Floating Wind Power Market By Water Depth (Shallow Water, Transitional Water, and Deep Water) By Capacity (Up to 3 MW, 3MW to 5MW, and above 5MW) and By Region (North America, Latin America, Europe, Middle East, and Africa, Asia Pacific, and Rest of the World) | Industry Analysis on Size, Share, Growth, Trends, Demand, Competitive Analysis, and Forecast Report 2021-2026
Floating Wind Power Market Research Analysis 2021-2026:
Floating Wind Power Market size was valued at USD 0.70 billion in 2021. The floating Wind Power Market size is expected to reach USD 57 billion by the end of 2026, with a growth of a CAGR of 60% during the forecast period 2021-2026.
The floating wind power industry is determined by the growing energy demand and implementation of renewables for energy creation. The global floating wind power market is conventional to grow as the mandate for floating wind installation is on the growth because of the convenience of progressive technology, functioning advantages, and turnkey results provided by numerous service providers.
Floating wind power is an offshore wind turbine fixed on a floating arrangement that lets the turbine produce power in water depths wherever fixed-basis turbines are not possible.
The floating wind turbine market size was USD 3.2 billion in 2019. The floating wind turbine market is expected to reach USD 31 billion by the end of 2025, with growth at a CAGR of 31% during the forecast period 2021 to 2026.
Floating Wind Power Market Growth Insights:
The growing cognizance for accomplishing green energy marks set by several countries has allowed the progress of floating offshore wind power. Nations are set their objectives to accomplish the green energy revolution, which would appeal to vast investment prospects. For example, the United Kingdom has fixed a target of 30GW offshore wind energy by the year-end of 2031.
The German Weather Cabinet has fixed the goal of installing 20GW of offshore wind power by the end of the year 2030, beginning from 15GW in 2019. Likewise, China has an aim of attaining 30GW offshore wind energy by the end of 2020 from 5GW installed volume in 2015. Therefore, increasing helpful advantages for escalating offshore wind power is probable to boost the Floating wind power market growth during the forecast period 220-2025.
The implementation of floating wind power is predictable to upsurge owing to floating wind power functioning benefits over the permanent structure installations of wind farms. Floating offshore wind schemes have few foundation requirements and provide an advanced energy yield.
The growing requirement to curb carbon emissions has enforced countries to accept renewable sources of energy. It has additionally led to the implementation of solar and wind as the foremost main renewable energies.
According to the recent report from the IEA (International Energy Agency), at present, renewable sources account for about 28% of the overall electricity generation through the globe. This slow movement to renewable sources is projected to escalate more and more in the coming next five years, across with the growing funds for the development of able to be upheld energy. These are the important factors recognized to the growth of the floating wind energy market in the coming next future years.
The growing attention on low-cost equipment for energy production replacement of conservative power sources would permit the growth of the renewable energy industry. The requirement of a new grid arrangement and more supply and transmission lines would increase the total cost.
Floating Wind Power Market Regional Insights:
Japan acquire the highest floating offshore wind power market share in the present year. According to the Japan Wind Power Association, Japan targets to enlarge its installed offshore wind capacity to 10 GW in 2030 and 30-45 GW in 2040, which will add interest an enormous number of investors. The United Kingdom also has the world’s leading offshore floating wind farm (OWF) under construction and is predictable to be in process by 2020. The 50MW Kincardine offshore wind farm is situated in Scotland, which is also home-based to the current largest floating 30MW wind floating wind farm.
After Japan, at present, the United States, United Kingdom, Sweden, and France are some of the other countries that own installed floating wind farms. Observing the intended installation of floating wind power, other countries such as Spain, Germany, and South Korea are predicted to appear as influential investors in the industry during the forecast period. The Floating Wind Power Market is estimated to showcase an incredible shift as China is predicted to become the leader.
Offshore wind is the US’s next main energy source, demonstrating a generational chance to generate jobs and boost the economy. It is a plentiful clean energy resolution for huge population centers observing to source more of their power from unpolluted sources, and sinking costs make it progressively economical.
Offshore wind is fresh, renewable, and consistent, and situated near the shore. Around 50% of U.S. residents live inside 50 miles of the coastline. The U.S. has outstanding offshore wind resources.
The United States presently has one functioning offshore wind mission with numerous more on the way. The USA initially commercial offshore wind project, the Block Island Wind Farm, derived online in the month of December 2016. Advanced by Deepwater Wind, the Block Island Wind Farm is a 30 MW plan with 5 turbines placed in state waters off the coast of Block Island, Rhode Island. The 2-turbine, 12 MW Coastal Virginia Offshore Wind (CVOW) pilot project completed manufacturing in June 2020 and started commercial actions off the coast of Virginia Beach in the month of January 2021.
United States is energetic strong demand for offshore wind energy and have recognized targets to acquire a total of close to 30,000 MW of offshore wind by the end of 2035. With steady procedures in place, the Energy Department found the U.S. could advance a total of 86 GW of offshore wind projects by the end of the year 2050.
Global Floating Wind Power Market Segmented following into:
Floating Wind Power Market is Segmented into By Water Depth and By Capacity. Based on Water depth, it is sub-divided into Shallow Water, Transitional Water, and Deep Water. And Based on Capacity, the market is sub-classified into Up to 3 MW, 3MW to 5MW, and above 5MW.
Geographical and Country Wide Classification of the Global Floating Wind Power Market:
Floating Wind Power Market is geographically classified into by North America (USA, Canada), Latin America (Mexico, Argentina, Chile), Middle East and Africa (UAE, KASA, Qatar, and South Africa), Europe (United Kingdom, Germany, France, Italy, London, Spain, and Rest of the European countries), Asia Pacific (India, China, Japan, Australia, Korea, Singapore, Malaysia), and rest of the world.
Global Floating Wind Power Market Key Companies Profiled:
Major key players profiled in the Floating Wind Power Market report are ABB, Siemens Gamesa Renewable Energy S.A, GE, MHI Vestas Offshore Wind, Ming Yang Smart Energy Group Co., Senvion S.A, Adwen GmbH, Nordex SE, GoldWind, Envision Energy, Suzlon Energy Limited, and Hitachi.
Floating Wind Power Market Classification:
By Water Depth:
- Shallow Water (< 30m Depth)
- Transitional Water (30m – 60m Depth)
- Deep Water (> 60m Depth)
- Up to 3 MW
- 3 MW to 5 MW
- Above 5 MW
Floating Wind Power Market Key Players:
- Siemens Gamesa Renewable Energy S.A,
- MHI Vestas Offshore Wind,
- Ming Yang Smart Energy Group Co.,
- Senvion S.A,
- Adwen GmbH,
- Nordex SE,
- Envision Energy,
- Suzlon Energy Limited,
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