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

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 GeographyAccording 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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances