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Floating Wind Turbines Market By Foundation Type (Spar-Buoy, Tension-leg Platform, Semi-submersible), By Water Depth (Below 50m and Above 50m), By Turbine Capacity (Less Than 5MW and Greater Than 5MW) - Growth, Future Prospects and Competitive Landscape, 2019 – 2027

The floating wind turbines market is expected to reach US$ 19.9 billion in 2027, growing at a CAGR of 30.81% from 2019 to 2027. Offshore wind energy has become one of the best alternatives for clean energy. Wind turbines are mounted on floating structures in seawater to generate electricity where bottom-mounted structures are not feasible. The world is on the verge of global warming owing to the emission of greenhouse gases to a greater extent. In order to reduce its impact on the atmosphere, there has been a crucial need for research and development in renewable and clean energy. Growing concerns about climate change and the push from governments for increased use of renewable energy sources across the world are some of the major factors driving the market for floating wind turbines globally.

According to the UN, as of 2017, nearly 2.4 billion people lived within 100 kilometers of the coast, which is about 40% of the total world population. This dense population near the coast has higher energy requirements than those living in the interior. This demand for energy can be better fulfilled by building offshore floating wind turbines using nearby renewable resources. A floating foundation requires less invasive activities on the seabed compared to a fixed foundation, which saves the ocean floor from degradation. Also, coral reefs can be saved at a greater level as floating wind turbines require minimum construction material for an installation. This, in turn, makes floating wind turbines environmentally friendly.

Floating wind turbines allow access to deep water sites where more area is available for large-scale foundations. The flow of wind at longer distances away from the seashore is faster. A small increase in the speed of the wind yields a large amount of electricity. According to the American Geoscience Institute, the energy generated by a turbine at a wind speed of 15 mph is twofold that generated at a wind speed of 12 mph. Additionally, there are no obstacles present offshore, which helps in keeping the flow of wind steady. This steadiness in the supply of wind helps maintain continuous electricity generation, making floating wind turbines a reliable source of energy. As a result, with the development of new technologies in foundation structure, floating wind turbines are gradually moving towards deeper water where depths are above 50 meters. This, in turn, is projected to facilitate the growth of the floating wind turbine market in the years to come.

Market Snapshot

Semi-submersible Foundation accounted for the largest market share in 2018.

In 2018, semi-submersible foundations captured the largest market share in the floating wind turbine market worldwide. A semi-submersible floating wind turbine can be assembled on land or in a dock. This fully assembled platform, including the turbine, can float in the water at a depth of 10 meters while being transported. Conventional tugs are used for the transportation of this type of foundation. During maintenance, it can be towed back onshore using tugs. Also, the mooring required for the stabilization of the structure costs less compared to other foundations. These advantages offered by a semi-submersible floating foundation offer huge cost savings during assembly and transportation. Hence, it is mostly preferred by manufacturers of floating wind turbines across the world.

Europe Garnered the Largest Market Share in 2018

Europe has installed the largest capacity of floating wind turbines compared to other regions of the world. The region is expected to remain dominant during the forecast period from 2019 to 2027. Europe has a stable regulatory framework with long-term policies for promoting clean energy. Governments across Europe are strongly supporting innovation and training in clean energy technologies. As a result, strong backing from the government has built up the trust of major players, ultimately leading to higher investment in the R&D of floating wind turbines. For instance, in February 2019, Equinor ASA announced their new project, Hywind Tampon, which will be used for the electrification of an oil and gas platform at the Snorre and Gullfaks fields in Tampon, Norway. This new project will contribute to the reduction of carbon dioxide emissions, which are currently estimated to be 200,000 metric tonnes per year. In addition, major market players such as Siemens Gamesa Renewable Energy and MHI Vestas Offshore Wind have a presence in Europe. All these factors together are responsible for the overall growth of the floating wind turbine market in the region.

Competitive Insights

Major players profiled in the floating wind turbine market include Siemens Gamesa Renewable Energy, MHI Vestas Offshore Wind A/S, Goldwind, Enercon GmbH, Senvion S.A., Nordex SE, General Electric Company, Ideol SA, Equinor ASA, Repsol S.A., CoensHexicon Ltd., etc. These companies are partnering with other companies to gain a large share of the market. For instance, in February 2019, South Korea's state-owned company KNOC and Equinor ASA signed a memorandum of understanding to jointly explore the chances of developing floating wind turbines in South Korea for commercial purposes. Moreover, in June 2019, Ideol SA partnered with leading Japanese renewable energy company Shizen Energy Inc. for the development of a commercial floating wind farm on Kyushu Island, Japan. This upcoming project will be based on the patented Damping Pool Technology of Ideol SA.

Periods of History and Forecast

The research report presents the analysis of each segment from 2017 to 2027,considering 2018as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The floating wind turbines market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global floating wind turbine market based on foundation type, water depth, turbine capacity, and geography. Key segments covered in the report are as follows:

ATTRIBUTE DETAILS

Research Period: 2017–2027

The base year2018

Forecast Period: 2019–2027

2017 was a historic year.

USD Billion Unit

Foundation Type Segment (2017-2027; USD Billion)

  • Spar-buoy
  • Tension-leg platform (TLP)
  • Semi-submersible

A segment of Water Depth (2017-2027; US$ BN)

  • Below 50 m
  • Above 50m

Turbine Capacity Segment (Bn)

  • 5 MW or less
  • More than 5 MW

Geography Segment (US$ Billion) (2017-2027)

  • North America (including the United States)
  • Europe (United Kingdom, Germany, France, and the rest of Europe)
  • Asia Pacific (Japan, China, India, and the Rest of APAC)
  • Rest of the World (Middle East and Africa, Latin America)

Key questions are answered in this report.

  • What was the market size of the floating wind turbine market in 2018, and what is the forecast up to 2027?
  • What are the key factors driving the global market for floating wind turbines?
  • What are the key market trends and high-growth opportunities observed in the floating wind turbine market?
  • Which is the largest regional market for floating wind turbines?
  • Which segment will grow at a faster pace? Why?
  • Which region will drive the market's growth? Why?
  • Which players are leading the floating wind turbine market?
  • What are the sustainability strategies adopted by the key players operating in the market?

Frequently Asked Question:

The market for Floating Wind Turbines Market is expected to reach USD$ 19.9 Bn billion in 2027.

The Floating Wind Turbines Market is expected to see significant CAGR growth over the coming years, at 30.81%.

The report is forecasted from 2019 -2027.

The base year of this report is 2018.

Siemens Gamesa Renewable Energy, MHI Vestas Offshore Wind A/S, Goldwind, Enercon GmbH, Senvion S.A., Nordex SE, General Electric Company, Ideol SA, Equinor ASA. are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Jul 2019
Category:  Technology & Media
Report ID:   59796
Report Format:   PDF
Pages:   120
Rating:    4.2 (58)
Delivery Time: 24 Hours to 48 Hours   
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