Floating Wind Turbine Market to Reach $30.6 Bn, Globally, by 2027 at 32.5% CAGR: Allied Market Research
Increase in demand for renewable power sources, higher capacity factor than that of other wind turbines, and reduced carbon emission fuel the growth of the global floating wind turbine market
PORTLAND, Ore., April 21, 2021 /PRNewswire/ -- Allied Market Research published a report, titled,"Floating Wind Turbine Market by Foundation (Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation, and Others), Depth (Shallow Water (less than 60 m Depth) and Deep Water (higher than 60 m Depth)): Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global floating wind turbine industry was pegged at $3.2 billion in 2019, and is expected to hit $30.6 billion by 2027, registering a CAGR of 32.5% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for renewable power sources, higher capacity factor than that of other wind turbines, and reduced carbon emission fuel the growth of the global floating wind turbine market. On the other hand, high installation and maintenance cost curb the growth to some extent. However, advancements in wind turbine structure are expected to create lucrative opportunities for the key players in the industry.
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Covid-19 scenario-
- Limited availability of spares and manpower for maintenance affected the global market for floating wind turbine during the first phase of the lockdown. Also, cancellation of orders and project delays impacted the market negatively.
- However, with the implementation of digitization, remote monitoring of projects has now been possible, and the market is expected to recoup soon.
The Spar-buoy foundation segment to retain its dominance by 2027-
Based on foundation, the spar-buoy foundation segment contributed to more than half of the global floating wind turbine market share in 2019, and is expected to lead the trail by the end of 2027, due to its simple design which can be fabricated easily. Simultaneously, the semi-submersible foundation segment would also register the fastest CAGR of 33.9% throughout the forecast period, owing to its flexible design with regard to water depth.
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The deep water segment to rule the roost-
Based on depth, the deep water segment accounted for around three-fifths of the global floating wind turbine market revenue in 2019, and is anticipated to retain its dominance by 2027. The installation of deep water turbine offers large area with no constraint of water depth which aids in selecting the best site for power generation. This, in turn, drives the segment growth. The shallow water segment, on the other hand, would manifest the fastest CAGR of 33.3% during the forecast period. This is attributed to new developments such as polymer spring mooring technology, which enable shallow mooring of floating wind turbine.
Europe, followed by Asia-Pacific and North America, to dominate in terms of revenue-
Based on geography, Europe, followed by Asia-Pacific and North America, held the major share in 2019, garnering more than three-fifths of the global floating wind turbine market. Rise in investments in countries like France, UK, and Norway fuels the market growth. At the same time, the region across Asia-Pacific would register the fastest CAGR of 33.9% from 2020 to 2027. This is due torise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero emission norms.
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Frontrunners in the industry-
- Siemens Gamesa Renewable
- MHI Vestas Offshore Wind
- Senvion SA
- ABB group
- GE Renewable Energy
- NORDEX SE
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