Floating Wind Turbine Market to Grow at a CAGR of 32.5% | Valuates Reports

Floating Wind Turbine Market

Global floating wind turbine market size was valued at $3.2 billion in 2019, and is projected to reach $30.6 billion by 2027, growing at a CAGR of 32.5% from 2020 to 2027.

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Floating Wind Turbine Market by Foundation (Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation, and Others), Depth (Shallow Water (less than 60 m Depth) and Deep Water (higher than 60 m Depth)): Opportunity Analysis and Industry Forecast, 2020-2027

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Significant surge in demand for renewable power sources is expected to drive the floating wind turbine market growth. In addition, floating wind turbine is cost effective and reduces carbon emission unlike conventional power sources. Furthermore, the floating wind turbine technology removes the constraint of water depth which aids in selecting the best site possible for power generation. For instance, in June 2017, Statoil, a Norwegian energy company invested $268 million for its Hywind turbine project. The project involved installation of floating wind turbines at 78 meter sea depth in north-east coast of Scotland. Additionally, floating wind turbine has a higher capacity factor than that of other onshore wind turbines. This is attributed to consistent power generation of floating wind turbine. For instance, the capacity factor for floating offshore wind turbine is 0.5-0.7 where the onshore wind turbine has capacity factor of around 0.25-0.3. However, installation of wind turbine with multiple mooring lines and anchors can be expensive. In addition, during heavy storms or hurricanes, the wind turbine may face severe damage. Nonetheless, technological advancements in wind turbine structure, such as "Twisted Jacket" foundation with fewer nodes and components may be permanent solution against heavy storm. The inward battered guide structure provides robust and secure structure, and also reduces installation cost. Such new development will create further opportunities in the market.

The global floating wind turbine market is segmented on the basis of foundation and depth. On the basis of foundation, it is divided into spar-buoy, semi-submersible, and others. Based on depth, it is categorized into shallow water (less than 60 meter depth) and deep water (higher than 60 meter depth). Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, with country level analysis of each region.

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.

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