Floating Wind Power Market Outlook
According to the report by Expert Market Research (EMR), the global floating wind power market reached a value of nearly USD 2.78 billion in 2023. Aided by the increasing demand for renewable energy sources and advancements in offshore wind technologies, the market is projected to grow at a CAGR of 35.8% between 2024 and 2032 to reach a value of around USD 48.52 billion by 2032.
Floating wind power, a pivotal innovation in offshore wind technology, allows turbines to be installed in deep waters where conventional bottom-fixed structures are not feasible. This technology enables the harnessing of wind resources in deep ocean environments, significantly expanding the potential geographical range for offshore wind farms.
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The primary driver of the global floating wind power market growth is the escalating urgency to reduce carbon emissions and transition towards sustainable energy sources. Governments worldwide are implementing policies and incentives to support renewable energy projects, including significant investments in offshore wind energy. Floating wind platforms, with their ability to tap into high-wind areas in deep waters, present a substantial opportunity to increase global wind energy output.
Technological advancements are also crucial in fuelling the floating wind power market development. Innovations in turbine efficiency, anchor systems, and platform designs are making floating wind power more competitive and cost-effective. As these technologies mature, the cost of floating wind power is expected to decrease, aligning it more closely with other energy sources and boosting its market adoption.
The market has witnessed several pivotal developments, such as the commissioning of multiple pilot projects across the globe, which demonstrate the feasibility and efficiency of floating wind farms. For instance, projects off the coasts of Scotland, Portugal, and Japan have successfully showcased the operational capabilities of floating wind technologies, paving the way for larger-scale developments. This is one of the key floating wind power market trends.
Partnerships between energy giants and engineering firms are enhancing the commercial viability of floating wind farms. These collaborations are crucial for sharing technological expertise and financial resources, thereby accelerating the deployment of new projects.
Europe currently leads the global floating wind power market share, supported by aggressive renewable energy targets and pioneering projects in the North Sea and Atlantic Ocean. The European Union’s commitment to reducing greenhouse gas emissions by 55% by 2030 has spurred numerous investments in renewable technologies, including floating wind power.
The Asia Pacific is expected to witness the fastest growth during the forecast period. This growth can be attributed to the expanding energy needs of countries like China, South Korea, and Japan, coupled with favourable government policies promoting renewable energy.
Despite its promising growth prospects, the floating wind power market faces several challenges. High initial capital costs and complex logistics involved in the installation and maintenance of floating platforms are significant barriers. Moreover, there are concerns related to the environmental impacts of deep-sea installations, including potential effects on marine ecosystems.
Looking ahead, the floating wind power market is set to expand as part of the broader shift towards renewable energy. Increasingly supportive government policies, coupled with technological advancements, are expected to lower costs and address operational challenges, making floating wind a cornerstone of the future energy landscape.
Furthermore, the ongoing development of international standards and regulations for floating wind installations will play a critical role in ensuring safety, reliability, and environmental compatibility, fostering wider acceptance and implementation of this technology.
In conclusion, as the global community continues its transition to cleaner energy sources, the floating wind power market is positioned for unprecedented growth, offering substantial opportunities for stakeholders to innovate and expand their renewable energy portfolios.
Floating Wind Power Market Segmentation
The market can be divided based on water depth, turbine capacity, and region.
Market Breakup by Water Depth
- Shallow Water (<30 metre)
- Transitional Water (30 – 60 metre)
- Deep Water (> 60 metre)
Market Breakup by Turbine Capacity
- Up to 3 MW
- 3 MW- 5MW
- Above 5 MW
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global floating wind power market. Some of the major players explored in the report by Expert Market Research are as follows:
- Siemens Gamesa Renewable Energy, S.A.U.
- Vestas Wind Systems A/S
- Equinor ASA
- General Electric Co.
- Doosan Enerbility Co. Ltd.
- BW Ideol AS
- Goldwind Science & Technology Co., Ltd.
- Marubeni Corporation
- Flowocean AB
- OW OFFSHORE S.L.
- Others
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