Floating Offshore Wind Energy Market Worth to Reach $7.29 Bn by 2032

The floating offshore wind energy market size is projected to witness over 46% CAGR from 2023-2032, owing to the ongoing innovations in floating wind turbine technologies.

The surging advancements in various aspects of design, materials, and installation techniques are directed to collectively enhance the efficiency and cost-effectiveness of offshore wind technology. Additionally, innovations in installation techniques, such as improved efficient assembly processes and deployment strategies as well as reduced installation times and costs are resulting in quicker project completion and return on investment.

The increasing interest in floating offshore wind deployment in deep seas at lower cost along with the rising number of R&D projects will also drive the market growth. For instance, in May 2023, Tokyo Electric Power, Electric Power Development, Kawasaki Kisen Kaisha, Albatross Technology, and Chubu Electric collaborated on the development of a next-generation floating axis offshore wind turbine demonstration project.

The floating offshore wind energy market is categorized based on axis, component, depth turbine rating, and region.

Based on axis, the floating offshore wind energy market from the vertical segment is set to exhibit over 67% growth rate through 2032. Vertical-axis wind turbines (VAWT) are well-suited for floating platforms that experience variable wind conditions at sea as they help to capture wind from any direction. The favorable initiative led by market players in collaboration with government bodies will also propel the industry growth. For instance, in March 2022, the Norwegian Ministry of Energy approved SeaTwirl and Norwegian offshore wind test facility, Marine Energy Test Centre for piloting the vertical-axis floating wind prototype for 5 years at former fish farm in Boknafjorden, 700 meters from the shoreline.

Based on component, the floating offshore wind energy market size from the tower segment is expected to record over 50% CAGR from 2023 to 2032. The advancements in tower design, engineering, and materials have led to improved structural integrity, durability, and cost-effectiveness. Taller towers also enable access to stronger, more consistent winds at greater depths, further enhancing the energy production and efficiency.

In terms of regional landscape, North America floating offshore wind energy market size will witness more than 39% growth rate over the forecasted timeline due to the surging government support, inclusive of federal investment incentives and state-level commitments to renewable energy. Additionally, the growing focus on environmental sustainability and the need to diversify the energy mix will propel the market growth in the region.

Source https://www.gminsights.com/industry-analysis/floating-offshore-wind-energy-market

GMI Insights | https://www.gminsights.com/