Energy & Power
Global Floating Wind Turbine Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Floating Wind Turbine Market, By Foundation (Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation, Others), Capacity (Up to 1 MW, 1-3 MW, 3-5 MW, Above 5MW), Water Depth (Shallow Water (less than 40m), Transitional (40m to 60m), Deep Water (more than 60m)), Application (Commercial, Industrial, Others) Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global floating wind turbine market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
A floating wind turbine is an offshore wind turbine installed on a floating construction that may generate electricity in deep water where fixed-foundation turbines cannot. These structures can harness stronger and more steady winds found farther from the shoreline because they are moored to the seabed with mooring lines. The floating wind turbine market includes the design, manufacture, installation, and maintenance of these turbines and floating platforms. It includes cost-cutting measures, technological advancements, and legislative structures to facilitate the installation of floating wind farms. Energy companies, turbine makers, and maritime engineering businesses are among the most important market participants. The market aims to significantly contribute to global renewable energy targets by addressing issues including scalability, environmental effect, and interaction with current energy networks.
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Market Dynamics
DRIVERS
- Rising demand for sustainable and clean energy
- Government policies and incentives promoting renewable energy
RESTRAINTS
- High initial installation and maintenance costs
- Technical challenges in deep-water installations
OPPORTUNITIES
- Expansion into emerging markets with high wind potential
- Development of hybrid renewable energy systems
CHALLENGES
- Navigating regulatory and permitting processes
- Ensuring grid connectivity and energy storage solutions
SEGMENTATION
- Foundation
- Spar-buoy Foundation
- Tension-leg platform (TLP) Foundation
- Semi-submersible Foundation
- Others
- Capacity
- Up to 1 MW
- 1-3 MW
- 3-5 MW
- above 5MW
- Water Depth
- Shallow Water (less than 40m)
- Transitional (40m to 60m)
- Deep Water (more than 60m)
- Application
- Commercial
- Industrial
- Others
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, and segments as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- The General Electric Company
- ABB Ltd
- Siemens Gamesa Renewable Energy, S.A.
- Mingyang Smart Energy Group Co., Ltd.
- Suzlon Energy Ltd.
- NORDEX SE
- Vestas Wind Systems A/S
- Envision Group
- Xinjiang Goldwind Science & Technology Co., Ltd.
- Iberdrola, S.A.
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Floating Wind Turbine Market, by Foundation
- 3.2 Global Floating Wind Turbine Market, by Capacity
- 3.3 Global Floating Wind Turbine Market, by Water Depth
- 3.4 Global Floating Wind Turbine Market, by Application
- 3.5 Global Floating Wind Turbine Market, by Geography
- 3.6 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Increasing investment in renewable energy sources
- 5.1.2 Technological advancements in floating wind turbine designs
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Rising demand for sustainable and clean energy
- 5.2.2 Government policies and incentives promoting renewable energy
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 High initial installation and maintenance costs
- 5.3.2 Technical challenges in deep-water installations
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Expansion into emerging markets with high wind potential
- 5.4.2 Development of hybrid renewable energy systems
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Navigating regulatory and permitting processes
- 5.5.2 Ensuring grid connectivity and energy storage solutions
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL FLOATING WIND TURBINE MARKET, BY FOUNDATION
- 6.1 Foundation Summary
- 6.2 Market Attractive Index
- 6.3 Global Floating Wind Turbine Market, by Foundation (2019-2032)
- SECTION 7 - GLOBAL FLOATING WIND TURBINE MARKET, BY CAPACITY
- 7.1 Capacity Summary
- 7.2 Market Attractive Index
- 7.3 Global Floating Wind Turbine Market, by Capacity (2019-2032)
- SECTION 8 - GLOBAL FLOATING WIND TURBINE MARKET, BY WATER DEPTH
- 8.1 Water Depth Summary
- 8.2 Market Attractive Index
- 8.3 Global Floating Wind Turbine Market, by Water Depth (2019-2032)
- SECTION 9 - GLOBAL FLOATING WIND TURBINE MARKET, BY APPLICATION
- 9.1 Application Summary
- 9.2 Market Attractive Index
- 9.3 Global Floating Wind Turbine Market, by Application (2019-2032)
- SECTION 10 - GLOBAL FLOATING WIND TURBINE MARKET, BY GEOGRAPHY
- 10.1 Regional Summary
- 10.2 Market Attractive Index
- 10.3 Global Floating Wind Turbine Market, by Geography (2019-2032)
- SECTION 11 - NORTH AMERICA FLOATING WIND TURBINE MARKET
- 11.1 North America Summary
- 11.2 Market Attractive Index
- 11.3 North America Floating Wind Turbine Market, by Foundation (2019-2032)
- 11.4 North America Floating Wind Turbine Market, by Capacity (2019-2032)
- 11.5 North America Floating Wind Turbine Market, by Water Depth (2019-2032)
- 11.6 North America Floating Wind Turbine Market, by Application (2019-2032)
- 11.7 North America Floating Wind Turbine Market, by Country (2019-2032)
- 11.7.1 U.S.
- 11.7.2 Canada
- 11.7.3 Mexico
- 11.7.4 Rest of North America
- SECTION 12 - EUROPE FLOATING WIND TURBINE MARKET
- 12.1 Europe Summary
- 12.2 Market Attractive Index
- 12.3 Europe Floating Wind Turbine Market, by Foundation (2019-2032)
- 12.4 Europe Floating Wind Turbine Market, by Capacity (2019-2032)
- 12.5 Europe Floating Wind Turbine Market, by Water Depth (2019-2032)
- 12.6 Europe Floating Wind Turbine Market, by Application (2019-2032)
- 12.7 Europe Floating Wind Turbine Market, by Country (2019-2032)
- 12.7.1 Germany
- 12.7.2 U.K.
