Floating Wind Turbine Market Growth, Size, Trends, Revenue, Challenges and Future Competition
Floating Wind Turbine Market Size- By Foundation, By Turbine Capacity, By Application, By Water Depth- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Aug-2023 | Report ID: POAE2354 | Pages: 1 - 242 | Formats*: |
| Category : Power & Energy | |||
Floating Wind Turbine Market Introduction and Overview
According to SPER Market Research, the Global Floating Wind Turbine Market is estimated to reach USD 167.39 billion by 2033 with a CAGR of 32.74%.
The report includes an in-depth analysis of the Global Floating Wind Turbine Market, including market size and trends, product mix, distribution channels, and supplier analysis. A floating wind turbine is a renewable energy technology that harnesses wind power to generate electricity. It consists of a buoyant platform, a tower, and a wind turbine. The platform anchors the turbine to the seabed, while the tower supports it at an elevated position, capturing stronger, more consistent winds. The wind turbine generates electricity through spinning rotor blades and a generator, which converts mechanical energy into electrical energy. Floating wind turbines offer advantages over fixed ones, such as deployment in deeper waters, harnessing stronger offshore winds, and reducing their visual impact on the landscape.
- Advancements in Technology: The expansion of the market is being fuelled by ongoing advances in floating wind turbine technology. Improvements in floating wind turbine efficiency, cost reduction, and performance are being made thanks to advancements in turbine design, materials, and floating platforms.
- Competitiveness and Cost Reduction: The industry is concentrating on bringing down the price of floating wind turbines to increase their competitiveness versus conventional energy sources. Cost-cutting strategies include increasing output, improving designs, and enhancing installation and maintenance procedures.
Market Opportunities and Challenges
The global floating wind turbine market offers opportunities for stakeholders, including expanding offshore wind potential, technological innovation, and cost reduction. Advancements in design, materials, and installation techniques enable more efficient and cost-effective solutions, making floating wind turbines competitive with traditional energy sources. Offshore electrification projects and synergistic energy solutions can also be achieved through the integration of floating wind turbines with other offshore energy technologies.
The global floating wind turbine market faces several challenges, including high initial costs, technological complexity, grid connection and infrastructure, and permitting and regulatory processes. These challenges require cost reduction strategies, technological advancements, and innovation to ensure long-term durability, stability, and maintenance. Designing reliable platforms and ensuring efficient transmission of electricity are also crucial. Streamlining and harmonizing regulatory frameworks is essential for market growth and investment attraction. It also poses environmental challenges in sensitive marine environments, requiring effective monitoring, compliance with regulations, and robust mitigation measures to mitigate noise, vibration, and collision risks.
Market Competitive Landscape
Global Floating Wind Turbines Market is very competitive, with numerous firms and stakeholders striving for both market share and technological breakthroughs. Although the market is still in its infancy, several significant firms have already formed, and industry stakeholders are increasingly working together. The key player operating in Global Floating Wind Turbine Market are General Electric (U.S.), Siemens Gamesa Renewable (Spain), Shanghai Electric (China), ABB Group (Switzerland), Doosan Corporation (South Korea), Hitachi Ltd. (Japan), Nordex SE (Germany), EEW Group (Germany), Nexans (France), DEME (Belgium), Suzlon Energy Limited (India), Envision Energy (China), Hyundai Motor Company (South Korea), Schneider Electric (France) Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Foundation, By Turbine Capacity, By Application, By Water Depth |
| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America, Others |
| Companies Covered | General Electric (U.S.), MHI Vestas Offshore Wind (Denmark), Siemens Gamesa Renewable (Spain), Goldwind (China), Shanghai Electric (China), ABB Group (Switzerland), Doosan Corporation (South Korea), Hitachi Ltd. (Japan), Nordex SE (Germany), EEW Group (Germany), Nexans (France), DEME (Belgium), Suzlon Energy Limited(India), Ming Yang Smart Energy Group Co (China), Envision Energy (China), Rockwell Automation Inc., (U.S.), Hyundai Motor Company (South Korea), Schneider Electric (France) Others. |
COVID-19 Impact on Global Floating Wind Turbine Market
The COVID-19 pandemic has significantly impacted the global floating wind turbine market, causing supply chain disruptions, construction and installation delays, and financing challenges. Factory closures, movement restrictions, and logistical challenges have impacted critical components, leading to increased costs and project delays. Economic uncertainty has also impacted financing opportunities, making it more challenging for developers to secure funds. Governments have also shifted their focus to managing public health and economic impacts, affecting policy support and regulatory developments.
