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Home ➤ Energy and Power ➤ Floating Offshore Wind Power Market
Floating Offshore Wind Power Market
Floating Offshore Wind Power Market
Published date: Nov 2024 • Formats:
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  • Home ➤ Energy and Power ➤ Floating Offshore Wind Power Market

Global Floating Offshore Wind Power Market By Axis(Horizontal, Vertical), By Water Depth(Deep Water, Shallow Water, Transitional Water), By Turbine Capacity(Up to 3 MW, 3 MW – 5 MW, Above 5 MW) , By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

  • Published date: Nov 2024
  • Report ID: 119588
  • Number of Pages: 301
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Free Sample
  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • By Axis Analysis
    • By Water Depth Analysis
    • By Turbine Capacity Analysis
    • Market Key Segments
    • Drivers
    • Restraints
    • Opportunity
    • Trends
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The global Floating Offshore Wind Power Market size is expected to be worth around USD 34 billion by 2033, from USD 0.5 billion in 2023, growing at a CAGR of 51.6% during the forecast period from 2023 to 2033.

    The term Floating Offshore Wind Power Market refers to the sector involved with developing, installing, and operating wind turbines that are not anchored to the ocean floor but instead are mounted on floating structures. These floating platforms allow wind turbines to be deployed in deep water locations where traditional bottom-fixed structures are not feasible. This capability opens up vast new areas of the ocean for wind energy generation, particularly in regions where deep waters preclude the use of fixed structures.

    The market for floating offshore wind power is driven by the need to tap into more consistent and higher offshore wind speeds, significantly increasing the efficiency and energy output compared to onshore wind power systems. The growth of this market is also propelled by the global shift towards renewable energy sources to mitigate climate change and reduce dependence on fossil fuels.

    Floating Offshore Wind Power MarketKey elements of the floating offshore wind power market include technological innovation in turbine and platform design, supply chain development for construction and maintenance, and the regulatory environment that can either accelerate or hinder project deployment.

    As the technology matures and costs decrease, the market is expected to expand, offering substantial opportunities for energy producers, investors, and countries aiming to boost their renewable energy capacity.

    Key Takeaways

    • Market Growth: The market is projected to reach USD 34 billion by 2033, growing at a CAGR of 51.6% from USD 0.5 billion in 2023.
    • Horizontal axis turbines dominate with 64.2% market share in 2023.
    • Deep water installations hold over 52.6% market share in 2023.
    • Turbines above 5 MW capture 90.6% market share in 2023.
    • Regional Leadership: Europe leads with a forecasted 58.6% market share by 2023, driven by proactive environmental regulations.

    By Axis Analysis

    In 2023, the horizontal axis segment held a dominant market position in the floating offshore wind power market, capturing more than a 64.2% share. This dominance is primarily due to the widespread adoption and technological maturity of horizontal axis wind turbines (HAWTs).

    These turbines are favored for their efficiency and higher energy output, especially in offshore settings where wind speeds are typically higher and more consistent. Horizontal axis turbines feature blades that rotate around a horizontal axis, similar to traditional windmills, and are engineered to maximize energy capture from ocean winds.

    On the other hand, the vertical axis segment, while smaller in market share, presents a niche but growing interest in the floating offshore wind power market. Vertical axis wind turbines (VAWTs) operate with a rotation axis perpendicular to the ground, and are appreciated for their ability to catch the wind from all directions without the need for yaw mechanisms to turn the blades towards the wind.

    This characteristic makes VAWTs potentially advantageous for floating platforms, which can experience varying wind directions as they move with water currents. Despite these benefits, the lower efficiency and technological challenges related to VAWTs have so far limited their deployment in offshore settings compared to their horizontal counterparts.

    By Water Depth Analysis

    In 2023, the Deep Water segment held a dominant market position in the floating offshore wind power market, capturing more than a 52.6% share. This segment’s prominence is largely attributed to the significant advantages of deploying turbines in deep water locations, where wind speeds are steadier and more robust.

    Deepwater turbines are typically situated in water depths exceeding 60 meters, making floating platforms essential due to the impracticality of traditional fixed-bottom installations at these depths. The ability to exploit superior wind resources in deep waters allows for higher energy production efficiency and has driven investments and technological advancements in this area.

    Conversely, the Shallow Water segment, while important, involves installations in water depths of up to 30 meters. These areas often use fixed-bottom turbines, which can be less costly and technically challenging than floating structures. However, the potential for environmental impact and the limited number of suitable locations restrict the growth of this segment.

