Floating Wind Turbine Market predicted to gain $30.6 Billion by 2027

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.

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.

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The global floating wind turbine market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated in 2019, accounting for more than three-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 33.9% during the forecast period.

Growing concern from government across the globe regarding renewable power source is anticipated to boost the floating wind turbine market growth. In addition, around 80% of the offshore wind resources are located in waters of more than 60 meter depth, where fixed off shore turbine is not effective. As the floating structure can harness wind resources even at deep water level, it is more effective in narrow continental shelf region with sea water depth more than 200 meter.

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

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Key findings of the study

Semi-submersible Foundation is projected to grow at the highest CAGR of approximately 33.9%, in terms of revenue, during the forecast period.

By depth, the shallow water segment is anticipated to grow with a CAGR of 33.3%, in terms of revenue, during the forecast period.

The Europe dominated the floating wind turbine market with more than 60% revenue shares in 2019.

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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