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Floating Wind Power Market Size to Hit Around USD 69.8 Bn by 2030

The floating wind power market size was valued at USD 2.9 billion in 2021 and is projected to surpass around USD 69.8 billion by 2030 with a registered CAGR of 42.4% from 2022 and 2030.

Tokyo, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Floating Wind Power Market (By Water Depth: Shallow Water, Transitional water, Deep Water; By Turbine Capacity: Up to 3 MW, 3 MW – 5 MW, Above 5 MW) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

The market for floating wind power is anticipated to rise significantly due to the significant increase in demand for renewable energy sources. In contrast to conventional power sources, floating wind turbines are also affordable and have lower carbon emissions. Additionally, the floating wind turbine technology does away with the water depth restriction, making it easier to choose the ideal location for power generation. For instance, in June 2017, the Norwegian energy corporation Statoil committed $268 million in a project using wind turbines.

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The project entailed installing floating wind turbines off Scotland's north-east coast at a depth of 78 metres. Additionally, compared to other onshore wind turbines, floating wind turbines have a larger capacity factor. This is explained by the reliable power production of floating wind turbines. For example, a floating offshore wind turbine has a capacity factor of 0.5–0.7, compared to an onshore wind turbine's capacity factor of 0.25–0.3. It might be costly to build a wind turbine with several mooring lines and anchors, though. Additionally, a permanent defence against hurricanes or strong storms could be a “Twisted Jacket” foundation with fewer nodes and parts. In addition to providing strong and stable constructions, the inward battered guiding structure significantly lowers installation costs. The market for floating wind power will see more prospects as a result of this new invention.

Regional Snapshots

In 2021, Europe held the greatest market share for offshore wind power worldwide. In terms of offshore wind technology & offshore wind farm development, Europe has been a pioneer. The European Wind Initiative (EWI), a wind energy R&D initiative created to advance the wind sector in Europe, supports the development of offshore wind energy. The EU's member states are primarily concentrating on updating their deteriorating electrical infrastructure, and their governments are encouraging the use of renewable energy sources for power generation and creating networks from sources to end users to facilitate effective power and energy trading.

Over the course of the forecast period, the global offshore wind energy market is anticipated to see profitable market expansion in North America. The rise is linked to both rising wind energy demand and wind energy investment in North America. The economies of the U.S. and Canada contribute significantly to the wind energy industry. The U.S. Department of Energy estimates that the implementation of offshore wind projects in the U.S. will prevent the worldwide harm caused by greenhouse emissions by around $50 billion.

Additionally, the market for offshore wind energy in North America is expanding due to the significant presence of important companies here. Turbine producers, for instance, Bergey Wind Power and Kelso Energy LTD, are concentrating on upgrading their turbines with cutting-edge technology like onboard sensors and improved rotors with characteristics of injection and compression moulding.

Over the anticipated time in the industry, Asia Pacific is anticipated to have a sizable market share. Additionally, during the anticipated timeframe, the region was estimated to produce 2.12 GW of offshore wind energy.

Report highlights

  • In May 2021, around 35,324 megawatts (MW) of U.S. offshore wind energy were produced, according to a study by the U.S. Department of Energy.
  • During the projection period, deep water (>60 metres) is expected to rule the floating wind turbine industry. The optimal location for power generation may be chosen thanks to the construction of deep-water turbines, which provide a vast region with no water depth restrictions.
  • In 2021, the European offshore wind energy industry attracted more than 39.9% regional shares.
  • From 2022 to 2030, the Asia-Pacific offshore wind energy industry will have a notable CAGR.
  • Growing energy demand in emerging nations is driving the offshore wind energy market expansion in the upcoming years.
  • Up to 30 metres of sea depth accounted for 69.9% of the entire market share in 2021.

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Scope of the Report

Report Attributes Details
Market Size in 2021 USD 2.9 Billion
Revenue Forecast by 2030 USD 69.8 Billion
CAGR 42.4% from 2022 to 2030
By Water Depth
  • Shallow Water
  • Transitional water
  • Deep Water
By Turbine Capacity
  • Up to 3 MW
  • 3 MW – 5 MW
  • Above 5 MW
By Geography
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)
Base Year 2021
Forecast Year 2022 to 2030
Key Players General Electric (US), Vestas (Denmark), Siemens Gamesa (Spain), Goldwind (China), Shanghai Electric Wind Power Equipment Co. (China),ABB (Switzerland), Doosan Heavy Industries and Construction (South Korea), Hitachi (Japan), Nordex SE (Germany), EEW (Germany) and Others.

Market Dynamics

Drivers

Rising Renewable Energy Investments to Fuel Market Growth for Floating Wind Power.

Today, many nations throughout the world are switching to renewable energy to cut down on carbon emissions. The demand for wind and solar energy is therefore quite strong. The growing utilisation of wind energy will also provide new prospects for the offshore wind energy sector. According to the Global Trends in Renewable Energy Investment 2019 research, investments in renewable energy increased by USD 272.9 billion globally in 2018. These elements are expected to hasten the expansion of the floating wind power industry in the near future. However, the pre-development of wind farms and engineering operations are quite expensive. It could prevent growth.

Restraints

Due to the installation's geographic position, the foundation and equipment installed offshore are expensive and also provide logistical challenges. Additionally, the cost of maintenance will be significant and it is possible that the turbines could corrode. During inclement weather, it is incredibly challenging to fix even the slightest problems with wind turbines. The undersea cables that transport energy back to land can be damaged by hurricanes or storms, and they are very expensive to manufacture and install. All of these elements pose a severe danger to the market for floating wind power's expansion.

Opportunities

To support market development, offshore wind power ambitions will draw massive investment. In order to establish R&D in the floating offshore wind power objectives to get power on much larger scale, renewable energy goals have increased interest in floating offshore wind turbines across numerous nations. In 2021, the US Department of Energy declared a funding opportunity to encourage enormous investment in this market. Offshore wind can provide 11 times increase in energy than what the world needs, attracting $1 trillion by 2040, based on the International Energy Agency's 2019 forecast. The UK has set a goal of 30GW of offshore wind energy by the end of 2030. A 5.2–5.2 GW offshore wind power project that would be fully operational by 2028 was announced by France in 2020.

Challenges

The market, installation, and supply chain were all negatively impacted by the COVID 19 epidemic. Because of this, the intended result was not obtained. The market has stopped growing since there were delays in international commerce. The safety of the workers is put at risk when working on offshore sites, and the R&D team is particularly concerned about the operators' safety. The turbines or the infrastructure have a detrimental influence on the animals, flora, and fauna of the water and constitute a hazard to birds flying over the water body. Currently, shallow water bodies are utilised for installation; however, deeper waters will be employed in the future, thus the foundation technology and innovation used to install the turbines must be appropriate for those deeper seas.

Recent developments

  • In October 2020, Total bought a 20% share in the EolMed floating wind project. It is situated in the Mediterranean Sea, off the French coast of Gruissan and close to Port-La-Nouvelle. Three MHI Vestas 10 MW turbines will be installed there.
  • In June 2020, Sofia Offshore Wind Farm, a 1.4 GW project, will receive 100 of Siemens Gamesa Renewable Energy's SG 14-222 DD offshore wind turbines. It is in the United Kingdom. More than 1.2 million households will be able to be powered by the project's electricity production.

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