The future of clean energy is set to take a significant turn in the upcoming years. As wind power continues to establish itself as a crucial player in the energy transition, floating offshore wind is emerging as a game-changer. The research and development in harnessing wind energy made a crucial impact, like introducing floating offshore wind turbines and flexible floating platforms.

The global capacity of floating offshore wind is projected to reach a staggering 270 GW by 2050. The companies are more involved in providing cost-competitive and sustainable energy. Governments are also pushing for green energy with new policies introduced recently. In this blog, we explore the top 7 floating offshore wind companies according to their installed capacities, leading the race in 2024!

List of Floating Offshore Companies in the world (According to Installed Capacity in 2023)

Siemens Gamesa Renewable Energy SA

Incorporated: 2017

Headquarters: Zamudio, Spain

No of employees: 29, 267

Installed Capacity: 9 GW

Revenue 2022: USD 10.59 billion

Revenue 2023: USD 9.8 billion

Market cap: USD 12.93 billion

Siemens Gamesa is one of the leading global providers of offshore wind power, founded in April 2017 as a merger of Siemens Wind Power and Gamesa. Siemens Energy AG is the sole shareholder holding Siemens Energy AG with 100% shares. With headquarters in Zamudio, Spain, Siemens Gamesa ensures customer proximity through a network of over 50 sales offices in 39 countries and 7 service core competence centers spanning all regions.

Siemens Gamesa installed more than 137 GW of wind power installed worldwide. Also, their 29,267 strong workforce drives a €9.1 billion annual revenue, and a healthy €41.7 billion order backlog (as of FY23). They operate globally with a modern footprint and leverage advanced digital capabilities to deliver a comprehensive wind power portfolio that meets all project requirements.

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Key Projects and Innovations

Siemens Gamesa has a reliable product portfolio in offshore wind, having installed over 24.5 GW since 1991, and extends its commitment beyond turbine supply by maintaining over 82 GW, ensuring customer profitability.

In 2023, Siemens Gamesa divested its 32% stake in Windar Renovables and expanded its reach through a partnership for a 532 MW offshore wind farm project in South Korea.

Siemens Gamesa aims for 100% recyclable turbines with high recyclability rates around 85%-90%.

Contributes to the 630 MW London Array project featuring their 175 Siemens 3.6-megawatt wind turbines.

Beyond supplying floating wind turbines, Siemens Gamesa expands its reach by financing projects like Ørsted's record-breaking Hornsea 2 wind farm (1.3 GW) off the Yorkshire coast, powering over 1.4 million UK homes.

Siemens Gamesa secured an order from TenneT TSO to supply the technology for efficient direct-current transmission in the DolWin6 grid connection, supporting offshore wind power plants in the German North Sea.

Future Outlook

Siemens Gamesa, a pioneer in offshore wind since 1991 with the world's first project, remains a global leader committed to a sustainable future. As the market surges towards a projected 360 GW installed capacity by 2030, Siemens Gamesa stands at the forefront with innovative solutions like green hydrogen and floating wind. Their portfolio boasts technologically advanced turbines like the recently launched SG 14-236 DD, a 14 MW powerhouse, alongside established options like the cost-efficient 8 MW SG 8.0-167 DD. This dedication to both innovation and proven technology positions Siemens Gamesa to be a key player in shaping the bright future of offshore wind power.

Read: Global Top 10 Offshore Wind Turbine Manufacturers

Orsted 

Incorporated: 2006

Headquarters: Fredericia, Denmark

No of employees: more than 9,000

Installed Capacity: 8.9 GW

Revenue 2022: USD 11.37 billion

Revenue 2023: USD 11.4 billion

Market cap: USD 23.06 billion

Ørsted, headquartered in Denmark, is a global leader in renewable energy, dedicated to a vision of a world powered entirely by green sources. Specializing in offshore and onshore wind farms, solar farms, energy storage, renewable hydrogen, and bioenergy plants, Ørsted is recognized for its climate leadership and validated net-zero emissions target. With around 8,900 employees, the company's revenue reached DKK 79.3 billion (USD 11.4 billion) in 2023, solidifying its pivotal role in driving the transition to sustainable energy solutions.

