Market Outlook

According to Future Market Consulting analysis, Global Floating Wind Power Plant Market size was valued at USD 7.95 Billion in 2021 and is projected to reach USD 89.72 Billion by 2030, growing at a CAGR of 18.04 % from 2022 to 2030.

As energy consumption has increased, leading to an increase in carbon emissions, both established and developing nations have embraced renewable energy sources. Even though sources of clean energy like wind and solar are better at reducing carbon emissions, wind turbines have been developed. Today's offshore wind farms are a result of cutting-edge study and technology. Consequently, sources of green energy have influenced the demand for floating wind.

As floating offshore wind installations increase, industry participants are positioned to deepen their market penetration in Japan. Japan is considering increasing deployed floating offshore wind power to 4 GW by 2030 and 18 GW by 2050, as reported by the Japanese Wind Power Association. Positive spending in a green power portfolio may strengthen Japan's standing on the world market. The largest part of a $530 million, or nearly 70% of the it, that may be used to construct new power plants is renewable energy, according to the IEA studies issued from World Energy Investments, which were released in 2021. Consumer demand for carbon-free energy has spurred technological development and a reliable supply system as the future of energy.

Despite having a higher capacity factor than equivalent innovations such as solar & onshore wind, offshore wind's expensive capital cost prevents its widespread use. Offshore wind generators are susceptible to erosion because they operate for years in harsh marine environments. Offshore wind fields can be harmed even by their best features, like strong wind speeds. Additionally, offshore wind farms typically present extra logistical challenges. Wind farms are frequently located away from the coast, making them difficult to access, particularly during severe weather. As a result, even minor technical errors can be difficult and expensive to correct. Due to the market's high capital, maintenance-related, and transportation costs, growth will face significant obstacles as a consequence.

Key Players

• General Electric
• ABB Ltd
• Siemens Gamesa Renewable Energy, S.A.
• Adwen GmbH
• Ming Yang Smart Energy Group Ltd
• Suzlon Energy Limited
• Nordex SE
• Xinjiang Goldwind Science & Technology Co., Ltd.
• Envision Group
• Vestas Wind Systems A/S

 Segmentation

By Capacity

• Up to 3 MW
• 3 – 5 MW
• Above 5 MW

By Foundation

• Spar-Buoy Foundation
• Tension-Leg Platform (TLP) Foundation
• Semi-Submersible Foundation
• Other Foundations

By Depth

• Shallow Water (<40m)
• Transitional (40 – 60m)
• Deep Water (60m<)

By Application

• Commercial
• Industrial
• Other Applications

By Region

North America

• S.
• Canada
• Mexico

Europe

• France
• UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Rest of Asia Pacific

Middle East & Africa

• GCC
• South Africa
• Rest of the Middle East & Africa

South America

• Brazil
• Argentina
• Rest of South America