Floating Wind Power Market
Floating Wind Power Market Forecasts to 2028 - Global Analysis By Water Depth (Shallow Water, Transitional Water and Deep Water), Turbine Capacity (Up to 3 MW, 3 MW - 5 MW and Above 5 MW) and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $7.78 BN |
|
Projected Year Value (2028) |
US $46.09 BN |
|
CAGR (2022 - 2028) |
34.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Fastest Growing Market |
Europe |
According to Stratistics MRC, the Global Floating Wind Energy Market is accounted for $7.78 billion in 2022 and is expected to reach $46.09 billion by 2028 growing at a CAGR of 34.5% during the forecast period. A floating structure is used to mount floating wind power in offshore regions that are impractical for fixed foundations due to the great depth of the sea. The majority of nations globally achieve their renewable energy goal in large part because to offshore wind generation. The market for floating wind power is being driven by the adoption of renewable energy sources and rising energy demand.
According to the World Energy Investment Report 2021 by International Energy Agency (IEA), renewable energy will have the largest share of around 70% of the total USD 530 million, which could be used for a new power generation plant. Demand for carbon-neutral electricity from consumers has led to technological development and a well-established supply chain as the future energy.
Market Dynamics:
Driver:
Increasing shift toward clean energy generation to drive growth
The use of renewable energy sources is a response by emerging and impoverished nations to rising carbon emissions caused by increased power demand. The development of wind farms is a result of the greater dominance of renewable energy sources like solar and wind in lowering carbon emissions. Offshore wind farms now exist as a result of advancement and technical research. Therefore, the market for floating wind farms has been driven by renewable energy sources.
Restraint:
High capital investments may restrain market growth
The market growth of floating wind power may be constrained by the large initial expenditure. Power cables that transport electricity back onshore must be installed and maintained, which can be expensive. In water deeper than 200 feet (60m), it is challenging to build a strong and secure wind farm. These issues are beginning to be solved by floating wind turbines. The development of floating wind farms and expensive research impede industry expansion.
Opportunity:
Rising investments in the sustainable energy development to boost growth
Wind energy is the fastest-growing renewable energy source, with minimal carbon emissions and low pollutants. The Global Wind Energy Council reports that the market for wind energy has expanded recently. Investment in energy development is boosted by the creation and administration of wind farms, as well as by the distribution of wind-generated electricity.
Threat:
Social aspects of floating energy projects
The success of a market may depend on its societal implications for floating energy. An unfavourable public perception of floating wind farms may cause a project to be postponed or abandoned. Factors such as the culture, economy, political stance, location, and coast use determine the public attitude. Residents of the area are concerned that the project will depress property values, disturb economic activities, and harm the environment.
Covid-19 Impact
Governments implemented full lockdown during the COVID-19 epidemic, which led to historically low electricity demand in several countries and an excess of available power capacity. For instance, to aid businesses impacted by COVID-19, China's National Development and Reform Commission (NDRC) extended its 5% electricity price reduction until 2020. Additionally, in June 2020, China Life Insurance and State Power Investment Corporation (SPIC) agreed to establish a USD 1.1 billion renewable energy fund. Furthermore, the expansion of the energy distribution network in emerging nations has been hampered by the corona virus outbreak. During the anticipated period, it is expected to directly impede market expansion.
The deep water segment is expected to be the largest during the forecast period
Based on the water depth, the market is classified into Shallow Water, Transitional Water and Deep Water. The software segment is projected to control the global floating wind energy market and most liable explanation for the majority of the share during the forecast period. This is due to the enormous benefits of installing floating wind farms in deep sea. The possibility for gathering wind energy is increased by the higher wind speeds and lack of impediments in deep waters, which are major benefits of this sort of installation. Floating foundations are thought to open doors to new opportunities for the large-scale deployment of wind farms in some nations with a short continental shelf, hence driving the demand for floating wind power.
