Floating Wind Turbine Market Report 2025 (Global Edition)

Global Floating Wind Turbine Market Report 2025 Market Size Split by Type (Spar-buoy Foundation, Semi-submersible Foundation, Tensioned Leg Platform (TLP) Foundation, Others), by Deployment (Shallow W...

Floating Wind Turbine Market Report Description

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Floating Wind Turbine Market Insights Video

Competitive Landscape of the Floating Wind Turbine Market

Vendors in the floating wind turbine market are actively investing in research and development to enhance turbine efficiency and reduce costs. They are focusing on innovative designs, such as advanced floating platforms that improve stability and energy capture in turbulent marine environments. Collaborations with universities and research institutions are common, fostering the exchange of knowledge and technology. Additionally, strategic partnerships and joint ventures are being formed to leverage complementary expertise and resources. Vendors are participating in pilot projects to test new technologies under real-world conditions, helping to validate performance and reduce uncertainties. Moreover, many are emphasizing sustainability by integrating environmentally friendly practices into their supply chains and operations.

In August 2024, Sumitomo Corporation announced an investment in EEW Offshore Wind EU Holding, a manufacturer of monopiles for offshore wind foundations. This partnership aims to address the increasing demand for monopiles, which is projected to rise significantly in Europe as offshore wind capacity expands. This investment aligns with broader efforts to contribute to carbon neutrality and enhance competitive advantages in the offshore wind sector. (Source: https://www.sumitomocorp.com/en/jp/news/release/2024/group/18930) In August 2024, BlueFloat Energy announced plans to develop Taiwan’s first floating offshore wind farm, known as the "Winds of September Phase 1" project. This initiative aims to feature up to 12 floating platforms with a total capacity of 180 MW, located approximately 23 kilometers offshore from Hsinchu City. The project aims to support local manufacturing capabilities and address environmental assessments to ensure sustainable development. (Source:https://www.bluefloat.com/bluefloat-energy-set-to-deliver-taiwans-first-floating-offshore-wind-farm-announces-site-location-for-upcoming-demonstration-program-and-partners-with-mirdc-to-enhance-local-supply-chain/) In July 2024, SBM Offshore and Technip Energies launched a joint venture named Ekwil, focused on developing Floating Offshore Wind (FOW) solutions. This venture aims to address the increasing global demand for renewable energy through various series of production technologies. Ekwil combines the expertise of both companies, featuring Technip Energies’ Semi-submersible INO15 and SBM Offshore's Tension Leg Platform Float4Wind. (Source: https://www.sbmoffshore.com/newsroom/sbm-offshore-and-technip-energies-launch-ekwil-joint-venture-for-floating-offshore-wind/#:~:text=SBM%20Offshore%20and%20Technip%20Energies%20have%20officially%20launched%20Ekwil%2C%20a,'series%20production'%20FOW%20technologies.)

Top Companies Market Share in Floating Wind Turbine Industry: (In no particular order of Rank)

• Siemens Gamesa Renewable Energy S.A.
• Ørsted A/S
• General Electric Company
• Equinor ASA
• Mitsubishi Heavy Industries
• Ltd.
• TechnipFMC PLC
• DNV AS
• Engie SA
• ABB Ltd.
• RWE AG
• Alstom SA
• Xinjiang Goldwind Science & Technology Co.
• Ltd.
• Envision Energy
• BW Ideol
• Suzlon Energy Limited
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Floating Wind Turbine Market

Which Region Dominates the Floating Wind Turbine Market in 2024?

According to Cognitive Market Research, North America currently dominates the Floating Wind Turbine Market, and the region is expected to have significant growth during the projected period. This is due to its vast offshore wind resources, supportive government policies, and significant investments in renewable energy infrastructure. The region's focus on reducing carbon emissions and enhancing energy security has also driven innovation and development in floating wind technologies.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Asia-Pacific's increasing investments in renewable energy infrastructure, coupled with ambitious government targets for carbon reduction, are expected to drive significant adoption of floating wind turbines during the projected period.

