Floating Wind Turbine Market is Expected to Reach $30.6 Billion by 2027 | Growing at a CAGR of 32.5%

Allied Market Research published a report on the 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.

The 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/7963

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

Growing concern from governments 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. In addition, floating wind turbine can decrease the cost of energy production more than that of fixed wind turbine in case of long term business. For instance, the present levelized cost of energy (LCOE) for wind turbine in Europe is around $220-$245 which is expected to reach $50-$73 by 2030.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/floating-wind-turbine-market-A07598

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

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Floating Wind Turbine industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐅𝐥𝐨𝐚𝐭𝐢𝐧𝐠 𝐖𝐢𝐧𝐝 𝐓𝐮𝐫𝐛𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

General Electric Company
Mingyang Smart Energy Group Co., Ltd.
ABB Group
Siemens Gamesa Renewable
MHI Vestas Offshore Wind
Goldwind
Hitachi
Envision Energy
Senvion SA
Nordex SE

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/floating-wind-turbine-market.html

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

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:

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

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

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

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/7963

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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