Floating Wind Turbine Market to Witness Remarkable Growth from 2020 - 2027

The global floating wind turbine market is heading toward an expansion phase. This is attributed to the surge in demand for renewable power sources across the globe. In addition, a rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero-emission norms is expected to drive the market growth.

A floating wind turbine, a type of offshore wind turbine, is supported by a floating foundation where most of the mass is underwater. The mounting structure allows the wind turbine to generate electricity in the water depth where a fixed foundation is not applicable. Floating wind turbine is effective in narrow continental shelf which has an average depth of 200-250 meter.

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Growing concern from governments across the globe regarding renewable power sources is anticipated to boost the floating wind turbine market growth. In addition, around 80% of the offshore wind resources are located in waters more than 60-meter depth, where the fixed offshore turbine is not effective. As the floating structure can harness wind resources even at deep water levels, it is more effective in narrow continental shelf regions with seawater depths of more than 200 meters. In addition, a floating wind turbine can decrease the cost of energy production more than that of fixed wind turbines in case of long-term business. For instance, the present Levelized cost of energy (LCOE) for a wind turbine in Europe is around $220-$245 which is expected to reach $50-$73 by 2030.

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

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

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

Major players have adopted product launches, business expansions, and acquisitions 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.

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

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