Key Target Audience
- Energy Companies and Utilities
- Government and Regulatory Bodies
- Project Developers and Investors
- Manufacturers and Suppliers
- Research and Development Institutions
- Environmental and Conservation Organizations
- Offshore Infrastructure Developers
- Power Grid Operators and Transmission Companies
- Consultants and Advisory Firms
Our in-depth analysis of the Floating Wind Turbine Market includes the following segments:
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| By Turbine Capacity: |
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| By Application: |
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| By Water Depth: |
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Key Topics Covered in the Report
- Global Floating Wind Turbine Market Size (FY’2023-FY’2033)
- Overview of Global Floating Wind Turbine Market
- Segmentation of Global Floating Wind Turbine Market By Foundation (Semi-submersible Foundation, Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Others)
- Segmentation of Global Floating Wind Turbine Market By Turbine Capacity (Up to 1 MW, 1 MW-3 MW, 3 MW-5 MW, Above 5 MW)
- Segmentation of Global Floating Wind Turbine Market By Application (Commercial, Industrial, Others)
- Segmentation of Global Floating Wind Turbine Market By Water Depth (Deep Water, Shallow Water, Transitional water)
- Statistical Snap of Global Floating Wind Turbine Market
- Expansion Analysis of Global Floating Wind Turbine Market
- Problems and Obstacles in Global Floating Wind Turbine Market
- Competitive Landscape in the Global Floating Wind Turbine Market
- Impact of COVID-19 and Demonetization on Global Floating Wind Turbine Market
- Details on Current Investment in Global Floating Wind Turbine Market
- Competitive Analysis of Global Floating Wind Turbine Market
- Prominent Players in the Global Floating Wind Turbine Market
- SWOT Analysis of Global Floating Wind Turbine Market
- Global Floating Wind Turbine Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Floating Wind Turbine Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Floating Wind Turbine Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Floating Wind Turbine Market
7. Global Floating Wind Turbine Market, By Foundation (USD Million)
7.1. Global Floating Wind Turbine Market Value Share and Forecast, By Foundation, 2023-20337.2. Semi-submersible Foundation7.3. Spar-buoy Foundation7.4. Tension-leg platform (TLP) Foundation7.5. Others
8. Global Floating Wind Turbine Market, By Turbine Capacity (USD Million)
8.1. Global Floating Wind Turbine Market Value Share and Forecast, By Turbine Capacity, 2023-20338.2. Up to 1 MW8.3. 1 MW-3 MW8.4. 3 MW-5 MW8.5. Above 5 MW
9. Global Floating Wind Turbine Market, By Application (USD Million)
9.1. Global Floating Wind Turbine Market Value Share and Forecast, By Application, 2023-20339.2. Commercial9.3. Industrial9.4. Others
10. Global Floating Wind Turbine Market, By Water Depth (USD Million)
10.1. Global Floating Wind Turbine Market Value Share and Forecast, By Water Depth, 2023-203310.2. Deep Water10.3. Shallow Water10.4. Transitional water
11. Global Floating Wind Turbine Market Forecast, 2019-2033 (USD Million)
11.1. Global Floating Wind Turbine Market Size and Market Share
12. Global Floating Wind Turbine Market, By Foundation, 2019-2033 (USD Million)
12.1. Global Floating Wind Turbine Market Size and Market Share By Foundation (2019-2026)12.2. Global Floating Wind Turbine Market Size and Market Share By Foundation (2027-2033)
13. Global Floating Wind Turbine Market, By Turbine Capacity, 2019-2033 (USD Million)
13.1. Global Floating Wind Turbine Market Size and Market Share By Turbine Capacity (2019-2026)13.2. Global Floating Wind Turbine Market Size and Market Share By Turbine Capacity (2027-2033)
14. Global Floating Wind Turbine Market, By Application, 2019-2033 (USD Million)
14.1. Global Floating Wind Turbine Market Size and Market Share By Application (2019-2026)14.2. Global Floating Wind Turbine Market Size and Market Share By Application (2027-2033)
15. Global Floating Wind Turbine Market, By Water Depth, 2019-2033 (USD Million)
15.1. Global Floating Wind Turbine Market Size and Market Share By Water Depth (2019-2026)15.2. Global Floating Wind Turbine Market Size and Market Share By Water Depth (2027-2033)
16. Global Floating Wind Turbine Market, By Region, 2019-2033 (USD Million)
16.1. Global Floating Wind Turbine Market Size and Market Share By Region (2019-2026)16.2. Global Floating Wind Turbine Market Size and Market Share By Region (2027-2033)16.3. Asia-Pacific
16.3.1. Australia16.3.2. China16.3.3. India16.3.4. Japan16.3.5. South Korea16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France16.4.2. Germany16.4.3. Italy16.4.4. Spain16.4.5. United Kingdom16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia16.5.2. United Arab Emirates16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada16.6.2. Mexico16.6.3. United States
