Floating Wind Turbine Market Size

Floating Wind Turbine Market size was valued at USD 1.09 billion in 2024 and is expected to exceed USD 21.56 billion by the end of 2037, expanding at over 25.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of floating wind turbine is evaluated at USD 1.31 billion.

 The growth of the market can be attributed to the increasing adoption of renewable energy throughout the world. As per the International Energy Agency (IEA) statistics, worldwide electricity production using renewable sources increased from 26% in the first quarter of 2019 to nearly 28% in the first quarter of 2020. The growth of renewable energy took place at the expense of coal and gas. In addition to this, the lower cost of offshore wind farms is also estimated to skyrocket the growth of the floating wind turbine market over the forecast period.

In addition to these, factors that are believed to fuel the market growth of floating wind turbine include the rise in the initiatives to encourage the deployment of offshore wind energy. In 2022, the US Department of Energy launched initiatives to deploy 15 GW of floating offshore wind, power 5 million homes, and reduce energy costs by 70% by 2037. Besides this, the higher capacity factor of floating wind turbines as compared to the other onshore wind turbines is also anticipated to accelerate the growth of the market in the projected time frame. In addition to this, surging investments in sustainable energy from the government and private sectors are another significant factor projected to push the market growth further throughout the forecast period.