Floating Wind Turbine Market Research BY Share & Size Report 2028F

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 2.04 Billion
Largest Market	North America
CAGR (2023-2028)	41.69%
Fastest Growing Segment	Semi-submersible Foundation

Global Floating Wind Turbine Market is expected to grow at a robust pace in the forecast period 2024-2028, owing to the significant increase in demand for renewable energy sources. Floating Wind Turbines are also affordable and have lower carbon emissions. Additionally, the floating wind turbine technology does away with the water depth restrictions, making it easier to choose the ideal location for power generation. These factors are expected to drive the global floating wind turbine market.

Floating Wind Turbine is a source of clean, renewable energy source that is acquired by harnessing the force of wind offshore, where the absence of impediments allows the wind to travel at a higher and more steady speed. It is one of the renewable sources that would be essential to the decarbonization process due to its great potential and strategic added value on both a socioeconomic and environmental level.

Offshore floating wind offers new possibilities and alternatives because it relies on floating rather than permanent structures. The potential minimal environmental effect and ease of production and installation of floating offshore wind are two benefits. The floating turbines and platforms can be produced and installed on land and then towed to the offshore installation location. Additionally, they can benefit from the powerful winds that are blowing in the deeper regions, which increases energy efficiency.

Increasing Shift Towards Clean Energy Generation to drive the Global Floating Wind Turbine Market

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.

Moreover, according to the International Renewable Energy Agency (IRENA), renewable energy sources would provide 90% of the world's electricity by 2050. Additionally, more than 80% of the energy produced worldwide is still derived from fossil fuels, although cleaner energy sources are gaining popularity. According to the International Energy Agency (IEA), till 2022, renewable energy sources accounted for about 29% of electricity. Moreover, consumer demand for carbon-neutral electricity has sparked technological advancement and a solid supply chain as the energy vision for the future. The above factors are expected to boost the global floating wind turbine market.

Operative Advantage of Floating Wind over Fixed Offshore Structure is Driving the Growth of Global Floating Wind Turbine Market

Unlike onshore wind farms, floating wind farms don’t require land for installation. Bird deaths are decreased by floating turbines, as they may more readily avoid migratory flight lines and breeding and feeding sites. Desalination of seawater, decarbonizing energy-intensive extraction sectors, and electrolysis to produce clean hydrogen fuel, are a few examples of fuel, added to maintain environmental balance. With the highest wind flow, floating wind farms can resist challenging meteorological conditions, thus driving the growth of global floating wind turbine market.

Rise in Demand for Electricity Consumption is Expected to Drive the Global Floating Wind Turbine Market

The demand for electricity has tremendously increased in recent years. Advancements in technology have led to the introduction of electronic products for domestic and commercial purposes that need electricity. Moreover, increase in per capita disposable income and spending abilities of consumers boost the sales of electronic devices such as refrigerators, televisions, and air conditioners. Furthermore, the increase in modernization coupled with growth of the construction industry and evolution of prosperous societies & residential buildings, have fueled the demand for power since the past few years. Development of commercial sector, including schools, hospitals, retail & grocery stores, office buildings, along with the rise in number of industrial deployments, has further fueled the demand for electricity. The demand for an efficient electricity supply has increased due to these factors. Thus, governments of various countries have focused on producing electricity from renewable sources, which, in turn, is expected to propel the demand for floating wind turbines. Increase in electricity production and consumption is further expected to increase in future due to rapid development in emerging economies. Thus, the impact of the above factors on the overall market is expected to drive the global floating wind turbine market during the forecast period.

High Capital Investments are Expected to Hinder the Growth of Global Floating Wind Turbine Market

The market growth of floating wind power may be constrained by large initial expenditure factor. 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. Moreover, wind turbines can sustain damage from wave action, strong storms, and hurricanes. The initial expense of pre-development of wind farms, legal approval, technical considerations, engineering activities, and comparable other criteria serve as further roadblocks to the development of floating wind turbines.

Thus, above factors are expected to cause hindrance to the growth of global floating wind turbine market.

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Latest Developments Fueling The Market Growth

In January 2022, Shell and Scottish Power obtained joint offers for the seabed rights to build sizable floating wind farms as part of Crown Estate Scotland's ScotWind leasing. The partners have been awarded two locations off the east and north-east coasts of Scotland, totaling 5 GW. MarramWind and CampionWind, two joint ventures, would provide the new wind farms. Once completed, the floating wind projects from MarramWind and CampionWind could provide enough renewable energy to power 6 million homes in Scotland with respective total generation capacities of roughly 3 GW and 2 GW.
The UK government proposed USD33.89 million in January 2022 and announced 11 projects that would each receive up to USD10.72 million in funding to increase the quantity of clean renewable energy produced in the nation. Another funding was also provided, thereby increasing the total to over USD64.35 million. This would encourage the use of renewable energy and level the playing field throughout the nation, especially in Aberdeen, Swansea, and Yorkshire. The additional financing is expected to speed up the deployment of turbines in the seas surrounding the UK and advance research and development in floating offshore wind for projects across the United Kingdom. Research would concentrate on topics including establishing foundation solutions, submarine cabling, and how turbines are tethered to the seafloor.
In November 2022, Eolink, Valorem, and Centrale Nantes each got USD 14.6 million in financing from the France 2030 funding programme. The funded project covers the development, production, and installation of an EOLINK floating wind turbine. The 5-MW pre-commercial floating wind turbine, owned by Centrale Nantes, is scheduled to be put into service at the SEM-REV test site in France in 2024. The turbine-float assembly, as well as its operation and maintenance, are under the control of Valorem.

