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Floating Wind Turbine Market Increasing Adoption of Offshore Wind Energy to Boost the Market Growth

Research Nester published a report titled Floating Wind Turbine Market: Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of the global floating wind turbine market in terms of market segmentation by water depth, application, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global floating wind turbine market is anticipated to attain a ~40% CAGR over the forecast period, i.e., 2022-2030. The market is segmented by application into commercial, industrial, and others, out of which, the industrial segment is anticipated to gain significant share during the forecast period owing to the vast untapped potential of the offshore wind energy, which can be harnessed for generating electricity for industrial use. Moreover, major industries are investing in the offshore wind energy, which is further expected to boost the segment growth. The commercial segment, on the other hand, is estimated to witness moderate growth by the end of 2030, as the generation of electricity for utility-purpose using offshore wind farms, is still in a dormant stage, owing to the unpredictable climatic conditions.    

The global floating wind turbine market is projected to grow on the back of Rising demand for renewable energy and lower cost of floating wind turbines, as compared to foundation-based turbines. Wind energy is one of the most commercially viable form of renewable energy, but majority of this is attributed to the onshore wind energy. However, increasing adoption of offshore wind energy, owing to its immense power generation potential, is estimated to boost the demand for floating wind turbines. A report by the International Renewable Energy Agency (IRENA) stated that 34,367 MW electricity is being produced by offshore wind turbinesas of 2020. This is estimated to boost the market growth.

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Regionally, the global floating wind turbine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is projected to garner notable market share over the forecast period owing to the increasing investment by the government as well as major private companies, for harnessing the offshore wind energy. Similarly, the market in the Europe region is estimated to hold a significant market share throughout the forecast period, owing to the presence of large number of offshore farms in the region, backed by vast coastlines of various countries, and technological advancement and innovation in the region.

Increasing Adoption of Offshore Wind Energy to boost the Market Growth

Major market players have realized the potential possessed by offshore wind farms, owing to the stronger and constant winds in the coastal and island regions. To exploit this energy, wind turbines need to be installed in the sea, however, the cost of building a foundation in the seabed is high. This is why industrialist opt for floating wind turbines. These turbines use anchors instead of foundation, which is cost friendly and provides equally beneficial outcome. This is estimated to boost the floating wind turbine market growth.

However, uncontrollable climatic conditions and lack of workforce are expected to operate as key restraint to the growth of global floating wind turbine market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global floating wind turbine market which includes company profiling of General Electric Company, ABB Ltd, Siemens Gamesa Renewable Energy, S.A., Adwen GmbH, Ming Yang Smart Energy Group Ltd, Suzlon Energy Limited, Nordex SE, Xinjiang Goldwind Science & Technology Co., Ltd., Envision Group, and Vestas Wind Systems A/S. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global floating wind turbine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.  

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