Floating Wind Turbine Market Trends

ID: MRFR/EnP/8573-HCR

128 Pages

Garvit Vyas

October 2025

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

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Market Trends

Introduction

By the time we reach 2024, the Floating Wind Turbine Market is on the verge of a major transformation, driven by a combination of macroeconomic factors. The new wind power technology, which will be based on the use of offshore wind farms, will have been developed. The efficiency of wind power, and the costs of generating it, are decreasing, which will enable the floating wind industry to become more viable. At the same time, pressures to reduce carbon emissions will lead governments to incentivise the use of renewable energy, including offshore wind power. In addition, changes in the attitudes of consumers towards the use of sustainable energy will drive up demand for clean power solutions. These trends will have a strategic importance for the industry as they will not only influence investment decisions, but also the positioning of the market in a rapidly changing energy landscape.

Top Trends

Increased Investment in R&D
A large number of the world's leading companies are now investing heavily in the research and development of floating wind-power plants. Among others, companies like Siemens-Gamesa have set aside large budgets to increase the efficiency of the windmills and reduce costs. The result is expected to be a decrease of the levelized cost of energy of up to 20 percent over the next few years. With further technological development, the operating efficiency of floating wind-power plants will probably increase and become more competitive with other energy sources.
Government Incentives and Policies
There are now several countries in the world that are making an effort to promote floating wind energy. Europe has ambitious goals for the offshore wind power industry, aiming for 300 GW by 2050. These goals have a positive effect on the industry, attracting investment and encouraging collaboration among industry leaders. In the future, the regulatory environment is expected to evolve, with the potential for a shortened approval process and increased approvals.
Technological Advancements in Turbine Design
The efficiency of floating wind-turbines is largely increased by new developments in the construction of the rotor, in the shape of the blades and in the material of the rotor. MHI Vestas has developed a design that can be used in harsher marine environments, which is necessary for installation in deeper waters. These developments will substantially increase the efficiency of the rotor and thus increase the output of floating wind-farms.
Expansion into Emerging Markets
The floating windmill is a new type of wind-power technology. It is now being adopted in the emerging economies of Asia and Africa. Japan and South Korea are investing heavily in offshore wind, and they intend to install several gigawatts by 2030. This expansion will diversify the market, creating new opportunities for international cooperation, which will enhance the overall competitiveness of the floating windmill sector.
Focus on Sustainability and Environmental Impact
In the case of floating wind projects, the emphasis is on the sustainable development of the activity. The companies are increasingly putting the emphasis on eco-friendly practices. For example, Shell has committed itself to reducing the environmental impact of its offshore projects. This trend will have a significant influence on the choice of project and on the operational strategy, since the demands for transparency and responsibility on the environment are increasing.
Integration with Energy Storage Solutions
To combat this problem, a combination of floating wind power and energy storage systems is being considered. EDF Renewables is exploring the development of hybrid systems that combine wind energy with storage batteries. This solution could increase the stability of the grid and the availability of the energy produced, thus making it possible to supply electricity from floating wind in areas where demand varies.
Collaboration and Partnerships
In the same way, the collaboration between the players of the industry is becoming more common to share their knowledge and resources. For example, Equinor and Copenhagen Infrastructure Partners have joined forces to develop large floating wind farms. The establishment of such associations is likely to accelerate the timetables and reduce costs, thus promoting a more cooperative climate in the floating wind industry.
Digitalization and Smart Technologies
IT technology, the Internet of Things and artificial intelligence, are the keys to the operation of floating wind farms. Companies use the data to optimize the performance of the machines and to prevent breakdowns. It is hoped that this trend will reduce operating costs and downtime and thus increase the long-term profitability of floating wind farms.
Supply Chain Resilience and Local Manufacturing
The floating wind industry is building up a strong and reliable supply chain and is promoting local production. Companies are investing in local factories in order to reduce transportation costs and enhance supply chain security. Local production is a trend that is expected to create jobs and stimulate local economies.
Increased Public Awareness and Acceptance
Public awareness and acceptance of floating wind power are on the increase, thanks to educational campaigns and community involvement. More and more people are recognizing the advantages of renewable energy. Support for floating wind projects will also grow. This will lead to a better climate for project approvals and increased investment, thus strengthening the market.

Conclusion: Navigating the Floating Wind Turbine Landscape

Competition in the floating wind-turbine market in 2024 will be very fierce. In this sector, the established companies will be able to take advantage of their experience and resources, while the new entrants will bring in the most advanced technology. In the geographical distribution of the industry, the trend will be towards more sustainable practices and greater regulatory support, particularly in Europe and Asia-Pacific, which will become the hotspots for investment. The suppliers must strategically develop their capabilities in artificial intelligence, automation, and adaptability, to meet the rising demand for sustainable energy. In this fast-changing market, the ability to respond to the market’s changing demands and to integrate new technology will be the key to survival.

