Pune, Sept. 09, 2020 (GLOBE NEWSWIRE) -- The global floating wind power market is set to gain traction from the ever-increasing demand and utilization of renewable energy sources. Various countries across the world have plans to commercialize floating wind farms between the period of 2020 to 2026. It would affect the market positively. This information is published by Fortune Business Insights™ in a recent study, titled, “Floating Wind Power Market Size, Share and Global Trend By Water Depth (Shallow Water {< 30m}, Transitional Water {30m-60m}, Deep Water {>60m}), By Capacity (Up to 3 MW, 3 MW to 5 MW, Above 5MW) and Geography Forecast till 2026.” As per the study, the floating wind power market size stood at USD 0.41 billion in 2018. But, it is projected to reach USD 9.36 billion by 2026, exhibiting a CAGR of 49.9% during the forecast period.
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This Report Answers the Following Questions:
- What are the floating offshore wind energy market trends?
- How many growth drivers and hindrances are likely to emerge in the near future?
- Which country would dominate in the coming years?
- How many organizations would lead the market?
- What are the strategies adopted by key players to boost sales?
Drivers & Restraints-
Need to Reduce Carbon Emission Will Accelerate Growth
Nowadays, with the rising concerns regarding pollution, countries are being forced to adopt renewable energy sources to control the emission of carbon in the atmosphere. Wind and solar are the two primary renewable energy sources that are being used at a fast pace. The creation of onshore wind farms across the globe has proved to be successful, thereby opening new doors of opportunities to offshore wind power farms. The latter is capable of harnessing a tremendous amount of wind energy that otherwise go wasted. These factors are driving the floating wind energy market growth. However, setting up such a wind farm requires a high initial investment. It may become a barrier to market growth.
Segment-
Deep Water Segment to Lead Backed by Its Possession of Numerous Advantages
On the bases of water depth, the market is grouped into deep water (> 60m), transitional water (30m - 60m), and shallow water (< 30m). Amongst these, the deep water (> 60m) segment is expected to lead in terms of floating wind power market share in the forthcoming period. Installation in deep water proves to be beneficial as it provides access to large areas with high proximity to well-populated centers, as well as strong wind resources. Apart from this, floating foundations are the only options for large scale deployment of wind farms in countries that house extremely narrow continental shelf.
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Regional Analysis-
The U.K. to Remain at Forefront: Rising Number of OWF to Boost Growth
In terms of region, the market is segregated into France, the U.K., South Korea, the U.S., Sweden, Germany, Japan, Spain, and the rest of the world. Out of these, at present, the U.K. holds the largest floating wind power market revenue. This growth is attributable to the country’s green energy target. By the end of 2030, it has a target of accomplishing around 40GW of offshore wind capacity. It is anticipated to bring about a large number of investors. Additionally, the country houses the largest number of offshore floating wind farm (OWF) worldwide. Though most of them are currently under construction, they are likely to be operational from 2020. Sweden, the U.S., France, and Japan are some of the other countries that are set to follow the footsteps of the U.K. These countries possess a large number of installed OWFs. Lastly, South Korea, Spain, and Germany would become some of the most influential stakeholders in the coming years owing to the rising number of planned installation of floating wind power.
Competitive Landscape-
Key Companies Aim to Sign New Agreements for Gaining Competitive Edge
The market is highly fragmented. It consists of many big, small, and medium companies that are engaging in the strategy of bagging more contracts and agreements to deliver their products and services to large projects. It would help them in gaining a competitive edge. Below are a couple of the latest industry developments:
- November 2019: Hai Long Offshore Wind and Siemens Gamesa Renewable Energy (SGRE) recently signed a preferred supplier agreement. SGRE would deliver and service turbines on the 300 MW-Hai Long 2 project. The total project is about 50 km off the coast of Changhua County.
- October 2019: Seagreen Wind Energy Limited, an offshore wind farm development company based in England entered into a preferred supplier agreement with MHI Vestas Offshore Wind, a seller, installer, and manufacturer of wind turbines based in Denmark. This agreement would enable both companies in supplying and servicing approximately 114 turbines for Scotland’s newest offshore wind farm.
List Of Key companies operating in the floating offshore wind power market. They are as follows:
- Nordex SE (Germany)
- MHI Vestas Offshore Wind (Denmark)
- GE (U.S.)
- Siemens Gamesa Renewable Energy S.A. (Spain)
- Hitachi (Japan)
- Adwen GmbH (Germany)
- Senvion S.A (Germany)
- Envision Energy (China)
- ABB (Switzerland)
- Suzlon Energy Limited (India)
- GoldWind (China)
- Ming Yang Smart Energy Group Co. (China)
- Other key market players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Floating Wind Power Market Analysis (USD Billion) (MW), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Water Depth
- Shallow Water (< 30m)
- Transitional Water (30m – 60m)
- Deep Water (> 60m)
- Market Analysis, Insights and Forecast – By Capacity
- Up to 3 MW
- 3 MW to 5 MW
- Above 5 MW
- Market Analysis, Insights, and Forecast – By Region
- US
- UK
- Germany
- France
- Spain
- Sweden
- Japan
- South Korea
- Rest of the World
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Have a Look at Related Research Insights:
Offshore Wind Power Market Size, Share and Industry Analysis By Installation (Fixed Structure, Floating Structure), By Water Depth (Up to 30m, Above 30m), By Capacity (Up to 3MW, 3MW to 5MW, Above 5MW) and Regional Forecast, 2019-2026
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Wind Turbine Gearbox Market Size, Share and Global Trend By Installation (New, Replacement), By Application (Onshore, Offshore) and Geography Forecast till 2026
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