    Transitional Water represents water depths between 30 and 60 meters and serves as a bridge between shallow and deep-water technologies. This segment leverages both fixed and floating technologies depending on specific site characteristics and water depth.

    While transitional waters offer broader options for turbine installation, they face competition from both shallower and deeper installations, each better suited to their respective depth ranges.

    By Turbine Capacity Analysis

    In 2023, the “Above 5 MW” segment held a dominant market position in the floating offshore wind power market, capturing more than a 90.6% share. This segment’s strong dominance is due to the increasing preference for larger turbines, which are more efficient in harnessing wind energy in offshore environments.

    Larger turbines, with capacities above 5 MW, generate significantly more electricity, reducing the cost per megawatt and making projects more economically viable. These high-capacity turbines are particularly suited to the harsher conditions and stronger wind speeds found in offshore settings, maximizing output and efficiency on floating platforms where installation and maintenance costs are higher.

    Conversely, the segments for turbines “Up to 3 MW” and those between “3 MW – 5 MW” have seen reduced market shares. These smaller turbines are less favored in modern offshore wind projects due to their lower energy outputs and less efficient economies of scale.

    Smaller turbines might still be used in specific scenarios where logistical or regulatory constraints limit the deployment of larger units but generally, the trend has been towards maximizing capacity to leverage the advantages of offshore wind conditions.

    Floating Offshore Wind Power Market Share

    Market Key Segments

    By Axis

    • Horizontal
    • Vertical

    By Water Depth

    • Deep Water
    • Shallow Water
    • Transitional Water

    By Turbine Capacity

    • Up to 3 MW
    • 3 MW – 5 MW
    • Above 5 MW

    Drivers

    Advancements in Technology and Increasing Capacity

    One of the most significant drivers propelling the floating offshore wind power market forward is the rapid advancement in technology coupled with an increase in turbine capacity.

    As turbines grow larger and more efficient, they are capable of generating more energy at a lower cost per megawatt, making offshore wind an increasingly competitive alternative to traditional fossil fuels and even fixed-bottom offshore wind installations.

    The development of floating platforms has revolutionized the offshore wind industry by allowing turbines to be installed in deeper waters that were previously inaccessible. This opens up vast new areas of the ocean with higher and more consistent wind speeds, which are ideal for generating electricity.

    Floating structures can be deployed far from shore, thus not only capturing stronger winds but also mitigating visual impact and potential conflicts with coastal usage, thereby increasing social acceptance.

    Furthermore, technological advancements in materials and engineering have significantly reduced the weight and increased the durability of floating platforms, making them more cost-effective and easier to install and maintain. Innovations such as dynamic cabling and automated docking for maintenance have streamlined operations and reduced downtime, further driving down costs.

    The increasing capacity of turbines, now exceeding 5 MW and even reaching into the 10-14 MW range for newer models, means fewer turbines are needed to produce the same amount of energy, reducing the environmental footprint and the cost of energy production.

    Larger turbines with longer blades and higher efficiency can exploit the wind resource better and convert wind into energy at a lower cost per kilowatt-hour.

    The growth of the floating offshore wind market is also supported by global efforts to combat climate change. Many countries have committed to reducing their carbon emissions and are investing in renewable energy infrastructure as part of their strategy.

    Floating offshore wind is seen as a key technology in these plans due to its potential to generate large amounts of clean energy without the geographical constraints faced by onshore wind projects.

    Investments in research and development continue to push the boundaries of what’s possible in floating offshore wind technology. For example, projects involving hybrid platforms that can house both wind turbines and solar panels, or those integrating energy storage systems directly on the platforms, are underway.

    These innovations could further enhance the efficiency and reliability of floating wind farms, making them integral to future energy systems that are resilient, sustainable, and increasingly based on renewable sources.

    Restraints

    High Initial Costs and Complex Logistics

    One of the major restraints facing the floating offshore wind power market is the high initial costs associated with the development and deployment of floating platforms and turbines. These costs are significantly higher than those for onshore wind projects and even some offshore fixed-bottom installations.

    The construction, installation, and maintenance of floating wind farms involve sophisticated and expensive technology, specialized ships for transportation and installation, and highly skilled labor. The floating structures themselves must be robust enough to withstand harsh marine environments, including strong winds, powerful waves, and corrosive saltwater, which necessitates the use of high-grade materials and advanced engineering solutions.

    The complexity of logistics also plays a critical role in driving up costs. Floating wind farms are typically located far from shore in deep waters to capture the best wind resources. This distance complicates the transportation of large turbine components and platforms from manufacturing sites to the installation site.

    Additionally, the installation process requires specialized vessels and equipment that can operate in deep water conditions, which are not only costly but also limited in availability.

