Floating Wind Turbine Market: Current Analysis and Forecast (2021-2027)

Floating Wind Turbine Market: Current Analysis and Forecast (2021-2027)

  • UnivDatos Market Insight
  • August 2021
  • Power
  • 164 pages

Report Description

Wind turbines generate electricity from wind that passes through the turbine’s blades. The wind’s kinetic energy is then captured by the blades through rotation and is converted into mechanical power. Floating wind turbines are equipped with floating platforms to support the entire turbine structure & is effective anywhere in deep water where depth is more than 60 meter. The adoption of floating wind power is expected to rise owing to its operational advantages over the fixed structure installations of wind farms. Floating offshore wind projects have lower foundation requirements and deliver a higher energy yield.

Floating wind farms are capable of functioning in harsh atmospheric conditions and can withstand the strongest wind flow. These installations also offer environmental benefits compared to fixed bottom structures due to their less invasive activity on the seabed during installation. The market growth is attributed to higher potential of power production as compared to fixed structures, technological advancements in floating turbines, and increasing investments & favorable policies for offshore wind power generation globally. However, some of the restraints in the market include High installation costs of Floating Wind Turbine system & lower level of right framework & technology readiness among many nations are some factors impeding the growth of this market all over the world.

Based on foundation type, the market is segmented into Spar-buoy, Semi-submersible and Others. The Spar-buoy segment grabbed XX% market share of the Global Floating Wind Turbine Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to its simple design which can be easily fabricated. In addition, spar-buoy involves few number of welds and complicated components unlike semi-submersible-platform.

Based on depth, the market is segmented into Shallow Water (less than 60 m Depth) & Deep Water (higher than 60 m Depth). In 2020, the Deep Water (higher than 60 m Depth) segment dominated the Floating Wind Turbine Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) as installation of deep-water turbine offers large area with no constraint of water depth which aids in selecting the best site for power generation & also has more potential to generate higher energy yields for the offshore wind farm.

For a better understanding of the market adoption of Floating Wind Turbine, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Norway and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. Europe constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of the largest share of offshore wind power installed capacity as well as floating wind farms in 2020 & favorable government policies in countries, such as UK, Norway, France, Portugal, which are driving clean energy usage.

Some of the major players operating in the market include Nordex SE, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, Goldwind, ABB Ltd, Ming Yang Smart Energy Group Co. etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Global Floating Wind Turbine Market was valued at US$ xx billion in 2020 and is anticipated to reach US$ xx billion by 2027 displaying a CAGR of xx% over the forecast period (2021-2027). Floating wind turbines are equipped with floating platforms to support the entire turbine structure & is effective anywhere in deep water where depth is more than 60 meters. The adoption of floating wind power is expected to rise owing to its operational advantages over the fixed structure installations of wind farms. Floating offshore wind projects have lower foundation requirements and deliver a higher energy yield. Floating wind farms are capable of functioning in harsh atmospheric conditions and can withstand the strongest wind flow.

These installations also offer environmental benefits compared to fixed bottom structures due to their less invasive activity on the seabed during installation. The growth of Floating Wind Turbine Market expanded significantly over recent years, underpinned by higher potential of power production as compared to fixed structures, technological advancements in floating turbines, and increasing investments & favorable policies for offshore wind power generation globally. For instance, as per GWEC, as of the 2019, a total of 65.7 MW floating wind was installed globally, of which 32 MW is located in the UK, 19 MW in Japan, 10.4 MW in Portugal, 2.3MW in Norway and 2 MW in France. At present, the 2030 floating offshore wind forecast ranges from 3 GW to nearly 19 GW, depending on how quickly LCOE can be brought down to an affordable level and its adoption by new markets.

Other factor driving the growth of the Floating Wind Turbine Market globally is high focus of the companies worldwide to make much more technologically enabled & cost-efficient turbines. 

Nordex SE, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, Goldwind, ABB Ltd, Ming Yang Smart Energy Group Co. etc. are some of the prominent players operating in the Global Floating Wind Turbine Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Floating Wind Turbine applications.

Insights Presented in the Report

“Amongst foundation type, Spar-buoy segment holds the major share.”

