Floating Wind Power Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Floating Wind Power Market
The Floating Wind Power market size was valued at USD 0.29 billion in 2023, and the market is now projected to grow from USD 0.68 billion in 2024 to USD 15.64 billion by 2032, exhibiting a CAGR of 56.5% during the forecast period of 2024-2032.
Amid the chronic phase of COVID-19, the local bodies by government presented full lockdown, which resulted in discouraged power request at authentic levels in numerous nations and an oversupply of accessible control capacity. In the pandemic, renewables have been upheld by favorable approaches, less costly sources, favoring cheaper and cleaner sources. Also, the devastating episode of coronavirus has affected the development of the power conveyance arrange in mostly developing nations. It is set to straightforwardly obstruct the floating wind power market growth amid the anticipated period.
In 2021, the U.S. Division of Vitality reported a subsidizing opportunity to energize tremendous venture in this advertise to set up investigate & advancement in drifting seaward wind energy targets to produce control on a huge scale. Green energy targets have put numerous countries intrigued in drifting seaward wind ranches. Concurring to the Universal Energy Organization 2019 report, seaward wind, including floating wind control can produce 11 times more power than the world's necessity, through which USD 1 trillion could draw in speculations by 2040.
The increment in utilization of power comes about in carbon outflows, driving the creating and immature nations to receive renewable energy assets. Renewable energy sources, such as sun powered and wind, are more overwhelming in decreasing carbon outflows coming about within the advancement of wind ranches. Progression and specialized inquire about have brought about in seaward wind ranches coming into presence. In this way, renewable energy sources have driven the floating wind cultivation market.
Comprehensive Analysis of Floating Wind Power Market
The water depth analysis in the market structure of floating wind power is summarized and categorized as shallow water (<3om depth), transitional water (30m-60m depth), deep water (>60m depth). The deep-water segment in the market structure was confined to hold the largest share. The turbine capacity analysis was further segmented into 3MW, 3MW-5MW, and above 5MW. Modern wind ranches endorsed for development are of a better capacity, which is over 5 MW. Hence, this portion holds a bigger parcel of the market structure.
Numerous critical ventures are expected to be commenced in Norway, The Norwegian region estimating the valuation of USD 0.02 billion holds the largest floating wind power market share. The 88 MW Hywind Tampen extend by Equinor is beneath improvement and is expected to be utilitarian by 2022. The floating wind establishment is expected to be found in waters of a surmised profundity of 300m.
Different territorial and worldwide players are reliably working on defining progressed procedures to require a competitive advantage. Numerous companies are shaping mergers & acquisitions and organization & collaboration procedures to empower market development. The prominent and remarkable market players functioning globally are ABB Ltd. (Switzerland), Nordex SE (Germany), MHI Vestas (Denmark), Hitachi Ltd. (Japan), FlowOcean (Sweden), Envision Energy (China), General Electric (U.S.), Engie Energy (France), GoldWind (China), Suzlon Energy Limited (India), Ming Yang Smart Energy Group Co. (China), Siemens Gamesa Renewable Energy S.A. (Spain) and others.