The current report Scope analyzes Floating Wind Turbine Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Floating Wind Turbine Market Analysis

According to Cognitive Market Research, the global Floating Wind Turbine Market size was estimated at USD 5124.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 2049.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 28.7% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Floating Wind Turbine Market with a market size of USD 1617.29 million in 2024 and is projected to grow at a CAGR of 28.5% during the forecast period. The vendors’ focus on new projects installation drives the market in the country..
• The Canada Floating Wind Turbine Market had a market size of USD 245.98 million in 2024 and is projected to grow at a CAGR of 29.5% during the forecast period. The growing government investments in wind energy generation have expanded the market growth in the country.
• The Mexico Floating Wind Turbine Market is projected to witness growth at a CAGR of 29.2% during the forecast period, with a market size of USD 186.53 million in 2024.

Europe Floating Wind Turbine Market Analysis

According to Cognitive Market Research, the global Floating Wind Turbine Market size was estimated at USD 5124.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 1537.35 million in 2024 and will grow at a compound annual growth rate (CAGR) of 29.0% from 2024 to 2031.

• The United Kingdom Floating Wind Turbine Market had a market size of USD 258.27 million in 2024 and is projected to grow at a CAGR of 29.8% during the forecast period. A large pool of innovative companies and the growing preference for renewable energy for industrial operations drive the UK Floating Wind Turbine Market.
• The France Floating Wind Turbine Market is projected to witness growth at a CAGR of 28.2% during the forecast period, with a market size of USD 141.44 million in 2024.
• According to Cognitive Market Research, the German Floating Wind Turbine Market size was valued at USD 304.40 million in 2024 and is projected to grow at a CAGR of 29.2% during the forecast period. In Germany, the demand for floating wind turbines surged due to an increasing shift toward renewable energy and innovative developments in product technologies.
• The Italy Floating Wind Turbine Market is projected to witness growth at a CAGR of 28.4% during the forecast period, with a market size of USD 132.21 million in 2024.
• The Russia Floating Wind Turbine Market is projected to witness growth at a CAGR of 28.0% during the forecast period, with a market size of USD 238.29 million in 2024.
• The Spain Floating Wind Turbine Market is projected to witness growth at a CAGR of 28.1% during the forecast period with a market size of USD 126.06 million in 2024
• The Luxembourg Floating Wind Turbine Market is projected to witness growth at a CAGR of 29.1% during the forecast period, with a market size of USD 47.66 million in 2024.
• The Portugal Floating Wind Turbine Market is projected to witness growth at a CAGR of 28.8% during the forecast period, with a market size of USD 32.28 million in 2024.
• The Greece Floating Wind Turbine Market is projected to witness growth at a CAGR of 29.3% during the forecast period, with a market size of USD 18.45 million in 2024.
• The Rest of Europe's Floating Wind Turbine Market is projected to witness growth at a CAGR of 27.7% during the forecast period, with a market size of USD 238.29 million in 2024.

Asia Pacific Floating Wind Turbine Market Analysis

According to Cognitive Market Research, the global Floating Wind Turbine Market size was estimated at USD 5124.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 1178.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 32.5% from 2024 to 2031.

• According to Cognitive Market Research, the China Floating Wind Turbine Market size was valued at USD 530.39 million in 2024 and is projected to grow at a CAGR of 32.0% during the forecast period. The market of floating wind turbines has surged in China due to the rapid investments in wind energy plants and the huge government focus on renewable energy generation.
• The Japan Floating Wind Turbine Market is projected to witness growth at a CAGR of 31.0% during the forecast period, with a market size of USD 162.65 million in 2024.
• The India Floating Wind Turbine Market had a market size of USD 141.44 million in 2024 and is projected to grow at a CAGR of 34.3% during the forecast period. India's rising investments in renewable energy to meet energy demand are expanding the market growth.
• The South Korean Floating Wind Turbine Market is projected to witness growth at a CAGR of 31.6% during the forecast period, with a market size of USD 117.86 million in 2024.
• The Australian Floating Wind Turbine Market is projected to witness growth at a CAGR of 32.2% during the forecast period, with a market size of USD 61.29 million in 2024.
• The South East Asia Floating Wind Turbine Market is projected to witness growth at a CAGR of 33.5% during the forecast period, with a market size of USD 81.33 million in 2024.
• The Rest of Asia Pacific Floating Wind Turbine Market is projected to witness growth at a CAGR of 32.3% during the forecast period, with a market size of USD 83.68 million in 2024.