- 12.7.3 France
- 12.7.4 Italy
- 12.7.5 Spain
- 12.7.6 Russia
- 12.7.7 The Netherlands
- 12.7.8 Belgium
- 12.7.9 Turkey
- 12.7.10 Rest of Europe
- SECTION 13 - ASIA-PACIFIC FLOATING WIND TURBINE MARKET
- 13.1 Asia-Pacific Summary
- 13.2 Market Attractive Index
- 13.3 Asia-Pacific Floating Wind Turbine Market, by Foundation (2019-2032)
- 13.4 Asia-Pacific Floating Wind Turbine Market, by Capacity (2019-2032)
- 13.5 Asia-Pacific Floating Wind Turbine Market, by Water Depth (2019-2032)
- 13.6 Asia-Pacific Floating Wind Turbine Market, by Application (2019-2032)
- 13.7 Asia-Pacific Floating Wind Turbine Market, by Country (2019-2032)
- 13.7.1 China
- 13.7.2 India
- 13.7.3 Japan
- 13.7.4 South Korea
- 13.7.5 Singapore
- 13.7.6 Malaysia
- 13.7.7 Australia
- 13.7.8 Thailand
- 13.7.9 Philippines
- 13.7.10 Rest of Asia-Pacific
- SECTION 14 - SOUTH AMERICA FLOATING WIND TURBINE MARKET
- 14.1 South America Summary
- 14.2 Market Attractive Index
- 14.3 South America Floating Wind Turbine Market, by Foundation (2019-2032)
- 14.4 South America Floating Wind Turbine Market, by Capacity (2019-2032)
- 14.5 South America Floating Wind Turbine Market, by Water Depth (2019-2032)
- 14.6 South America Floating Wind Turbine Market, by Application (2019-2032)
- 14.7 South America Floating Wind Turbine Market, by Country (2019-2032)
- 14.7.1 Brazil
- 14.7.2 Argentina
- 14.7.3 Chile
- 14.7.4 Colombia
- 14.7.5 Rest of South America
- SECTION 15 - MIDDLE EAST AND AFRICA FLOATING WIND TURBINE MARKET
- 15.1 Middle East and Africa Summary
- 15.2 Market Attractive Index
- 15.3 Middle East and Africa Floating Wind Turbine Market, by Foundation (2019-2032)
- 15.4 Middle East and Africa Floating Wind Turbine Market, by Capacity (2019-2032)
- 15.5 Middle East and Africa Floating Wind Turbine Market, by Water Depth (2019-2032)
- 15.6 Middle East and Africa Floating Wind Turbine Market, by Application (2019-2032)
- 15.7 Middle East and Africa Floating Wind Turbine Market, by Country (2019-2032)
- 15.7.1 Kingdom of Saudi Arabia
- 15.7.2 South Africa
- 15.7.3 U.A.E.
- 15.7.4 Egypt
- 15.7.5 Rest of Middle East and Africa
- SECTION 16 - COMPANY SHARE ANALYSIS
- 16.1 Global Floating Wind Turbine Market, Company Share Analysis
- 16.2 North America Floating Wind Turbine Market, Company Share Analysis
- 16.3 Europe Floating Wind Turbine Market, Company Share Analysis
- 16.4 Asia-Pacific Floating Wind Turbine Market, Company Share Analysis
- SECTION 17 - COMPANY PROFILES
- 17.1 The General Electric Company
- 17.1.1 Company Snapshot
- 17.1.2 Financial Overview
- 17.1.3 Product Portfolio
- 17.1.4 Recent Developments
- 17.2 ABB Ltd
- 17.2.1 Company Snapshot
- 17.2.2 Financial Overview
- 17.2.3 Product Portfolio
- 17.2.4 Recent Developments
- 17.3 Siemens Gamesa Renewable Energy, S.A.
- 17.3.1 Company Snapshot
- 17.3.2 Financial Overview
- 17.3.3 Product Portfolio
- 17.3.4 Recent Developments
- 17.4 Mingyang Smart Energy Group Co., Ltd.
- 17.4.1 Company Snapshot
- 17.4.2 Financial Overview
- 17.4.3 Product Portfolio
- 17.4.4 Recent Developments
- 17.5 Suzlon Energy Ltd.
- 17.5.1 Company Snapshot
- 17.5.2 Financial Overview
- 17.5.3 Product Portfolio
- 17.5.4 Recent Developments
- 17.6 NORDEX SE
- 17.6.1 Company Snapshot
- 17.6.2 Financial Overview
- 17.6.3 Product Portfolio
- 17.6.4 Recent Developments
- 17.7 Vestas Wind Systems A/S
- 17.7.1 Company Snapshot
- 17.7.2 Financial Overview
- 17.7.3 Product Portfolio
- 17.7.4 Recent Developments
- 17.8 Envision Group
- 17.8.1 Company Snapshot
- 17.8.2 Financial Overview
- 17.8.3 Product Portfolio
- 17.8.4 Recent Developments
- 17.9 Xinjiang Goldwind Science & Technology Co., Ltd.
- 17.9.1 Company Snapshot
- 17.9.2 Financial Overview
- 17.9.3 Product Portfolio
- 17.9.4 Recent Developments
- 17.10 Iberdrola, S.A.
- 17.10.1 Company Snapshot
- 17.10.2 Financial Overview
- 17.10.3 Product Portfolio
- 17.10.4 Recent Developments
- SECTION 18 - RELATED REPORTS
- SECTION 19 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.