The global market for floating wind turbines is expected to grow by 30,81 percent CAGR over the forecast period from 2019 to 2027.
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According to a new market report published by Credence Research, Inc., “Global Floating Wind Turbines Market - Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global floating wind turbines market is expected to witness a growth of 30.81% CAGR across the forecast period of 2019 to 2027.
Product Insights
The global floating wind turbines market is projected to reach at US$ 19.9 Bn in 2027, expanding at a CAGR of 30.81% across the forecast period of 2019 to 2027. In the last decade, the unrestrained use of fossil fuels consumption has increased the global temperature. According to NASA, the average temperature of earth is increased by 0.8 °C since 1880. Approval of the Paris Agreement in 2016 reinforced the global retort against the threat of climate change. Countries across the globe agreed upon united approach to keep global temperature rise below 2°C above the pre-industrial level. To reduce the impact of global warming, many countries of the world are switching to clean and a renewable energy source such as wind, solar, etc. Floating wind turbines are the turbines that are mounted on a floating foundation in deep water. Technological advancements in turbine technology and upward investments from private and public sector players in exploring and increasing renewable energy share in use are some of the factors driving the market of floating wind turbines worldwide.
Browse the full report at https://www.credenceresearch.com/report/floating-wind-turbines-market
The global floating wind turbines market, based on foundation type was dominated by semi-submersible type in 2018. Economic benefits offered by the semi-submersible foundation made it a first choice. Being built onshore, this type of foundation incurs less cost during assembling and transportation. Further, based on geography, Europe garnered the largest market share in floating wind turbines market in 2018. European governments are strongly supporting sustainable and environment friendly electricity generation and are also backing companies to focus on research and development for reducing the overall cost of turbine. In addition, European Union is aiding new projects of renewable energy by providing financial support and subsidy to turbine manufacturing companies. Moreover, governments of the region are signing Power-Purchasing Agreements (PPAs) with companies that are installing floating wind turbines. Such initiatives are boosting the confidence of the players to invest more in floating wind turbines market. As of 2018, over 14% of total power demand in EU was fulfilled by wind energy from already installed capacity of 178.5 GW. Out of this installed capacity, offshore wind has 18.5 GW of capacity which contributes to 2% of EU power demand.
Competitive Insights:
Some of the major players profiled in the floating wind turbines 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., among others. These companies are partnering with other companies for gaining larger market share. Also, these companies are investing in R&D for increasing the turbine capacity.
For instance, in June 2019, Equinor ASA, a turbine manufacturing company based at Norway confirmed the project of building a floating wind farm at Canary Island, Spain. This 200MW floating wind farm is one of the largest ever planned wind farms. Also, in January 2019, Siemens Gamesa Renewable Energy launched its turbine which has a capacity of 10MW and produces 30% more energy annually than its predecessor. Similarly, in September 2018, WindPlus ordered 3 MHI Vestas turbines of capacity 8.4MW each for their WindFloat Atlantic project. This installation will make the WindFloat Atlantic project one of the largest and most powerful turbines ever installed in sea.
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ToC:
1. Preface
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2. Executive Summary
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3. Market Dynamics
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4. Global Floating Wind Turbines Market, by Foundation Type , 2017 – 2027 (US$ Bn)
4.1. Overview
4.2. Spar-Buoy
4.3. Tension-leg Platform
4.4. Semi-submersible
5. Global Floating Wind Turbines Market, by Water Depth, 2017 – 2027 (US$ Bn)
5.1. Overview
5.2. Below 50m
5.3. Above 50m
6. Global Floating Wind Turbines Market, by Turbine Capacity, 2017 – 2027 (US$ Bn)
6.1. Overview
6.2. Less than 5MW
6.3. Greater than 5MW
7. North America Floating Wind Turbines Market Analysis, 2017 – 2027 (US$ Bn)
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8. Europe Floating Wind Turbines Market Analysis, 2017 – 2027 (US$ Bn)
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9. Asia Pacific Floating Wind Turbines Market Analysis, 2017 – 2027 (US$ Bn)
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10. Rest of the World Floating Wind Turbines Market Analysis, 2017 – 2027 (US$ Bn)
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11. Company Profiles
11.1. Siemens Gamesa Renewable energy
11.2. MHI Vestas offshore wind A/S
11.3. Goldwind
11.4. Enercon GmbH
11.5. Senvion S.A.
11.6. Nordex SE
11.7. General Electric Company
11.8. Ideol SA
11.9. Equinor ASA
11.10. Repsol S.A.
11.11. CoensHexicon Ltd.
...................toc continued
Browse the full report at https://www.credenceresearch.com/report/floating-wind-turbines-market
Key questions answered in this report
What was the market size of floating wind turbines market in 2018 and forecast up to 2027?
What are the key factors driving the global floating wind turbines market?
What are the key market trends and high-growth opportunities observed in the floating wind turbines market?
Which is the largest regional market for floating wind turbines market?
Which segment will grow at a faster pace? Why?
Which region will drive the market growth? Why?
Which players are leading the floating wind turbines market?
What are the sustainability strategies adopted by the key players operating in the market?
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"Single prototypes have been installed off the coasts of Norway, Italy, Portugal, Sweden, Japan and the USA since 2007. In 2009, the first floating turbines began operating in the North Sea, where the first fully operational floating wind farm, Hywind Scotland, was installed 25 km off Aberdeen's coast in 2017. During the installation of Hywind, StormGeo provided advanced weather forecasts and continues to support it with daily point forecasts. With StormGeo's Offshore Wind Metocean Web Portal, offshore wind farms can see a map with their locations, overlaid with forecast charts that can be animated up to 10 days in advance. These forecasts provide weather windows for all operations. Developed by Statoil (now Equinor), a Norwegian oil and gas company, Hywind has six floating turbines with a total capacity of 30 MW. The farm produced very well relative to its size and proved to be stable enough to withstand strong winds and storms. Hywind's turbines can produce enough energy at maximum capacity to power 20,000 homes at once. -stormgeo"
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