Floating Wind Turbine Market by Foundation and Geography - Forecast and Analysis 2021-2025

The floating wind turbine market share is expected to increase by USD 993.58 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 34.35%.

This floating wind turbine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating wind turbine market segmentations by foundation (semi-submersible, spar-buoy, and others) and geography (Europe, and ROW). The floating wind turbine market report also offers information on several market vendors, including Doosan Heavy Industries and Construction Co. Ltd., Eaton Corporation Plc, Equinor ASA, General Electric Co., Hitachi Ltd., Mingyang Smart Energy Group Co. Ltd., Naval Energies, Principle Power Inc., Siemens AG, and Vestas Wind System AS among others.

What will the Floating Wind Turbine Market Size be During the Forecast Period?

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Floating Wind Turbine Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and after post COVID-19 era. The favorable government regulations for floating wind are notably driving the floating wind turbine market growth, although factors such as competition from alternative technologies may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating wind turbine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Floating Wind Turbine Market Driver

The favorable government regulations for floating wind are one of the key factors driving the growth of the global floating wind turbine market. To promote emission-free technologies, the use of alternative energy sources such as wind power, solar PV, and hydropower is essential. Globally, governments support the adoption of wind power as it is an essential renewable energy source. As the floating offshore wind energy market is in its nascent stage, some targeted subsidy mechanisms are enforced to support floating wind projects. Many governments have granted funds for floating offshore wind demonstration projects. For instance, in December 2019, the UK government announced its plan to increase the capacity of offshore wind energy installed base to 40 GW by 2030. It also announced that it would support the development of floating wind turbines during the same period. Governments from many other countries, especially France, Norway, Portugal, Japan, and the US, have also supported floating offshore wind projects through various industry collaborations and funding mechanisms, which will drive the market for floating wind turbines during the forecast period.

Key Floating Wind Turbine Market Trend

The decline in LCOE of wind power generation will fuel the global floating wind turbine market growth. Technological advances, global initiatives toward harnessing clean energy sources, and implementation of efficient wind turbines have led to the decline of the installation costs of wind turbines, which led to the development of onshore and offshore wind solutions to compete with conventional energy sources like fossil fuels. The decline in various aspects such as operations and maintenance and costs of wind turbines led to the competitive pricing of products in the wind turbine market, which decreased the LCOE of wind. Further bids in Europe and North America at a much lower price per kWh have resulted in a drastic change in the competitiveness of the projects that will be commissioned in the coming years. This has made offshore wind an attractive proposition for several countries across the world to provide clean, low-cost electricity, which is capable of competing with fossil fuels without explicit financial support. However, the declining LCOE of wind power systems will increase the efficiency of floating wind turbines and lead to the gradual growth of the global floating wind turbine market during the forecast period.

Key Floating Wind Turbine Market Challenge

Competition from alternative technologies is a major challenge for the global floating wind turbine market growth. Sources of global floating power plants such as power ships and power barges are installed to meet the instant demand for power in developing countries due to continuous power blackouts, which is a result of power deficit or due to power shortages. Countries such as the Philippines and Indonesia face issues like slow progress in the power sector, thereby resulting in the slow construction of power plants, which has encouraged government authorities to use substitutes to meet the demand for power until conventional power plants are finished. The need to meet immediate power requirements is a major driving factor for the increase in the deployment of floating power plants. In addition, floating wind turbines are competing with other floating power plants such as floating nuclear power plants and floating solar systems, which impacts the market for floating wind turbines negatively.

This floating wind turbine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global floating wind turbine market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the floating wind turbine market during the forecast period.

Who are the Major Floating Wind Turbine Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Doosan Heavy Industries and Construction Co. Ltd.
• Eaton Corporation Plc
• Equinor ASA
• General Electric Co.
• Hitachi Ltd.
• Mingyang Smart Energy Group Co. Ltd.
• Naval Energies
• Principle Power Inc.
• Siemens AG
• Vestas Wind System AS

 

This statistical study of the floating wind turbine market encompasses successful business strategies deployed by the key vendors. The floating wind turbine market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Doosan Heavy Industries and Construction Co. Ltd. - The company offers floating wind turbine products to wind farms, wind analyses, and feasibility studies.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The floating wind turbine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Floating Wind Turbine Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the floating wind turbine market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global independent power and renewable electricity market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for the Floating Wind Turbine Market?

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57% of the market’s growth will originate from Europe during the forecast period. UK, and France are the key markets for floating wind turbine market in Europe. Market growth in this region will be slower than the growth of the market in regions.

The favorable government regulations for floating wind will facilitate the floating wind turbine market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

Due to the ongoing COVID-19 pandemic, the wind power industry supply chain, including the floating wind turbine market in Europe, experienced major disruptions in 2020. In response to COVID-19 measures, factories in Europe were temporarily closed, especially in the most affected countries, namely Italy and Spain.  However, in 2021, the initiation of large-scale vaccination drives has lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period.

What are the Revenue-generating Other 1 Segments in the Floating Wind Turbine Market?

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The floating wind turbine market share growth in the Semi-submersible segment will be significant during the forecast period. A semi-submersible foundation is a buoyancy stabilized platform that is semi-submerged and floats on the surface of the sea. This foundation is anchored to the seabed with catenary mooring lines. This platform often requires heavy and large structures to maintain stability.

This report provides an accurate prediction of the contribution of all the segments to the growth of the floating wind turbine market size and actionable market insights on post COVID-19 impact on each segment.

 

Floating Wind Turbine Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 34.35%
Market growth 2021-2025	$ 993.58 million
Market structure	Concentrated
YoY growth (%)	12.60
Regional analysis	Europe and ROW
Performing market contribution	Europe at 57%
Key consumer countries	UK, Japan, Portugal, Norway, and France
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Doosan Heavy Industries and Construction Co. Ltd., Eaton Corporation Plc, Equinor ASA, General Electric Co., Hitachi Ltd., Mingyang Smart Energy Group Co. Ltd., Naval Energies, Principle Power Inc., Siemens AG, and Vestas Wind System AS
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Floating Wind Turbine Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive floating wind turbine market growth during the next five years
• Precise estimation of the floating wind turbine market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the floating wind turbine industry across Europe and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of floating wind turbine market vendors

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