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.
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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.
Contact
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