New York, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Wind turbines are machines that convert the wind's kinetic energy into electricity. A floating wind turbine is a submerged offshore wind turbine supported by a floating base. The wind turbine can generate electricity in water depths where a fixed foundation would be inapplicable because it is mounted on a structure. Multiple mooring cables and anchors secure the turbine to the ocean floor. Any body of water with a depth of 60 meters or more is suitable for a floating wind turbine. Furthermore, floating wind turbines can generate electricity consistently, unlike onshore wind turbines, due to the constant wind flow along the shore.
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The growth of the market for floating wind turbines is anticipated to be driven by the substantial increase in demand for renewable energy sources. Unlike conventional energy sources, floating wind turbines reduce carbon emissions and are cost-effective. In addition, floating wind turbines' technology eliminates water depth restriction, making it easier to select the optimal location for power generation. Additionally, the capacity factor of floating wind turbines exceeds that of land-based wind turbines. This is a result of the constant energy output of floating wind turbines. However, installing a wind turbine with multiple mooring lines and anchors can be expensive. In addition, the wind turbine may sustain significant damage during intense storms and hurricanes.
The Rise in Demand for Renewable Power Sources and Electricity Consumption to Drive the Global Floating Wind Turbine Market
According to Straits Research, "The global floating wind turbine market size was valued at USD 5,655 million in 2021, projected to reach USD 54,704 million, and expand at a CAGR of 32.8% during the forecast period." The substantial increase in demand for renewable energy sources is anticipated to propel the growth of the floating wind turbine market. In addition, the government's increasing emphasis on developing cost-effective energy solutions will contribute to market expansion. In addition, renewable energy sources, such as a floating wind turbine, can be utilized in remote coastal areas, which presents a significant challenge for industry participants regarding the provision of power via conventional power plants. The demand for floating wind turbines will be driven by the increasing interest of governments around the world in finding environmentally friendly energy sources. Carbon dioxide emissions are reduced due to electricity generation by the floating wind turbine, which uses no conventional fossil fuels.
In recent years, the quantity of electricity consumed has increased significantly. The advancement of technology has led to the production of electronic products for domestic and commercial use, dependent on the availability of electric power. Additionally, an increase in disposable income per capita, as well as the purchasing power of consumers, is a factor that contributes to a rise in sales of electronic devices such as refrigerators, televisions, and air conditioners. In addition, modernization, the expansion of the construction industry, the development of prosperous societies, and the evolution of residential buildings have all contributed to an increase in energy demand. In addition to a rise in the number of industrial deployments, the expansion of the commercial sector, which includes the construction of schools and hospitals as well as retail and grocery stores, office buildings, and other commercial establishments, has also increased the electricity demand.
As a result of these factors, there has been a rise in demand for dependable and efficient electricity supply. As a result, governments in several nations have begun to emphasize the generation of electricity from renewable sources, which is expected to drive the demand for floating wind turbines. As a result of the rapid economic expansion of emerging economies, it is anticipated that both the production and consumption of electricity will continue to rise in the coming years. As a result, it is expected that the effect of market drivers on the global market for floating wind turbines will demonstrate significant expansion throughout the forecast period.
Advancements in the Structures of Wind Turbines to Create Global Floating Wind Turbine Market Opportunities
New technologies for the structure of wind turbines, such as the "Twisted Jacket" foundation, which has fewer nodes and components, could provide a long-term solution to the issue of severe storms. Not only does the inward battered guide framework offer a sturdy and secure framework, but it also helps to reduce installation costs. Recent developments are anticipated to result in the creation of additional opportunities in the floating wind turbine market.
Regional Insights
Europe will command the market with the largest share and grow at a CAGR of 32% during the forecast period. Intense research and development efforts and the presence of governing bodies such as EUROPUR, the European association, and significant Spar-buoy Foundation foam block manufacturers stimulate growth prospects in the European market. It is anticipated that the target for using renewable energy sources will play an essential role among the factors that drive the expansion of the need for floating wind turbines. By 2020, European countries had met their renewable energy targets. They initiated the implementation of their 2030 National Energy and Climate Plans (NECPs) to meet the 32 % renewables target.
Many European countries will be able to continue reducing the amount of carbon dioxide emitted by their power systems efficiently and cost-effectively thanks to wind power. They will also be able to transform their energy infrastructure. Europe's total installed capacity is anticipated to reach 277 GW by 2023. Over the next five years, more than 90 GW of wind energy will be installed. The market for floating wind turbines is expected to increase as a result.
Key Highlights
- Based on foundation, the spar-buoy foundation segment is expected to advance at a CAGR of 32.5% and hold the largest market share during the forecast period.
- Based on depth, the deep water segment is expected to hold the largest market share during the forecast period and grow at a CAGR of 32.1%.
- Based on regional analysis, Europe will command the market with the largest share and grow at a CAGR of 32% during the forecast period.
Competitive Players in the Market
- Siemens Gamesa Renewable
- MHI Vestas Offshore Wind
- Senvion SA
- ABB Group
- GE Renewable Energy
- NORDEX SE.
Market News
- In 2022, Siemens Gamesa Renewable and Doosan Enerbility signed a non-binding MOU to collaborate on large-scale offshore wind turbines.
- In 2022, MHI Vestas Offshore Wind and PEC Energia signed an agreement to power the Serra das Vacas wind park in Pernambuco, Brazil.
Global Floating Wind Turbine Market: Segmentation
By foundation
- Spar-buoy
- Semi-submersible
- Tension-leg platform (TLP) Foundation
- Others
By depth
- Shallow water (less than 60 m in depth)
- Deep water (higher than 60 m Depth)
By region
- North America
- Europe
- Asia Pacific
- LAMEA
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