Floating Offshore Wind Industry Report 2026: Global Market to Surpass $25 Billion by 2031 with GE Vernova, Siemens Gamesa Renewable Energy, Vestas Wind Systems, Mingyang Smart Energy Dominating
Dublin, May 11, 2026 (GLOBE NEWSWIRE) -- The "Floating Offshore Wind Market by Turbine Rating, Floating Platform, Component, Depth, & Region - Global Forecast to 2031" has been added to ResearchAndMarkets.com's offering.
The global floating offshore wind market is expected to surge, reaching USD 25.40 billion by 2031 from USD 3.16 billion in 2026, growing at a CAGR of 51.7%
This rapid expansion underscores the ongoing shift towards cleaner energy systems and the crucial role of offshore wind in national decarbonization strategies. Floating wind technology allows energy developers to access deeper waters with robust wind resources, making it vital for countries with limited shallow-water opportunities.
Governments in Europe, Asia Pacific, and North America are launching policy incentives, auction mechanisms, and setting long-term offshore wind targets, which are driving large-scale investments and expanding the project pipeline. As supply chains mature and platform designs standardize, the cost competitiveness of floating offshore wind improves, reinforcing its growth trajectory.
Technological advances and industry collaboration accelerate market readiness and commercial viability. Improvements in floating platforms, mooring systems, and subsea transmission infrastructure reduce project complexities, allowing developers to scale beyond pilot installations. Collaboration between major utilities, renewable energy developers, and transitioning oil & gas companies is unlocking new deployment zones, catalyzing multi-gigawatt project announcements in key markets such as the UK, Japan, France, and the US.
The market is led by established global industry leaders like GE Vernova (US), Siemens Gamesa Renewable Energy (Spain), Vestas Wind Systems A/S (Denmark), Mingyang Smart Energy Group Co., Ltd. (China), and others, driving innovation and large-scale project deployment.
11-15 MW Segment Growth
The 11-15 MW turbine segment is anticipated to experience the highest growth during the forecast period due to its balance between technological maturity and economic efficiency. These turbines offer higher energy output per unit and reduce the number of installations needed per project, thereby lowering costs. Proven designs, established supply chains, and greater bankability make them the preferred choice for developers.
Floating Platforms Market Share
The floating platforms segment held the largest market share in 2025, essential for offshore deployment in deep-water areas where fixed foundations are impractical. As global offshore wind development ventures further offshore, demand for advanced floating substructures continues to rise. Global commercialization of large-scale floating wind projects is boosting investment in platform design and manufacturing capacity, maintaining their leadership in the market.
Primary Breakdown
Extensive interviews with industry experts, C-level executives, and key market players provided quantitative and qualitative insights to assess future market prospects. Primary interviews distribution: 30% Tier 1, 55% Tier 2, and 15% Tier 3 companies; 30% C-Level, 20% D-Level, and 50% Others positions; 30% Europe, 60% Asia Pacific, and 10% Rest of the World.
Key Benefits
Designed for industry leaders and newcomers, the report delivers reliable revenue forecasts and enables stakeholders to understand the competitive landscape, formulating effective market strategies. The insights assist stakeholders in making informed decisions in the evolving floating offshore wind market environment.
Key Attributes:
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/bdszxz
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