an increasing commitment to renewable energy, aligning with national targets for reducing emissions and expanding domestic energy sources.
Floating Wind Turbine Market Installation Method Insights
The Installation Method segment of the US Floating Wind Turbine Market plays a crucial role in determining the efficiency and success of offshore wind projects. Floating Installation, Wet Tow Installation, and Dry Tow Installation techniques are pivotal for deploying floating wind turbines in deeper waters, which are increasingly preferred due to their higher wind speeds and reduced visual impact. Floating Installation is known for its cost-effectiveness and flexibility, allowing turbines to be anchored far from shore, thus tapping into more potent wind resources.Wet Tow Installation involves towing assembled turbines directly to site, speeding up deployment but requiring careful planning to mitigate environmental impacts. Dry Tow Installation, while less common, benefits from on-shore assembly that can enhance quality control and logistics management. Each method reflects the industry's adaptation to technological advancements and the growing demand for renewable energy in the US, driven by government incentives and societal shifts towards sustainability. As the US aims to significantly increase its offshore wind capacity, the choice of installation method will be influenced by economic, environmental, and technological considerations, shaping the future of this burgeoning market.
Floating Wind Turbine Market End Use Insights
The US Floating Wind Turbine Market exhibits significant potential across its various end-use segments, primarily focusing on Energy Production, Research and Development, and Commercial Agreements. The importance of Energy Production cannot be understated, as it drives the market's growth, with an increasing emphasis on renewable sources of energy to meet sustainability goals set by various governmental policies. Research and Development plays a crucial role in advancing technology, addressing challenges related to efficiency and integration into the existing energy infrastructure.Continuous innovations in turbine design and floating platform technologies are essential for enhancing performance and reducing costs in the sector. Meanwhile, Commercial Agreements have gained traction as stakeholders collaborate to leverage shared resources, expertise, and investments, facilitating market penetration and scalability. As policymakers and industries converge on the need for a cleaner energy future, these end-use segments collectively contribute to the overall growth and evolution of the US Floating Wind Turbine Market. With the evolving energy landscape in the US, these segments align well with trends fostering clean energy initiatives and paving the way for sustainable growth in the coming years.
US Floating Wind Turbine Market Key Players and Competitive Insights:
The US Floating Wind Turbine Market has been gaining traction as renewable energy sources become increasingly essential in addressing climate change and energy demands. The competitive landscape of this market is characterized by a blend of established players and emerging companies focused on harnessing wind energy from offshore locations. With advancements in technology and a growing emphasis on reducing carbon footprints, various stakeholders are investing in research and development to enhance the efficiency and capabilities of floating wind turbines. As regulatory support evolves and the demand for clean energy escalates, this dynamic market continues to attract significant interest from both public and private sectors, creating a vibrant competitive environment where innovation plays a key role.EDF Renewables stands out in the US Floating Wind Turbine Market for its commitment to developing and operating renewable energy projects. The company has established a strong market presence through strategic partnerships, collaborations, and leveraging its extensive experience in the energy sector. EDF Renewables’ strengths lie in its solid project execution capabilities, technical expertise in wind technology, and a portfolio that spans various renewable energy projects, including onshore and offshore wind farms. The company's ability to integrate innovative solutions and maintain a robust project pipeline enables it to be a formidable player in the floating wind turbine sector. With a focus on sustainability, EDF Renewables continues to enhance its position, contributing significantly to the growth of floating wind projects in the United States.TotalEnergies has made significant strides in the US Floating Wind Turbine Market, emphasizing the transition to sustainable energy through various initiatives tailored to the unique demands of the US market. The company actively invests in floating wind technology, showcasing its innovative approach to harnessing offshore wind resources. TotalEnergies offers a diverse range of services in this sector, including project development, financing, and engineering, all aimed at optimizing the performance and efficiency of floating wind farms. One of the key strengths of TotalEnergies lies in its global presence and expertise, enabling it to leverage knowledge from international markets to enhance its operations in the US. The company has also engaged in strategic mergers and acquisitions to bolster its technological capabilities and expand its footprint within the floating wind space, ensuring its competitiveness in this rapidly evolving market while contributing to the broader goals of renewable energy adoption in the country.
Key Companies in the US Floating Wind Turbine Market Include:
EDF Renewables
TotalEnergies
Northland Power
Shell
New England Aqua Ventus
Avangrid
Equinor
EDP Renewables
Atlantis Resources
MHI Vestas
General Electric
Copenhagen Infrastructure Partners
Principle Power
Siemens Gamesa
US Floating Wind Turbine Market Industry Developments
The US Floating Wind Turbine Market has witnessed significant developments recently, with heightened interest from major renewable energy players. Companies such as EDF Renewables and TotalEnergies are actively investing in floating wind projects, signing agreements to expand capacity along the East Coast. In October 2023, Northland Power announced plans for a joint venture with Shell to develop floating wind farms, indicating a growing trend of collaboration in the sector. The American government has been supportive, enhancing incentives for clean energy investments, and emissions reduction goals are driving demand for floating wind technology. Companies like Avangrid and Equinor have revealed intentions to advance their projects, focusing on key states like Maine and California. Additionally, MHI Vestas and General Electric are ramping up production capabilities to meet the anticipated increase in demand. Over the past two to three years, the market has seen substantial growth, with estimates suggesting a market valuation exceeding USD 150 billion by 2025, spurred by technological advancements and favorable regulatory frameworks. As of July 2023, advancements in turbine technology and floating platform designs have greatly enhanced project viability, further energizing this burgeoning sector.
US Floating Wind Turbine Market Segmentation Insights
Floating Wind Turbine Market Technology Outlook
Spar-Buoy
Semi-Submersible
Tension Leg Platform
Dynamic Positioning Systems
Floating Wind Turbine Market Mooring System Outlook
Drag-In Anchoring
Catenary Anchoring
Tethered Anchoring
Suction Anchoring
Floating Wind Turbine Market Installation Method Outlook
Floating Installation
Wet Tow Installation
Dry Tow Installation
Floating Wind Turbine Market End Use Outlook
Energy Production
Research and Development
Commercial Agreements
Report Scope:
| Report Attribute/Metric Source: |
Details |
| MARKET SIZE 2018 |
301.35(USD Million) |
,
| MARKET SIZE 2024 |
400.0(USD Million) |
,
| MARKET SIZE 2035 |
2200.0(USD Million) |
,
| COMPOUND ANNUAL GROWTH RATE (CAGR) |
16.763% (2025 - 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 Million |
,
| KEY COMPANIES PROFILED |
EDF Renewables, TotalEnergies, Northland Power, Shell, New England Aqua Ventus, Avangrid, Equinor, EDP Renewables, Atlantis Resources, MHI Vestas, General Electric, Copenhagen Infrastructure Partners, Principle Power, Siemens Gamesa |
,
| SEGMENTS COVERED |
Technology, Mooring System, Installation Method, End Use |
,
| KEY MARKET OPPORTUNITIES |
Increased offshore renewable energy demand, Technological advancements in turbine design, Government incentives for clean energy, Expansion of existing ports and infrastructure, Strategic partnerships for innovative solutions |
,
| KEY MARKET DYNAMICS |
regulatory support and incentives, technological advancements in design, rising demand for renewable energy, high installation and operational costs, environmental impact considerations |
,
| COUNTRIES COVERED |
US |
