Floating Wind Power Market Share, Demand, Trends, Growth Drivers, Revenue, Challenges, Opportunities and Future Competition Till 2032


Floating Wind Power Market Share, Demand, Trends, Growth Drivers, Revenue, Challenges, Opportunities and Future Competition Till 2032: SPER Market Research

 Category : Power & Energy

 Published: Aug-2023
 Author: SPER Analyst

Floating Wind Turbine Market is projected to be worth USD 167.39 billion by 2033 and is anticipated to surge at a CAGR of 32.74%.

An offshore wind turbine type known as a floating wind turbine is supported by a floating foundation, the majority of which is submerged. Due to the mounting design, the wind turbine can generate electricity in water depths where a stable base is impractical. Several mooring lines and anchors are used to secure the turbine to the ocean floor. Anywhere in deep water that is deeper than 60 metres is a good place for a floating wind turbine. In addition, due to the steady wind flow along the coast, floating wind turbines, unlike onshore wind turbines, may produce power at a consistent rate. 

Global Floating Wind Turbine Market Driving Factors and Challenges

The global floating wind turbine market is driven by several factors, including abundant offshore wind resources, technological advancements, offshore market expansion, cost reduction, supportive government policies and incentives, environmental benefits and climate change mitigation, offshore infrastructure development, local economic development, public demand and awareness, and international cooperation and collaboration. These factors contribute to the growth, investment, and development of the market, which plays a crucial role in transitioning to a sustainable and low-carbon energy future. Floating wind turbines offer opportunities for market expansion, cost reduction, and environmental benefits, making them more economically viable and attractive to investors. Government policies and incentives, along with increased public awareness and public demand, drive the development and deployment of floating wind turbines.

The Global Floating Wind Turbine Market faces several challenges, including permitting and regulatory processes, environmental and ecological considerations, supply chain and manufacturing capacity, financing and investment, site-specific challenges, public perception and stakeholder engagement, and market and policy uncertainty. These challenges require streamlined processes, environmental monitoring, compliance with regulations, and robust mitigation measures to ensure widespread adoption and growth. A robust supply chain and local manufacturing capabilities are essential for reducing costs and enhancing project feasibility. Financing and investment are crucial for attracting investments and supporting project development. Site-specific challenges, public perception, and stakeholder engagement are also crucial for successful development and operation. Addressing these challenges requires collaboration and establish supportive frameworks for the global floating wind turbine market. 

Impact of COVID-19 on Global Floating Wind Turbine Market
The COVID-19 pandemic has had direct and indirect impacts on the global floating wind turbine market. Governments have shifted their focus to managing public health and economic impacts, affecting policy support and regulatory developments. Delays in project development pipelines, market uncertainty, and investor confidence have led to cautious decision-making. However, the long-term prospects for the market remain positive, with the pandemic emphasizing the importance of resilient and sustainable energy systems. Governments and industry stakeholders are expected to continue supporting floating wind projects as part of economic recovery plans and decarbonization goals.

Floating Wind Turbine Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; General Electric (U.S.), MHI Vestas Offshore Wind (Denmark), Siemens Gamesa Renewable (Spain), Goldwind (China), Shanghai Electric (China), ABB Group (Switzerland), Doosan Corporation (South Korea), Hitachi Ltd. (Japan), Nordex SE (Germany), EEW Group (Germany), Nexans (France), DEME (Belgium), Suzlon Energy Limited(India), Ming Yang Smart Energy Group Co (China), Envision Energy (China), Rockwell Automation Inc., (U.S.), Hyundai Motor Company (South Korea), Schneider Electric (France) Others.

Global Floating Wind Turbine Market Segmentation:

By Foundation: Based on the Foundation, Global Floating Wind Turbine Market is segmented as; Semi-submersible Foundation, Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Others.

By Turbine Capacity: Based on the Turbine Capacity, Global Floating Wind Turbine Market is segmented as; Up to 1 MW, 1 MW-3 MW, 3 MW-5 MW, Above 5 MW.

By Application: Based on the Application, Global Floating Wind Turbine Market is segmented as; Commercial, Industrial, Others.

By Water Depth: Based on the Water Depth, Global Floating Wind Turbine Market is segmented as; Deep Water, Shallow Water, Transitional water.

By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America, Others.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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