Global Floating Offshore Wind Market Study
Project title: Global Floating Offshore Wind Market Study
Project location: Global
Client: ORE Catapult
Project Summary: In 2022, OWC collaborated with ORE Catapult’s Floating Offshore Wind Centre of Excellence on a market study evaluating which are the most likely near-term and long-term global floating wind markets of the future. The study was developed by OWC’s market studies team, with expert Craig Brown leading the study.
Objectives and Challenges
“Installed floating wind capacity currently sits at 0.2GW. To support 2050 net-zero objectives, this capacity will need to grow exponentially. This study provides an insight into the where, when and how floating offshore wind can develop to become a global industry, and hence plays a critical role in delivering a global net-zero. The study pinpoints the leading markets to deliver on a possible 10GW by 2030, and identifies how these markets can pave the way for widespread deployment across the globe in the later 2030s and 2040s.”
Ralph Torr, Head of Floating Wind, ORE Catapult
Our Scope and Results
OWC screened the global offshore wind market, including over 240 territories, to identify long and short-term floating offshore wind markets.
Our analysis screened over 240 territories for their potential readiness for floating wind development. Each territory was assessed against minimum technical thresholds such as coastal access, offshore wind resources and bathymetry, and by additional socio-economic filters to support investments in commercial-scale floating offshore wind.
Against this criterion, the report narrowed the list of potential floating wind markets to 54 territories that pass all thresholds. Following the initial screening, all 54 territories were further evaluated in terms of their short-term or long-term readiness for commercial floating offshore wind development based on 11 custom-developed criteria spanning three categories:
- Technical resource and policy drivers,
- Commercial investment landscape,
- Floating offshore wind market facilitators
22 countries spanning Europe, the Americas, and Asia Pacific fall into the category for short-term development of floating offshore wind within the period of 2022-2035, whilst 32 fall into the long-term category from 2035 to 2050, including countries in Africa.
Value added
OWC, along with parent company ABL Group, has contributed to over 30 floating wind projects worldwide with a total of more than 18 GW of potential capacity.
Market expert with specialisations including supply chain, ports and infrastructure, local content requirements, floating technology, regulatory requirements, and route-to-market.
“Floating offshore wind will be critical to offshore wind’s role in the future energy mix. This study provides a critical blueprint of that global expansion, identifying the markets to watch in terms of shot-term or long-term readiness as a major floating wind player.”
Craig Brown, Market Studies Lead
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