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

Floating Wind Turbine Market Summary

As per MRFR Analysis, the Floating Wind Turbine Market was valued at 2.87 USD Billion in 2023 and is projected to reach 20 USD Billion by 2035, growing at a CAGR of 17.57% from 2025 to 2035. The market is driven by increasing global renewable energy targets, technological advancements, and rising demand for clean energy amid climate change awareness.

Key Market Trends & Highlights

The Floating Wind Turbine Market is experiencing significant growth due to various trends.

• The market is expected to grow from 3.37 USD Billion in 2024 to 20 USD Billion by 2035.
• Spar-Buoy technology is projected to reach 5.5 USD Billion by 2035, highlighting its dominance.
• Semi-Submersible technology is anticipated to grow from 1.5 USD Billion in 2024 to 8.0 USD Billion by 2035.
• Europe is expected to lead the market with a valuation of 9.32 USD Billion by 2035.

Market Size & Forecast

2023 Market Size: USD 2.87 Billion

2024 Market Size: USD 3.37 Billion

2035 Market Size: USD 20 Billion

CAGR (2025-2035): 17.57%

Largest Regional Market Share in 2024: Europe.

Major Players

Key players include Equinor, BlueFloat Energy, EDF Renewables, Siemens Gamesa Renewable Energy, Shell, MHI Vestas Offshore Wind, and General Electric.

Key Floating Wind Turbine Market Trends Highlighted

The Floating Wind Turbine Market is undergoing significant trends that are being driven by the growing demand for renewable energy sources. Government policies in numerous regions are facilitating the transition to renewable energy by reducing carbon emissions and improving energy security. This change is promoting investments in offshore wind projects, particularly in regions where conventional wind turbines may not be feasible.

Advancements in technology that enhance the efficacy and reliability of floating wind turbines are among the primary market drivers, rendering them a more appealing alternative for energy generation. In recent years, there has been an increasing interest in hybrid energy systems, which involve the integration of floating wind generators with other energy sources, such as solar or battery storage.

This integration offers the potential to optimize energy output and stability. In addition, the market is further facilitated by the increasing prominence of collaborations between governments and the private sector as countries strive to achieve their renewable energy objectives. Additionally, there is a growing emphasis on sustainability in the manufacturing of floating wind turbines. Eco-friendly materials and manufacturing practices are acquiring momentum in accordance with global environmental objectives. Additionally, the offshore floating wind sector enables the installation of turbines in deeper waters, where wind resources are generally more consistent and robust, resulting in a greater capacity to capture energy.

The Floating Wind Turbine Market is expected to experience substantial growth as a result of these trends, which are being driven by sustainable energy initiatives and innovative solutions that are specifically designed to address the challenges of offshore energy production.

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Floating Wind Turbine Market Drivers

Rising Demand for Renewable Energy Sources

There is an accelerating global shift towards renewable energy sources driven by environmental concerns and government mandates. According to the United Nations, renewable energy investment needs to reach approximately 2 trillion USD annually by 2030 to meet climate goals. This monumental shift highlights the essential role that technologies like floating wind turbines play in closing the renewable energy gap. Additionally, organizations such as the International Energy Agency (IEA) project that offshore wind capacity will increase from around 29 gigawatts currently to more than 230 gigawatts by 2030.

This growth roadmap fosters a robust Floating Wind Turbine Market Industry, significantly contributing to the anticipated market expansion.

Technological Advancements in Floating Wind Turbines

Innovations in design and materials for floating wind turbines are redefining their efficiency and cost-effectiveness. Recent advancements, like larger rotor diameters and improved mooring systems, are significantly enhancing the energy capture potential of these devices. According to the Global Wind Energy Council (GWEC), technological improvements have already resulted in a decrease in the cost of offshore wind energy by 50% since 2010. With leading companies like Siemens Gamesa and MHI Vestas investing heavily in Research and Development initiatives, the Floating Wind Turbine Market Industry is positioned to benefit from these breakthroughs, ultimately leading to greater adoption and expansion.