Within the month of June 2021, Hitachi ABB Power Lattices propelled a portfolio of transformer items for seaward drifting applications outlined to overcome the challenging environment and persevere the physically requesting conditions on drifting structures. The choice will empower much bigger capacities of wind to be competently gathered and coordinates into the worldwide vitality framework, straightforwardly supporting the advancement of a feasible energy future.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2018-2029
Base Year 2021
Estimated Year 2022
Forecast Period 2022-2029
Historical Period 2018-2020
Unit Volume (MW), Value (USD Billion)
Segmentation By Water Depth
Shallow Water
Transitional Water
Deep Water
By Turbine Capacity
Up to 3 MW
3 MW - 5 MW
Above 5 MW
By Country
U.S. (By Water Depth, By Turbine Capacity)
U.K. (By Water Depth, By Turbine Capacity)
Germany (By Water Depth, By Turbine Capacity)
France (By Water Depth, By Turbine Capacity)
Spain (By Water Depth, By Turbine Capacity)
Sweden (By Water Depth, By Turbine Capacity)
Japan (By Water Depth, By Turbine Capacity)
China (By Water Depth, By Turbine Capacity)
Norway (By Water Depth, By Turbine Capacity)
Rest of the World (By Water Depth, By Turbine Capacity)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 5. Qualitative Analysis – Impact of COVID-19
- 5.1. Impact of COVID-19 on the Floating Wind Power Market
- 5.2. Steps Taken by the Government to Overcome the Impact
- 5.3. Key Developments by Industry Players in Response to COVID-19
- 5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
- 6. Global Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Water Depth
- 6.2.1. Shallow Water
- 6.2.2. Transitional Water
- 6.2.3. Deep Water
- 6.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 6.3.1. Up to 3 MW
- 6.3.2. 3 MW to 5 MW
- 6.3.3. Above 5 MW
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. United States
- 6.4.2. United Kingdom
- 6.4.3. Germany
- 6.4.4. France
- 6.4.5. Spain
- 6.4.6. Sweden
- 6.4.7. Japan
- 6.4.8. China
- 6.4.9. Norway
- 6.4.10. Rest of the World
- 7. United States Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Water Depth
- 7.2.1. Shallow Water
- 7.2.2. Transitional Water
- 7.2.3. Deep Water
- 7.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 7.3.1. Up to 3 MW
- 7.3.2. 3 MW to 5 MW
- 7.3.3. Above 5 MW
- 8. United Kingdom Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Water Depth
- 8.2.1. Shallow Water
- 8.2.2. Transitional Water
- 8.2.3. Deep Water
- 8.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 8.3.1. Up to 3 MW
- 8.3.2. 3 MW to 5 MW
- 8.3.3. Above 5 MW
- 9. Germany Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Water Depth
- 9.2.1. Shallow Water
- 9.2.2. Transitional Water
- 9.2.3. Deep Water
- 9.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 9.3.1. Up to 3 MW
- 9.3.2. 3 MW to 5 MW
- 9.3.3. Above 5 MW
- 10. France Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Water Depth
- 10.2.1. Shallow Water
- 10.2.2. Transitional Water
- 10.2.3. Deep Water
- 10.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 10.3.1. Up to 3 MW
- 10.3.2. 3 MW to 5 MW
- 10.3.3. Above 5 MW
- 11. Spain Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 11.1. Key Findings / Summary
- 11.2. Market Analysis, Insights and Forecast – By Water Depth
- 11.2.1. Shallow Water
- 11.2.2. Transitional Water
- 11.2.3. Deep Water
- 11.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 11.3.1. Up to 3 MW
- 11.3.2. 3 MW to 5 MW
- 11.3.3. Above 5 MW
- 12. Sweden Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 12.1. Key Findings / Summary
- 12.2. Market Analysis, Insights and Forecast – By Water Depth
- 12.2.1. Shallow Water
- 12.2.2. Transitional Water
- 12.2.3. Deep Water
- 12.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 12.3.1. Up to 3 MW
- 12.3.2. 3 MW to 5 MW
- 12.3.3. Above 5 MW
- 13. Japan Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 13.1. Key Findings / Summary
- 13.2. Market Analysis, Insights and Forecast – By Water Depth
- 13.2.1. Shallow Water
- 13.2.2. Transitional Water
- 13.2.3. Deep Water
- 13.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 13.3.1. Up to 3 MW
- 13.3.2. 3 MW to 5 MW
- 13.3.3. Above 5 MW
- 14. China Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 14.1. Key Findings / Summary
- 14.2. Market Analysis, Insights and Forecast – By Water Depth
- 14.2.1. Shallow Water
- 14.2.2. Transitional Water
- 14.2.3. Deep Water
- 14.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 14.3.1. Up to 3 MW
- 14.3.2. 3 MW to 5 MW
- 14.3.3. Above 5 MW
- 15. Norway Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 15.1. Key Findings / Summary
- 15.2. Market Analysis, Insights and Forecast – By Water Depth
- 15.2.1. Shallow Water
- 15.2.2. Transitional Water
- 15.2.3. Deep Water
- 15.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 15.3.1. Up to 3 MW
- 15.3.2. 3 MW to 5 MW
- 15.3.3. Above 5 MW
- 16. Rest of the World Floating Wind Power Market Analysis (USD Billion, MW), Insights and Forecast, 2018-2029
- 16.1. Key Findings / Summary
- 16.2. Market Analysis, Insights and Forecast – By Water Depth
- 16.2.1. Shallow Water
- 16.2.2. Transitional Water
- 16.2.3. Deep Water
- 16.3. Market Analysis, Insights and Forecast – By Turbine Capacity
- 16.3.1. Up to 3 MW
- 16.3.2. 3 MW to 5 MW
- 16.3.3. Above 5 MW
- 17. Competitive Analysis
- 17.1. Company Market Share Analysis, 2021
- 17.2. Company Profile
- 17.2.1. Siemens Gamesa Renewable Energy S.A.