South America Floating Wind Turbine Market Analysis

According to Cognitive Market Research, the global Floating Wind Turbine Market size was estimated at USD 5124.5 million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 256.23 million in 2024 and will grow at a compound annual growth rate (CAGR) of 29.9% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Floating Wind Turbine Market size was valued at USD 109.66 million in 2024 and is projected to grow at a CAGR of 30.5% during the forecast period. The Floating Wind Turbine Market flourished in Brazil due to the growing presence of manufacturers and rising energy demands.
• Argentina's Floating Wind Turbine Market had a market size of USD 43.05 million in 2024 and is projected to grow at a CAGR of 30.8% during the forecast period. Argentina's rising focus on clean energy drives the market growth in the country.
• Colombia Floating Wind Turbine Market is projected to witness growth at a CAGR of 29.7% during the forecast period, with a market size of USD 22.80 million in 2024.
• Peru Floating Wind Turbine Market is projected to witness growth at a CAGR of 30.1% during the forecast period, with a market size of USD 21.01 million in 2024.
• Chile's Floating Wind Turbine Market is projected to witness growth at a CAGR of 30.2% during the forecast period, with a market size of USD 18.45 million in 2024.
• The Rest of Latin America's Floating Wind Turbine Market is projected to witness growth at a CAGR of 29.0% during the forecast period, with a market size of USD 41.25 million in 2024.

Middle East Floating Wind Turbine Market Analysis

According to Cognitive Market Research, the global Floating Wind Turbine Market size was estimated at USD 5124.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 102.49 million in 2024 and will grow at a compound annual growth rate (CAGR) of 30.2% from 2024 to 2031..

• The GCC Countries Floating Wind Turbine Market is projected to witness growth at a CAGR of 31.0% during the forecast period, with a market size of USD 43.87 million in 2024. The demand for floating wind turbines has flourished due to the widespread investments in clean energy across GCC countries.
• The Egypt Floating Wind Turbine Market is projected to witness growth at a CAGR of 30.5% during the forecast period, with a market size of USD 10.76 million in 2024.
• The South Africa Floating Wind Turbine Market is projected to witness growth at a CAGR of 31.2% during the forecast period, with a market size of USD 16.19 million in 2024. The demand for floating wind turbines has flourished in South Africa due to increasing demand for energy and investments in wind plant installations.
• The Turkey Floating Wind Turbine Market is projected to witness growth at a CAGR of 29.7% during the forecast period, with a market size of USD 8.81 million in 2024.
• The Nigeria Floating Wind Turbine Market is projected to witness growth at a CAGR of 29.3% during the forecast period, with a market size of USD 10.76 million in 2024.
• The Rest of the MEA Floating Wind Turbine Market is projected to witness growth at a CAGR of 29.2% during the forecast period, with a market size of USD 12.09 million in 2024.

Floating Wind Turbine Market Analysis

Floating Wind Turbine Market Type Segment Analysis

According to Cognitive Market Research, the spar-buoy foundation type is likely to dominate the Floating Wind Turbine Market over the forecast period due to its unique design and stability in deep-water environments. This foundation consists of a submerged, buoyant structure tethered to the seabed by vertical cables, allowing it to withstand extreme wave conditions and high winds. Moreover, the Spar-buoy foundation is highly adaptable, making it suitable for a range of water depths, particularly where other foundation types may face limitations.

Semi-submersible Foundation is the fastest-growing segment in the Floating Wind Turbine Market due to its stability and performance in various marine conditions. Designed with a buoyant platform that remains stable even in rough seas, this foundation type effectively mitigates the motion of wind turbines, enhancing energy production efficiency. As offshore wind farms increasingly move into deeper waters to access stronger and more consistent wind resources, the semi-submersible foundation becomes increasingly favorable. Moreover, advancements in design and materials have lowered costs and improved installation techniques, driving adoption among developers. Consequently, their unique advantages and adaptability position them as a key player in the expanding floating wind turbine market.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Floating Wind Turbine Industry. Request a Free Sample PDF!