Market Segmentation

The Global Floating Wind Turbine Market is segmented based on foundation, capacity, depth, and region. Based on foundation, the market is divided into spar-buoy foundation, tension-leg platform (tlp) foundation, semi-submersible foundation, and others. Based on capacity, the market is fragmented into up to 1 mw, 1-3 mw, 3-5 mw, and above 5mw. Based on depth, the market is divided into shallow water, and deep water. Based on region, the market is further segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Market players

The main market players in the Global Floating Wind Turbine Market are Siemens Gamesa Renewable Energy S.A., MHI Vestas Offshore Wind A/S, ABB Group, General Electric Company (GE), Nordex SE, Goldwind Science & Technology Co., Ltd, Envision Energy Ltd, Ming Yang Smart Energy Group Co., Ltd., Hitachi Group, Suzlon Energy Ltd.

Attribute	Details
Base Year	2022
Historic Data	2018– 2022
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
Report coverage	Revenue forecast, company share, growth factors, and trends
Segments Covered	Foundation Capacity Depth Region
Regional scope	North America, Asia-Pacific, Europe, South America, Middle East & Africa
Country scope	United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, United Kingdom, France, Italy, Spain, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, UAE
Key companies profiled	Siemens Gamesa Renewable Energy S.A., MHI Vestas Offshore Wind A/S, ABB Group, General Electric Company (GE), Nordex SE, Goldwind Science & Technology Co., Ltd, Envision Energy Ltd, Ming Yang Smart Energy Group Co., Ltd., Hitachi Group, Suzlon Energy Ltd.
Customization scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, Global Floating Wind Turbine Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Floating Wind Turbine Market, By Foundation:

o Spar-buoy Foundation

o Tension-Leg Platform (TLP) Foundation

o Semi-Submersible Foundation

o Others

Floating Wind Turbine Market, By Capacity:

o Up to 1 MW

o 1-3 MW

o 3-5 MW

o Above 5MW

Floating Wind Turbine Market, By Depth:

o Shallow Water

o Deep Water

Floating Wind Turbine Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Asia-Pacific

§ India

§ Japan

§ South Korea

§ Australia

§ China

o Europe

§ Germany

§ United Kingdom

§ France

§ Italy

§ Spain

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East

§ Saudi Arabia

§ South Africa

§ UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Floating Wind Turbine Market.

Available Customizations:

Global Floating Wind Turbine Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to ten).

The Global Floating Wind Turbine Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Baseline Methodology

2.2. Key Industry Partners

2.3. Major Association and Secondary Sources

2.4. Forecasting Methodology

2.5. Data Triangulation & Validation

2.6. Assumptions and Limitations

3. Executive Summary

4. Voice of Customers

5. Global Floating Wind Turbine Market

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Foundation (Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation and Others)

5.2.2. By Capacity (Up to 1 MW, 1-3 MW, 3-5 MW and Above 5MW)

5.2.3. By Depth (Shallow Water, Deep Water)

5.2.4. By Region

5.3. By Company (2022)

5.4. Market Map

6. North America Floating Wind Turbine Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Foundation

6.2.2. By Capacity

6.2.3. By Depth

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Floating Wind Turbine Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Foundation

