Floating Offshore Wind Energy Market to Hit $7.2 Bn By 2032, Says Global Market Insights Inc.

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Major floating offshore wind energy market participants include Vestas, General Electric, Siemens Gamesa Renewable Energy, Hexicon, Prysmian Group, Sumitomo Electric Industries, Ltd., Global Energy (Group) Limited, Equinor ASA, Ørsted A/S, Simply Blue Group, RWE, Nexans, and Vattenfall AB.

Selbyville, Delaware,, Sept. 11, 2023 (GLOBE NEWSWIRE) —

The floating offshore wind energy market valuation is anticipated to cross USD 7.2 billion by 2032, as reported in a research study by Global Market Insights Inc.

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Ongoing advancements in floating wind turbine technology, including more stable and cost-effective designs, improved materials, and enhanced mooring systems, are driving market growth. These innovations make floating wind energy more competitive and attractive. Besides, scientists and research organizations globally have been putting their foot forward to undertake R&D initiatives and evaluate the unexplored potential of the floating offshore wind, thus contributing to the market growth.

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The vertical axis floating offshore wind energy market could undergo significant transformation over 2023-2032, due to its potential to harness wind power in deeper waters, expanding the reach of renewable energy generation. The development of innovative floating wind turbine designs, such as the Vertiwind project in France, showcases the feasibility of this technology. In addition, the growing global emphasis on clean energy and climate goals, exemplified by the Biden administration’s commitment to offshore wind off the US coasts, further fuels the interest in vertical floating offshore wind as a sustainable and scalable energy solution.

The tower segment could capture a decent floating offshore wind energy market share by 2032, due to the unique advantages, notably the ability of floating offshore wind energy towers to tap into powerful winds in deeper waters. These floating structures enable access to offshore sites previously untapped, increasing the potential for clean energy generation. The global push for renewable energy sources, as seen in projects like the WindFloat Atlantic off the coast of Portugal, underscores the growing demand for floating offshore wind energy towers as a vital component of sustainable energy transition.

North America floating offshore wind energy market is experiencing rapid growth due to several key factors. The vast untapped wind resources in the region’s deep waters present a significant opportunity for clean energy generation. Governments and states like California and Maine are actively supporting offshore wind projects, offering incentives and streamlined permitting processes. The Vineyard Wind project off the coast of Massachusetts, one of the largest in the world, serves as a prominent example, highlighting North America’s commitment to expanding floating offshore wind energy as a crucial component of its renewable energy portfolio.

Notable players in the floating offshore wind energy market include Vestas, General Electric, Siemens Gamesa Renewable Energy, Hexicon, Prysmian Group, Sumitomo Electric Industries, Ltd., Global Energy (Group) Limited, Equinor ASA, Ørsted A/S, Simply Blue Group, RWE, Nexans, and Vattenfall AB. These companies prioritize market expansion through strategic partnerships, the introduction of new products, and dedicated efforts in commercialization. Additionally, they commit substantial resources to research and development to bring innovative products to market and maximize their revenue potential.

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Partial chapters of report table of contents (TOC):

Chapter 5  Market, By Axis
5.1    Key axis trends
5.2    Horizontal
5.2.1    Up-wind
5.2.2    Down-wind
5.3    Vertical
Chapter 6   Market, By Component
6.1    Key component trends
6.2    Blades
6.3    Tower
6.4    Others
Chapter 7   Market, By Depth
7.1    Key depth trends
7.2    ≤ 30 m
7.3    >30 m to 50 m
7.4    > 50 m

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

CONTACT: Contact Us: Aashit Tiwari Corporate Sales, USA Global Market Insights Inc. Toll Free: 1-888-689-0688 USA: +1-302-846-7766 Europe: +44-742-759-8484 APAC: +65-3129-7718 Email: [email protected]

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