Floating Wind Power Market Overview
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 is rapidly expanding due to the growing 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.
ChemView Consulting has analyzed that Floating Wind Power seeks significant demand from the Energy industry, positively influencing market growth. Increasing Energy needs in regions such as the Middle East, Asia Pacific, and Latin America have risen dramatically, Floating Wind Power demand.
The the main factors contributing to increased 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.
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Segments Covered in Report
By Water Depth
- Shallow Water
- Transitional Water
- Deep Water
By Turbine Capacity
- Up to 3 MW
- 3 MW-5 MW
- Above 5 MW
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Floating Wind Power Market
- Based on the water Depth, 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.
- Based on the Turbine Capacity, the Upto 3 MW segment will dominate at a significant CAGR from 2022 to 2032. This segment accounted for 40.0% of revenue share in 2021. 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.
- Europe is projected to dominate the Floating Wind Power market with a market share of 37.8% during the forecast period.
Competition Summary
Key companies covered in the market study 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.
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Report Key Highlights
- Detailed information on factors that will assist Global Floating Wind Power growth during the next ten years
- Assessment of the historical and current Global Floating Wind Power Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies
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