- 17.2.1.1. Business Overview
- 17.2.1.2. Product & Service Offering
- 17.2.1.3. Overall Revenue
- 17.2.1.4. Geographic Presence
- 17.2.1.5. Recent Development
- 17.2.2. MHI Vestas Offshore Wind
- 17.2.2.1. Business Overview
- 17.2.2.2. Product & Service Offering
- 17.2.2.3. Overall Revenue
- 17.2.2.4. Geographic Presence
- 17.2.2.5. Recent Development
- 17.2.3. FlowOcean
- 17.2.3.1. Business Overview
- 17.2.3.2. Product & Service Offering
- 17.2.3.3. Overall Revenue
- 17.2.3.4. Geographic Presence
- 17.2.3.5. Recent Development
- 17.2.4. Engie Energy
- 17.2.4.1. Business Overview
- 17.2.4.2. Product & Service Offering
- 17.2.4.3. Overall Revenue
- 17.2.4.4. Geographic Presence
- 17.2.4.5. Recent Development
- 17.2.5. ABB Ltd.
- 17.2.5.1. Business Overview
- 17.2.5.2. Product & Service Offering
- 17.2.5.3. Overall Revenue
- 17.2.5.4. Geographic Presence
- 17.2.5.5. Recent Development
- 17.2.6. General Electric
- 17.2.6.1. Business Overview
- 17.2.6.2. Product & Service Offering
- 17.2.6.3. Overall Revenue
- 17.2.6.4. Geographic Presence
- 17.2.6.5. Recent Development
- 17.2.7. Ming Yang Smart Energy Group Co.
- 17.2.7.1. Business Overview
- 17.2.7.2. Product & Service Offering
- 17.2.7.3. Overall Revenue
- 17.2.7.4. Geographic Presence
- 17.2.7.5. Recent Development
- 17.2.8. Nordex SE
- 17.2.8.1. Business Overview
- 17.2.8.2. Product & Service Offering
- 17.2.8.3. Overall Revenue
- 17.2.8.4. Geographic Presence
- 17.2.8.5. Recent Development
- 17.2.9. GoldWind
- 17.2.9.1. Business Overview
- 17.2.9.2. Product & Service Offering
- 17.2.9.3. Overall Revenue
- 17.2.9.4. Geographic Presence
- 17.2.9.5. Recent Development
- 17.2.10. Envision Energy
- 17.2.10.1. Business Overview
- 17.2.10.2. Product & Service Offering
- 17.2.10.3. Overall Revenue
- 17.2.10.4. Geographic Presence
- 17.2.10.5. Recent Development
- 17.2.11. Suzlon Energy Ltd.
- 17.2.11.1. Business Overview
- 17.2.11.2. Product & Service Offering
- 17.2.11.3. Overall Revenue
- 17.2.11.4. Geographic Presence
- 17.2.11.5. Recent Development
- 17.2.12. Hitachi Ltd.
- 17.2.12.1. Business Overview
- 17.2.12.2. Product & Service Offering
- 17.2.12.3. Overall Revenue
- 17.2.12.4. Geographic Presence
- 17.2.12.5. Recent Development
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