16.7. Latin America
16.7.1. Argentina16.7.2. Brazil16.7.3. Rest of Latin America
17. Company Profile
17.1. General Electric (U.S.)
17.1.1. Company details17.1.2. Financial outlook17.1.3. Product summary17.1.4. Recent developments
17.2. MHI Vestas Offshore Wind (Denmark)
17.2.1. Company details17.2.2. Financial outlook17.2.3. Product summary17.2.4. Recent developments
17.3. Siemens Gamesa Renewable (Spain)
17.3.1. Company details17.3.2. Financial outlook17.3.3. Product summary17.3.4. Recent developments
17.4. Goldwind (China)
17.4.1. Company details17.4.2. Financial outlook17.4.3. Product summary17.4.4. Recent developments
17.5. Shanghai Electric (China)
17.5.1. Company details17.5.2. Financial outlook17.5.3. Product summary17.5.4. Recent developments
17.6. ABB Group (Switzerland)
17.6.1. Company details17.6.2. Financial outlook17.6.3. Product summary17.6.4. Recent developments
17.7. Doosan Corporation (South Korea)
17.7.1. Company details17.7.2. Financial outlook17.7.3. Product summary17.7.4. Recent developments
17.8. Hitachi Ltd. (Japan)
17.8.1. Company details17.8.2. Financial outlook17.8.3. Product summary17.8.4. Recent developments
17.9. Nordex SE (Germany)
17.9.1. Company details17.9.2. Financial outlook17.9.3. Product summary17.9.4. Recent developments
17.10. EEW Group (Germany)
17.10.1. Company details17.10.2. Financial outlook17.10.3. Product summary17.10.4. Recent developments
17.11. Nexans (France)
17.11.1. Company details17.11.2. Financial outlook17.11.3. Product summary17.11.4. Recent developments
17.12. DEME (Belgium)
17.12.1. Company details17.12.2. Financial outlook17.12.3. Product summary17.12.4. Recent developments
17.13. Suzlon Energy Limited (India)
17.13.1. Company details17.13.2. Financial outlook17.13.3. Product summary17.13.4. Recent developments
17.14. Ming Yang Smart Energy Group Co (China)
17.14.1. Company details17.14.2. Financial outlook17.14.3. Product summary17.14.4. Recent developments
17.15. Envision Energy (China)
17.15.1. Company details17.15.2. Financial outlook17.15.3. Product summary17.15.4. Recent developments
17.16. Rockwell Automation Inc., (U.S.)
17.16.1. Company details17.16.2. Financial outlook17.16.3. Product summary17.16.4. Recent developments
17.17. Hyundai Motor Company (South Korea)
17.17.1. Company details17.17.2. Financial outlook17.17.3. Product summary17.17.4. Recent developments
17.18. Schneider Electric (France)
17.18.1. Company details17.18.2. Financial outlook17.18.3. Product summary17.18.4. Recent developments
17.19. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
The North America is anticipated to have the highest market share in the Floating Wind Turbine Market.
Floating Wind Turbine Market size is USD 167.39 billion from 2023 to 2033.
Floating Wind Turbine Market Segment is covered By Foundation, By Turbine Capacity, By Application, By Water Depth.
Floating Wind Turbine Market CAGR of 32.74% during the forecast period.
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The key players in the market include Companies Covered General Electric (U.S.), MHI Vestas Offshore Wind (Denmark), Siemens Gamesa Renewable (Spain), Goldwind (China), Shanghai Electric (China), ABB Group (Switzerland), Doosan Corporation (South Korea).
The platform anchors the turbine to the seabed, while the tower supports it at an elevated position, capturing stronger, more consistent winds. The wind turbine generates electricity through spinning rotor blades and a generator, which converts mechanical energy into electrical energy.
Floating Wind Turbine Market is projected to reach USD 167.39 billion by 2033, growing at a CAGR of 32.74% during the forecast period.
Floating Wind Turbine Market grew in market size from 2022. The Market is expected to reach USD 167.39 billion by 2033, at a CAGR of 32.74% during the forecast period.
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