Floating Wind Turbine Market to see Huge Growth by 2027 | Siemens Gamesa, Senvion, ABB group, GE Energy

Rise in demand for renewable power sources, reduced carbon emission and higher capacity factor than other wind turbines drive the growth of the global floating wind turbine market. However, high installation and high maintenance costs hamper the market growth. On the contrary, developments in wind turbine structure would open new opportunities for the market players in the future.

The global floating wind turbine market is segmented on the basis of foundation, depth, deep water, and region. Based on foundation, the semi-submersible foundation segment is projected to manifest the highest CAGR of 33.9% during the forecast period. However, the spar-buoy foundation segment held the largest share in 2019, accounting for more than half of the market.

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Based on foundation, the spar-buoy segment garnered highest floating wind turbine market share, owing to its simple design which can be easily fabricated. In addition, spar-buoy involves few number of welds unlike other designs.

Based on depth, the deep water (>60 meter) segment emerged as the floating wind turbine market leader. The installation of deep water turbine offers large area with no constraint of water depth which helps in selecting the best site for wind power plant.

Europe accounted for significant floating wind turbine market share, owing to favorable government measures to promote renewable power sources for industrial and commercial applications.

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Major players have adopted product launch, business expansion, and acquisition to sustain the intense market competition. The key players profiled in the report include Siemens Gamesa Renewable, MHI Vestas Offshore Wind, Senvion SA, ABB group, GE Renewable Energy, and NORDEX SE.

Covid-19 scenario-

During the first phase of the lockdown, the limited availability of spares and manpower for maintenance negatively affected the market of the floating wind turbine. Moreover, cancellation of orders and delays in the project impacted the market.

However, there is an increase in demand for remote monitoring of projected due to rapid implementation of digitization. This is expected to help the market get back on track.

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