Floating Wind Power Market to Reach USD 59.24 Billion by 2027; Increasing Awareness of Achieving Green Energy Targets to Boost Growth: Fortune Business Insights™
Fortune Business Insights
9 min read
Key Companies Covered in Floating Wind Power Market Research Report are Siemens Gamesa Renewable Energy S.A. (Spain), ABB (Switzerland), GE (U.S.), Ming Yang Smart Energy Group Co. (China), MHI Vestas Offshore Wind (Denmark), Senvion S.A (Germany), Adwen GmbH (Germany), Nordex SE (Germany), GoldWind (China), Envision Energy (China), Suzlon Energy Limited (India), Hitachi (Japan)
Pune, India, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The global floating wind power market is set to gain momentum from the rising awareness in various countries about achieving the green energy targets. This information is given by Fortune Business Insights™ in a new report, titled, “Floating Wind Power Market Size, Share & Covid-19 Impact Analysis, By Water Depth (Shallow Water (< 30m Depth), Transitional Water (30m - 60m Depth), and Deep Water (> 60m Depth)), By Capacity (Upto 3 MW, 3 MW to 5 MW, and Above 5 MW), Regional Forecasts, 2020-2027.” The report further states that the floating wind power market size was USD 0.67 billion in 2019 and is projected to reach USD 59.24 billion by 2027, exhibiting a CAGR of 82.2% during the forecast period.
Click here to get the short-term and long-term impact of COVID-19 on this market.
COVID-19 Pandemic: Halt of Electricity Distribution Network Expansion to Affect Growth
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
This report includes in-depth information associated with change in material usage, new product launches, and technological advancements. It provides market dynamics based on various factors, such as opportunities, challenges, drivers, hindrances, and dynamics. At the same time, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size.
Drivers & Restraints-
Rising Investments in Renewable Energy Sources to Drive Growth
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. However, the engineering activities and pre-development of wind farms involve a lot of cost spending. It may obstruct growth.
Based on capacity, the above 5 MW earned 63.0% in terms of the floating wind power market share in 2019. This growth is attributable to the rising number of planned wind farm construction projects globally.
Regional Insights-
Japan to Remain at Forefront Fueled by Its Plan to Expand Offshore Wind Power Capacity
Geographically, Japan earned USD 0.22 billion in terms of revenue in 2019. The Japan Wind Power Association declared that the country is expected to broaden its installed offshore wind power capacity to 30-45 GW in 2040 and 10 gigawatts (GW) in 2030. It will help in attracting many investors.
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.
Key Players Focus on Winning New Contracts to Compete against Their Rivals
The market for floating wind power houses multiple international and regional companies that are persistently striving to strengthen their positions in the market. To do so, they are trying to bag new orders from reputed floating wind power plant owners. Below are the two latest industry developments:
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.
A list of all the floating wind power providers operating in the global market:
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