Floating Wind Power Market Growth Drivers, Trends, and Forecast by 2031

MARKET INTRODUCTION

Floating wind power is an offshore wind turbine supported by a floating foundation with most of the bulk submerged. The wind turbine may generate electricity in water depths where a solid foundation is not possible. Multiple mooring lines and anchors are used to secure the turbine to the seabed. A floating wind turbine can be used anyplace in deep water with a depth of over 60 meters. Furthermore, unlike onshore wind turbines, floating wind turbines can generate power at a continuous pace because to the consistent wind flow at seaside.

MARKET DYNAMICS 

The floating wind power market is expected to rise due to a significant increase in demand for renewable energy sources. Furthermore, unlike conventional power sources, floating wind turbines are economically effective and reduce carbon emissions. Furthermore, the floating wind turbine technology removes the constraint of water depth, allowing for the best feasible power generation site to be selected. These reasons are propelling the worldwide floating wind power market forward.

MARKET SCOPE

The "Global Floating Wind Power Market Analysis To 2031" is a specialized and in-depth study of the technology, media, and telecommunications industry with a special focus on global market trend analysis. The floating wind power market report aims to provide an overview of the floating wind power market with detailed market segmentation by water depth, capacity, and geography. The global floating wind power market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading floating wind power market player and offers key trends and opportunities in the market.

MARKET SEGMENTATION

The global floating wind power market is segmented based on water depth, capacity. Based on water depth, the floating wind power market is segmented into shallow water (less than 60 m depth), deep water (higher than 60 m depth). Based on capacity, the floating wind power market is segmented into Upto 3 MW, 4 to 5 MW, Above 5 MW. 
 

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global floating wind power market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The floating wind power market by each region is later sub-segmented by respective countries and segments. The floating wind power market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the floating wind power market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the floating wind power market in these regions.
 

IMPACT OF COVID-19 ON FLOATING WIND POWER MARKET

The Covid-19 pandemic had a significant impact on wind turbine production in nations such as China and Germany. For example, Nordex SE in Germany recorded a negative EBITDA of $86.5 million, down from a positive EBITDA of $21 million the year before. Furthermore, a major constraint to the expansion of the floating wind power market is the scarcity of spare parts and people for maintenance. 

MARKET PLAYERS

The reports cover key developments in the floating wind power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from floating wind power market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the floating wind power market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the floating wind power market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

• Siemens Gamesa Renewable
• Vestas
• ABB
• General Electric
• Nordex SE
• Goldwind
• Envision Energy
• Mingyang Smart Energy Group Co., Ltd.
• Hitachi Energy Ltd.
• Suzlon Energy Limited

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study. 

Floating Wind Power Report Scope