6.3.1.2.2. By Capacity

6.3.1.2.3. By Depth

6.3.2. Canada Floating Wind Turbine Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Foundation

6.3.2.2.2. By Capacity

6.3.2.2.3. By Depth

6.3.3. Mexico Floating Wind Turbine Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Foundation

6.3.3.2.2. By Capacity

6.3.3.2.3. By Depth

7. Asia-Pacific Floating Wind Turbine Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Foundation

7.2.2. By Capacity

7.2.3. By Depth

7.2.4. By Country

7.3. Asia-Pacific: Country Analysis

7.3.1. China Floating Wind Turbine Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Foundation

7.3.1.2.2. By Capacity

7.3.1.2.3. By Depth

7.3.2. India Floating Wind Turbine Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Foundation

7.3.2.2.2. By Capacity

7.3.2.2.3. By Depth

7.3.3. Japan Floating Wind Turbine Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Foundation

7.3.3.2.2. By Capacity

7.3.3.2.3. By Depth

7.3.4. South Korea Floating Wind Turbine Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Foundation

7.3.4.2.2. By Capacity

7.3.4.2.3. By Depth

7.3.5. Australia Floating Wind Turbine Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Foundation

7.3.5.2.2. By Capacity

7.3.5.2.3. By Depth

8. Europe Floating Wind Turbine Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Foundation

8.2.2. By Capacity

8.2.3. By Depth

8.2.4. By Country

8.3. Europe: Country Analysis

8.3.1. Germany Floating Wind Turbine Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Foundation

8.3.1.2.2. By Capacity

8.3.1.2.3. By Depth

8.3.2. United Kingdom Floating Wind Turbine Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Foundation

8.3.2.2.2. By Capacity

8.3.2.2.3. By Depth

8.3.3. France Floating Wind Turbine Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Foundation

8.3.3.2.2. By Capacity

8.3.3.2.3. By Depth

8.3.4. Spain Floating Wind Turbine Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Foundation

8.3.4.2.2. By Capacity

8.3.4.2.3. By Depth

8.3.5. Italy Floating Wind Turbine Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Foundation

8.3.5.2.2. By Capacity

8.3.5.2.3. By Depth

9. South America Floating Wind Turbine Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Foundation

9.2.2. By Capacity

9.2.3. By Depth

9.2.4. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Floating Wind Turbine Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Foundation

9.3.1.2.2. By Capacity

9.3.1.2.3. By Depth

9.3.2. Argentina Floating Wind Turbine Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Foundation

9.3.2.2.2. By Capacity

9.3.2.2.3. By Depth

9.3.3. Colombia Floating Wind Turbine Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Foundation

9.3.3.2.2. By Capacity

9.3.3.2.3. By Depth

10. Middle East & Africa Floating Wind Turbine Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Foundation

10.2.2. By Capacity

10.2.3. By Depth

1.1.1. By Country

1.2. Middle East & Africa: Country Analysis

10.

10.1.

10.2.

10.3.

10.3.1. Saudi Arabia Floating Wind Turbine Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Foundation

10.3.1.2.2. By Capacity

10.3.1.2.3. By Depth

10.3.2. South Africa Floating Wind Turbine Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Foundation

10.3.2.2.2. By Capacity

10.3.2.2.3. By Depth

10.3.3. UAE Floating Wind Turbine Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Foundation

10.3.3.2.2. By Capacity

10.3.3.2.3. By Depth

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles

13.1. Siemens Gamesa Renewable Energy S.A.

13.1.1. Business Overview

13.1.2. Key Revenue and Financials

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services Offered

13.2. MHI Vestas Offshore Wind A/S

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services Offered

13.3. ABB Group

13.3.1. Business Overview

13.3.2. Key Revenue and Financials

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services Offered

13.4. General Electric Company (GE)

13.4.1. Business Overview

13.4.2. Key Revenue and Financials

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services Offered

13.5. Nordex SE

13.5.1. Business Overview

13.5.2. Key Revenue and Financials

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services Offered

13.6. Goldwind Science & Technology Co., Ltd

13.6.1. Business Overview

13.6.2. Key Revenue and Financials

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services Offered

13.7. Envision Energy Ltd

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services Offered

13.8. Ming Yang Smart Energy Group Co., Ltd.

13.8.1. Business Overview

13.8.2. Key Revenue and Financials

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services Offered

13.9. Hitachi Group

13.9.1. Business Overview

13.9.2. Key Revenue and Financials

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services Offered

13.10. Suzlon Energy Ltd.

13.10.1. Business Overview

13.10.2. Key Revenue and Financials

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Product/Services Offered

14. Strategic Recommendations

15. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

What is a Floating Wind Turbine?

An offshore wind turbine that is mounted on a floating structure is referred to as a floating wind turbine and can produce power in sea depths where fixed-foundation turbines are impractical.

What are the challenges in global floating wind turbine market?

High installation & maintenHigh installation & maintenance cost and lack of technical expertise are the challenges in the growth of global floating wind turbine market. ance cost and lack of technical expertise are the challenges in the growth of global floating wind turbine market.

Who are the major market players in the global floating wind turbine market?

Major market players are Siemens Gamesa Renewable Energy S.A., MHI Vestas Offshore Wind A/S, ABB Group, General Electric Company (GE), Nordex SE, Goldwind Science & Technology Co., Ltd, Envision Energy Ltd, Ming Yang Smart Energy Group Co., Ltd., Hitachi Group, Suzlon Energy Ltd.

Which is expected to be the dominating region in the Global Floating Wind Turbine Market?

North America is expected to be the dominating region owing to the increased promotion of power generation through renewable energy sources within the region.

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Press Release

Floating Wind Turbine Market is Expected to Grow at a Robust CAGR

Sep, 2023

Floating Wind Turbine Market is expected to grow owing to increasing energy demand and adoption of renewables for energy production throughout the forecast period.

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