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Search and Filter Through Our Comprehensive Database of Floating Offshore Wind (FOW) Farm Projects and Tenders.

Identify and track latest global floating offshore wind park projects (upcoming, ongoing/under-construction, completed), tenders, and contract awards. Our extensive database and user-friendly interface make it easy for you to find the right business opportunity.

Global Floating Offshore Wind (FOW) Farm Industry Analysis

Floating offshore wind energy is a fast-growing renewable energy source. It harnesses the power of strong wind over the ocean's surface where it blows stronger and more consistently. This emerging field relies on floating structures, rather than fixed ones, to deploy wind turbines further offshore in deeper waters with higher wind potential. As floating offshore wind technology advances, it enables the use of sites out of sight from shore, in areas with optimal wind conditions, significantly expanding the potential for wind power generation.


The industry is witnessing a surge in floating offshore wind projects, with developments in floating offshore wind farms and turbine design marking significant milestones. This article will explore the market dynamics, highlighting growth drivers, challenges, and regional trends. It will also assess the role of key players, investment trends, government policies, and the future landscape of floating offshore wind power as it moves towards a prominent position in the global renewable energy portfolio.


Market Overview and Growth Drivers

The floating offshore wind energy sector is on a trajectory of rapid expansion, underscored by a series of compelling market forecasts and growth drivers. A synthesis of these projections provides a clear picture of the sector's future:


Global Capacity and Investments

The global floating offshore wind energy capacity is anticipated to surpass 10 GW by 2030, with an additional 102 GW in various planning and development stages. This growth trajectory is further evidenced by the sector's projected market value, which is expected to reach USD 13987.69 million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 53.47% from 2022 to 2028.


In the U.S., the offshore wind energy market's potential generating capacity stands at 52.7 GW, sufficient to power approximately 18 million American homes. This is complemented by procurement goals across eight states aiming for 42.7 GW of wind energy capacity by 2040.


Technological Advancements and Design Innovations

The industry has witnessed a significant rise in the average water depth for offshore wind projects, from approximately 7 meters in 2000 to around 44 meters by 2035. This shift has been facilitated by the development of floating wind turbines, which are viable for waters deeper than 60 meters, thereby unlocking new wind power potential.

Approximately 120 different floating design concepts are under exploration, with semi-submersible platforms emerging as the preferred foundation type due to their adaptability and efficiency in deeper waters.


Regional Market Dynamics

Europe leads the global floating wind energy market with 208MW of operational capacity, followed by emerging markets in the Asia-Pacific region and the United States, which offer substantial growth potential. The U.S. has set ambitious goals, including the Biden administration's efforts to achieve 30 GW of offshore wind energy capacity by 2030.

The European market is further bolstered by the European Government's target of 450GW of offshore wind by 2050, demonstrating a strong commitment to expanding the floating offshore wind energy sector.


This market overview underscores the industry's robust growth drivers, including technological advancements, increasing global capacity, and significant investments in research and development. These factors collectively point towards a future where floating offshore wind energy plays a pivotal role in the global transition to renewable energy sources.


Challenges and Restraints

Despite the promising growth of floating offshore wind energy, several technical and economic challenges hinder its progress. These challenges are multifaceted, ranging from technical barriers in foundation selection to economic headwinds affecting project viability.


Technical Barriers

  • Foundation Type Selection: Choosing an appropriate floating foundation for a given location is critical, yet challenging due to the diverse environmental conditions across potential sites.
  • Motion Response: The foundation's response to environmental conditions impacts all components, from the nacelle to the dynamic cable and mooring system, necessitating robust design considerations.
  • Turbine Design and Maintenance: Most floating wind farms have utilized conventional wind turbine generators, which face operational and maintenance challenges in dynamic offshore environments. Moreover, floating foundations typically require towing back to port for repairs, a process that becomes less feasible as turbines are stationed further offshore.
  • Supply Chain and Infrastructure: Supply chain constraints and insufficient port infrastructure have led to project delays and cancellations. Additionally, the complex installation of dynamic cables and the need for higher-voltage export cables for large-scale projects add layers of complexity and time to project timelines.


Economic Challenges

  • Cost-Effectiveness: High capital and maintenance costs, alongside the logistical challenges of transportation, significantly impact the economic viability of floating offshore wind projects. The Levelized Cost of Energy (LCOE) remains a critical measure, with efforts underway to reduce costs to make floating wind energy more competitive.
  • Market and Policy Dynamics: The transition from fossil fuels to renewables, coupled with supply chain disruptions, has introduced economic uncertainties. Government incentives, subsidies, and regulatory frameworks are pivotal in shaping the sector's economic landscape, yet the need for standardization, optimization, and commercialization remains crucial to achieving cost competitiveness.