Key Projects and Innovations

• Ørsted uses 11 MW turbines with a rotor diameter of 200 meters, producing more than double the energy of the first offshore wind farm they built in 1991.
• Ørsted is constantly improving methods for installation, foundation design, and logistics in the offshore wind industry. This likely includes innovations to make installation faster, cheaper, and more efficient in different seabed conditions.
• Ørsted uses the world's first wind radar to collect big data on wind patterns. This data helps them improve wind farm design to maximize energy production.
• Ørsted has achieved significant cost reductions in offshore wind energy, making it cheaper than newly built fossil fuel power plants in some regions.
• Ørsted operated 8.9 GW of offshore wind capacity in 2022, with a target of reaching 20-22 GW by 2030.
• Upcoming projects by Orsted include project Stromar, a 1 gigawatt floating wind farm to be operational by 2030, and project Salamander, a 100-megawatt floating wind farm expected to be operational before 2030.

Future Outlook

Ørsted is a global leader in offshore wind, currently constructing and operating farms across Europe, North America, and Asia. They plan to maintain this leadership by expanding into floating wind farms, a technology that unlocks deeper water wind energy potential. Their goal is ambitious: reaching 20-22 GW of offshore wind capacity by 2030, solidifying their position in powering the future with clean energy.

Vestas Wind Systems AS

Incorporated: 1945

Headquarters: Aarhus, Denmark

No of employees: 29,000

Installed Capacity: 7 GW

Revenue 2022: USD 16.63 billion

Revenue 2023: USD 15.19 Billion

Market cap: USD 27.63 Billion

Vestas Wind Systems AS is a global leader in sustainable energy solutions including the successful installation of over 169 GW of wind turbines across 88 nations. The company was founded in Denmark (headquarters in Aarhus) and has over 40 years of experience in wind energy. The company focuses on designing, manufacturing, installing, and servicing onshore and offshore wind turbines, blades, towers, and power converters. 

Key Projects and Innovations

• Steelhead Americas, a part of Vestas Development, was formed in 2015 to identify and develop new locations for renewable energy projects in North America that support Vestas technology. 
• An example project from Steelhead Americas is the 185 MW Mississippi project which will provide clean energy to 80,000 homes.
• Vestas Development has a offshore wind project pipeline of 30.2 GW, with an additional 6.7 GW of potential projects identified through development activities. 
• They offer various wind turbine platforms like EnVentus™, 4 MW, and 2 MW. Their service network extends to +152 GW of combined capacity.
• Vestas has serviced more than 57,000 turbines worldwide.

Future Outlook

Vestas ended 2023 with positive performance with a record order intake of 18.4 GW. Revenue reached EUR 15.4 billion, with growth coming from both higher pricing and their service business. The company also announced a significant sustainability step with low-emission steel towers developed with ArcelorMittal. They project revenue between EUR 16-18 billion and an EBIT margin b.s.i. of 4-6 percent for 2024.

General Electric Company

Incorporated: 1892 

Headquarters: Boston, Massachusetts, United States

No of employees: 125,000

Installed Capacity: 7 GW

Revenue 2022 (GE Vernova): USD 15.64 billion

Revenue 2023 (GE Vernova): USD 16.63 billion

Market cap (GE vernova): USD 36.12 billion

General Electric (GE) is a multinational conglomerate founded in 1892. It started by merging various companies owned by Thomas Edison and Thomson-Houston Electric Company. GE was a giant corporation for over a century, but due to financial difficulties in the 2010s, it transformed from a conglomerate to a company focusing on three main areas: energy solutions, jet engines, and healthcare technologies.

GE Vernova is an independent, publicly traded company a spin-off of GE Electric. GE Vernova is a leading provider of offshore wind energy and services with approximately 54,000 wind turbines.  

