The global market for Floating Wind Turbines is expected to register a CAGR of more than 5.5% during the forecast period 2022-2027.
Most of the equipment and components, such as roller bearings that connect to gearboxes and eventually allow the Floating wind turbines to keep spinning, were falling short in market demand as the shipping industry was disrupted during the COVID-19 outbreak. This, in turn, has led to the restrained growth of the market due to project delays and lack of investments during the pandemic. Further, a study on wind offshore projects results showed a distribution of 21.21% value-adding (VA) and 50.09% non-value-adding (NVA) hours. However, the recent uptrend in the market studied due to rising energy demand coupled with the increasing share of renewables in the power generation mix, efforts to reduce the reliance on fossil fuel-based power generation, regulations on energy efficiency, regulations to ensure efficiency and utilization of energy. However, adoption of clean energy source like solar and other alternatives are likely to hinder the growth of the market. Moreover, the integration of artificial intelligence, internet of things, robotics, and data analytics in offshore wind turbines is expected to enable advanced condition monitoring and predictive maintenance which result in increased efficiency and reduced operational and maintenance costs, which is likely to provide opportunity to a growth in the deployment of Floating wind turbines in coming future.
In February 2021, Continuum Wind Energy Ltd, sponsored by Singapore-based Clean Energy Investing Ltd, the indirect wholly-owned subsidiary of a Morgan Stanley fund entity, New Haven Infrastructure Partners, announced its plans to issue its maiden green bond of USD 500-600 million to be listed on the SGX. The proceeds is expected to be used to refinance the project debt at six of its operating entities and to set up wind projects in India. This is expected to aid the growth of the market.
Floating Wind Turbines Market is segmented based on the type, applications, companies and regions.
By Type, it is segmented into
By Applications it is segmented into
Europe accounted for highest revenue share and highest market growth, owing to rise in investments in countries like France, UK, and Norway. Japan holds the largest floating offshore wind power market share in the current year. As per the Japan Wind Power Association, the country aims to expand its installed offshore wind capacity to 10 gigawatts (GW) in 2030 and 30-45 GW in 2040, which will further attract a large number of investors.
All these factors greatly affect the Floating Wind Turbines market growth. It further aims at providing complete overview on detailed assessment of significant features of different industries including sales volume, market revenue, and demand size, sales growth, pricing analysis and changing market growth factors in regions such as Follows,
The Floating Wind Turbines Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Floating Wind Turbines Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
Floating Wind Turbines Market Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: Nordex SE, Guodian United Power Technology Company
Forecast Period 2022 to 2028 CAGR
CAGR of 5.5% during the review period (2022 to 2027).
Nordex SE, Guodian United Power Technology Company, Enercon GmbH, Gamesa Corporación Tecnológica, GE, Siemens AG, Suzlon, Vestas Wind Systems A/S, Continuum Wind Energy, Upwind Solutions, Xinjiang Goldwin Science & Technologies and others.
2017 to 2021
2022 to 2027
Number of Pages
Yes, the report can be customized as per your needs
What is the study period of this market?
The Floating Wind Turbines Market is studied from 2017 - 2027.
What is the growth rate of Floating Wind Turbines Market?
The Floating Wind Turbines Market is growing at a CAGR of 5.5% over the next 5 years.
What regions does this Floating Wind Turbines Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
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