Future Considerations

  • Innovation and Investment: Addressing these challenges requires sustained investment in research and development to innovate and optimize floating wind turbine technology and infrastructure. A steady pipeline of projects, supported by government policies that recognize the social, economic, and environmental benefits of floating wind, is essential to secure commercialization and scalability.
  • Adaptation to Market Conditions: Floating wind turbines must be adaptable to various markets and site conditions to ensure broad applicability and resilience against economic headwinds. As the technology matures and the LCOE declines, floating offshore wind energy is poised to become a more integral part of the global renewable energy mix.


In summary, while floating offshore wind energy offers a promising avenue for expanding renewable energy capacity, addressing its technical and economic challenges is paramount for its future growth and integration into the energy portfolio.


Regional Market Analysis

The floating offshore wind power market exhibits diverse dynamics across different global regions, each contributing distinctively to the industry's growth. Here's a closer look at the regional market analysis:


North America and South America

These regions are gradually entering the floating offshore wind power market, with the United States and Canada in North America, and Brazil and Argentina in South America showing potential for future developments. Government initiatives and a supportive regulatory framework are crucial driving factors for investment and project development in these markets.



  • Holds the largest share of offshore wind energy installations globally, with a market share that generated over US$ 486 million in revenue in 2021.
  • The European Government has set an ambitious target of achieving 450GW of offshore wind by 2050, indicating a strong commitment to expanding the floating offshore wind sector.
  • Europe is not only leading in installations but also in generating 25% of the continent's electricity from wind power, with countries like the U.K., Germany, Belgium, and Denmark being the front-runners.
  • The market in Europe is expected to expand at more than a 49% growth rate until 2032, showcasing significant potential for future growth and investment.



  • The Asia-Pacific region is witnessing a noteworthy Compound Annual Growth Rate (CAGR) from 2022 to 2030, with China poised to dominate the market with its significant growth rate.
  • Countries like Japan, South Korea, India, Australia, and Indonesia are also emerging as key players in the floating wind power market.
  • The region's rapid growth is attributed to technological advancements, government support, and an increasing focus on renewable energy sources.


Middle East & Africa

  • Countries like Turkey, Saudi Arabia, and the UAE are exploring the potential of floating offshore wind power, with the market segment showing promise for future development.
  • The focus on diversifying energy sources and reducing reliance on fossil fuels is driving interest in renewable energy projects, including floating offshore wind, in this region.


This analysis underscores the global diversity in the adoption and development of floating offshore wind power, highlighting the importance of regional market dynamics, government support, and technological advancements in shaping the future of this promising renewable energy sector.


Key Players and Industry Developments

In the rapidly evolving sector of floating offshore wind energy, several key players have emerged as leaders, driving innovation and market expansion. These entities range from turbine manufacturers to energy companies, each playing a pivotal role in the development and deployment of floating wind technologies. Notably, the market's landscape is characterized by a mix of well-established corporations and specialized firms, highlighting the sector's dynamic and competitive nature.


Major Manufacturers and Industry Innovators

Turbine Manufacturers

  • General Electric, Siemens Gamesa Renewable Energy, and Vestas are at the forefront, offering advanced wind turbine technologies tailored for floating platforms.
  • Enercon GmbH and Nordex S.E. specialize in engineering turbines that can withstand offshore conditions, contributing to the sector's technological advancements.


Floating Platform Specialists

  • BW Ideol AS and Principle Power stand out for their innovative floating platform designs, enabling turbines to operate in deeper waters.
  • MHI Vestas Offshore Wind and Naval Energies focuses on integrating turbine and platform technologies to enhance efficiency and durability.


Leading Energy Companies

  • Equinor ASA, RWE, and Ørsted A/S are notable for their investment in floating offshore wind projects, driving the transition towards renewable energy sources.
  • Iberdrola and Vattenfall AB have embarked on large-scale floating wind projects, demonstrating the commercial viability of this technology.


This collaborative ecosystem is crucial for driving down costs, enhancing technological capabilities, and ensuring the swift deployment of floating wind energy projects worldwide. The involvement of these key players underscores the industry's commitment to innovation and its potential to significantly contribute to the global renewable energy mix.


