Floating Wind Turbine Market is Awaited to Grow at a high CAGR over the forecast period 2020 and 2027

Floating wind turbine platforms are emerging as a way that boosts the switch towards green energy. The world has already seen enough impacts of technology and development on the globe. And this has further forced the industries to shift towards environmentally friendly ways of development. The industry, therefore, can be foreseen to grow. According to a report published by Allied Market Research, the global floating wind turbine market is anticipated to reach $30.6 billion by 2027.

The demand for renewable power sources is highly increasing. Floating turbines also have a higher capacity factor and have low carbon emission which further augments its demand. Moreover, the advancements in wind turbine structure pave the way for numerous opportunities. The investments and funding for new projects are increasing and government bodies are taking initiatives for further developments. Also, industry players are adopting further strategies to contribute to advanced technologies and expand the market field. Nevertheless, with all these aspects the market is expected to witness exponential growth in the coming future.

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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.

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 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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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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