Selbyville, Delaware, Feb. 08, 2021 (GLOBE NEWSWIRE) -- According to reliable estimations, global floating wind turbine market had reached a valuation of USD 3.2 billion in the year 2019 and is expected to showcase a y-o-y growth rate of 32.5% between 2020 and 2027. This rapid expansion can be attributed to shifting preferences towards adopting renewable sources of energy, and surging investment for green energy development.
Apart from this, the study talks about the various segmentations and their relevant impact on the growth matrix of this business space. It also offers significant information regarding the regional outlook while elaborating on different market players operating in this business domain.
According to a study conducted by WindEurope organization, Europe witnessed around 15.4 GW (gigawatts) of new wind installations in 2019, which was a 27% increase since 2018. This widespread deployment of wind turbines is facilitating the overall business scenario.
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For those unaware, a floating wind turbine is an offshore wind turbine which is installed on a floating foundation. These turbines are can operate in deep water with depths around 60 meters. They are capable enough to produce significant energy owing to dependable wind flow available at seashore.
Floating wind turbines have been gaining quite the momentum owing to their cost effective nature. The technology not only reduces carbon emissions but also helps in eliminating complexities associated with water depth, thereby stimulating global floating wind turbine industry outlook.
In June 2017, for instance, Norway-based energy company Statoil (Equinor ASA) reportedly invested around USD 268 million for its Hywind turbine project which involved the installation of wind turbines in 78 meter sea depth in north-east part of Scotland.
Thus, surging investments towards deployment of floating wind turbines by several energy companies is adding traction to the overall market size. However, high investment as well as development costs associated with the product could potentially act as a bottle neck towards global floating wind turbine industry expansion.
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Elaborating on the regional spectrum
The geographical scope of worldwide floating wind turbine market consists of North America, Latin America, Asia-Pacific, Europe, and rest of the world. As per credible estimates, Europe currently dominates the overall market in terms of revenue share and is likely to depict similar growth pattern in the subsequent years, owing to supportive regulatory outlook and high concentration of leading energy companies.
Meanwhile, Asia-Pacific floating wind turbine industry size is predicted to witness significant growth during the forecast period. Escalating investments towards sustainable energy development projects, coupled with improving wind generation capabilities are positively impacting the business dynamics in Asia-Pacific.
Global Floating Wind Turbine Market by Foundation Type (Revenue, USD Billion, 2017-2027)
- Semi-submersible
- Spar-buoy
- Others
Global Floating Wind Turbine Market by Depth (Revenue, USD Billion, 2017-2027)
- Deep Water (higher than 60m Depth)
- Shallow Water (less than 60m Depth)
Global Floating Wind Turbine Market Regional Outlook (Revenue, USD Billion, 2017-2027)
North America
- Canada
- United States
Latin America
- Mexico
- Brazil
Asia-Pacific
- Australia
- India
- South Korea
- China
- Japan
- Rest of Asia-Pacific
Europe
- Italy
- Spain
- France
- Germany
- United Kingdom
- Rest of Europe
Rest of the World
Global Floating Wind Turbine Market Competitive Landscape (Revenue, USD Billion, 2017-2027)
- Hitachi Ltd.
- Ming Yang Smart Energy Group Ltd.
- Envision Energy
- Xinjiang Goldwind Science & Technology Co. Ltd.
- Nordex SE
- General Electric Company
- ABB Ltd.
- Senvion S.A.
- MHI Vestas Offshore Wind
- Siemens Gamesa Renewable Energy S.A.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Floating Wind Turbine Market, by Region, 2018-2027 (USD Billion)
1.2.2. Floating Wind Turbine Market, by Foundation, 2018-2027 (USD Billion)
1.2.3. Floating Wind Turbine Market, by Depth, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Floating Wind Turbine Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Floating Wind Turbine Market Dynamics
3.1. Floating Wind Turbine Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Floating Wind Turbine Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Floating Wind Turbine Market, by Foundation
5.1. Market Snapshot
5.2. Global Floating Wind Turbine Market by Foundation, Performance - Potential Analysis
5.3. Global Floating Wind Turbine Market Estimates & Forecasts by Foundation 2017-2027 (USD Billion)
5.4. Floating Wind Turbine Market, Sub Segment Analysis
5.4.1. Spar-buoy
5.4.2. Semi-submersible
5.4.3. Others
Chapter 6. Global Floating Wind Turbine Market, by Depth
6.1. Market Snapshot
6.2. Global Floating Wind Turbine Market by Depth, Performance - Potential Analysis
6.3. Global Floating Wind Turbine Market Estimates & Forecasts by Depth 2017-2027 (USD Billion)
6.4. Floating Wind Turbine Market, Sub Segment Analysis
6.4.1. Shallow Water (less than 60 m Depth)
6.4.2. Deep Water (higher than 60 m Depth)
Chapter 7. Global Floating Wind Turbine Market, Regional Analysis
Related Report:
Offshore Wind Turbine Market Size, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 - 2026
The offshore wind turbine market is anticipated to witness a lucrative growth over the forthcoming years owing to the global shift towards renewable energy and increasing R&D by key market players. Offshore wind speeds have a tendency to flow faster than on land as there are no obstructions that slow the wind down. Small increases in wind speed generally results in large upsurges in energy production. In fact, a turbine standing in a 15-mph wind is capable of generating double the amount of energy as a turbine in a 12-mph wind. Since wind speeds are faster offshore, more energy can be produced through offshore wind farms, creating a demand for offshore wind turbines. Additionally, offshore wind speeds are also steadier than on land, which makes for a much more reliable source of energy.
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