Investment Trends and Government Policies

To better realize the potential of offshore wind energy (OSW) in the U.S., a concerted effort towards enabling policy and infrastructure investment is essential. These investments are not only crucial for fortifying the OSW supply chain but also for the creation of approximately 49,000 manufacturing and supplier jobs. The financial blueprint to achieve the ambitious 30GW-by-2030 goal necessitates an injection of $22.4 billion in public and private investment. This funding is earmarked for several key areas:


A robust domestic supply chain, encompassing everything from the massive blades powering the wind turbines to the nuts and bolts holding them together, is pivotal for the success of the OSW industry and the growth of the American clean energy economy.


The U.S. Department of Energy (DOE) has been proactive in tracking and supporting the industry's progress through the release of the Offshore Wind Market Report: 2023 Edition. This report provides a comprehensive overview of the U.S. and global offshore wind energy industries, including:


Government policies have been instrumental in fostering the growth of the floating offshore wind energy market. Notably, the Inflation Reduction Act (IRA) offers incentives for investing in offshore wind energy and the domestic supply chain by extending offshore wind's eligibility for an investment tax credit (ITC) of 30% for at least a decade. Additional provisions include bonus credits for meeting domestic content thresholds and for locating facilities in fossil-fuel-powered communities or on brownfield sites.


In a landmark development for the U.S. floating offshore wind energy market, the first-ever commercial floating offshore wind energy lease areas were sold in December 2022 for over $750 million. Additionally, significant government and industry investments are being channeled into research and development in floating offshore wind. Over 60 million GBP is being invested, with more than 31 million GBP funded by the government and over 30 million GBP by the industry, focusing on areas such as mooring turbines to the seabed and developing foundation solutions.


These initiatives underscore the commitment to expanding the floating offshore wind sector, with the aim of reducing the cost of floating offshore wind by 70% by 2035, as part of the Biden administration's Floating Offshore Wind Shot™ initiative. With California announcing a planning goal of 25 GW by 2045, the future of floating offshore wind energy looks promising, driven by substantial investments and supportive government policies.


Future Trends and Market Opportunities

The evolution and potential of the floating offshore wind energy (FOWE) sector are underscored by several key trends and market opportunities that are expected to shape its trajectory in the coming years. These include:

  • FOWPs are pivotal for deploying wind turbines in offshore areas that are deeper and have greater wind potential, significantly expanding the reach and efficiency of wind energy generation.
  • The demand for offshore wind installation is escalating, driven by the availability of advanced technology and solution providers, making FOWPs more accessible and cost-effective.
  • The floating structure segment is poised for substantial growth, attributed to the sector's technological advancements and the increasing feasibility of deeper water installations.
  • Market share predictions indicate a notable shift towards larger installations, with the above 30m water depth segment expected to reach a 50% market share, and the demand for turbines with an installed capacity of above 5MW projected to cross 50% of the global offshore wind power market share.
  • The blades segment, an essential component of wind turbines, is anticipated to register around a 48% growth rate from 2023 to 2032, highlighting the sector's focus on enhancing efficiency and durability.
  • Market valuation forecasts suggest significant growth in specific segments, with the ≤ 30 m FOWE market expected to exceed USD 2.2 billion and the 12 MW FOWE market estimated to amass USD 1.7 billion by 2032.
  • Increasing investment from both public and private sources, including venture capital firms, institutional investors, and government funding programs, is fueling the sector's growth. This influx of capital is not only advancing technological innovation but also attracting new players to the market, fostering a competitive and dynamic industry landscape.


These trends and opportunities indicate a robust future for floating offshore wind energy, characterized by technological innovation, market expansion, and an increasing shift towards renewable energy sources. The sector's growth is facilitated by the development of advanced floating platforms and strategic investment in key market segments, promising a significant impact on the global energy portfolio.

Looking for a List of Global Floating Offshore Wind (FOW) Farm Projects?

Are you searching for floating offshore wind park projects and tenders around the world? Look no further. We have compiled the most comprehensive and up-to-date database of floating offshore windmill to quickly find opportunities needing your services. Blackridge Research's government (administrative) building facility project database is a valuable resource for EPC companies, general contractors, subcontractors, manufacturers, suppliers, operation & maintenance (O&M) companies, investors, consulting companies, and law firms looking for new business opportunities. Our database includes all the essential project details, including contact information of project owners and stakeholders, making it easy for you to establish your connection and grow your business.

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FAQs about construction projects and bids in Global

The Global Project Tracker is a comprehensive database about construction projects around the world covering all phases of development. We find and track projects from the inception stage to completion encompassing all the major industry sectors. Each project profile includes details, such as the project description, status, scope, size, value, funding mode, location, major event dates, and milestones, as well as contact details of the project owner, contractors, and stakeholders.

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