Based on foundation type, the market is segmented into Spar-buoy, Semi-submersible and Others. The Spar-buoy segment grabbed XX% market share of the Global Floating Wind Turbine Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to its simple design which can be easily fabricated. In addition, spar-buoy involves few number of welds and complicated components unlike semi-submersible-platform. 

“Amongst depth type, Deep Water (higher than 60 m Depth) segment dominated the market in 2020.”

Based on depth, the market is segmented into Shallow Water (less than 60 m Depth) & Deep Water (higher than 60 m Depth). In 2020, the Deep Water (higher than 60 m Depth) segment dominated the Floating Wind Turbine Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) as installation of deep-water turbine offers large area with no constraint of water depth which aids in selecting the best site for power generation & also has more potential to generate higher energy yields for the offshore wind farm.

“Europe represents as the largest market in the Global Floating Wind Turbine Market.”

For a better understanding of the market adoption of Floating Wind Turbine, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Norway, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. Europe constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of the largest share of offshore wind power installed capacity as well as floating wind farms in 2020 & favorable government policies in countries, such as UK, Norway, France, Portugal, which are driving clean energy usage.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional & country-level analysis of the industry

Customization Options:

The Global Floating Wind Turbine Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Companies Covered

  • Nordex SE
  • Siemens Gamesa Renewable Energy SA
  • Vestas Wind Systems A/S
  • Goldwind
  • ABB Ltd
  • Ming Yang Smart Energy Group Co

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Table of Content

1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Objective of the Study
1.3. Limitation
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Global Floating Wind Turbine Market Study

2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Global Floating Wind Turbine Market
2.1.1. Main Objective of the Global Floating Wind Turbine Market

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL FLOATING WIND TURBINE MARKET COVID-19

6 GLOBAL FLOATING WIND TURBINE MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY FOUNDATION

7.1. Spar-buoy
7.2. Semi-submersible
7.3. Others

8 MARKET INSIGHTS BY DEPTH
8.1. Shallow Water (less than 60 m Depth)
8.2. Deep Water (higher than 60 m Depth)

9 MARKET INSIGHTS BY REGION
9.1. North America Floating Wind Turbine Market
9.1.1. United States
9.1.2. Canada
9.1.3. Rest of North America
9.2. Europe Floating Wind Turbine Market
9.2.1. Germany
9.2.2. France
9.2.3. United Kingdom
9.2.4. Italy
9.2.5. Spain
9.2.6. Norway
9.2.7. Rest of Europe
9.3. Asia Pacific Floating Wind Turbine Market
9.3.1. China
9.3.2. Japan
9.3.3. India
9.3.4. Australia
9.3.5. South Korea
9.3.6. Rest of Asia Pacific
9.4. Rest of World Floating Wind Turbine Market

10 FLOATING WIND TURBINE MARKET DYNAMICS
10.1. Market Drivers
10.2. Market Challenges
10.3. Impact Analysis

11 FLOATING WIND TURBINE MARKET OPPORTUNITIES

12 FLOATING WIND TURBINE MARKET TRENDS

13 LEGAL & REGULATORY FRAMEWORK

14 DEMAND AND SUPPLY SIDE ANALYSIS

14.1. Demand Side Analysis
14.2. Supply Side Analysis
14.2.1. Top Product Launches
14.2.2. Top Business Partnerships
14.2.3. Top Business Expansions, Investments and Divestitures
14.2.4. Top Merger and Acquisitions

15 VALUE CHAIN ANALYSIS

16 COMPETITIVE SCENARIO

16.1. Porter’s Five Forces Analysis
16.1.1. Bargaining power of Supplier
16.1.2. Bargaining power of Buyer
16.1.3. Industry Rivalry
16.1.4. Availability of Substitute
16.1.5. Threat of new Entrants
16.2. Competitive Landscape
16.2.1. Company Shares, By Revenue

17 COMPANY PROFILED
17.1. Nordex SE
17.2. Suzlon Energy Ltd
17.3. Ming Yang Smart Energy Group Co.
17.4. GE Renewable Energy
17.5. ABB Ltd.
17.6. Vestas Wind Systems A/S
17.7. Siemens Gamesa Renewable Energy SA
17.8. Xinjiang Goldwind Science & Technology Co., Ltd.
17.9. Hitachi Ltd.
17.10. Enercon GmbH

18 DISCLAIMER

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