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Global Floating Wind Power Market Research Report - Segmentation By Foundation (Spar-Buoy, Semi-Submersible and Others), By Capacity (Up to 3MW, 3MW to 5MW, and Above 5MW) and Region - Industry Forecast of 2022 to 2027

Published: January, 2022
ID: 10527
Pages: 175

Floating Wind Power Market Size (2022 - 2027):

The Global Floating Wind Power Market size was valued at US$ 24.2 billion in 2021, and is projected to reach US$ 30.4 billion by 2027, growing at a CAGR of 15.5% from 2022 to 2027.

The growing call for electricity coupled with the rapid increase in the emission levels associated with traditional power plants will drive market expansion. The continued focus on adopting renewable energy sources, including wind, geothermal, solar and waste-to-energy, has resulted in the expansion of the offshore wind market. The installation of offshore wind energy technologies is gaining acceptance worldwide due to its high-power generation capacity. Low noise levels, the absence of land acquisition costs, and a large supply of wind resources compared to onshore wind projects are just some of the important factors fueling market call. Wind power uses the air flow through turbines to create a clean energy source around the world. Wind energy converts kinetic energy into mechanical energy through turbines. A wind turbine converts wind energy into electricity using the aerodynamic force created by the rotor blades of the generator. Aerodynamic force spins the generator to create electricity. The market call for wind power has escalated due to the rising levels of pollution in the environment and the health problems of people. Wind power is generally employed in wind pumps, wind battery chargers, wind power generators, etc.

Market Trends:

Offshore wind technologies have achieved significant traction under a high CUF and favorable regulatory policies that complement the expansion of the global floating wind power market. Worldwide lawmakers are stepping up their efforts to successfully meet emission reduction targets under the Paris Agreement. Governments and respective market players are actively investing in clean energy sources. This has fuelled the expansion of the industry as the call for installation of large capacity offshore wind projects is predicted to see a significant boost in the coming years.

Market Drivers:

Escalated consumption of wind energy to gain ground in the global floating wind power market. The adoption of renewable energy is supported by worldwide clean energy initiatives and government incentives and subsidies, which motivate the use of this form of energy. Today, in the face of growing concern about pollution, countries are forced to adopt renewable energy sources to control carbon emissions into the atmosphere. Wind and solar are the two main renewable energy sources that are being employed at an accelerated rate. The creation of onshore wind farms around the world has proven to be a success, opening new doors of opportunity for offshore wind farms. The latter is capable of harnessing a large amount of wind energy that would otherwise go to waste. These factors are driving the expansion of the floating wind power market. The other main factors supporting growth in the floating wind energy market are the exponential investments made for the development of sustainable energy. The trend of depletion of petroleum products has raised concerns about meeting the energy needs of a population that is growing at a healthy rate around the world. This has forced government agencies to guarantee secondary energy sources, which is why significant research and development activities are carried out. Furthermore, floating wind power is the untapped energy source that offers immense opportunities around the world.

Market Restraints:

However, the turbines could cause noise and cosmetic disturbances that would hamper market expansion.

Market Opportunities:

Emerging developers of floating wind technologies would present an opportunity for the worldwide wind energy market. This would help predict weather conditions, lightning warnings, and tidal information.

Market Challenges:

Floating wind turbine installations represent a major challenge for the worldwide floating wind power market. The main challenges are the installation time and cost of the boat, the deep water mooring and the installation of electrical cables and many more.

FLOATING WIND POWER MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 – 2027

Base Year

2021

Forecast Period

2022 - 2027

CAGR

15.5%

Segments Covered

By Foundation, Capacity, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

Market Leaders Profiled

Vestas (Denmark), General Electric (US), Senvion SA (Germany), Wind World Limited (India), Orient Green Power Company Limited (India), Indowind (India), DNV GL (Norway), Siemens Gamesa Renewable Energy SA (Spain), Goldwind (China), and Bergey Wind Power (US) and Others.

Floating Wind Power Market

Market Segmentation:

Floating Wind Power Market - By Foundation:

  • Spar-Buoy

  • Semi-Submersible

  • Others

The spar buoy foundation segment will account for the largest market share of floating wind power during the foreseen period. However, the semi-submersible segment will represent the fastest expansion rate in the market.

Floating Wind Power Market - By Capacity:

  • Up to 3 MW

  • 3MW to 5 MW

  • Above 5MW

Regional Analysis:
The Floating Wind Power Report includes the segmentation of Regions with their respective Countries.

  • North America - U.S, Canada.

  • Europe - The UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

  • Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

  • Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.

