Floating Wind Power Market Size Worth USD 15.64 Billion, Globally, by 2029 at 56.5% CAGR: Fortune Business Insights™
The floating wind power market was valued USD 0.29 billion in 2021. The global market size is projected to reach USD 15.64 billion by 2029; it is estimated to grow at a CAGR of 56.5% from 2022 to 2029.
Pune, India, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The global floating wind power market size is expected to grow from USD 0.68 billion in 2022 and is projected to reach USD 15.64 billion by 2029, exhibiting a CAGR of 56.5% during the forecast period from 2022-2029. This information is provided by Fortune Business Insights, in its report, titled, “Floating Wind Power Market, 2022-2029.”
According to our analysts, strong demand for floating wind installation will complement the prevalence of advanced technologies and turnkey solutions. Prominently, the green energy target has augured well for the industry outlook as end-users have exhibited an increased preference for floating offshore wind farms. Moreover, investments in the commercialization of floating wind farms could encourage leading companies to boost their portfolios.
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*Report Highlights:*
*Report Coverage* *Details*
Forecast Period 2022-2029
Forecast Period 2022 To 2029 CAGR 56.5%
2029 Value Projection USD 15.64 billion
Base Year 2021
Market Size in 2021 USD 0.29 billion
Historical Data for 2018-2020
No. of Pages 196
Segments covered Water Depth, Turbine Capacity, Country
Growth Drivers
Increasing Shift Toward Clean Energy Generation to Drive Growth
Rising Investments in the Sustainable Energy Development to Boost Growth
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*COVID-19 Impact*
*Dip in Energy Demand Prompted Governments to Launch Robust Policies*
The ripple effect witnessed due to the COVID-19 pandemic hampered the prospect of the market growth. Prominently, coronavirus led to a plunge in the electricity demand globally. According to the IEA, electricity demand was poised to dip by 5% in 2020. Meanwhile, robust government policies amidst lockdown measures could drive a shift toward low-carbon sources of electricity. Major countries earmarked funds for clean energy against the backdrop of the COVID-19 outbreak. Renewable energy could gain considerable traction following the implementation of less expensive sources and favorable policies.
The COVID-19 pandemic has taken a toll on several major wind energy producing countries, such as Japan, the United Kingdom, the United States, and China. According to the International Energy Agency (IEA), there might be an estimated fall of 6% in the global energy use in 2020. At the same time, the pandemic has affected the expansion of the electricity distribution network in emerging nations by halting the activities.
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*Drivers and Restraints*
*Strong Investments in Sustainable Energy Development to Propel Return on Investment (RoI)*
Several countries worldwide are nowadays adopting renewable energy sources to reduce the emissions of carbon. Hence, wind and solar energies are experiencing high demand. Also, the offshore wind power industry is set to gain new opportunities because of the increasing usage of onshore wind farms. The Global Trends in Renewable Energy Investment 2019 report mentions that there was a surge of USD 272.9 billion in the global investment in renewable energy in 2018. These factors are anticipated to accelerate the floating wind power market growth in the near future.
Stakeholders expect the floating wind power market growth to be pronounced in the wake of increasing investments in low-carbon sources of energy. The expansion of wind farms and power generation will fare well for major companies gearing to bolster their RoI. A palpable focus on green energy will shift focus toward floating offshore wind farms. According to the International Energy Agency 2019 report, offshore wind, such as floating wind power, could produce 11 times more electricity than the world’s requirement, thereby attracting USD 1 trillion in investments by 2040. Furthermore, emphasis on renewable energy sources and the demand for carbon-neutrality electricity could bring a paradigm shift to floating wind power manufacturers and suppliers.
However, high installation and maintenance costs of power cables under the seafloor could dent the growth prospect. The engineering activities and pre-development of wind farms involve a lot of cost spending. It may obstruct growth.
*Industry Development*
*July 2021: *Siemens Gamesa announced participation in the new TetraSpar Demonstration Project along with Stiesdal Offshore Technologies and other industry partners. The project could help reduce the costs of floating offshore wind power.
*October 2020: *Total purchased a 20 per cent stake in EolMed floating wind pilot project. It is located in the Mediterranean Sea, near Port-La-Nouvelle and off the coast of Gruissan in France. It will contain three MHI Vestas 10 MW turbines.
*June 2020: *Siemens Gamesa Renewable Energy bagged a new order to deliver 100 units of its SG 14-222 DD offshore wind turbines for 1.4 GW Sofia Offshore Wind Farm. It is located in the U.K. The project will be able to generate electricity to power more than 1.2 million households.
