The global demand for Floating Wind Turbine Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period of 2022 - 2028.
As the name suggests, a floating wind turbine is an offshore wind turbine in which instead of putting a wind turbine on a fixed foundation, it is attached to a structure that floats in the water. The floating design allows the turbine to generate electricity in water depths where fixed-foundation turbines are not feasible. The concept was introduced in 1972 by Professor William E. Heronemus. Floating wind turbines work based on the iceberg principle. The critical difference between fixed and floating foundation is the depths limitation is limited which is up to around 165 feet in case of water depths.
Market Dynamics
The global floating wind turbine market is anticipated to grow at an impressive pace during the forecast period. Enhanced efficiency offered by floating wind turbines over onshore wind turbines is a primary factor driving the demand for floating wind turbines. Floating Wind turbines gives a developer access to deeper waters, which means more potential project sites and lots more potential capacity. Floating wind turbine also carries a significant industrial promise. Rapidly falling technology costs for offshore wind are further aiding the growth. Various governments are taking initiatives to install offshore wind turbines as it is a way to get into renewable energy. The global floating wind turbine market is dominated by a few players. New players are entering the market, noticing new opportunities.
The report covers Porter's Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each segment in the global market of floating wind turbine.
Market Segmentation
This section of the floating wind turbine market report provides detailed data on the segments by analyzing them geographically, thereby assisting the strategist in identifying the target demographics for the respective product or service.
By Foundation
- Spar-buoy
- Semi-submersible
- Others
By Depth
- Shallow Water (less than 60 m Depth)
- Deep Water (higher than 60 m Depth)
Regional Analysis
This section covers regional segmentation which accentuates on current and future demand for Floating Wind Turbine market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Floating Wind Turbine Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the floating wind turbine market include Siemens Gamesa Renewable, MHI Vestas Offshore Wind, Senvion SA, ABB group, GE Renewable Energy, Hitachi, Adwen GmbH, Senvion S.A, Envision Energy, ABB, Suzlon Energy Limited, GoldWind and NORDEX SE. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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