Market Highlights

Author

Garvit Vyas

Analyst

Explore the profile of Garvit Vyas, one of our esteemed authors at Market Research Future, and access their expert research contributions in the field of market research and industry analysis

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FAQs

What is the expected market size of the Floating Wind Turbine Market in 2024?

The Floating Wind Turbine Market is expected to be valued at 3.37 billion USD in 2024.

What is the projected market value for the Floating Wind Turbine Market by 2035?

By 2035, the Floating Wind Turbine Market is projected to reach a value of 19.99 billion USD.

What is the expected CAGR for the Floating Wind Turbine Market from 2025 to 2035?

The expected compound annual growth rate (CAGR) for the Floating Wind Turbine Market is 17.57% from 2025 to 2035.

Which region is forecasted to have the largest market size in 2035?

Europe is forecasted to have the largest market size in 2035, valued at 10.0 billion USD.

What are the expected market values for the Spar-Buoy technology segment in 2024 and 2035?

The Spar-Buoy technology segment is expected to be valued at 1.0 billion USD in 2024 and 5.5 billion USD by 2035.

What is the market size forecast for the Semi-Submersible segment by 2035?

The Semi-Submersible segment is expected to reach a market size of 7.0 billion USD by 2035.

What is the projected market value for North America in 2035?

North America is projected to reach a market value of 4.0 billion USD by 2035.

Who are the key players in the Floating Wind Turbine Market?

Key players in the Floating Wind Turbine Market include General Electric, Siemens Gamesa Renewable Energy, and MHI Vestas Offshore Wind.

What is the expected market value for the Tension Leg Platform technology by 2035?

The Tension Leg Platform technology segment is expected to be valued at 4.5 billion USD by 2035.

What challenges does the Floating Wind Turbine Market face?

The market faces challenges such as high initial costs and technical complexities associated with floating wind technology.

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Market Summary

As per Market Research Future Analysis, the Floating Wind Turbine Market was valued at 6.54 USD Billion in 2024 and is projected to reach 157.05 USD Billion by 2035, growing at a CAGR of 33.50% 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 157.05 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.

Floating Wind Turbine Market

CAGR

33.50%

Market Size & Forecast

2024 Market Size	USD 6.54 Billion
2035 Market Size	USD 157.05 Billion
CAGR (2025-2035)	33.50%
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.

Market Trends

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.

Floating Wind Turbine Market Market Drivers

Rising Demand for Renewable Energy

The Global Floating Wind Turbine Market Industry is experiencing a surge in demand for renewable energy sources, driven by the increasing global emphasis on sustainability and reducing carbon emissions. Governments worldwide are implementing policies and incentives to promote clean energy technologies, which is likely to bolster the adoption of floating wind turbines. For instance, the European Union aims to achieve a significant share of its energy from renewable sources by 2030, which could enhance market growth. The market is projected to reach 3.37 USD Billion in 2024, reflecting the growing commitment to renewable energy solutions.

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.

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.

Get more detailed insights about Floating Wind Turbine Market Research Report – Forecast till 2035

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, Market Research Future Database, and Analyst Review

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 market include

Industry Developments

Q2 2024: Windletter #88 - OceanX, the dual-rotor floating platform by Mingyang, installed at its final location Mingyang installed its OceanX dual-rotor floating wind platform at its final location in 2024, marking a significant technology deployment in the floating wind turbine sector.
Q2 2024: France: 750 MW awarded in the AO5 and AO6 tenders, spread across three floating projects France awarded 750 MW of floating wind capacity in 2024 through the AO5 and AO6 tenders, distributed across three separate floating wind projects.
Q2 2024: South Korea: 750 MW for the Firefly project South Korea awarded 750 MW of floating wind capacity to the Firefly project in 2024, representing a major contract win in the sector.
Q2 2024: United Kingdom: 400 MW for the Green Volt project, in the CfD Allocation Round 6 The UK awarded 400 MW of floating wind capacity to the Green Volt project during the sixth round of Contracts for Difference (CfD) in 2024.

Future Outlook

Floating Wind Turbine Market Future Outlook

The Floating Wind Turbine Market is projected to grow at a 17.57% CAGR from 2025 to 2035, driven by technological advancements, increasing energy demands, and supportive government policies.

New opportunities lie in:

Invest in R&D for advanced floating turbine designs to enhance efficiency.
Develop strategic partnerships with offshore energy firms for project collaboration.
Leverage digital technologies for predictive maintenance and operational optimization.

By 2035, the Floating Wind Turbine Market is expected to achieve substantial growth, positioning itself as a key player in renewable energy.

Market Segmentation

Floating Wind Turbine Market End Use Outlook

Energy Production
Research and Development
Commercial Agreements

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

Report Scope

Report Attribute/Metric	Details
Market Size 2024	3.37 (USD Billion)
Market Size 2035	157.05 (USD Billion)
Compound Annual Growth Rate (CAGR)	33.50% (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
Market Size 2025	8.73 (USD Billion)