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Floating Wind Turbine Market

Global Floating Wind Turbine Market is expected to foresee significant growth. Europe to lead the growth

Global Floating Wind Turbine Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. A floating wind turbine is an offshore wind turbine mounted on a floating structure that allows the turbine to generate electricity in water depths where fixed-foundation turbines are not feasible. They have larger technical potential than bottom-fixed offshore wind & floating wind could help create socio-economic benefits such as jobs and facilitate a smooth energy transition by bringing expertise from the Oil and Gas (O&G) industry into offshore wind. Also, adoption of floating wind power is expected to rise owing to its operational advantages over the fixed structure installations of wind farms. Floating offshore wind projects have lower foundation requirements and deliver a higher energy yield.

The growth of Floating Wind Turbine Market expanded significantly over recent years, underpinned by higher potential of power production as compared to fixed structures, technological advancements in floating turbines, and increasing investments & favorable policies for offshore wind power generation globally. For instance, as per GWEC, as of the 2019, a total of 65.7 MW floating wind was installed globally, of which 32 MW is located in the UK, 19 MW in Japan, 10.4 MW in Portugal, 2.3MW in Norway and 2 MW in France. At present, the 2030 floating offshore wind forecast ranges from 3 GW to nearly 19 GW, depending on how quickly LCOE can be brought down to an affordable level and its adoption by new markets. Also, Floating wind’s current contribution to total wind installations is fairly small, but it will play an increasingly important role toward the end of this decade, accounting for 6 percent of global new wind installations in 2030.

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Floating wind farms are capable of functioning in harsh atmospheric conditions and can withstand the strongest wind flow. These installations also offer environmental benefits compared to fixed bottom structures due to their less invasive activity on the seabed during installation. Floating foundations enable installation in deeper waters, paving the way for another range of geographical opportunities for offshore wind. The industry is also adapting various floating foundation technologies that have already been used in the oil and gas sector.

Based on foundation type, the market is segmented into Spar-buoy, Semi-submersible and Others. The Spar-buoy segment grabbed XX% market share of the Global Floating Wind Turbine Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to its simple design which can be easily fabricated. In addition, spar-buoy involves few numbers of welds and complicated components unlike semi-submersible-platform.

For a detailed analysis of the Covid-19 Impact on the Market browse through – https://univdatos.com/report/floating-wind-turbine-market/

The unprecedented rise of the global health emergency caused by COVID-19 pandemic has negatively affected the financial conditions of different sectors and countries. Various countries across the globe have observed investment deficits owing to the halt in revenue-generating industrial operations. Additionally, several small and medium organizations have also been significantly impacted by the pandemic resulting in various problems such as no cash flows and unavailability of skilled professionals.

Under the COVID-19 scenario, there has been a decline in the capital-intensive offshore wind energy projects and so does the demand for the turbines. In the short term, during the global lockdown events, there has been a negative impact over the wind projects as it has prioritized after the necessary plans and projects. The precautions measures have disrupted the supply chain halting the movement of the basic construction material for the turbine market, delaying offshore wind turbine installations.

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Additionally, the report provides detailed initiatives that are being taken in the field of Floating Wind Turbine market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Europe dominated the Global Floating Wind Turbine Market, accounting for nearly xx% share in 2020 due to largest share of offshore wind power installed capacity as well as floating wind farms in 2020 & favorable government policies in countries, such as UK, Norway, France, Portugal, which are driving clean energy usage.

Global Floating Wind Turbine Market Segmentation

Market Insight, by Foundation

  • Spar-buoy
  • Semi-submersible
  • Others

Market Insight, by Depth

  • Shallow Water (less than 60 m Depth)
  • Deep Water (higher than 60 m Depth)

Market Insight, by Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

Top Company Profiles

  • Hitachi Ltd.
  • Enercon GmbH

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