Elevating Energy Horizons: Floating Wind Turbine Market Forecasted for Remarkable Growth 2020-2027

Floating wind turbines, at the forefront of renewable energy innovation, represent a transformative leap in harnessing wind power over deep offshore waters. These advanced structures, buoyed by floating platforms, defy the constraints of traditional fixed-bottom turbines, unlocking vast expanses of untapped wind resources in the open sea. Pioneering a new era in sustainable energy, floating wind turbines offer a flexible and scalable solution for capturing powerful winds far from shorelines, where wind speeds tend to be higher and more consistent. As the industry matures, the synergy of engineering ingenuity and environmental consciousness propels floating wind turbines into the spotlight, presenting a dynamic and promising chapter in the global pursuit of clean and efficient energy solutions.

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: 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. Floating wind turbine is effective in narrow continental shelf which has an average depth of 200-250 meter.

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 of more than 60-meter depth, where 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, floating wind turbines can decrease the cost of energy production more than that fixed wind turbines in case of long-term business. For instance, the present levelized cost of energy (LCOE) for wind turbines in Europe is around $220-$245 which is expected to reach $50-$73 by 2030.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/7963

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

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/floating-wind-turbine-market-A07598

Based on the 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 numbers of welds, unlike other designs.

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.

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

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.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐆𝐞𝐨𝐭𝐡𝐞𝐫𝐦𝐚𝐥 𝐓𝐮𝐫𝐛𝐢𝐧𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/geothermal-turbine-market-to-reach-99-5-bn-globally-by-2031-at-4-0-cagr-allied-market-research-301699225.html

𝟐. 𝐆𝐚𝐬 𝐓𝐮𝐫𝐛𝐢𝐧𝐞 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/gas-turbine-service-market-to-reach-32-1-bn-globally-by-2031-at-5-1-cagr-allied-market-research-301608268.html

𝟑. 𝐒𝐭𝐞𝐚𝐦 𝐓𝐮𝐫𝐛𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.co.uk/news-releases/steam-turbine-market-to-reach-22-4-billion-globally-by-2032-at-2-6-cagr-allied-market-research-301851909.html

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.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

This release was published on openPR.