Press Release

Floating Wind Turbine Market is Expected to Grow at a Robust CAGR

Floating Wind Turbine Market is expected to grow owing to increasing energy demand and adoption of renewables for energy production throughout the forecast period.


According to TechSci Research report, “Floating Wind Turbine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F”, the Global Floating Wind Turbine market is expected to register robust growth during the forecast period owing to a variety of service providers offering turnkey solutions, operational advantages, and access to cutting-edge technology. As a result, many governments, organisations, and offshore operators would be inspired to explore the potential of floating wind energy.

Numerous government measures provide significant funding for a number of greener energy programs. Many Multinational Corporations (MNCs) are working to reduce their carbon footprint in order to contribute to a greener planet and long-term sustainability. For instance, Equinor (Norway) plans to cut its carbon emissions in half by 2050. One aspect of the goal is the growth of its renewable energy sectors, particularly offshore wind, which could reach 6,000 megawatts in six years and 16,000 megawatts in fifteen. As a result, the market is presented with a number of opportunities due to the favorable government policies and regulations linked to greener energy initiatives as well as the reduction in carbon footprint.

 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Floating Wind Turbine Market."

 

The Global Floating Wind Turbine Market is segmented based on foundation, capacity, depth, and region. Based on foundation, the market is divided into spar-buoy foundation, tension-leg platform (TLP) foundation, semi-submersible foundation, and others. Based on capacity, the market is divided into up to 1 MW, 1-3 MW, 3-5 MW, and above 5MW. Based on depth, the market is divided into shallow water and deep water. Based on region, the market is further fragmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Based on capacity, above 5MW segment dominated the market in 2022. The amount of projected electricity and the availability of money are often the factors in determining when wind farms are installed. A larger wind farm is seen as a realistic investment when taking prospective returns into account because a wind farm demands a sizable initial expenditure. According to this pattern, the most recent wind farms with development approval have a capacity greater than 5 MW.

Based on foundation, Spar-buoy Foundation segment dominated the market in 2022. A Spar foundation is a large-diameter vertical buoyant cylinder that is ballasted (at the bottom end) and has a deep draught. With spar buoys and ballast in the bottom half of the structure, floating foundations with spar buoys stabilize the entire platform. As a result, dynamic stability mechanisms are unnecessary with a lower and steadier center of gravity.

Based on depth, Deep Water segment is expected to dominate the market till 2028. The installation of deep-water turbines provides a sizable area without the restriction of water depth, which helps choose the optimum location for power generation. Additionally, in some circumstances, a floating foundation is the sole choice for the installation of floating wind turbines due to the limited continental shelf. Deep oceans provide higher wind speeds and fewer impediments in the wind direction, which increases the possibility of catching wind energy. These factors are major benefits of this sort of installation. It is predicted to expand further due to the numerous benefits of installing floating wind farms in deep sea. Floating foundations are thought to present new possibilities for the widespread installation of wind farms in some nations with a limited continental shelf, hence increasing the demand for deep water segment in floating wind energy market.

Key market players in the Global Floating Wind Turbine Market are:-

  • Siemens Gamesa Renewable Energy S.A.
  • MHI Vestas Offshore Wind A/S
  • ABB Group
  • General Electric Company (GE)
  • Nordex SE
  • Goldwind Science & Technology Co., Ltd
  • Envision Energy Ltd
  • Ming Yang Smart Energy Group Co., Ltd.
  • Hitachi Group
  • Suzlon Energy Ltd.


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"Global Floating Wind Turbine Market is expected to grow during the forecast period as offshore wind farms are anticipated to play a significant role in facilitating the expansion of installed infrastructure in the upcoming period of renewable energy. North America is expected to be the dominating region, owing to the increased promotion of power generation through renewable energy sources within the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Floating Wind Turbine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028F

Segmented By Foundation (Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation and Others), By Capacity (Up to 1 MW, 1-3 MW, 3-5 MW and Above 5MW), By Depth (Shallow Water, Deep Water), By Region and Competition” has evaluated the future growth potential of global floating wind turbine market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global floating wind turbine market.


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