Floating Wind Power Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Floating Wind Power Market was worth US$ 330.7 Mn and is expected to grow at a CAGR of 34.5% over the forecast period. The market is expected to hit US$ 6,407.0 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 27.2% ,the market underwent significant growth.
The floating wind power market has been predicted to increase by more than three times the expansion rate of the global electricity generation market. The growth of the global floating wind power market, which accounted for less than 0.1 percent of the worldwide electricity generation capacity in 2012, is expected to rise to more than one percent by 2032 in capital expenditure (CAPEX).
THE RISE IN DEMAND FOR RENEWABLE ENERGY FUELS THE MARKET
The demand for renewable energy in humankind is increasing compared to other energy sources. Demand for carbon-neutral consumer electricity has led to technological development and a well-established supply chain as the future energy outlook. The increase in the consumption of power results in carbon emissions, leading developing and underdeveloped countries to embrace renewable energy resources. Renewable energy sources, such as solar and wind, are more predominant.
STRINGENT GOVERNMENTAL REGULATIONS & RISING INVESTMENT IN ENERGY DEVELOPMENT
The wind energy market is projected to grow further in the coming years. Wind energy has numerous positive aspects; it has less carbon than other energy sources, such as hydropower. The expansion and management of wind farms, power generation by wind energy, and circulation boost investment in energy development. The development and management of wind farms, power generation by wind energy, and circulation boost investment in energy development.
HIGH CAPITAL INVESTMENT RESTRAINS MARKET GROWTH
The initial investment in floating wind power makes it hard for the market to grow. This is mainly due to the high energy transmission, installation, and maintenance costs. Due to wave action and heavy storms, it is also difficult to construct a robust, secure wind farm in water deeper than 200 feet – 60 meters.
However, wave action has been overcome by floating wind turbines beginning to overcome these problems with their cheaper cost. In addition, legal authorization for floating wind farms is an obstacle limiting the establishment of new installations and the development of existing ones. Technical aspects like how to conduct electrical connections to land-based ports also add fuel to several technical difficulties associated with shipping and installation after the deployment of a floating turbine unit.
Market Segments Covered in Report
By Water Depth
By Turbine Capacity
By Region and Country:
Why are shallow Type Floating Wind Power projected to have the highest market share?
The shallow water segment accounts for about 52.0% of the world’s market share. In the shallow waters, however, the floating foundation deployment has higher costs due to installation in an area with increased depth and few favorable wind conditions. As a result, this category is estimated to experience some restraint in its growth rate over recent years. The market is divided into three segments: shallow water (<30m depth), transitional water (30m-60m depth), and deep water (>60m depth).
Why is the 3MV- 5MV segment expected to expand the fastest during the forecast period?
The wind energy market is classified into three segments, the up to 3 MW, 3 MW-5 MW, and above 5 MW. Implementing a wind farm depends on the expected power and the available capital. Since heavy capital is a requirement for a wind farm, a higher capacity wind farm is considered a viable investment, looking at the future returns. After the same trend, new wind farms authorized for construction have a higher capacity, above 5 MW. Therefore, this segment holds a greater portion of the market share.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Key market players are investing in expanding their market footprint to remain competitive. Several vital players invest a fair share of their revenue in research and development to boost their product portfolio. Market participants focus on technological development and utilizing a product in several applications.
Some of the key developments that have taken place in the Floating Wind Power Market include:
A list of some of the key suppliers present in the market are:
Global Floating Wind Power Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Water Depth, Turbine Capacity, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 34.5
The rising use of wind and solar energy globally will lead to a tremendous increase in demand for offshore wind. Many nations worldwide are switching to renewable energy to reduce carbon emissions. The need for wind and solar power is, therefore, quite strong.
Major global Floating Wind Power Market players are General Electric, Vestas, Siemens Gamesa, Goldwind, Shanghai Electric Wind Power Equipment Co., ABB, Doosan Heavy Industries and Construction, Hitachi, Nordex SE, EEW, and Others.
The installation’s location is offshore, which increases the cost of foundation systems and associated equipment. Maintenance can be expensive due to components’ corrosion and parts’ unavailability.
The Europe region is expected to account for the largest market revenue share in the Global Floating Wind Power market.
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