Floating Wind Turbines Market expected to grow at a CAGR of 30.81% during the forecast period from 2019 to 2027
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.
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.
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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.
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.