GE Vernova leads a concentrated floating offshore wind market

By AI, Created 5:01 PM UTC, May 18, 2026, /AGP/ – A new market report from The Business Research Company says GE Vernova held the largest global share of the floating offshore wind power market in 2024, while the top 10 players controlled nearly half of revenue. The findings point to a fast-evolving sector where scale, engineering depth and partnerships are shaping who wins growth.

Why it matters: - Floating offshore wind is moving into deeper waters and more complex project environments, where only a handful of companies have the engineering, capital and supply-chain depth to compete. - The market report suggests the competitive race is likely to hinge on platform design, grid integration, installation capability and compliance with marine safety standards. - The concentration of revenue among a small group of players shows that market access remains difficult for new entrants.

What happened: - The Business Research Company said GE Vernova led global sales in 2024 with a 15% share of the floating offshore wind power market. - Siemens Gamesa Renewable Energy followed with 9%, Vestas Wind Systems with 8% and Equinor with 6%. - Principle Power held 3%, while Ørsted, RWE and Iberdrola each held 2%. - SBM Offshore and BW Ideol each held 1%. - The top 10 players accounted for 49% of total market revenue in 2024. - The report identifies the market as highly concentrated. - The report was published by The Business Research Company, a London-based market intelligence firm. - A free sample of the report is available. - The full market report is also available.

The details: - The report says major floating offshore wind players include GE Vernova, Siemens Gamesa, Vestas, Equinor, Principle Power, Ørsted, RWE, Iberdrola, SBM Offshore, BW Ideol, TechnipFMC, Ocean Winds, DNV, Hitachi Energy, Naval Energies, MODEC, Nordex, Nexans, Doosan and Gazelle Wind Power. - The report lists raw material suppliers including ArcelorMittal, Nippon Steel, SSAB, Voestalpine, Tata Steel, POSCO, China Baowu, Thyssenkrupp, Nucor, JSW Steel, JFE Steel, Hyundai Steel, Alcoa, Novelis, ABB, Schneider Electric, Prysmian Group and Mitsubishi Heavy Industries. - Major wholesalers and distributors named in the report include Wärtsilä, TechnipFMC, Subsea 7, Aker Solutions, McDermott, Fluor, Saipem, KBR, Petrofac, MODEC, Fugro, Ocean Installer, Ramboll, Worley, Boskalis, Heerema, Allseas and Van Oord. - Major end users listed include Iberdrola, RWE Renewables, Equinor, EDF Renewables, Shell, BP, Enel Green Power, EDP Renewables, Statkraft, Engie, Vattenfall, Copenhagen Infrastructure Partners, BlueFloat Energy, Skyborn Renewables, Mainstream Renewable Power, Corio Generation, SSE Renewables, Northland Power, Ørsted, Dominion Energy and Avangrid Renewables. - The report says floating offshore wind farm clusters are improving scalability and reducing infrastructure and operating costs. - ECO TLP introduced a new floating offshore wind turbine platform in March 2025 designed for better efficiency and deployment in deeper waters. - The platform’s stability systems, shared infrastructure design and lower installation and maintenance needs are intended to improve economics and speed adoption. - The report says companies are focusing on floating offshore wind technologies, innovative platforms and turbines, modern offshore wind infrastructure and AI-driven monitoring and maintenance.

Between the lines: - The market structure favors companies that can bundle technology, construction and long-term operations instead of selling a single component. - The focus on clusters and shared infrastructure suggests developers are looking for cost reductions in one of the industry’s biggest hurdles: expensive offshore deployment. - The concentration at the top also implies that partnerships and regional expansion may matter as much as product innovation.

What’s next: - The report expects strategic collaborations, product innovation and regional expansion to further strengthen the leading companies. - Demand for large-scale renewable power, deep-water wind farms and grid-integrated offshore systems is expected to keep shaping competition. - Companies that improve floating platform stability, installation efficiency and digital maintenance could gain share as projects scale.

The bottom line: - Floating offshore wind is still a specialized market, and GE Vernova’s lead shows that technical breadth and project execution remain the main competitive edge.