Key Projects and Innovations

• General Electric invented The Haliade-X, the most powerful offshore wind turbine in the world, with a 220-meter rotor, 107-meter blade, and leading capacity factor (63%).
• GE Vernova has invested more than $400 million to develop wind turbines to level the cost of energy (LCOE), making offshore wind energy more competitive. 
• GE introduced the Haliade 150-6 MW turbine with a 150-meter diameter rotor. The turbine can power 6000 homes across Europe.   
• The first offshore wind farm in the US, the Block Island wind farm, led by Deepwater Wind, uses GE Haliade turbines to generate clean energy to meet nearly 90% of the island's electricity demand. 
• GE Renewable Energys’ Grid Solutions' AC Systems division designed and built the high and medium voltage systems for France's first offshore wind farm, Parc Éolien en mer de St. Nazaire. 

Future Outlook

GE Vernova's focuses on more than 150 research and development projects. It also works with more than 420 technology partners and 250 researchers around the globe. Decarbonization is a top priority, with advancements expected in renewable energy sources, particularly wind power (both onshore and offshore), and potentially carbon capture technologies. GE is innovating smarter grids, energy storage, and solutions to electrify traditionally fossil-fuel-reliant industries. Heavy investment in AI, robotics, and materials science will fuel these advancements, solidifying GE's role as a leader in the global energy transition.

Read: Top Upcoming Floating Offshore Wind Projects In the World

BW Ideol AS

Incorporated: 2010

Headquarters: La Ciotat, France

No of employees: 60+

Installed Capacity: 5 GW

Revenue 2022: USD 6.87 billion

Revenue 2023: USD 2.64 billion

Market cap: USD 37.44 billion

BW Ideol AS is a Norwegian company with expertise in co-developing offshore floating wind projects and serving as an Engineering, Procurement, Construction, and Installation (EPCI) contractor for floating wind technology. The company has two operational floating wind turbines in France and Japan. The company has a global presence, partnering with Eolmed in France, providing floating foundation technology. The company's subsidiaries include Ideol SA, Ideol Japan LLC, and Ideol US Inc.

Key Projects and Innovations

• BW Ideol co-develops floating wind projects across Europe, Japan, and Southeast Asia, with a robust pipeline including the 960 MW ScotWind and the under-construction 30MW EolMed, backed by over 4 years of experience from operational demonstrators.
• BW Ideol's Floatgen (France, 2018) and Hibiki (Japan, 2018) projects showcase their experience with operational floating wind turbines.
• They have partnered with Maple Power on bids for French tenders reaching up to 270 MW. In Asia, they've joined forces with TAIYUAN and Ørsted for the massive 100-200MW Buchan project in Taiwan. In Japan, they also have multi-gigawatt partnerships with both ZEO and Tohoku Electric Power.
• BW Ideol's patented Damping Pool platform, this versatile tech tackles any environment (water depth > 30m) and prioritizes affordability with its concrete floater design and efficient assembly process.

Future Outlook

BW Ideol's future hinges on slashing floating wind costs. Their plan tackles this through scaling (standardized designs, storage integration), innovative tech (floating sub-stations, new materials), and production efficiency (standardization, serial production). This focus should lead to a dramatic drop in the Levelized Cost of Energy by 2030. BW Ideol tackles project ownership through strategic Joint Ventures (JVs) with industry heavyweights like ZEOs, BayWa r.e., and TAIYUAN. These partnerships secure BW Ideol significant stakes (up to 50% or more) in projects while spreading financial risk. 

Equinor ASA

Incorporated: 1972

Headquarters: Stavanger, Norway

No of employees: 23450

Installed Capacity: 3.6 GW

Revenue 2022: USD 28.74 billion

Revenue 2023: USD 11.9 billion

Market cap: USD 37.44 billion

Equinor is a major player in offshore wind, with projects around the world including the world's first floating offshore wind farm (Hywind Scotland) and the world's largest offshore wind farm under construction (Dogger Bank). The company headquarters is in Stavanger, Norway with more than 23450 employees. Equinor now has 3.6 GW of total installed capacity of offshore wind.

