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At CAGR of 32.5%, Floating Wind Turbine Market to Generate $30.6 billion by 2027

06-28-2021 05:08 AM CET | Energy & Environment

Press release from: Allied Market Research

Floating Wind Turbine Market 

Floating Wind Turbine Market 

Increase in demand for renewable power sources, higher capacity factor than that of other wind turbines, and reduced carbon emission fuel the growth of the global floating wind turbine market. On the other hand, high installation and maintenance cost curb the growth to some extent. However, advancements in wind turbine structure are expected to create lucrative opportunities for the key players in the industry.

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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 numbers of welds unlike other designs.

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.

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

Top Key players include in this report:

Siemens Gamesa Renewable
MHI Vestas Offshore Wind
Senvion SA, ABB group
GE Renewable Energy
NORDEX SE

The following are the regions covered in this report.

North America [U.S., Canada, Mexico]
Europe [Germany, UK, France, Italy, Rest of Europe]
Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
South America [Brazil, Argentina, Rest of Latin America]
Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]

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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 analysis:

Nation wise lockdown has severely impacted the wind turbine manufacturing in countries like China, Germany. Large number of manufacturing plants across these countries were operating with limited production capacity for last 6-8 months which negatively impacted the floating wind turbine market growth

Additionally, reduced manpower for planned maintenance became a major issue for industry players. As social distancing norms were imposed during the pandemic, it largely reduced active manpower in manufacturing sites

Furthermore, disruption in supply chain led to various project delays and cancellation of orders which further affected the key markets for both blade production and wind turbine installations.
However, implementation of digitization may aid in remote monitoring for project execution; thus, limiting the labor force as much as possible.

Reasons for Buying this Report:

Complete analysis on market dynamics, market status and competitive floating wind turbine view is offered.

Forecast Global floating wind turbine Industry trends will present the market drivers, constraints and growth opportunities.

The five-year forecast view shows how the market is expected to grow in coming years.
All vital Global floating wind turbine Industry verticals are presented in this study like Product Type, Applications and Geographical Regions.

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About us:

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.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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