    Moreover, the mooring systems for floating turbines add another layer of complexity and expense. These systems must be carefully designed to ensure the stability of the turbines while accommodating the dynamic movement of the floating structures. The anchoring of these systems to the seabed must be engineered to withstand the environmental loads over the turbine’s operational life, which can span several decades.

    Ongoing maintenance and operational costs are also higher for floating platforms compared to fixed-bottom turbines. Accessing these installations for regular maintenance or repairs is more challenging and expensive due to their remote locations. The need for vessels capable of operating in deep water conditions to carry out maintenance work adds to the operational costs.

    The financial risk associated with these high initial and operational costs can deter investment, particularly in a market where cost competitiveness with other forms of renewable energy and fossil fuels is crucial. While technological advancements and economies of scale are expected to reduce costs over time, the current financial demands pose a significant barrier to the rapid deployment of floating offshore wind technologies.

    In addition to the economic challenges, regulatory and permitting processes can also be more complex for floating installations due to their novel technology and potential environmental impacts. Navigating these regulatory frameworks can result in delays and additional costs, further restraining market growth.

    Despite these challenges, the potential of floating offshore wind to significantly contribute to global renewable energy targets continues to drive research and development efforts aimed at overcoming these restraints.

    Innovations in design, materials, and installation methods are gradually lowering costs and improving the feasibility of floating wind projects, highlighting the importance of sustained investment and policy support to unlock the full potential of this promising sector.

    Opportunity

    Expansion into New Offshore Markets

    A significant opportunity for the floating offshore wind power market lies in its potential for expansion into new offshore areas that are currently untapped due to depth constraints on traditional fixed-bottom installations. Floating wind technologies enable the harnessing of wind resources in deep-water environments, which are abundant and largely unexploited across the globe.

    This capability allows for the placement of wind farms further offshore, where they can benefit from stronger and more consistent winds, increasing the efficiency and output of renewable energy generation.

    The global push for renewable energy sources to combat climate change provides a robust framework for the expansion of the floating offshore wind sector. Countries with deep waters, such as Japan, the United States, and those along the European Atlantic coast, stand to significantly benefit. These regions can now consider offshore wind as a viable part of their energy mix, enhancing their energy security and contributing to their carbon reduction targets.

    Moreover, technological advancements and increasing experience within the industry are driving down costs, making floating wind more competitive with other energy sources. The ongoing development of more efficient and durable floating platforms and turbine technology is expected to continue reducing the cost of energy produced by floating wind farms, making them more attractive to investors and governments.

    Additionally, the ability to deploy floating wind farms without the same spatial constraints as fixed-bottom turbines can lead to less conflict with coastal communities and marine ecosystems. This aspect could accelerate regulatory approvals and enhance public acceptance, further stimulating market growth.

    The floating offshore wind power market also presents opportunities for synergies with other maritime and energy sectors. For instance, the integration of these wind farms with marine aquaculture, hydrogen production, or even tourism could open new business models and revenue streams, further increasing the attractiveness of investment in this technology.

    Trends

    Hybrid Renewable Energy Systems and Energy Storage Integration

    A significant trend shaping the floating offshore wind power market is the development and integration of hybrid renewable energy systems and advanced energy storage solutions. As the sector matures, there is an increasing focus on enhancing the efficiency and reliability of energy production from floating wind platforms by combining them with other renewable energy sources such as solar panels and energy storage systems.

    This hybrid approach not only maximizes the output and consistency of power generation but also helps to overcome one of the primary challenges of renewable energy: variability in power supply.

    The integration of energy storage systems, particularly batteries, with floating offshore wind farms is a key development. These systems store excess energy generated during high wind conditions and release it during periods of low wind, thereby stabilizing the supply and making the energy output more predictable and manageable for electricity grids. This trend is crucial for ensuring that floating wind farms can provide a steady, reliable flow of energy to meet consumer demands, even in fluctuating weather conditions.

    Moreover, advancements in technology have made it feasible to install solar panels on the same floating structures used for wind turbines, creating a complementary system where solar power can be harnessed during peak sunlight hours and wind energy during other times. This synergy not only increases the total energy yield from the same installation but also reduces the space and environmental impact associated with renewable energy production.

    These hybrid systems are becoming more appealing due to technological innovations, cost reductions, and the increasing need for diverse energy solutions to meet global climate targets. Additionally, regulatory support for green energy and the development of smarter, more flexible grid infrastructures are facilitating the adoption of these integrated systems.

