We have talked about the UK market and how a recent report by Renewable UK, ‘Floating Wind: Anchoring the Next Generation in Offshore Energy’, outlines a compelling vision for the future of floating offshore wind. The report highlights how the UK’s engineering prowess and abundant natural resources can power a £1 trillion global wind energy industry. The economic benefits of developing the industry around floating offshore wind could amount to a £47 billion contribution to UK GVA from domestic supply and exports by 2050 alone.
Identifying Key Export Markets for MPS
But where are the prime export markets, and how are we positioning ourselves to capture those opportunities?
The largest market potential lies in countries with abundant wind resources, surrounded by deep water where fixed-bottom offshore wind is not feasible. However, our prioritisation also considers factors such as the policy and regulatory environment, supply chain capabilities, and government decarbonisation targets.
Asia: A Critical Growth Market
Japan
In October last year, we established an office in Japan, a nation where offshore wind is poised to become a major renewable energy source, with floating wind making a significant contribution to the energy mix. Floating wind holds particular promise given Japan’s deep coastal waters and the high population density along its coastlines. The Japanese government has set a target of achieving 10 GW of offshore wind capacity by 2030.
To support these efforts, MPS has forged partnerships with local entities, including a collaboration with JGC Japan, one of the region’s largest offshore engineering and energy project developers. The past year has underscored the importance of establishing a strong local presence to drive business growth in Asia.
China
Having just returned from the China Wind Power 2024 conference, it is evident how committed China is to decarbonisation. The nation is projected to reduce emissions by 70% by 2050 and continues to lead the global offshore wind market, contributing 40% of additional global wind energy capacity in 2022. China’s investment in renewable energy is forecast to increase fourfold by 2050. With over 31 GW of offshore wind already installed, China’s total capacity is expected to exceed 100 GW by 2030, with a significant portion likely coming from floating offshore wind in deeper waters.
To tap into this dynamic market, MPS is planning to establish an office in China and use funds from our current Crowdcube campaign to seize immediate opportunities.
South Korea
South Korea has also emerged as a key market, with its government identifying floating offshore wind as central to its energy transition. A flagship 6 GW floating wind farm is planned off the coast of Ulsan by 2030, supported by incentives under the “Green New Deal” to attract foreign investment and encourage partnerships. MPS is collaborating with energy developers and supply chain stakeholders to capitalise on this potential.
Europe: Opportunities Closer to Home
France
Closer to home, France’s extensive coastline and deep waters, particularly on the Atlantic coast and the Mediterranean Sea, are well suited for floating offshore wind. MPS has been actively engaged directly in this market for a number of years, collaborating with local supply chains to advance plans for fabricating our technology using local manufacturing capacity and deploying from French ports. The market in France continues to grow and recent plans for a further 10 GW of floating offshore wind capacity were announced, with up to 18 GW potentially in service by 2035.
We’ve also built strong relationships with potential clients and have already completed paid pre-FEED studies with our local delivery partners for developers who have qualified for seabed leases, reinforcing our presence in this growing market.
Iberia
Portugal and Spain are equally promising with floating wind expected to make a growing contribution to the energy mix. Portugal plans for 3 GW of floating wind to be operational by 2030, with 10 GW expected to be leased by the same year. Site tenders are expected to run around mid-2025 to enable project financial closure in 2026/27. Interest in the market is high, as evidenced by the 50 farm developers (MPS customers) expressing interest in its first offshore wind auctions in December 2023.
Spain, meanwhile, is also planning for significant developments and has set a target of 3 GW of offshore wind by 2030. Due to the narrowness of the continental shelf and deep waters, floating offshore wind will be needed to meet this target. The draft royal decree outlines auction mechanisms that grant the site for a period of 30 years, offtake, and access to the grid. Iberia is an attractive market for MPS, and we’ve been supporting a number of developers to progress their plans to acquire seabed in the forthcoming auction rounds.
Global Floating Offshore Wind Pipeline: Growth Prospects
The global floating offshore wind pipeline has grown 9% year-on-year, with 266 GW of planned capacity across 316 projects. This represents an increase from 285 projects globally, spanning all stages of development, from early planning to full operational status.
Floating offshore wind is a rapidly expanding, truly global market. As a leader in floating platform technology for deeper waters, we are strategically positioned to capitalise on this growth. By adopting a structured and prioritised approach to market segmentation, we are ensuring that our focus remains on those regions offering the highest potential for impact and return.