According to a new report published by UnivDatos Markets Insights, the Floating Wind Power Market was valued at USD 2,741.6 million in 2021 & is expected to grow at a CAGR of 31.9% from 2022-2030. The analysis has been segmented into Platform (Barge, Semi-submersible, Spar, and Tension-leg platform (TLP)); Plant Capacity (0.1 - 3 GW, 3.1 - 6 GW, and Above 6 GW); Region/Country.
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The Floating Wind Power market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Floating Wind Power market. The Floating Wind Power market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Floating Wind Power market at the global and regional levels.
Key Market Dynamics
Onshore wind energy is the power that’s generated by wind turbines located on land driven by the natural movement of the air. These are often found in fields or rural areas. The speed of onshore wind turbines is somewhat unpredictable. Because wind speed and direction vary on land, achieving consistent power generation can be challenging. As a result, wind speed and direction need to be carefully monitored to plan for energy generation. Also, physical blockages from buildings and surrounding landscapes like hills or mountains can also cause production inconsistencies. For this reason, onshore wind can’t produce energy year-round and can only achieve around 2.5 MW, compared to offshore wind’s approximate 3.6 MW. Furthermore, adverse effects on people and nature can as seen by using onshore wind power plants. Whereas Offshore wind power or offshore wind energy is the energy taken from the force of the winds out at sea, transformed into electricity, and supplied to the electricity network onshore. Factors such as offshore wind speeds are typically faster than on land, and even small increases in speed can produce large increases in energy generation. As such, fewer turbines are needed to produce the same amount of energy as an onshore turbine. Wind speeds offshore don’t vary as much and the wind direction doesn’t change as often, so offshore turbines are more consistent (meaning more reliable power generation). Offshore turbines don’t have as much visual impact as those on land. They don’t interfere with land usage, and there are no physical obstacles that can interrupt the wind flow. For this reason, offshore wind farms can be made larger and generate more energy than those onshore, with less physical impact. Offshore turbines can also be built taller than those onshore, which means they can harness more wind energy and produce more electricity.
For instance, The Hornsea Phase 2 offshore wind farm will become the largest wind farm in the world, when operational in 2022. It will generate 1.3GW of green energy from 165 8MW wind turbines, which is enough to supply 1.4 million homes in the U.K.
COVID-19 Impact
The COVID-19 pandemic has paralyzed industries and disrupted manufacturing. The outbreak of the Coronavirus pandemic had adversely impacted the world economy. The government took various measures to stop the spread of the virus by implementing a lockdown that halted all industrial, commercial, and other ongoing activities across the world. The economies of the countries worldwide had been negatively affected and slowed down growth as well. Moreover, along with the global pandemic condition, the world has faced drastic climate changes as well. Hence, escalated the strategies and development plans of renewable resources that help in achieving zero net emission goals in the coming years. In 2021, some major regions worldwide had seen the growth of Floating Wind Power. For instance, The Global Wind Energy Council (GWEC), has seen the growth of new installations of offshore wind connections of 21.1 GW three times more than in 2020, in which 80% was contributed by China. A similar situation also occurred in Vietnam, which commissioned 779 MW of intertidal (nearshore) projects last year, making it the third-largest market in new installations in 2021.
The global floating wind power market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on Platform, the Floating Wind Power Market is segmented into Barge, Semi-submersible, Spar, and Tension-leg platform (TLP). Semi-submersible is expected to grow significantly during the forecast period.
· Based on Plant Capacity, the Floating Wind Power Market is segmented into 0.1 - 3 GW, 3.1 - 6 GW, and Above 6 GW. 3.1-6 GW is expected to grow with a significant CAGR during the forecasted period.
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Floating Wind Power Market Geographical Segmentation Includes:
· North America (U.S., Canada, Rest of North America)
· Europe (Germany, U.K., France, Spain, Italy, Rest of Europe)
· Asia-Pacific (China, India, Japan, Rest of Asia-Pacific)
· Rest of World
Europe is anticipated to grow at a substantial CAGR during the forecast period. This is because of favorable wind conditions, the need for renewable energy, technological expertise, and others available in the region. Such factors help in increasing the use of floating wind power in the European region. Additionally, Europe has the best wind resources in the world, particularly in coastal areas such as the Baltic Sea, the North Sea, the Northeast Atlantic Ocean, the Mediterranean Sea, the Black Sea, and the outermost regions. Thus, making the European Union set ambitious targets to reduce greenhouse gas emissions and increase the share of renewable energy in its energy mix. Furthermore, many major players are driving investment in floating wind power projects, as companies seek to meet their sustainability targets and reduce their carbon footprint. For instance, in April 2022, Repsol and Ørsted developed offshore wind projects. Aimed to have 3GW of floating offshore wind capacity installed by 2030.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the floating wind power market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· In Jun 2022, GM Ventures invests $10 million in wind energy technology.
· In Mar 2023, GreenIT, CIP built to develop three floating offshore wind projects in Latium and Sardinia, Italy for a total capacity of 540 MW,500 MW, and 1,000 MW.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the floating wind power market?
• Which factors are influencing the floating wind power market over the forecast period?
• What are the global challenges, threats, and risks in the floating wind power market?
• Which factors are propelling and restraining the floating wind power market?
• What are the demanding global regions of the floating wind power market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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