Pune, india, July 31, 2023 (GLOBE NEWSWIRE) --
The floating wind power market size stood at USD 0.29 billion in 2021. The market is estimated to surge from USD 0.68 billion in 2022 to USD 15.64 billion by 2029 at 56.5% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Floating Wind Power Market, 2022-2029.”
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According to the analysis, strong demand for floating wind installation will complement the prevalence of advanced technologies and turnkey solutions. Prominently, the green energy target has augured well for the industry outlook as end-users have exhibited an increased preference for floating offshore wind farms. Moreover, investments in the commercialization of floating wind farms could encourage leading companies to boost their portfolios.
Floating Wind Power Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 56.5 % |
| 2029 Value Projection | USD 15.64 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 0.29 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 196 |
| Segments covered | Water Depth, Turbine Capacity, Country |
| Growth Drivers | Increasing Shift Toward Clean Energy Generation to Drive Growth |
| Rising Investments in the Sustainable Energy Development to Boost Growth |
Drivers and Restraints:
Strong Investments in Sustainable Energy Development to Propel Return on Investment (RoI)
Stakeholders expect the floating wind power market growth to be pronounced in the wake of increasing investments in low-carbon sources of energy. The expansion of wind farms and power generation will fare well for major companies gearing to bolster their RoI. A palpable focus on green energy will shift focus toward floating offshore wind farms. According to the International Energy Agency 2019 report, offshore wind, such as floating wind power, could produce 11 times more electricity than the world’s requirement, thereby attracting USD 1 trillion in investments by 2040. Furthermore, emphasis on renewable energy sources and the demand for carbon-neutrality electricity could bring a paradigm shift to floating wind power manufacturers and suppliers.
However, high installation and maintenance costs of power cables under the seafloor could dent the growth prospect.
COVID-19 Impact:
Dip in Energy Demand Prompted Governments to Launch Robust Policies
The ripple effect witnessed due to the COVID-19 pandemic hampered the prospect of the market growth. Prominently, coronavirus led to a plunge in the electricity demand globally. According to the IEA, electricity demand was poised to dip by 5% in 2020. Meanwhile, robust government policies amidst lockdown measures could drive a shift toward low-carbon sources of electricity. Major countries earmarked funds for clean energy against the backdrop of the COVID-19 outbreak. Renewable energy could gain considerable traction following the implementation of less expensive sources and favorable policies.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/floating-wind-power-market-101488
Segmentation:
Deep Water Segment to Remain Dominant with Rising Wind Farm Installation
In terms of water depth, the market is segregated into deep water (>60m depth), transitional water (30m - 60m depth), and shallow water (<30m depth). The deep water segment could account for a notable share of the global market during the forecast period. The growth is attributed to deep waters having higher wind speeds and no obstruction in the wind path, which enhances the potential of capturing wind energy.
Rising Number of Planned Wind Farm Construction to Propel Above 5MW Turbine Segment
In terms of turbine capacity, the market is segmented into above 5 MW, 3 MW - 5 MW, and up to 3 MW. The above 5 MW segment will contribute significantly toward the global market share, partly due to the increasing number of planned wind farm construction.
Regional Insights:
Market in Japan to Gain Ground from Increasing Installation of Floating Offshore Wind
Industry participants are poised to expand their penetration in Japan on the back of the rising installation of floating offshore wind. According to the Japan Wind Power Association, Japan contemplates expanding installed floating offshore wind capacity to 4 gigawatts (GW) by 2030 and 18 GW in 2050. Bullish investments in a clean energy portfolio could solidify the position of Japan in the global market.
The Norway floating wind power market share will observe an appreciable gain due to strong investments in projects. For instance, Equinor’s 88 MW Hywind Tampen project was estimated to be functional by 2022. Norway market size was valued at USD 0.02 billion in 2021 and will grow with an infusion of funds into floating offshore wind energy.
The U.S. could emerge as a favorable investment hub in the wake of favorable government policies. To illustrate, the Biden-Harris Administration has set the target to reach 30GW of offshore capacity by 2030. Besides, the U.S. Department of Energy also launched the ATLANTIS program for 12 research projects in 2019.
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Competitive Landscape:
Industry Players Invest in Organic and Inorganic Strategies to Tap into Markets
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Key Industry Development:
April 2022- Saipem was awarded two contracts in the Middle East region for two high-specification jack-up drilling units. This comprises workover and drilling operations for five years. These projects will comprise a new high-specification jack-up chartered from CIMC Group and one Saipem jack-up unit for the project.
June 2020: Siemens Gamesa Renewable Energy bagged a new order to deliver 100 units of its SG 14-222 DD offshore wind turbines for 1.4 GW Sofia Offshore Wind Farm. It is located in the U.K. The project will be able to generate electricity to power more than 1.2 million households.
October 2020: Total purchased a 20 per cent stake in EolMed floating wind pilot project. It is located in the Mediterranean Sea, near Port-La-Nouvelle and off the coast of Gruissan in France. It will contain three MHI Vestas 10 MW turbines.
A list of all the floating wind power providers operating in the global market:
- Siemens Gamesa Renewable Energy S.A. (Spain)
- ABB (Switzerland)
- GE (U.S.)
- Ming Yang Smart Energy Group Co. (China)
- MHI Vestas Offshore Wind (Denmark)
- Senvion S.A (Germany)
- Adwen GmbH (Germany)
- Nordex SE (Germany)
- GoldWind (China)
- Envision Energy (China)
- Suzlon Energy Limited (India)
- Hitachi (Japan)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Floating Wind Power Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Floating Wind Power Market Analysis (USD Million, MW), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Water Depth
- Shallow Water
- Transitional Water
- Deep Water
- Market Analysis, Insights and Forecast – By Turbine Capacity
- Up to 3 MW
- 3 MW to 5 MW
- Above 5 MW
- Market Analysis, Insights and Forecast – By Country
- United States
- United Kingdom
- Germany
- France
- Spain
- Sweden
- Japan
- China
- Norway
- Rest of the World
- Competitive Analysis
- Company Market Share Analysis
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- Company Profile
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- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
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Continued…
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USD 15.64 billion
