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Floating Wind Turbine Market Segmentation by Water Depth {Shallow Water (less than 40 m), Transitional (40m to 60m), and Deep Water (more than 60 m)}; by Application (Commercial, Industrial, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Floating Wind Turbine Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·   June, 2021: Vestas Wind Systems A/S to deliver 21 V162-6.0 MW turbines for the 126 MW Posio Murtotuuli project by Taaleri Energia in Finland. These turbines will be equipped with anti-icing system to work in the harsh climatic conditions.

·   May, 2021: Siemens Gamesa Renewable Energy to supply offshore wind turbines for three wind power projects of Hai Long in Taiwan. The Hai Long Offshore Wind Project extends to 1,044 MW.

·  June, 2021: Iberdrola and Vestas Wind Systems A/S to collaborate for the 476 MW Baltic Eagle offshore project in Germany.

Global Floating Wind Turbine Market Highlights over 2022-2030

The global floating wind turbine market is estimated to garner notable revenue by growing at a robust CAGR of ~25% over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing adoption of wind energy, especially in the coastal regions, along with the various advantages of floating wind turbines over fixed ones. Coasts and offshore areas possess great potential for generation of wind energy, however, setting up a foundation in the seabed can be extremely costly. Floating wind turbines deploy anchors or semi-submersible foundations, which are comparatively cost friendly, and provide optimum outcomes. Increasing utilization of the wind energy, and adoption of offshore wind farms are estimated to primarily drive the market growth. According to the International Renewable Energy Agency (IRENA), the total global power generation from wind energy amounted to around 564 GW by 2018. In 2020, 34,367 MW electricity was produced by offshore wind turbines, whereas onshore wind farms produced 698,909 MW electricity. However, offshore segment is growing at a rapid pace, which is estimated to boost the market growth.

Floating Wind Turbine Market

The global floating wind turbine market is segmented by water depth into shallow water, transitional, and deep water, out of which, the transitional segment is anticipated to hold the largest share in the market during the forecast period on account of less capital investment, favorable environmental conditions, easy installation of floating foundations, and least risk. This is majorly popular in coastal and island countries, owing to the presence of large areas with water 40m to 60m deep. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Floating Wind Turbine Market Regional Synopsis

Regionally, the global floating wind turbine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region currently holds one of the largest shares in the market, which is estimated grow tremendously over the forecast period owing to the presence of large number of offshore wind farms in countries, such as, Denmark, Norway, United Kingdom, and Russia, along with high untapped potential in the region. Denmark was one of the first countries to fully utilize modern wind generation system. Availability of advanced technology in the region, along with high investment in this direction, are anticipated to boost the market growth.

The market in the North America region is also projected to garner notable market share over the forecast period, owing to the increasing number of wind farms in the coastal areas. As per the report by the U.S. Energy Information Administration (EIA), United States produced 338 billion kWh electricity from wind energy in 2020, which accounted for 8.4% of total U.S. utility-scale electricity generation. Although, major part of this electricity was generated by onshore wind farms, offshore wind farms are gaining acceptance owing to their economic benefits. This is estimated to boost the market growth in the region.

The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the increasing adoption of offshore wind farms in China. According to the statistics by the World Wind Energy Association, China alone accounts for 39% of the global wind energy generation capacity, as of 2020. China installed wind turbines of almost 289 gigawatts capacity by 2020. However, other developing countries in the APAC region are yet to adopt offshore wind energy on a notable scale.

Floating Wind Turbine Market

The global floating wind turbine market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global floating wind turbine market includes the following segments:

By Water Depth

  • Shallow Water (less than 40 m)
  • Transitional (40m to 60m)
  • Deep Water (more than 60 m)

By Application

  • Commercial
  • Industrial
  • Others

Growth Drivers

  • Increasing Utilization of the Potential of Offshore Wind Energy
  • Government Initiatives to Promote Renewable Energy

Challenges

  • Environmental Conditions
  • Lack of Experienced/Skilled Work Force

Top Featured Companies Dominating the Market

  • General Electric Company
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • ABB Ltd
  • Siemens Gamesa Renewable Energy, S.A.
  • Adwen GmbH
  • Ming Yang Smart Energy Group Ltd
  • Suzlon Energy Limited
  • Nordex SE
  • Xinjiang Goldwind Science & Technology Co., Ltd.
  • Envision Group
  • Vestas Wind Systems A/S

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