Supportive Government Policies and Initiatives

Governments across the globe are implementing policies and subsidies to promote the adoption of floating wind technology. For instance, countries like Norway and France have introduced aggressive funding schemes aimed at supporting offshore renewable energy projects. The European Commission’s Green Deal emphasizes the aim of increasing renewable energy sources to 30% of total consumption by 2030, creating an environment conducive to the growth of the Floating Wind Turbine Market Industry.

Additionally, the Biden administration’s infrastructure plan allocates billions of dollars for offshore wind development, assuring significant market traction in the coming years.

Growing Investor Interest in Sustainable Energy Infrastructure

There is a notable increase in investments towards sustainable infrastructure due to the heightened focus on Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) parameters. According to the Global Sustainable Investment Alliance, global sustainable investment reached about 35 trillion USD in 2020, marking a 15% increase in just two years. Institutional investors and organizations like BlackRock are advocating for a substantial shift toward clean energy investments.

This remarkable surge in funding and interest supports the Floating Wind Turbine Market Industry. It ensures a more robust market forward, particularly as energy companies pivot towards environmentally friendly sources.

Floating Wind Turbine Market Segment Insights:

Floating Wind Turbine Market Technology Insights  

The Floating Wind Turbine Market showcases significant growth within the Technology segment, reflecting an increasing investment in renewable energy sources and the ongoing need for sustainable power solutions. As of 2024, the overall market value is estimated at 3.37 USD billion, with projections indicating a substantial rise to 20.0 USD billion by 2035. This growth trajectory represents a compound annual growth rate of 17.57 percent from 2025 to 2035, highlighting the attractiveness of this sector for investment and development. The Technology segment can be dissected into several critical components: Spar-Buoy, Semi-Submersible, Tension Leg Platform, and Dynamic Positioning Systems, each contributing uniquely to the overall market dynamics.

The Spar-Buoy technology, valued at 1.0 USD billion in 2024 and expected to reach 5.5 USD billion by 2035, is gaining traction due to its ability to withstand harsh marine conditions while requiring minimal seabed intervention. This allows for deployment in deeper waters, which expands the potential installation sites, making it a significant contributor to the market. Likewise, the Semi-Submersible design holds a valuation of 1.2 USD Billion in 2024 and is anticipated to grow to 7.0 USD billion by 2035. This design is advantageous in terms of stability and can accommodate larger turbines, thereby maximizing energy output.

Moreover, the Tension Leg Platform technology, valued at 0.87 USD billion in 2024 and projected to grow to 4.5 USD billion by 2035, offers a unique advantage in water depths that are typically inaccessible, thereby enabling energy harnessing where traditional methods would fail. Finally, Dynamic Positioning Systems, although currently valued at 0.3 USD Billion in 2024 and expected to grow to 3.0 USD Billion by 2035, play a critical role in the precise location and stability of floating turbines, enhancing operational efficiency and reducing risks associated with vessel anchoring.

These segments underscore the diversity and adaptability of technologies within the Floating Wind Turbine Market, each pivotal to enhancing energy production and accessibility in maritime environments. As the market matures, the need for more sophisticated and efficient technologies will continue to shape the landscape, leading to innovations and improved designs that align with global energy demands and sustainability efforts. With a vigorous push towards renewable energy, the integration and development of these technologies are expected to dominate and further actualize market potential across the globe.

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Floating Wind Turbine Market Mooring System Insights  

The Floating Wind Turbine Market is projected to experience significant growth, particularly in the Mooring System segment, which plays a crucial role in the stability and efficiency of floating wind turbines. By 2024, the overall market is valued at 3.37 USD billion, with the Mooring System segment reflecting various anchoring methods that are essential for maintaining turbine positions in offshore settings. The anchoring methods include Drag-In Anchoring, which is favorable for its simplicity and cost-effectiveness, and Catenary Anchoring, known for its flexible connection that adapts to varying sea conditions.

Tethered Anchoring is gaining traction due to its ability to provide a strong hold in turbulent waters. At the same time, Suction Anchoring has become increasingly popular for its rapid installation and minimal environmental impact. As global energy demands shift towards renewable sources, advancements in these anchoring technologies will drive market growth, ensuring the efficient deployment of floating wind turbines in diverse marine environments. The significance of these anchoring types is underscored by market trends favoring innovative solutions that enhance stability and reduce installation time, allowing for broader adoption in international markets focused on sustainable energy.