Floating Wind Turbine Market Deployment Segment Analysis

According to Cognitive Market Research, the deep water segment holds the largest share of the market. Deep-water locations experience stronger and more consistent wind speeds, which significantly enhance energy generation potential. This consistent wind resource allows developers to optimize turbine performance and achieve higher energy output. Additionally, as demand for renewable energy grows, many countries are expanding offshore wind farms into deeper waters to access new sites that avoid the spatial constraints often found in shallow waters. Government policies and investments focused on clean energy transition further support the growth of deep-water projects, driving market expansion.

In the Floating Wind Turbine Market, the shallow water segment has been expanding at a rapid pace due to its accessibility and cost-effectiveness. Shallow water sites, typically less than 60 meters deep, allow for simpler installation and lower logistical challenges, making them attractive for developers. The existing infrastructure for traditional offshore wind farms in these areas facilitates quicker project deployment. Additionally, shallow water projects often benefit from established supply chains and technologies, leading to reduced capital expenditures. While deepwater projects are gaining traction, the shallow water segment remains vital for meeting immediate energy needs and advancing the transition to renewable energy, driving its rapid expansion in the market.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Floating Wind Turbine Capacity Segment Analysis

Floating Wind Turbine Market Capacity Segment Analysis

According to Cognitive Market Research, the 3 MW to 5 MW segment holds the largest share of the market due to its optimal balance between power output and size. Turbines in this range are suitable for various offshore conditions, facilitating easier transportation, installation, and maintenance while minimizing logistical challenges. This segment benefits from technological maturity, with manufacturers focusing on refining these turbines, enhancing their reliability and performance. Additionally, they typically incur lower capital and operational costs per megawatt compared to larger models, making them more economically attractive for developers. As global energy demands rise, the 3 MW to 5 MW segment aligns well with market needs, making it a preferred choice for many offshore wind projects, especially in regions with developing infrastructure and budget considerations.

In the Floating Wind Turbine Market, the Above 5 MW segment has been expanding at a rapid pace. As the industry evolves, there is an increasing focus on larger turbines capable of generating more energy per unit, thus enhancing overall efficiency and reducing the cost of energy produced. Larger turbines can harness stronger wind resources, particularly in deep-water locations, making them ideal for offshore applications. Additionally, advancements in technology have made it feasible to develop and deploy larger turbines with improved design and materials that enhance stability and reliability. As energy demands grow, the Above 5 MW segment is poised for significant growth, aligning with the industry's shift towards larger, more efficient wind energy solutions.

• Up to 1 MW
• 1 MW to 3 MW
• 3 MW to 5 MW
• Above 5 MW

Floating Wind Turbine Depth Segment Analysis

Floating Wind Turbine Market Depth Segment Analysis

According to Cognitive Market Research, the deep water segment holds the largest share of the market. Deep water sites often provide stronger and more consistent wind resources, leading to higher energy generation potential. Additionally, deep water locations minimize spatial constraints, allowing for vast areas free from competition with other marine activities. Moreover, government support and investments in renewable energy initiatives further drive the growth of deep water projects. Together, these factors solidify the deep water segment's dominance and highlight its significance in the expanding floating wind turbine market.

In the Floating Wind Turbine Market, the shallow water segment has been expanding at a rapid pace. Shallow water sites offer easier installation and lower logistical costs compared to deep water projects. This accessibility allows for quicker deployment, making it appealing for developers looking to capitalize on renewable energy opportunities. Government incentives and renewable energy targets further stimulate growth in this segment, encouraging developers to harness wind resources in more accessible areas. As demand for renewable energy rises, the shallow water segment continues to grow rapidly, playing a crucial role in the transition to sustainable energy solutions.

• Shallow Water
• Deep Water

Author's Detail

Aarti Bagekari

Research Associate at Cognitive Market Research

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I am Aarti Bagekari, worked as a research associate with strong passion for transforming complex information into strategic insights. My strong analytical skills, coupled with a deep understanding of market dynamics and consumer behavior, empower me to identify hidden opportunities and proactively mitigate risks for clients. As a part of team, I possess a skills in data analysis, segmentation, competitive landscape.

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