The 5MW segment is expected to have the highest CAGR during the forecast period
Based on the turbine capacity, the market is segmented into Up to 3 MW, 3 MW - 5 MW and Above 5 MW. The 5MW segment is captured to be more profitable and predicted to record a strong CAGR during the forecast period. The installation of a wind farm often depends on the anticipated electricity and the available funding. When considering the potential returns, a bigger capacity wind farm is thought to be a viable investment because a wind farm requires significant money. In keeping with this pattern, new wind farms that have been approved for construction have a higher capacity, which is above 5 MW.
Region with highest share:
Asia Pacific is anticipated to hold the highest share during the forecast period. On the international market, Japan now controls the Asia Pacific area. The government intends to increase installed floating offshore wind capacity to 4 GW by 2030 and 18 GW in 2050, according to the Japan Wind Power Association, which will further draw in numerous investors.
Region with highest CAGR:
The Europe floating wind energy market is one of the fastest-growing regions and also records highest CAGR during the forecast period. The U.K. with an annual installation of 47.5 MW, dominates the market and a 2030 goal of 1 GW for offshore floating wind. It is believed that the majority of the target will be constructed off the coast of Scotland and in the South western waters close to the United Kingdom.
Key players in the market
Some of the key players profiled in the Floating Wind Energy Market include Siemens Gamesa Renewable Energy S.A., Senvion S.A, Adwen GmbH, Nordex SE, Hitachi, GoldWind, Envision Energy, Ming Yang Smart Energy Group Co., MHI Vestas Offshore Wind , ABB, GE, Suzlon Energy Limited
Key Developments:
In June, 2021 – Hitachi ABB Power Grids launched a portfolio of transformer products for offshore floating applications designed to overcome the challenging surroundings and endure the physically demanding conditions on floating structures. The selection will enable much larger capacities of wind to be competently garnered and integrated into the global energy system, directly supporting the evolution of a sustainable energy future.
In June, 2021 – Siemens Gamesa and Siemens Energy signed an MoU with Odfjell Oceanwind to collaborate on the development of Mobile Offshore Wind Units. Odfjell Oceanwind develops, owns, and operates a fleet of floating units to provide electricity to micro-grid or off-grid customers.
Water Depth Covered:
• Shallow Water
• Transitional Water
• Deep Water
Turbine Capacity Covered:
• Up to 3 MW
• 3 MW - 5 MW
• Above 5 MW
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Floating Wind Power Market, By Water Depth
