Covina, July 16, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the study concludes that the global floating wind power market size and share is expected to grow at a CAGR of 46.1% between 2024 and 2034. The market revenue of US$ 7.9 Billion in 2024 is expected to grow up to US$ 249.9 Billion by 2034.
Floating Wind Power Market Report Overview
Floating wind is a renewable energy technology that makes use of the more consistent and better wind conditions at sea. Compared to traditional local seemingly bottom-fixed wind farms, higher, more constant, and less shadowed wind speeds exist, which help enable higher efficiency. The kinetic wind energy is transferred by the turning blades into the turbine, thereby creating blank electricity, first to pass via underwater cables to an offshore substation, from that through another to an onshore substation near the coast, and finally via power lines to homes.
Also known as an offshore wind turbine, the floating wind power plant produces electricity at water depths where such installations of fixed-foundation turbines are simply not possible. It would increase the sea area that could be used for offshore wind farms many-fold, especially in countries with limited shallow waters—for instance, Spain, Portugal, Japan, France, and the US West Coast. This technology can also create more consistent breezes, enhance shipping and fishing lanes, and help reduce visual pollution. Floating wind farms can be used as prototype testing units to monitor the site conditions and wind-power potential of applicable sites. Artificial upwelling of nutrient-rich deep ocean water by floating wind turbines uses this turbine motion to bring this nutrient-rich water to the surface in tropical and temperate regions of Earth's oceans. This turbine has the capability of powering high-flow, low-head water pumps to enable artificial upwelling in deepwater lakes, reservoirs, and even oceans.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Floating Wind Power Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Vestas
- Nordex SE
- DEME
- Siemens Gamesa
- Hyundai Motor Group
- Rockwell Automation
- EEW
- Doosan Heavy Industries and Construction
- General Electric
- Goldwind
- Envision
- Nexans
- Shanghai Electric Wind Power Equipment Co.
- ABB
- Hitachi
- Ming Yang Smart Energy Group Co.
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Market Dynamics:
Drivers:
Growing Consciousness and Urbanization
- Urbanization, when combined with rising global awareness for renewable sources of energy, creates demand for floating wind power as one such sustainable energy option. Since rapid urbanization is already underway, particularly in coastal areas, there isn't enough space to set up onshore wind farms; therefore, floating wind turbines are quite useful in this regard. Offshore installations in deeper locations could mean local employment in the surrounding urban areas, income generation through selling that power, and the fostering of regional supply chains and basic manufacturing capacities.
Enhanced Potential for Offshore Wind
- The potential of floating wind generation in the deeper oceans, particularly off the coasts of countries like South Africa, is very large. An optimum technical potential can be provided with offshore wind because the theoretical capacity exceeds 2,300 TWh. This tall technical promise could be scaled up if a harmonized regional approach to deployment in the deeper regions offshore is taken. Floating wind turbines are hence becoming popular in urban and coastal regions not only because of accommodating larger sizes of turbines but also attaining better capacity factors. Coastal regions with an established robust offshore oil and gas industry could use this experience in floating wind power development projects.
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Market Trends:
Increasing Need for Clean Energy
- Powered by global requirements of change to sustainable sources of energy, reduction of carbon emissions, and renewable energy targets, that consequently open up vast offshore wind potentials in deeper waters—especially so in areas where it's not possible to set up seabed-fixed turbine foundations. Improvements in the design of floating wind turbines, materials used, and installation techniques increased their effectiveness and economy. Government programs and assistance together with cost competitiveness problems fuel investment in floating wind farms. The lesser visibility impact makes floating wind farms more digestible to people residing in urban and coastal areas.
Segmentation:
Floating Wind Power Market is segmented based on Foundation, Water Depth, Turbine Capacity, and Region.
Foundation Insights
- In any plan for floating wind turbines, particularly in deep water, the spar-buoy foundation will turn out to be very critical. In deeper water, the TLP will be applied; this is a foundation with a central column and buoyant arms. Semi-submersibles are also mostly applied due to their modular construction style to give it stability and flexibility to varying water depths. Other concepts, however, remain at the prototype or demonstration stage—such as the semi-submersible spar-buoy and other types of foundations; a variety of new foundation concepts is planned to augment the better-known spar-buoy, semi-submersible, and TLP-type foundations.
Turbine Capacity Insights
- Smaller capacity 3 MW turbines also find applications with the floating wind power sector in pilot and demonstration projects, such as the Kincardine and Hywind Scotland projects. Most commercial floating wind farms deployed today utilize 3–5 MW turbines, which set a good balance between electricity production, economic viability, and technological feasibility. More powerful turbines with an output of five megawatts or above could make the relationship of electricity production per unit lower for floating wind farms. They are more attractive to investors since they also counterbalance the increased cost connected with the groundwork or, rather, foundation and infrastructure of a floating wind farm.
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Recent Development:
- In July 2024, Ørsted has developed new "game changer" technology to install offshore wind foundations. The noise reduction method will help protect marine life and, as a bonus, potentially become a profit-generating business. The method has been tested when installing foundations at the new German offshore wind farm Gode Wind 3.
- In July 2024, Beijing Poised to Regulate Solar, the World’s Largest Floating Wind Power Platform Unveiled. China's major climate and energy news includes the regulation of the solar industry, the unveiling of the largest floating wind power platform, efforts to increase green technology supply, Chinese automakers dominating Israel's market, and the abolition of safety probes into energy storage plants.
Regional Insights
- North America: North America, driven by the US and Canada, is to a large extent influenced by very ambitious targets drawn up by the governments of these countries for development in offshore wind power. Attractive incentives in the form of public and private sector investments together with favorable legislations serve to drive growth in floating wind power across North America.
- Asia Pacific: While it remains very ambitious with respect to switching to renewable sources of energy, the commercial viability of floating wind technologies is likely to be the main driver behind the fast growth of the Asia Pacific floating wind power industry. China is positioned to rapidly turn itself into one of the leaders in the world wind power rankings regarding floating wind, with various large projects planned or already operating.
Browse Detail Report on "Floating Wind Power Market Size, Share, By Foundation (Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation, and Others), By Water Depth (Shallow Water, Transitional water and Deep Water), By Turbine Capacity (Up to 3 MW, 3 MW – 5 MW and Above 5 MW), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/floating-wind-power-market-5412
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