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Floating Wind turbine Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

A07598
Pages: NA
Oct 2020 | 42 Views
 
Author(s) : NA
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Floating wind turbine, also known as offshore wind turbine, facilitates the generation of electricity where fixed turbine structure is not feasible. Generally, floating wind turbines should be built on sea beds in shallow waters. Floating turbines are more advantageous due to faster wind speeds on offshore than on land. Slightest increase in speed can increase energy production. For instance, according to the American Geosciences Institute, a turbine in 15-mph wind can generate double the energy it generates in 12-mph wind. Floating turbines are widely used in the U.S. coastal areas serving large number of power-dense regions due to steadier wind speed than that of land.

Market scope and structure analysis

              Report Metric

                                           Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast unit

  Value (USD)

  Segments covered

Type, Foundation Type, Water Depth, Capacity, Industry Vertical, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM), and the Middle East & Africa

  Companies covered

GoldWind, Hitachi, Adwen GmbH, ABB, Suzlon Energy limited, Ming Yang smart energy group co. Nordex SE, Siemen, MHI Vestas offshore Wind, G.E, Senvion S A, Envision Energy, Nexans, L S cable, Clipper, Encorn, Wobben Windpower, Bergey Windpower, LM Windpower, Northern power systems, RTS wind AG, Global Energy Services, Prysmian, Enessere, Availon, General Cable, and Southwire

 

COVID-19 impact analysis

  • The global market for floating wind turbine is severely impacted by the outbreak of the COVID-19 pandemic. This is attributed to the fact that during this pandemic, it is challenging for crew members to come out on site for energy production.
  • Labor and supply chain crunch are becoming the major constraints of the market.
  • According to a recent analysis by wood Mackenzie, the COVID-19 pandemic is expected to result in near-term risks for turbine manufactures, without a proper supply chain over the next decade. 
  • He added that this was largely due to coronavirus closure measures that had affected the manufacturing facilities. “Given the crisis and the fall in renewable energy costs, we must ensure that progress in this continues.”

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Offshore float turbines are more profitable than fixed structures depending on the total cost incurred in installation and production. These wind turbines are equipped with a floating platform to support the entire turbine structure. 

However, regulatory policies and strong investments are becoming important factors that hinder the growth of the turbine market. Huge number of equipment required to install a wind turbine, incur additional costs and require strong investments, which further hinder the market growth.

The report analyzes the floating wind turbine market across North America (U.S. and Canada), Europe (Germany, UK, France, and the rest of Europe), Asia-Pacific (China, Japan, India, and the rest of Asia-Pacific), Latin America (Brazil, Mexico, and the rest of LATAM), and the Middle East & Africa. Asia-Pacific dominates the global floating wind turbine market. Europe is the only region with highest market share, and is expected to continue this trend during the forecast period, due to high investment in new wind farms. This growth is further attributed to the region’s green energy target. By the end of 2030, the target is to achieve approximately 40 GW of remote wind power. It is expected to bring in a large number of investors. In addition, it maintains the largest number of offshore wind farms in the world. Although most of them are currently under construction, they may be working.

Market participants

The major players in the market analyzed in this report include GoldWind, Hitachi, Adwen GmbH, ABB, Suzlon Energy limited, Ming Yang smart energy group co. Nordex SE, Siemen, MHI Vestas offshore Wind, G.E, Senvion S A, Envision Energy, Nexans, L S cable, Clipper, Encorn, Wobben Windpower, Bergey Windpower, LM Windpower, Northern power systems, RTS wind AG, Global Energy Services, Prysmian, Enessere, Availon, General Cable, and Southwire. 

Key segments covered

               Segment            

                                       Subsegment

  Foundation Type

  • Spar buoy
  • Semi-submersible
  • Tension leg platform
  • Others

  capacity

  • Up to 3 MW
  • 3-5 MW
  • Above 5 MW

  Water Depth

  • Shallow water
  • Deep water
  • Ultra-deep water
  • Others

 

Key benefits of the report

  • This study presents the analytical depiction of the global floating wind turbine industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global floating wind turbine market.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 
 
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