Kenneth Research, in its repository of market research reports, have recently added a report on the Global Floating Wind Turbine Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Floating Wind Turbine Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Floating Wind Turbine Market products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Global Floating Wind Turbine Market is valued approximately at USD 3.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 32.5% over the forecast period 2020-2027. Floating wind turbine is a type of offshore wind turbine, that is backed by a floating foundation where most of the mass is underwater. These turbines can be effective anywhere in deep water where depth is over 60 meters. In addition, due to dependable wind flow at seashore, floating wind turbine can produce electricity at stable rate unlike onshore wind turbine. Further, floating wind turbine is a cost-effective solution and minimizes carbon emission contrasting traditional power sources. Also, the floating wind turbine technology helps in removing the constraint of water depth that helps in selection of site at power generation. Thus, energy companies are investing a substantial amount of funds on the deployment of floating wind turbines. For instance, in June 2017, Statoil, a Norwegian energy company invested USD 268 million for its Hywind turbine project. The project involved installation of floating wind turbines at 78-meter sea depth in north-east coast of Scotland.
Therefore, this initiative may significantly increase the demand for floating wind turbines in the market worldwide. Moreover, the paradigm shifts towards the renewable energy generation, along with the exponential investment for sustainable energy development are the few factors responsible for the impressive CAGR of the market during the forecast period. According to the data published by Wind Europe Organization in 2019, the new wind installations in Europe were 15.4 gigawatts (GW), up from 27% since 2018. Also, as per the IRENA, the wind energy generation capacity of India is the fifth largest around the world with almost 10,925MW in 2009 that increased to 35,288 MW in 2018, which is further accelerating the growth potential of floating wind turbine market. However, the high initial investment for the development of floating wind turbine is one of the prime factors restraining the market growth over the forecast period of 2020-2027.
The regional analysis of the global floating wind turbine market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the rising government support to implement floating wind turbine, along with the significant presence of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the growing wind energy generation capacity coupled with rise in investment on sustainable energy projects in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the floating wind turbine market in the Asia-Pacific region.
Major market player included in this report are:
Siemens Gamesa Renewable
MHI Vestas Offshore Wind
General Electric Company
Mingyang Smart Energy Group Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Shallow Water (less than 60 m Depth)
Deep Water (higher than 60 m Depth)
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Floating Wind Turbine Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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