Global floating offshore wind capacity will grow by 296 MW in 2020-24

According to the latest report released by Technavio, an international market research organization, the global floating offshore wind market will increase by 296.
35 MW from 2020 to 2024, of which 80% will come from the growth
of the European market.

Increasing government support for floating wind regulations is one of the main reasons driving the growth of the floating wind power market in the
next five years.
The use of alternative energy sources such as wind, solar photovoltaics and hydropower is essential
to promote emission-free technologies.
Globally, many governments have begun funding
floating offshore wind demonstration projects.
In particular, France, Norway, Portugal, Japan, and the United States have supported offshore floating wind power projects through various industry cooperation and financing mechanisms, which will drive the growth of the
global floating wind turbine market during the forecast period.

The floating wind turbine market is expected to grow at a CAGR of more than 47%
during the forecast period.
However, based on year-on-year analysis, the growth momentum of the market is expected to slow down
.

One of the major market trends expected to attract attention in the market is the increase in
wind energy consumption.
With the increasing emphasis on adopting renewable energy sources, the demand for wind turbine installations will increase
significantly in the coming years.

Europe will be the world's largest regional market
for floating offshore wind throughout the forecast period.
Demand for floating wind turbines in the region will continue to grow
due to the increasing number of floating wind turbine projects being established in several developed economies, including the United Kingdom, France, and Norway.

In terms of wind turbine type, models with rod buoys as pedestals will hold the largest floating wind turbine market share
during the forecast period.
However, the semi-submersible segment will account for the fastest growth rate
in the market.

As companies launch innovative products to meet changing end-user requirements, the floating wind turbine market is highly concentrated
.
Siemens Gamesa, General Electric, Mitsubishi Heavy Industries Vestas, Senvion and Hitachi will become the world's leading manufacturers
of floating offshore wind turbines.
However, as many large manufacturers around the world increase their innovation efforts, the concentration of this market will gradually decrease
.