Floating Wind Turbine Market Regional Analysis:
Europe Market Insights
The floating wind turbine market in Europe is projected to account for the largest share of about 38% during the forecast period. This growth can be attributed to the presence of a large number of offshore wind farms in several countries, such as Denmark, Norway, the UK, and Russia, along with high untapped potential in the region. Based on a report by Pacific Northwest National Laboratory (PNNL), Denmark presently has 122 offshore wind farm projects, of which 16 are functioning. In addition to this, the great availability of advanced technology in many parts of the region, along with the high investment in the utilization of green energy sources are projected to spur the market growth further throughout the forecast period.
In the UK, the floating wind turbine market is expected to register rapid growth during the forecast period owing to the presence of abundant wind resources and engineering expertise in the country. The UK accounts for nearly 20% of global offshore wind capacity and has one of the largest offshore wind farms in the world, located off the coast of Yorkshire. Moreover, favorable government support and investments to enhance floating offshore wind deployment and rapid advancements in infrastructure development are expected to fuel market growth in the UK going ahead.
North America Market Insights
The North America floating wind turbine market is poised to register robust growth between 2026 and 2035, owing to the escalating number of wind farms in the coastal areas of the region. Further, the surge in strict regulations imposed by the government to control greenhouse emissions is anticipated to spur the growth of the floating wind turbine market in the region during the forecast period.
The floating wind turbine market in the U.S. is expected to expand at a rapid pace during the forecast period. As per the report by the U.S. Energy Information Administration (EIA), the U.S. produced around 434 billion kWh of electricity from wind energy in 2022, which accounted for 10.3% of total U.S. utility-scale electricity generation. In September 2024, Vestas, a Danish manufacturer, installer, and service of wind turbines secured its first U.S offshore order with an 810 MW Empire Wind 1 project.
