March 30, 2020

Floating Wind Turbines Market – Europe Garnered Largest Market Share in 2018

According to a new market report published by Credence Research, Inc., “Global Floating Wind Turbines Market (By Foundation Type (Spar-Buoy, Tension-leg Platform, Semi-submersible), By Water Depth (Below 50m and Above 50m), By Turbine Capacity (Less Than 5MW and Greater Than 5MW) – 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.

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Floating Wind Turbines Market

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, average temperature of earth is increased by 0.8 °C since 1880. Approval of Paris Agreement in 2016 reinforced the global retort against threat of climate change. Countries across the globe agreed upon united approach to keep global temperature rise below 2°C above pre-industrial level.

To reduce the impact of global warming, many countries of the world are switching to clean and renewable energy source such as wind, solar, etc. Floating wind turbines are the turbines that are mounted on 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. 

The global floating wind turbines market, based on foundation type was dominated by semi-submersible type in 2018. Economic benefits offered by 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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1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Market Segmentation
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Assumptions
1.3.5. Approach Adopted Top-Down Approach Bottom-Up Approach

2. Executive Summary
2.1. Market Snapshot: Global FWT Market
2.2. Global FWT Market, by Foundation Type, 2018 (US$ Bn)
2.3. Global FWT Market, by Water Depth, 2018 (US$ Bn)
2.4. Global FWT Market, by Turbine Capacity, 2018 (US$ Bn)
2.5. Global FWT Market, by Geography, 2018 (US$ Bn)

3. Market Dynamics
3.1. Product and Market Insights
3.1.1. Global FWT Market Value, 2017 – 2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Challenges
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key FWT Players, 2018
3.4.1. Major Strategies Adopted by Key Players…

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