Rapid surge in investment & Partnerships within the region has Propelled the Growth of the Floating Wind Power Market in the Europe Region!

Favorable wind conditions, the need for renewable energy, technological expertise, and others available in the region. Some of such factors help in increasing the use of floating wind power in the European region. Additionally, Europe has the best wind resources in the world, particularly in coastal areas such as the Baltic Sea, the North Sea, the Northeast Atlantic Ocean, the Mediterranean Sea, the Black Sea, and the outermost regions. For instance, in Nov 2022, the first turbine in the North Sea’s floating wind farm Hywind Tampen began power production making it the world’s largest floating wind farm, with a capacity of 60 MW. Equinor said the farm will power the North Sea platform Gullfaks A. Thus, making the European Union set ambitious targets to reduce greenhouse gas emissions and increase the share of renewable energy in its energy mix. Furthermore, many major players are driving investment in floating wind power projects, as companies seek to meet their sustainability targets and reduce their carbon footprint.

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Moreover, the UK government has set an ambitious target to deploy 40GW of offshore wind by 2030 – four times more than the 10GW the country currently produces and enough to power every home at current electricity usage levels. The UK currently produces enough offshore wind power to provide electricity for 7 million homes. For instance, in April 2022, Repsol and Ørsted developed offshore wind projects. Aimed to have 3GW of floating offshore wind capacity installed by 2030.

Further, the Europe Floating Wind Power Market is expected to grow at a strong CAGR of 32.3% during the forecast period (2022-2028). Europe is anticipated to emerge as the fastest-growing floating wind power market. Floating wind power has become a cornerstone due to its reliability and rapid cost reductions in the industry in the last few years which is further accelerating the growth of the market. For instance, in Jan 2023, Germany Earmarks sites expanded their Offshore Wind Capacity to 30 GW. This includes mappings for deploying wind turbines in the North and Baltic Seas, where the country sees immense potential for offshore wind.

FIG. 1 Europe Floating Wind Power Market Revenue (2020-2030)- USD Mn

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Based on platform, the floating wind power market is segmented into the barge, semi-submersible, spar, and tension-leg platform (TLP). Semi-submersible is expected to grow significantly during the forecast period. This is mainly because Semi-submersible platforms provide stability in rough seas, which is important for offshore wind installations. They are also able to support large wind turbines and other equipment required for wind power generation. Thus, such factors are escalating the growth of the platforms which will increase the market growth of floating wind power.

Based on Plant Capacity, the floating wind power market is segmented into 0.1 – 3 GW, 3.1 – 6 GW, and Above 6 GW. 3.1-6 GW is expected to grow with a significant CAGR during the forecasted period. This is mainly due to factors such as larger capacity floating wind power projects tend to be more stable in rough sea conditions, which improve the reliability of the energy production and increase the project lifespan. Additionally, the size of the project decreases the cost of energy production which helps to meet the energy demands of a larger population or industry. Thus, such factors lead to the increasing use of floating wind power in the market.

Global Floating Wind Power Market Segmentation

Market Insight, by Platform

· Barge

· Semi-submersible

· Spar

· Tension-leg platform (TLP)

Market Insights, by Plant Capacity

· 0.1 – 3 GW

· 3.1 – 6 GW

· Above 6 GW

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o U.K.

o France

o Spain

o Italy

o Rest of Europe

· APAC

o China

o India

o Japan

o Rest of APAC

· Rest of the World

Top Company Profiles

· Siemens Gamesa Renewable Energy, S.A.

· Vestas

· MITSUBISHI HEAVY INDUSTRIES, LTD.

· Principle Power Inc.

· GENERAL ELECTRIC

· Equinor ASA

· Hexicon

· Suzlon Energy Limited

· Aker Offshore Wind

· Naval Group