Global Floating Wind Power Market is valued at approximately USD 0.29 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 56.5% over the forecast period 2022-2029. Floating wind power is used at offshore locations where a fixed foundation is problematic due to excessively deep water. In the majority of countries throughout the world, offshore wind energy makes a significant contribution to the renewable energy goal. The Floating Wind Power Market is expanding because of factors such as an increasing shift toward clean energy generation, and rising investments in sustainable energy development.
Renewable energy sources are being adopted by developing and poor nations as a result of the rise in power demand and carbon emissions. Wind farms have been developed because renewable energy sources, such as solar and wind, are more effective at lowering carbon emissions. Offshore wind farms now exist due to technological development and study. The demand for floating wind farms has therefore been driven by renewable energy sources. The International Energy Agency's (IEA) 2019 data indicates that offshore wind, including floating wind power, can provide 11 times as much electricity as the world needs and could draw in USD 1 trillion in investments by 2040. According to the IEA Global Energy Investment Report 2021, renewable energy will account for the largest portion of the total USD 530 million, or almost 70%, which may be utilized to build a new power plant. Consumer demand for carbon-neutral electricity has sparked technological advancement and a solid supply chain as the energy vision for the future. In addition, rising government participation would create new opportunities for the market. However, high capital investments may halt market growth.
The key regions considered for the Global Floating Wind Power Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the rising investment in the adoption of renewable energy. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising development of wind farms, and rising investment in renewable energy.
Major market player included in this report are:
- Siemens Gamesa Renewable Energy S.A.
- MHI Vestas Japan Co. Ltd
- FlowOcean AB
- Engie Energy
- ABB LTD
- General Electric
- Ming Yang Smart Energy Group Co.
- Nordex SE
- GoldWind
- Envision Energy
Recent Developments in the Market:
- In June 2021, Hitachi ABB Power Grids introduced a line of transformer solutions built to withstand the physically demanding circumstances on floating structures as well as the harsh environment. The decision will immediately help the development of a sustainable energy future by enabling a considerably greater capacity of wind to be professionally gathered and incorporated into the global energy system.
- In June 2021, Siemens Gamesa and Siemens Energy signed an MoU with Odfjell Oceanwind. To supply power to microgrid or off-grid users, Odfjell Oceanwind creates, acquires, and manages a fleet of floating units.
Global Floating Wind Power Market Report Scope:
- Historical Data 2019-2020-2021
- Base Year for Estimation 2021
- Forecast period 2022-2029
- Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered Water Depth, Turbine Capacity, Region
- Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
- Customization Scope Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Water Depth offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Water Depth:
- Shallow Water
- Transitional Water
- Deep Water
By Turbine Capacity:
- Up to 3 MW
- 3 MW - 5 MW
- Above 5 MW
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- RoLA
- Rest of the World
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
- 1.2.1. Floating Wind Power Market, by Region, 2019-2029 (USD Billion)
- 1.2.2. Floating Wind Power Market, by Water Depth, 2019-2029 (USD Billion)
- 1.2.3. Floating Wind Power Market, by Turbine Capacity, 2019-2029 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Floating Wind Power Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Scope of the Study
- 2.2.2. Industry Evolution
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Floating Wind Power Market Dynamics
- 3.1. Floating Wind Power Market Impact Analysis (2019-2029)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing Shift Toward Clean Energy Generation
- 3.1.1.2. Rising Investments in the Sustainable Energy Development
- 3.1.2. Market Challenges
- 3.1.2.1. High Capital Investments
- 3.1.3. Market Opportunities
- 3.1.3.1. Rising government participation
- 3.1.3.2. Rising technological advancement
Chapter 4. Global Floating Wind Power Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Futuristic Approach to Porter's 5 Force Model (2019-2029)
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. Industry Experts Prospective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
- 5.1. Assessment of the overall impact of COVID-19 on the industry
- 5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Floating Wind Power Market, by Water Depth
- 6.1. Market Snapshot
- 6.2. Global Floating Wind Power Market by Water Depth , Performance - Potential Analysis
- 6.3. Global Floating Wind Power Market Estimates & Forecasts by Water Depth 2019-2029 (USD Billion)
- 6.4. Floating Wind Power Market, Sub Segment Analysis
- 6.4.1. Shallow Water
- 6.4.2. Transitional Water
- 6.4.3. Deep Water
Chapter 7. Global Floating Wind Power Market, by Turbine Capacity
- 7.1. Market Snapshot
- 7.2. Global Floating Wind Power Market by Turbine Capacity, Performance - Potential Analysis
- 7.3. Global Floating Wind Power Market Estimates & Forecasts by Turbine Capacity 2019-2029 (USD Billion)
- 7.4. Floating Wind Power Market, Sub Segment Analysis
- 7.4.1. Up to 3 MW
- 7.4.2. 3 MW - 5 MW
- 7.4.3. Above 5 MW
Chapter 8. Global Floating Wind Power Market, Regional Analysis
- 8.1. Floating Wind Power Market, Regional Market Snapshot
- 8.2. North America Floating Wind Power Market
- 8.2.1. U.S. Floating Wind Power Market
- 8.2.1.1. Water Depth breakdown estimates & forecasts, 2019-2029
- 8.2.1.2. Turbine Capacity breakdown estimates & forecasts, 2019-2029
- 8.2.2. Canada Floating Wind Power Market
- 8.3. Europe Floating Wind Power Market Snapshot
- 8.3.1. U.K. Floating Wind Power Market
- 8.3.2. Germany Floating Wind Power Market
- 8.3.3. France Floating Wind Power Market
- 8.3.4. Spain Floating Wind Power Market
- 8.3.5. Italy Floating Wind Power Market
- 8.3.6. Rest of Europe Floating Wind Power Market
- 8.4. Asia-Pacific Floating Wind Power Market Snapshot
- 8.4.1. China Floating Wind Power Market
- 8.4.2. India Floating Wind Power Market
- 8.4.3. Japan Floating Wind Power Market
- 8.4.4. Australia Floating Wind Power Market
- 8.4.5. South Korea Floating Wind Power Market
- 8.4.6. Rest of Asia Pacific Floating Wind Power Market
- 8.5. Latin America Floating Wind Power Market Snapshot
- 8.5.1. Brazil Floating Wind Power Market
- 8.5.2. Mexico Floating Wind Power Market
- 8.5.3. Rest of Latin America Floating Wind Power Market
- 8.6. Rest of The World Floating Wind Power Market
Chapter 9. Competitive Intelligence
- 9.1. Top Market Strategies
- 9.2. Company Profiles
- 9.2.1. Siemens Gamesa Renewable Energy S.A.
- 9.2.1.1. Key Information
- 9.2.1.2. Overview
- 9.2.1.3. Financial (Subject to Data Availability)
- 9.2.1.4. Product Summary
- 9.2.1.5. Recent Developments
- 9.2.2. MHI Vestas Japan Co. Ltd
- 9.2.3. FlowOcean AB
- 9.2.4. Engie Energy
- 9.2.5. ABB LTD
- 9.2.6. General Electric
- 9.2.7. Ming Yang Smart Energy Group Co.
- 9.2.8. Nordex SE
- 9.2.9. GoldWind
- 9.2.10. Envision Energy
Chapter 10. Research Process
- 10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
- 10.2. Research Attributes
- 10.3. Research Assumption