Floating Wind Turbine Market Installation Method Insights  

The Floating Wind Turbine Market is experiencing substantial growth, particularly in the context of installation methods employed within the industry. By 2024, the market is expected to be valued at 3.37 billion USD and is projected to reach 20.0 billion USD by 2035, highlighting the rapidly increasing adoption of floating wind technology across various regions globally. Among the installation methods, floating installation is pivotal due to its efficiency and versatility in deploying turbines in deeper waters. Wet tow installation and dry tow installation also play significant roles, catering to varying project requirements and environmental conditions.

These methods facilitate the effective deployment of wind turbines in locations previously deemed challenging for traditional fixed installations. The rising emphasis on renewable energy sources, coupled with supportive government policies and incentives, is driving market growth. Furthermore, technological advancements in installation techniques are reducing costs and enhancing reliability, thereby shaping the future dynamics of the Floating Wind Turbine Market segment. Key players are continuously seeking innovative and cost-effective installation methods, making this segment vital to the overall development in the field of floating wind energy.

Floating Wind Turbine Market End Use Insights  

The Floating Wind Turbine Market, with a valuation of 3.37 USD Billion in 2024, demonstrates a strong potential for growth across its End Use segment, which includes Energy Production, Research and Development, and Commercial Agreements. Energy Production plays a vital role in this sector, as it facilitates the commercialization of floating wind technology, contributing significantly to renewable energy targets globally. Research and Development are essential for advancing innovations within the industry, ensuring the efficiency and reliability of floating wind turbines.

This segment fuels the development of next-generation technologies, which have major implications for cost reduction and energy output enhancements. Commercial Agreements are also prominent, as they solidify partnerships and collaborations that enable shared resources and expertise, further driving market expansion. The Floating Wind Turbine Market Statistics reveal that factors such as increased investments in renewable energy and innovative technologies are major growth drivers. In contrast, challenges such as regulatory hurdles and infrastructure development need to be effectively managed. Overall, the end-use segment is poised for considerable transformation, reflecting the increasing global focus on sustainable energy solutions.

Floating Wind Turbine Market Regional Insights

The Floating Wind Turbine Market is experiencing notable growth across various regions, reflecting the increasing energy demands and the shift towards renewable sources. In 2024, the North America segment is valued at 0.7 USD Billion, expected to grow to 4.0 USD billion by 2035, highlighting its emerging importance in the renewable energy sector. Europe dominates this market with a valuation of 1.6 USD Billion in 2024, projected to reach 10.0 USD billion in 2035, driven by government initiatives and substantial investments in sustainable energy.

South America, valued at 0.25 USD billion in 2024 and anticipated to reach 1.5 USD billion by 2035, is gradually tapping into floating wind technologies as its energy infrastructure evolves. The Asia Pacific region, valued at 0.8 USD Billion in 2024, is expected to expand to 3.5 USD billion by 2035, fueled by increasing urbanization and a push for green energy solutions. The Middle East and Africa show significant growth potential, although their current valuation stands at only 0.02 USD billion in 2024, potentially growing to 1.0 USD billion by 2035.

This dynamic regional segmentation underscores various market growth patterns driven by government policies, technological advancements, and the global shift towards sustainable energy solutions, contributing to the overall growth of the Floating Wind Turbine Market revenue.

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Floating Wind Turbine Market Key Players and Competitive Insights:

The Floating Wind Turbine Market has gained significant traction in recent years due to a growing emphasis on renewable energy solutions and the push for sustainable energy generation. This sector is characterized by innovative technologies that enable the installation of wind turbines in deeper waters, allowing for access to stronger and more consistent wind resources. The competitive landscape of this market is rapidly evolving, driven by advancements in turbine design, installation techniques, and floating platform technologies.

As governments and organizations strive to meet energy needs while minimizing environmental impacts, numerous players are entering the market, each leveraging their unique strengths and expertise to capture market share. The competitive environment is marked by collaborations, strategic partnerships, and technological advancements aimed at enhancing the efficiency and viability of floating wind energy projects globally.