    The trend towards hybrid renewable energy systems with integrated storage solutions represents a transformative shift in the floating offshore wind power market. It not only enhances the efficiency and viability of floating wind as a major component of the renewable energy landscape but also aligns with broader energy sector goals of sustainability, resilience, and transition towards a low-carbon future. As this trend continues to evolve, it promises to unlock new potentials and opportunities within the renewable energy sector, driving further innovations and investments in the coming years.

    Regional Analysis

    Europe is poised to maintain its dominant position in the global floating offshore wind power market, projected to capture a substantial market share of 58.6% by 2023. This leadership stems from Europe’s proactive stance in implementing stringent environmental regulations and its unwavering dedication to sustainable energy practices.

    European governments have played a pivotal role in driving initiatives aimed at curbing carbon emissions and boosting energy efficiency across diverse sectors, including maritime. These initiatives serve as a blueprint for international standards, emphasizing the crucial role of floating offshore wind power in achieving ambitious environmental goals. Regulatory backing from European authorities has notably spurred demand for floating offshore wind solutions, positioning them as indispensable tools in Europe’s strategy to address emissions across industries.

    The integration of floating offshore wind services in European markets showcases a balanced approach, preserving the region’s rich energy heritage while embracing innovative sustainable solutions. This approach ensures that industries can flourish while concurrently reducing their carbon footprint, highlighting the versatility and vital significance of floating offshore wind technologies in contemporary energy systems.

    Furthermore, Europe’s commitment to sustainability has catalyzed notable advancements in research and development within the floating offshore wind sector. These advancements have led to the creation of more efficient, secure, and eco-friendly floating offshore wind solutions, solidifying Europe’s leadership in promoting cleaner energy alternatives globally.

    The region’s pioneering endeavors not only enhance the performance of floating offshore wind technologies but also establish Europe as a foremost innovator and a global standard-bearer for best practices in the industry.

    Floating Offshore Wind Power Market Regional Analysis

    Key Regions and Countries

    • North America
      • The US
      • Canada
    • Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Russia & CIS
      • Rest of Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • ASEAN
      • Rest of APAC
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC
      • South Africa
      • Rest of MEA

    Key Players Analysis

    The floating offshore wind power market boasts a landscape populated by several key players, each contributing to the sector’s growth and innovation. A comprehensive analysis reveals the following notable entities

    Market Key Players

    • Siemens Gamesa Renewable Energy S.A.
    • Ming Yang Smart Energy Group Co.
    • FlowOcean
    • GoldWind
    • ABB Ltd.
    • General Electric
    • Nordex SE
    • Engie Energy
    • Suzlon Energy Limited
    • Hitachi Ltd.
    • Envision Energy
    • MHI Vestas

    Recent Developments

    • In March 2023, Siemens Gamesa Renewable Energy S.A. secured several key contracts for the development of floating offshore wind farms in Asia-Pacific, underscoring its global reach and market leadership.
    • In August 2023, Goldwind unveiled groundbreaking advancements in floating wind turbine technology, enhancing the efficiency and reliability of its systems.

    Report Scope

    Report Features Description
    Market Value (2022) USD 0.5 Bn
    Forecast Revenue (2032) USD 34 Bn
    CAGR (2023-2032) 51.6%
    Base Year for Estimation 2022
    Historic Period 2017-2022
    Forecast Period 2023-2032
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered By Axis(Horizontal, Vertical), By Water Depth(Deep Water, Shallow Water, Transitional Water), By Turbine Capacity(Up to 3 MW, 3 MW – 5 MW, Above 5 MW)
    Regional Analysis North America – The US & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia & CIS, Rest of Europe; APAC- China, Japan, South Korea, India, ASEAN & Rest of APAC; Latin America- Brazil, Mexico & Rest of Latin America; Middle East & Africa- GCC, South Africa, &Rest of MEA
    Competitive Landscape Siemens Gamesa Renewable Energy S.A., Ming Yang Smart Energy Group Co., FlowOcean, GoldWind, ABB Ltd., General Electric, Nordex SE, Engie Energy, Suzlon Energy Limited, Hitachi Ltd., Envision Energy, MHI Vestas
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
    Floating Offshore Wind Power Market
    Floating Offshore Wind Power Market
    Published date: Nov 2024
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    • Siemens Gamesa Renewable Energy S.A.
    • Ming Yang Smart Energy Group Co.
    • FlowOcean
    • GoldWind
    • ABB Ltd.
    • General Electric
    • Nordex SE
    • Engie Energy
    • Suzlon Energy Limited
    • Hitachi Ltd. Company Profile
    • Envision Energy
    • MHI Vestas
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