Key Projects and Innovations

• Hywind Scotland: The world's first floating offshore wind farm, powering 36,000 British homes.
• Dogger Bank Wind Farm: Currently under construction and set to be the world's largest offshore wind farm upon completion in 2026, powering 6 million British homes.
• Sheringham Shoal, Dudgeon: Offshore wind farms operational in the UK.
• Arkona: A 385 MW wind farm in the Baltic Sea, Germany (25% owned by Equinor).
• Hywind Tampen: Planned offshore wind farm in Norway.
• International wind farm clusters: Being built in the UK, US North East, and Baltic Sea.
• Baltyk offshore wind development projects (Poland): Equinor holds interest in all three projects (MFW Baltyk III, MFW Baltyk II, MFW Baltyk I).

Other projects: Interests in offshore wind development in the Netherlands (IJmuiden Ver Alpha and Beta), Japan, South Korea (Donghae & Firefly Wind Farm projects), France (Océole partnership), Spain (FOWCA project), Vietnam (MoU with PetroVietnam), and Australia (partnership with Oceanex Energy and Nexsphere).

Equinor’s next-generation floating offshore wind technology focuses on standardized design principles, cost-effectiveness, and local content for wider deployment. This includes a patented floater motion controller for stability, a new floater substructure design for cost optimization, and optimized mooring lines and cable solutions.

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Future Outlook

Equinor is optimistic about the future of offshore wind, aiming to be a major player by 2030. Their plan involves large-scale development, targeting an installed net capacity of 12-16 GW by 2030, with two-thirds of their total renewables portfolio (35-60 TWh) coming from offshore wind. They believe floating technology is key, developing a new generation with standardized designs for wider deployment and cost reduction.

Marubeni Offshore Wind Development

Incorporated: April 2020

Headquarters: Akita, Japan

No of employees: 75

Installed Capacity: 2.6 GW

Marubeni Offshore Wind Development (MOWD), a subsidiary of Marubeni Corporation, is a key player in Japan's renewable energy push. Established in 2020, they specialize in developing offshore wind farms. Notably, MOWD played a leading role in Japan's first large-scale project, the Akita Port and Noshiro Port Offshore Wind Farms. With a focus on advancing offshore wind technology, MOWD is shaping the future of renewable energy in Japan.

Key Projects and Innovations

• Marubeni installed two floating wind farms in Japan: a 14MW system with 3 turbines off Fukushima and a 3MW system off Kitakyushu. 
• Japan's first large-scale project, the Akita Port and Noshiro Port Offshore Wind Farms commenced full-scale commercial operation in January 2023, with a capacity of 14MW.
• Successful bids for seabed leasing rights in Scotwind in 2021 and a similar win in early 2022, along with a joint venture with BP in March 2022.
• MOWD's project financing approach has been recognized with prestigious awards like the PFI Award 2020 (Innovation Deal of the Year Asia-Pacific) and the IJ Global Award 2020 (APAC Renewable Offshore Wind Deal of the Year).

Future Outlook

Marubeni is diving into offshore wind, becoming a leader in Japan's renewable energy with projects like the Akita wind farm. Partnering with experts like Seajacks, they're expanding globally with both fixed and floating wind farms to suit various coastlines. Their focus on building a strong supply chain benefits local economies and positions them as a driver of innovation in the future of offshore wind.

Conclusion

Vestas Wind Systems AS, General Electric Company, Siemens Gamesa Renewable Energy SA, BW Ideol AS, Equinor ASA, Marubeni, and Ørsted emerge as the top seven floating offshore companies globally in 2024. These companies lead the advancement and deployment of floating offshore wind technology, shaping the future of sustainable energy. With extensive experience, expertise, and global reach, these companies prioritize delivering competitive and eco-friendly energy solutions. Their involvement in groundbreaking projects, technological innovations, and strategic partnerships drives progress in the floating offshore wind sector.

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