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

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR44934
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The floating wind turbine market has the potential to grow by USD 993.58 million during 2021-2025, and the market’s growth momentum will decelerate 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 market segmentation 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 in 2021?

Floating-Wind-Turbine-Market-Market-Size-2020-2025

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Floating Wind Turbine Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and 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 market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the floating wind turbine industry get your FREE report sample now.

  • The favorable government regulations for floating wind will fuel the growth of the floating wind turbine market size.
  • 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.
  • The rise in offshore installations will drive the floating wind turbine market growth during the forecast period.
  • Offshore wind farms are adaptable to climatic changes and produce energy without the emission of GHGs into the atmosphere. 
  • Although harnessing offshore wind renewable energy is expensive, government initiatives supporting this transition is an advantage for the market.
  • Floating wind turbines are installed in offshore locations for reliable and stable wind. Therefore, the rise in offshore wind installations will significantly drive the market for floating wind turbines. 

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. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

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

 

The floating wind turbine market is concentrated and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

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.

Download a free sample of the floating wind turbine market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Floating Wind Turbine Market?

Floating-Wind-Turbine-Market-Market-Share-by-Region-2020-2025

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57% of the market’s growth will originate from Europe during the forecast period. The UK, Portugal, Norway, and France are the key markets for floating wind turbines in Europe. However, the market growth rate in Europe will be slower than the growth of the market in ROW.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

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

Floating-Wind-Turbine-Market-Market-Share-by-Foundation-2020-2025

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The floating wind turbine market share growth by the semi-submersible segment will be significant during the forecast period. Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the floating wind turbine market size.

 

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What are the Key Factors 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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Floating Wind Turbine Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate 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

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 future consumer dynamics, market condition analysis for 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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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The floating wind turbine market growth will increase by $582.00 MW during 2019-2024.
The floating wind turbine market is expected to grow at a CAGR of 58.04% during 2019-2024.
Technavio has segmented the floating wind turbine market by other1 (Spar-buoy, Semi-submersible, and Others) ,other1 volume (Spar-buoy, Semi-submersible, and Others) , and geographic (Europe and ROW).
Doosan Corp., Equinor ASA, General Electric Co., Hitachi Ltd., MHI Vestas Offshore Wind AS, Mingyang Smart Energy Group Co. Ltd., Naval Energies, Principle Power Inc., Senvion SA, Siemens AG are a few of the key vendors in the floating wind turbine market.
Europe will register the highest growth rate of 58.25% among the other regions. Therefore, the floating wind turbine market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the floating wind turbine market growth are:
  • Favorable government regulations for floating wind
The floating wind turbine market vendors should focus on grabbing business opportunities from the spar-buoy segment as it accounted for the largest market share in the base year.
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