*List of Key Players Mentioned in the Report:*
· Siemens Gamesa Renewable Energy S.A. (Spain)
· MHI Vestas (Denmark)
· FlowOcean (Sweden)
· Engie Energy (France)
· ABB Ltd. (Switzerland)
· General Electric (U.S.)
· Ming Yang Smart Energy Group Co. (China)
· Nordex SE (Germany)
· GoldWind (China)
· Envision Energy (China)
· Suzlon Energy Limited (India)
· Hitachi Ltd. (Japan)
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*Segmentation*
*Deep Water Segment to Remain Dominant with Rising Wind Farm Installation*
In terms of water depth, the market is segregated into deep water (>60m depth), transitional water (30m - 60m depth), and shallow water (<30m depth). The deep water segment could account for a notable share of the global market during the forecast period. The growth is attributed to deep waters having higher wind speeds and no obstruction in the wind path, which enhances the potential of capturing wind energy.
*Rising Number of Planned Wind Farm Construction to Propel Above 5MW Turbine Segment*
In terms of turbine capacity, the market is segmented into above 5 MW, 3 MW - 5 MW, and up to 3 MW. The above 5 MW segment will contribute significantly toward the global market share, partly due to the increasing number of planned wind farm construction. Based on capacity, the above 5 MW earned 63.0% in terms of the floating wind power market share in 2019.
Geographically, the global market is finally classified into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
*Regional Insights*
*Market in Japan to Gain Ground from Increasing Installation of Floating Offshore Wind*
Industry participants are poised to expand their penetration in Japan on the back of the rising installation of floating offshore wind. According to the Japan Wind Power Association, Japan contemplates expanding installed floating offshore wind capacity to 4 gigawatts (GW) by 2030 and 18 GW in 2050. Bullish investments in a clean energy portfolio could solidify the position of Japan in the global market.
The Norway floating wind power market share will observe an appreciable gain due to strong investments in projects. For instance, Equinor’s 88 MW Hywind Tampen project was estimated to be functional by 2022. Norway market size was valued at USD 0.02 billion in 2021 and will grow with an infusion of funds into floating offshore wind energy.
The U.S. could emerge as a favorable investment hub in the wake of favorable government policies. To illustrate, the Biden-Harris Administration has set the target to reach 30GW of offshore capacity by 2030. Besides, the U.S. Department of Energy also launched the ATLANTIS program for 12 research projects in 2019.
The United Kingdom, on the other hand, is set to grow significantly as the world's largest offshore floating wind farm is currently under construction in this country. China will soon become the leader in the coming years. At present, it has several upcoming and under-construction projects lined up for future. In Europe, various countries are considered to be the world leaders in terms of production and usage of wind energy. It would therefore surge the demand for floating wind power plants in this region.
*Competitive Landscape*
*Industry Players Invest in Organic and Inorganic Strategies to Tap into Markets*
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
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*Global Floating Wind Power Market** Size** Segmentation:*
*By Water Depth*
· Shallow Water
· Transitional Water
· Deep Water
*By Turbine Capacity*
· Up to 3 MW
· 3 MW - 5 MW
· Above 5 MW
*Table of Contents*
· Introduction
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· Executive Summary
· Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Key Insights
· Key Emerging Trends – For Major Countries
· Latest Technological Advancement
· Regulatory Landscape
· Porters Five Forces Analysis
· Qualitative Analysis – Impact of COVID-19
· Impact of COVID-19 on the Floating Wind Power Market
· Steps Taken by the Government to Overcome the Impact
· Key Developments by Industry Players in Response to COVID-19
· Potential Opportunities and Challenges due to COVID-19 Outbreak
· Global Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Water Depth
· Shallow Water
· Transitional Water
· Deep Water
· Market Analysis, Insights and Forecast – By Turbine Capacity
· Up to 3 MW
· 3 MW to 5 MW
· Above 5 MW
· Market Analysis, Insights and Forecast – By Country
· United States
· United Kingdom
· Germany
· France
· Spain
· Sweden
· Japan
· China
· Norway
· Rest of the World
· United States Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Water Depth
· Shallow Water
· Transitional Water
· Deep Water
· Market Analysis, Insights and Forecast – By Turbine Capacity
· Up to 3 MW
· 3 MW to 5 MW
· Above 5 MW
· United Kingdom Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Water Depth
· Shallow Water
· Transitional Water
· Deep Water
· Market Analysis, Insights and Forecast – By Turbine Capacity
· Up to 3 MW
· 3 MW to 5 MW
· Above 5 MW
Continued…
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