Floating wind power projects totalling more than 26GW are on track to be turning by 2035, according to latest figures from Quest FWE, with the fleet expected to grow “exponentially” as the first wave of utility-scale developments now taking shape internationally are boosted by transitioning oil companies and ever-improving economics.

This market, says the Houston-based researcher – which only a decade ago was represented by a single unit off Norway and currently has under 100MW installed – is about to see “accelerated commercialisation” sparked by a number of supersize projects each costing $880m-$2bn that are now formally under development globally.