  • Middle East & Africa - KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

North America has the largest share of the global floating wind power market. This is due to the higher production of the national system and lower component costs maintain business outlook. The size of the US market is predicted to reach 7 GW of annual installation by 2026. According to the US Department of Energy, in 2021, the installation of these units escalated by 11%, establishing more than 20% of capacity of newly added production throughout the area. The market share in Europe is predicted to grow by more than 6% thanks to energy security initiatives, decarbonization reforms and favorable directives. The Renewable Energy Directive introduced by the European Union defines the policy for the production and promotion of sustainable energy sources in the region. This directive sets targets for 20% sustainable energy integration in the worldwide energy scenario, and wind energy will account for over 200 GW of installed capacity by 2021. Currently, the UK has the highest revenue from the floating wind power market. This expansion is attributable to the country's green energy goal. By the end of 2030, it aims to reach around 40 GW of offshore wind capacity. It should attract a large number of investors. In addition, the country is home to the largest number of floating offshore wind farms (OWF) in the world. Although most of them are currently under construction, they are predicted to be operational from 2021.

Sweden, the United States, France and Japan are some of the other countries that are predicted to follow in the footsteps of the United Kingdom. These countries have a large number of OWFs installed. Finally, South Korea, Spain and Germany will become the most influential players in the coming years due to the rising number of planned floating wind turbine installations.

Market Key Players:

The key players operating in the Global Floating Wind Power Market are

  1. Vestas (Denmark)
  2. General Electric (US)
  3. Senvion SA (Germany)
  4. Wind World Limited (India)
  5. Orient Green Power Company Limited (India)
  6. Indowind (India)
  7. DNV GL (Norway)
  8. Siemens Gamesa Renewable Energy SA (Spain)
  9. Goldwind (China)
  10. Bergey Wind Power (US)

Recent Developments:

  • The world's largest floating wind turbine will soon be launched in Portugal. 20 kilometers off the coast of Viana do Castello, Portugal, it is planned to host the world's largest floating wind turbine, an ABS-rated 8.4 megawatt (MW) offshore wind turbine. It is the first large-scale floating wind farm in continental Europe. One belief is that this renewable facility ushers in the golden age of wind power, especially offshore wind.

  • Vestas, accompany operating from Denmark published aboutits launch of a new turbine variant that is ideal for low and ultra-low wind project conditions in India. It added that the turbine would be manufactured and purchased locally in the country.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Floating Wind Power Market, By Foundation                              

                                6.1.1 Spar-Buoy               

                                6.1.2 Semi-Submersible               

                                6.1.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.1.4 Y-o-Y Growth Rate Analysis             

                                6.1.5 Market Attractiveness Index          

                6.2 Floating Wind Power Market, By Capacity                     

                                6.2.1 Up to 3 MW            

                                6.2.2 3MW to 5 MW       

                                6.2.3 Above 5MW           

                                6.2.4 Market Size Estimations & Forecasts (2019-2024)   

                                6.2.5 Y-o-Y Growth Rate Analysis             

                                6.2.6 Market Attractiveness Index          

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                  

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Foundation       

                                7.2.3 By Capacity             

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Foundation       

                                7.3.3 By Capacity             

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Foundation       

                                7.4.3 By Capacity             

                7.5 Latin America                             

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Foundation       

                                7.5.3 By Capacity             

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Foundation       

                                7.6.3 By Capacity             

8. Key Player Analysis                                    

                8.1 Vestas                          

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 General Electric                        

                8.3 Senvion SA                 

                8.4 Wind World Limited                

                8.5 Orient Green Power Company Limited                          

                8.6 Indowind                     

                8.7 DNV GL                        

                8.8 Siemens Gamesa Renewable Energy SA                        

                8.9 Goldwind                    

                8.10 Bergey Wind Power                             

9. Market Outlook & Investment Opportunities                                

Appendix                                           

                List of Tables                     

                List of Figures                   

  1. Global Floating Wind Power Market By Region, From 2022 - 2027 ( USD Billion )

  2. Global Floating Wind Power Market By Foundation, From 2022 - 2027 ( USD Billion )

  3. Global Spar-Buoy Market By Region, From 2022 - 2027 ( USD Billion )

  4. Global Semi-Submersible Market By Region, From 2022 - 2027 ( USD Billion )

  5. Global Floating Wind Power Market By Capacity, From 2022 - 2027 ( USD Billion )

  6. Global Up to 3 MW Market By Region, From 2022 - 2027 ( USD Billion )

  7. Global 3MW to 5 MW Market By Region, From 2022 - 2027 ( USD Billion )

  8. Global Above 5MW Market By Region, From 2022 - 2027 ( USD Billion )

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