New York – May 11, 2023- Research Nester’s recent market research report on “Floating Wind Turbine Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview in terms of market segmentation by water depth, foundation, application, and by region.

Growing Consumption of Electricity to Boost Growth of the Global Floating Wind Turbine Market

The global floating wind turbine market is estimated to grow on account of the growing consumption of electricity. With increased industrial activity and technical improvements in both emerging and developed countries, the demand for and consumption of energy worldwide is increasing. Additionally, the astonishing acceleration of urbanization has increased demand for electricity globally. Thus, the utilization of different renewable energy sources is becoming more prevalent as a result of the rising need for electricity. This is probable to be a driving force for market expansion in the upcoming years. For instance, global energy consumption increased by almost 8% in 2021 after declining by about 4% in 2020.

In addition, it is anticipated that the higher capacity factor of floating wind turbines compared to other onshore wind turbines would hasten the market's expansion in the anticipated time period. A significant additional element anticipated to propel market growth throughout the projection period is the government and private sectors' escalating investments in sustainable energy.

Some of the major growth factors and challenges that are associated with the growth of the global floating wind turbine market are:

Growth Drivers:

• Surging Depletion of Traditional Resources Globally
• Growing Need to Reduce Escalating Carbon Footprint

Challenges:

A bigger initial expenditure may be necessary to establish and maintain the power cables that transfer energy from a floating wind farm back to land. In water that is deeper than 200 feet, it is difficult to build a strong and secure wind farm. Consequently, it is projected that in the years to come, this issue would impede market expansion. Moreover, there is a lack of skilled workers to carry out this process. Especially, in lower-income countries owing to lack of lack of training among workers, the market is estimated to hinder.

Access our detailed report on Floating Wind Turbine Market Analysis by Water Depth {Shallow Water (less than 40 m), Transitional (40m to 60m), Deep Water (more than 60 m)}; Foundation (Spar-Buoy Foundation, Semi-Submersible Foundation, Tension-Leg Platform Foundation); Application (Commercial, Industrial) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035 https://www.researchnester.com/reports/floating-wind-turbine-market/3352

By application, the floating wind turbine market for floating wind turbine is segmented into commercial, industrial, and others. Out of these, the commercial segment is expected to grow at the highest share of ~55% over the forecast period. The commercial sector's rising energy demand and consumption as well as the increasing expenditures made in sustainable energy sources by various organizations are both to blame for the segment's expansion. In addition, rising environmental and climate change awareness is anticipated to fuel category expansion over the next few years. Contrarily, the industrial sector is anticipated to experience an outstanding CAGR throughout the forecast period owing to the industrial sector's growing desire for green electricity to reduce their codependency on conventional fuel sources. Furthermore, it is anticipated that strict government rules to protect the environment would fuel segment expansion over the forecasted time period.

By region, the Europe floating wind turbine market is anticipated to garner the highest share of ~38% by the end of 2035. The market's expansion is largely attributable to the presence of numerous offshore wind farms in several nations, including Denmark, Norway, the United Kingdom, and Russia, as well as the high untapped potential in the area. 16 of the 122 offshore wind farm projects in Denmark are currently operational, according to a report. Along with this, it is anticipated that the region's high investment in the use of green energy sources and the region's wide availability of advanced technology would further propel regional floating wind turbine market growth over the course of the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global floating wind turbine market which includes company profiling of The General Electric Company, ABB Ltd, Siemens Gamesa Renewable Energy, S.A., Mingyang Smart Energy Group Co., Ltd., Suzlon Energy Ltd., NORDEX SE, Vestas Wind Systems A/S, Envision Group, Xinjiang Goldwind Science & Technology Co., Ltd., Iberdrola, S.A., and others.