Global Floating Wind Turbines Market Overview:
A wind turbine that is mounted on a floating structure is referred to as a floating wind turbine and can produce power in sea depths where fixed-foundation turbines are impractical. Particularly in nations with a dearth of shallow waters, like Japan, France, and the West Coast of the United States, floating wind farms have the potential to considerably expand the sea area available for offshore wind farms. Further offshore placement of wind farms can help lessen visual blight, better accommodate shipping and fishing lanes, and generate stronger and more reliable winds. The market for floating wind turbines is anticipated to rise significantly due to the significant increase in demand for renewable energy sources. In contrast to conventional power sources, floating wind turbines are also affordable and have lower carbon emissions. Additionally, by removing the restriction of water depth, floating wind turbine technology makes it easier to choose the ideal location for power generation.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2022-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
The rise in Government Investments, Decreasing Offshore Auction Prices, Increasing Turbine Capacity and Decreasing Global Levelized Cost of Energy
Market Growth Drivers:
Increased Interest in Alternative Energy Sources, Superior to Other Wind Turbines in Terms of Capacity Factor and Eco-Friendly and Low in Carbon Emissions
Challenges:
Maintaining and Repairing Moving Infrastructures on the High Seas and Logistical Management and Team Safety
Restraints:
High installation and maintenance cost
Opportunities:
Advancements in wind turbine structure
Competitive Landscape:
Global Floating Wind Turbine is a fragmented market due to the presence of players in different regions. The players are focusing on investing more in generating power through renewable resources and decarbonization. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions to help them sustain in the market and maintain their competitive edge.
Some of the key players profiled in the report are Equinor ASA (Norway), Vestas (Denmark), Siemens Gamesa (Spain), Goldwind (China), GE (United States), Nordex SE (Germany), MingYang (China), Zhejiang Windey Co (China), Shanghai Electric (China) and CSIC (Spain). Considering Market by Turbine Technology, the sub-segment i.e. Single Point Mooring will boost the Floating Wind Turbines market. Considering Market by Foundation, the sub-segment i.e. Spar-Buoy Foundation will boost the Floating Wind Turbines market. Considering Market by Depth, the sub-segment i.e. Deep Water will boost the Floating Wind Turbines market. Considering Market by Capacity (MW), the sub-segment i.e. <3 will boost the Floating Wind Turbines market.
Latest Market Insights:
In June 2022, In order to shift to using hydrogen at the Saltend Power Station, Equinor and SSE Thermal are purchasing Triton Power from Energy Capital Partners (ECP). and The Saltend Power Station, with an installed capacity of 1.2 GW, is the main facility bought with Triton Power. This is a typical natural gas-powered combined cycle gas turbine (CCGT). This power plant's primary function is to supply electricity when solar and wind energy production is low. With a goal of eventually operating at 100 percent hydrogen, Equinor and SSE Thermal are currently beginning work on equipping the power plant to use up to 30 percent hydrogen starting in 2027.
In June 2022, the strategic collaboration between Equinor and Technip Energies to accelerate technology development for floating offshore wind, enable cost reductions and develop local value opportunities. The partnership expands on the two businesses' shared goal of advancing the industrialization of floating offshore wind. The two companies hope to unlock value by working together at an early design stage of a floating wind farm project by using their complementary strengths in technology and fabrication.
What Can be Explored with the Floating Wind Turbines Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Floating Wind Turbines Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Floating Wind Turbines
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Floating Wind Turbines market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Floating Wind Turbines market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Floating Wind Turbine Manufacturers, Wind Turbine Component Manufacturers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.