Murphy Oil Corporation possesses unique strengths within the Floating Wind Turbine Market due to its extensive experience in the energy sector and ongoing commitment to diversifying its energy portfolio. With a solid foundation in oil and gas, the company is well-positioned to leverage its resources and expertise in marine environments to develop floating wind energy solutions.

This strategic focus on renewable energy aligns with global trends and regulations seeking to reduce carbon emissions, positioning Murphy Oil Corporation as a forward-thinking entity in the transition toward sustainable energy. By investing in innovative technologies and collaborations that enhance the development and deployment of floating wind projects, Murphy Oil Corporation is capable of significantly strengthening its market presence and contributing to the broader objectives of renewable energy transformation.

Nordex has established itself as a prominent player in the Floating Wind Turbine Market, known for its advanced technological solutions and comprehensive service offerings in the wind energy sector. The company specializes in designing and manufacturing wind turbines tailored for offshore and floating applications, enhancing its competitiveness in this niche market. With a diverse product line that includes high-efficiency turbines, Nordex caters to a variety of project scales and customer requirements across the globe.

A key component of Nordex's strategy includes strategic mergers and acquisitions that bolster its technological capabilities and market reach. These initiatives not only expand the company’s footprint within the floating wind sector but also enhance its ability to meet emerging demands for clean energy. By emphasizing sustainability and operational efficiency, Nordex continues to strengthen its position and contribute significantly to the advancement of floating wind technology on a global scale.

Key Companies in the Floating Wind Turbine Market Include:

• Murphy Oil Corporation


• Nordex


• MHI Vestas Offshore Wind


• Blue H Technologies


• RWE


• General Electric


• Senvion


• Principle Power


• Shell


• EDF Renewables


• Habitat Energy


• Siemens Gamesa Renewable Energy


• Equinor


• Copenhagen Infrastructure Partners

Floating Wind Turbine Market Industry Developments

The Floating Wind Turbine Market has seen significant developments recently, notably with companies like Murphy Oil Corporation, Nordex, and MHI Vestas Offshore Wind advancing their innovative technologies.

In June 2025, Equinor and Gwynt Glas (a joint venture between EDF Renewables UK and ESB) each obtained seabed leases for 1.5 GW projects in the Celtic Sea, thereby increasing the UK's capacity for floating wind farms in deeper waters.

The first Vestas V164 10.0 MW turbine was assembled by Ocean Winds and Banque des Territoires in June 2025 at Port La Nouvelle, France, for the 30 MW "Éoliennes Flottantes du Golfe du Lion" project, which is the second floating wind farm in France.

The Utsira Nord site in Norway was the site of the first floating offshore wind auction in May 2025, with a capacity of up to 500 MW. The victors of the auction developed proposals in advance of the subsidy competitions in 2028–2029.

Saipem and Divento, which is supported by Plenitude, CDP, and Copenhagen Infrastructure Partners, formed a partnership in March 2025 to implement the STAR-1 concept in the floating wind projects of 7 Seas Med (Sicily) and Ichnusa Wind Power (Sardinia) in Italy.

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

Floating Wind Turbine Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa

Report Attribute/Metric	Details
Market Size 2023	2.87 (USD Billion)
Market Size 2024	3.37 (USD Billion)
Market Size 2035	19.99 (USD Billion)
Compound Annual Growth Rate (CAGR)	17.57% (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 Billion
Key Companies Profiled	Murphy Oil Corporation, Nordex, MHI Vestas Offshore Wind, Blue H Technologies, RWE, General Electric, Senvion, Principle Power, Shell, EDF Renewables, Habitat Energy, Siemens Gamesa Renewable Energy, Equinor, Copenhagen Infrastructure Partners
Segments Covered	Technology, Mooring System, Installation Method, End Use, Regional
Key Market Opportunities	Rising demand for renewable energy, Technological advancements in floating platforms, expanding offshore wind installations, Government incentives for clean energy, Increased investments in sustainable infrastructure
Key Market Dynamics	increasing offshore wind investments, advancements in floating technology, government incentives for renewables, rising energy demand globally, and environmental sustainability focus
Countries Covered	North America, Europe, APAC, South America, MEA