5.1 Introduction
5.2 Shallow Water
5.3 Transitional Water
5.4 Deep Water
6 Global Floating Wind Power Market, By Turbine Capacity
6.1 Introduction
6.2 Up to 3 MW
6.3 3 MW - 5 MW
6.4 Above 5 MW
7 Global Floating Wind Power Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Siemens Gamesa Renewable Energy S.A.
9.2 Senvion S.A
9.3 Adwen GmbH
9.4 Nordex SE
9.5 Hitachi
9.6 GoldWind
9.7 Envision Energy
9.8 Ming Yang Smart Energy Group Co.
9.9 MHI Vestas Offshore Wind
9.10 ABB
9.11 GE
9.12 Suzlon Energy Limited
List of Tables
1 Global Floating Wind Power Market Outlook, By Region (2020-2028) ($MN)
2 Global Floating Wind Power Market Outlook, By Water Depth (2020-2028) ($MN)
3 Global Floating Wind Power Market Outlook, By Shallow Water (2020-2028) ($MN)
4 Global Floating Wind Power Market Outlook, By Transitional Water (2020-2028) ($MN)
5 Global Floating Wind Power Market Outlook, By Deep Water (2020-2028) ($MN)
6 Global Floating Wind Power Market Outlook, By Turbine Capacity (2020-2028) ($MN)
7 Global Floating Wind Power Market Outlook, By Up to 3 MW (2020-2028) ($MN)
8 Global Floating Wind Power Market Outlook, By 3 MW - 5 MW (2020-2028) ($MN)
9 Global Floating Wind Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
10 North America Floating Wind Power Market Outlook, By Country (2020-2028) ($MN)
11 North America Floating Wind Power Market Outlook, By Water Depth (2020-2028) ($MN)
12 North America Floating Wind Power Market Outlook, By Shallow Water (2020-2028) ($MN)
13 North America Floating Wind Power Market Outlook, By Transitional Water (2020-2028) ($MN)
14 North America Floating Wind Power Market Outlook, By Deep Water (2020-2028) ($MN)
15 North America Floating Wind Power Market Outlook, By Turbine Capacity (2020-2028) ($MN)
16 North America Floating Wind Power Market Outlook, By Up to 3 MW (2020-2028) ($MN)
17 North America Floating Wind Power Market Outlook, By 3 MW - 5 MW (2020-2028) ($MN)
18 North America Floating Wind Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
19 Europe Floating Wind Power Market Outlook, By Country (2020-2028) ($MN)
20 Europe Floating Wind Power Market Outlook, By Water Depth (2020-2028) ($MN)
21 Europe Floating Wind Power Market Outlook, By Shallow Water (2020-2028) ($MN)
22 Europe Floating Wind Power Market Outlook, By Transitional Water (2020-2028) ($MN)
23 Europe Floating Wind Power Market Outlook, By Deep Water (2020-2028) ($MN)
24 Europe Floating Wind Power Market Outlook, By Turbine Capacity (2020-2028) ($MN)
25 Europe Floating Wind Power Market Outlook, By Up to 3 MW (2020-2028) ($MN)
26 Europe Floating Wind Power Market Outlook, By 3 MW - 5 MW (2020-2028) ($MN)
27 Europe Floating Wind Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
28 Asia Pacific Floating Wind Power Market Outlook, By Country (2020-2028) ($MN)
29 Asia Pacific Floating Wind Power Market Outlook, By Water Depth (2020-2028) ($MN)
30 Asia Pacific Floating Wind Power Market Outlook, By Shallow Water (2020-2028) ($MN)
31 Asia Pacific Floating Wind Power Market Outlook, By Transitional Water (2020-2028) ($MN)
32 Asia Pacific Floating Wind Power Market Outlook, By Deep Water (2020-2028) ($MN)
33 Asia Pacific Floating Wind Power Market Outlook, By Turbine Capacity (2020-2028) ($MN)
34 Asia Pacific Floating Wind Power Market Outlook, By Up to 3 MW (2020-2028) ($MN)
35 Asia Pacific Floating Wind Power Market Outlook, By 3 MW - 5 MW (2020-2028) ($MN)
36 Asia Pacific Floating Wind Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
37 South America Floating Wind Power Market Outlook, By Country (2020-2028) ($MN)
38 South America Floating Wind Power Market Outlook, By Water Depth (2020-2028) ($MN)
39 South America Floating Wind Power Market Outlook, By Shallow Water (2020-2028) ($MN)
40 South America Floating Wind Power Market Outlook, By Transitional Water (2020-2028) ($MN)
41 South America Floating Wind Power Market Outlook, By Deep Water (2020-2028) ($MN)
42 South America Floating Wind Power Market Outlook, By Turbine Capacity (2020-2028) ($MN)
43 South America Floating Wind Power Market Outlook, By Up to 3 MW (2020-2028) ($MN)
44 South America Floating Wind Power Market Outlook, By 3 MW - 5 MW (2020-2028) ($MN)
45 South America Floating Wind Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
46 Middle East & Africa Floating Wind Power Market Outlook, By Water Depth (2020-2028) ($MN)
47 Middle East & Africa Floating Wind Power Market Outlook, By Shallow Water (2020-2028) ($MN)
48 Middle East & Africa Floating Wind Power Market Outlook, By Transitional Water (2020-2028) ($MN)
49 Middle East & Africa Floating Wind Power Market Outlook, By Deep Water (2020-2028) ($MN)
50 Middle East & Africa Floating Wind Power Market Outlook, By Turbine Capacity (2020-2028) ($MN)
51 Middle East & Africa Floating Wind Power Market Outlook, By Up to 3 MW (2020-2028) ($MN)
52 Middle East & Africa Floating Wind Power Market Outlook, By 3 MW - 5 MW (2020-2028) ($MN)
53 Middle East & Africa Floating Wind Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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