Floating Wind Power Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the floating wind power market was valued at USD 3.35 billion in 2022, and a CAGR of 51.7% is expected during the forecast period. Floating wind power is mounted on floating structures in infeasible off-shore locations where a fixed foundation is extremely difficult. Increasing demand for renewable energy products is driving growth in the market significantly. Increasing investment by the government and other agencies worldwide in renewable energy sources to meet sustainable goals Advances in floating wind turbine technology have made it technologically more viable. The costs associated with floating wind projects are decreasing with time and increasing with technology.

Increasing demand to reduce its dependency on land-based sources worldwide is driving growth in the market significantly. Many countries are offering incentives such as subsidies, tax credits, and feed-in tariffs to significantly promote this market. These factors rapidly contribute to the expansion of the floating wind power market.

Growth Drivers

Increasing awareness among people to increase the growth of renewable energy resources significantly is the key factor behind the growth in the market. Compared to fossil fuels, floating wind power offers significant environmental benefits, including reduced greenhouse gas emissions and minimal environmental impact. Many countries are offering incentives such as subsidies, tax credits, and feed-in tariffs to promote the development of floating wind projects, further driving growth in the market.

Floating wind farms deploy further offshore, reducing dependency on land-based resources and providing more stable energy supplies. With growing technology, the cost associated with floating wind power is reduced. Rising investment in the sustainable energy market is driving growth in the market. Increasing expenditure by various governments in the world to ensure all the basic facilities and good infrastructure is driving growth in the market.

Segmentation

By Water Depth

·         Shallow Water

·         Transitional Water

·         Deep Water

By Turbine Capacity

·         Up to 3 MW

·         3 MW- 5 MW

·         Above 5 MW

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Floating Wind Power Market by Water Depth Segmentation

On the basis of water depth, the floating wind power market is segmented into shallow water, transitional water, and deep water. Shallow water installation is the leading segment and is expected to dominate during the forecast period due to technological advancements, cost-effectiveness, and geographical conditions. Shallow water installation is prominent due to its easier accessibility and lower costs compared to deep water installations, which require more advanced technology and higher investment.

However, transitional water is also gaining attention due to its potential for balancing accessibility and deeper water advantages. Increasing demand for easier accessibility and a lower cost of installation is driving growth in the market significantly. The increasing shift towards clean energy generation is driving growth in the market significantly. Rising investment in sustainable energy development is driving growth in the market significantly. Deep waters have higher wind speeds and are not obstructed, which enhances their potential for capturing wind energy.

Floating Wind Power Market by Turbine Capacity Segmentation

On the basis of the turbine capacity, the floating wind power market is segmented into up to 3 MW, in between 3 MW and 5 MW, and above 5 MW. The above-5 MW segment is the leading segment in the market and is expected to dominate the market during the forecast period. A 5 MW turbine strikes a balance a balance between size and efficiency. It is large enough to generate substantial electricity but not so large that it becomes overly complex or expensive to manufacture and install. A 5 MW turbine benefits from mature technology and extensive operational experience, which reduces the risk associated with newer, larger turbines.

These turbines are cost-effective in terms of both manufacturing and installation costs per MW of installed capacity. They are well suited for integration into existing electrical grids, minimizing the need for significant upgrades. Many wind farm developers and operators have standardized around 5 MW turbines, leading to economies of scale in manufacturing and deployment. These turbines often meet regulatory requirements and environmental standards effectively, making them a preferred choice for developers looking to meet both energy needs and sustainability goals.

Regional Outlook

On the basis of the regions, the floating wind power market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, the Middle East, and Africa. Europe is the leading segment, and it is expected to dominate the market during the forecast period. The most important projects are expected to be completed in Norway. The UK, Germany, France, Spain, and Sweden are other big markets in the European region. The Asia-Pacific region is also expected to be in a dominant state during the forecast period. Countries like Japan, South Korea, Taiwan, and China have vast offshore wind resources.

Many countries in the Asia-Pacific region have limited available land for large-scale onshore wind farms. Floating wind turbines provide a viable alternative by utilizing offshore areas. With a growing focus on reducing dependence on important fossil fuels and enhancing energy security, countries in Asia and the and the Pacific are increasingly turning to renewable energy sources like floating wind power. Governments across the region are implementing supportive policies, incentives, and a regulatory framework to encourage investment in renewable energy sources. Creation of jobs due to heavy investment in floating wind power.

The presence of most of the key players in the North American region, especially in the United States of America and Canada, is driving growth in the market. Increasing incentives provided by the governments in these countries and an increasing focus on alternative sources of renewable energy are driving growth in the market. Rising investment in infrastructure and basic facilities in the region is the key factor behind the significant growth in the market. The Middle East, Africa, and Latin America are witnessing moderate growth in the market due to a lack of awareness among the people about renewable energy resources. These factors contribute to the popularity and leadership of 5 MW turbines in the wind power market.

Key Players

·         ABB Ltd.

·         General Electric

·         Nordex SE

·         Hitachi Ltd.

·         Ming Yang Smart Energy Group

·         Goldwind

·         Envision Energy

·         Suzlon Energy Ltd.

·         Engie Energy

·         Flow Ocean

·         Other Players