The global floating wind power market size was estimated at USD 1.9 billion in 2022 and is expected to hit around USD 65.37 billion by 2032, poised to grow at an impressive CAGR of 42.5% from 2023 and 2032.
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When compared to pre-pandemic analyses, demand for floating wind power has been lower than expected across all the nations because to the unprecedented and overwhelming COVID-19 pandemic. In comparison to 2019, the worldwide market for floating wind power showed a fall of 56.9 percent in 2020. Floating structure is used to deploy floating wind power in offshore sites that are impractical for permanent foundations because of the harsh weather conditions.
Farms having floating wind farms represent enormous potential for generating a tremendous quantity of electricity and have already shown to be helpful in tough environmental circumstances.
Among the top nations on the international market are China, Japan, the United Kingdom, Norway, and Germany. The UK, China, Spain, and Norway all had significant increase in latest offshore wind energy installations in 2021. According to their most recent investment plans in renewable energy, the trend will continue.
The COVID 19 pandemic's continued breakout has had an effect on market expansion. The key countries for developing new floating power plants are China, the UK, Japan and United States. These countries all have significant economies. But the coronavirus pandemic has left its mark on them. According to the IEA, a coronavirus has led the demand for energy to decline by an unprecedented 4.9 % in 2020. Renewable energy has lagged behind the least expensive source of energy during the crisis caused by COVID 19 as a result of favourable policies favouring less expensive and much cleaner sources. The cost of energy from new wind energy capacity additions has decreased by 9% over the past ten years, according to the worldwide weighted average levelized in 2020.
Due to the availability of cutting-edge technology, operational benefits the global market is expected to expand as demand for floating wind power installations rises. This will inspire more governments, organisations, and offshore operators to explore floating wind energy possibilities. The worldwide market size is expected to increase from 2023 to 2032 as a result of the growing need for renewable energy.
Report Scope of the Floating Wind Power Market
|Market Size in 2023
USD 2.7 Billion
|Market Size by 2032
USD 65.37 Billion
|Growth Rate from 2023 to 2032
|CAGR of 42.5%
|2023 to 2032
|Water Depth, Turbine Capacity, and Geography
|General Electric (US),Vestas (Denmark), Siemens Gamesa (Spain), Goldwind (China), Shanghai Electric Wind Power Equipment Co. (China),ABB (Switzerland), Doosan Heavy Industries and Construction (South Korea), Hitachi (Japan), Nordex SE (Germany), EEW (Germany), Nexans, (France), DEME (Belgium), Ming Yang Smart Energy Group Co, China), Envision (China), Rockwell Automation (US), Hyundai Motor Group (South Korea), Schneider Electric (France), Zhejiang Windey Co.(China), Taiyuan Heavy Industry Co., (China), Sinovel(China)
Key Market Drivers
Growing shift towards the generation of clean energy
Growing investments expenditure in the development of sustainable energy
Key Market Challenges
Key Market Opportunities
The operative benefit of floating wind as compared with the fixed offshore structure
Water Depth Insights
Due to the numerous benefits of installing floating wind farms in deep water, the deep-water sector is forecast to have a greater market share for floating wind power and to expand even further. Deep oceans provide more wind speeds and zero obstructions in path of wind, which increases the possibility for catching wind energy. These factors are major benefits of this sort of installation.
The Floating foundations are thought to open new prospects for the large-scale development of various wind farms in some nations with a short continental shelf, hence driving the need for floating wind power. Floating wind turbines are a recommended substitute for permanent bottom foundations in the depth range of 25 to 50 metres for shallow and transitional water. These provide a number of benefits, including lower capital requirements, environmental advantages, and easily accessible.
Turbine Capacity Insights
The installation of the wind farms usually depends on anticipated electricity and the availability of funding. Since a wind farm requires significant upfront investment, a bigger capacity of the wind farm is viewed as a viable investment when considering the potential returns. In line with this trend, latest wind farms that have been approved for development have a capacity greater than 5 MW. As a result, this market sector has a bigger market share.
Globally, several testing phase projects have been conducted since 2013, with the majority of them having a capacity between 2 and 5 MW. The excellent examples are the projects in Germany, the UK, and Japan. These initiatives are anticipated in nations with promise but little market penetration. In the upcoming years, this will fuel investment in the 3MW to 5MW and up to 3MW sectors.
Floating Wind Power Market Share, By Region, 2022 (%)
|Revenue Share in 2022 (%)
On the international market, Japan now controls the Asia continent area. The government intends to increase the wind capacity of installed floating offshore up to 4 GW by the end of year 2032 and to 18 W in 2050, according to the Japan Wind Power Association, which would further draw in numerous investors. The UK leads the industry globally with yearly installation of 47.5 megawatts and a target of 1 gigawatts for offshore floating wind by 2032. It is believed that most of the target will be constructed off the coast of the Scotland region and in south-westerly waters close to the UK. Following Japan, other nations with erected floating wind farms include the United Kingdom, France, the United States, and Sweden. Other nations, including Norway Germany, Spain, are anticipated to establish as significant market players throughout the projection period in light of the planned construction of floating wind power.
Additionally, Asia Pacific countries are shifting toward web-based modern activities in every field as a result of expanding industry. According to the GSM Association, research on the potential effects of new services and linked devices is progressing in countries including Japan, Australia, and South Korea. Additionally, the local automobile industry is thriving. The most notable region in the world for producing vehicles is Asia Pacific. Thus, during the speculative term, the APAC market will likely be driven by the expansion of these end-use organisations. Because of increased interest in the oil and gas sector and increased building activity within the regions, which promotes the expansion of the private and business areas, it is projected that Latin America, the Middle East, and Africa would see remarkable improvement.
Segments Covered in the Report
By Water Depth
By Turbine Capacity
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