Floating Offshore Wind Power Market to Hit $9.59 Billion by 2030 with 49.5% CAGR Growth |Equinor, MHI Vestas Offshore Wind, Naval Energies

According to a research report "Floating Offshore Wind Power Market”, by  Capacity (1-2 MW, 2-5 MW, 5-10 MW), Depth (0-30m, 25-50, Greater than 50m, Greater than 120m), Platform (Barge, Semi-sumergible, Spar, Tensioned Legs Platform) and Region - Global Forecast to 2030" published by MarketDigits, the Floating Offshore Wind Power market was valued USD 1.7 Billion in 2023 and projected to reach USD 28.5 Billion by 2030, growing at a CAGR of 49.5% during the forecast period of 2023-2030.

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits. View detailed Table of

Market Overview

The Floating Offshore Wind Power Market is rapidly gaining traction as a viable solution to harness the enormous potential of offshore wind energy. Driven by the growing demand for clean and renewable energy sources, this market is poised for substantial growth in the coming years. One of the primary drivers is the ability to access deeper waters and stronger wind resources that are inaccessible to conventional fixed-bottom offshore wind turbines. Additionally, the declining costs of offshore wind energy, coupled with favourable government policies and incentives, have further fueled the market's expansion. Opportunities are present in this market, with the potential for technological advancements in floating platform designs, mooring systems, and turbine components. These advancements could lead to increased efficiency, reduced costs, and improved scalability. Moreover, the market presents opportunities for job creation and economic growth in coastal regions, as well as the development of a robust supply chain and infrastructure. However, one significant challenge faced by the Floating Offshore Wind Power Market is the high initial capital investment required for project development and infrastructure. The costs associated with the manufacturing, transportation, and installation of floating offshore wind turbines are substantial, which may hinder the rapid adoption of this technology, especially in emerging markets.

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Ability to access deeper waters and stronger wind resources

The ability to access deeper waters and stronger wind resources that are inaccessible to conventional fixed-bottom offshore wind turbines. As coastal regions become more saturated with existing offshore wind farms, the need to explore farther offshore locations has increased. Floating offshore wind turbines offer a solution to exploit the abundant and consistent wind resources found in deeper waters, typically more than 60 meters deep. These deeper waters often experience higher wind speeds and less turbulence, which translates into higher energy yields and improved efficiency for floating offshore wind turbines. the availability of vast areas in deep waters provides plenty of chances for large-scale offshore wind farm developments, enabling economies of scale and further driving the growth of this market. This driver has captured the attention of developers and investors alike, fueling the rapid expansion of the Floating Offshore Wind Power Market.

Market Dynamics

Drivers:

·        Ability to access deeper waters and stronger wind resources

·        Growing demand for clean energy

·        Depletion of primary wind resources close to the shore

·        Increased Investments in Sustainable Energy Development to Propel Growth

Opportunities:

·        Technological advancements in floating platform designs, mooring systems, and turbines

·        Government-supportive policies and investments

·        Development of more efficient floating platforms

Technological advancements in floating platform designs, mooring systems, and turbines

Floating Offshore Wind Power Market presents opportunities like technological advancements in floating platform designs, mooring systems, and turbine components. As this market continues to evolve, there is massive potential for innovation and optimization of these critical elements. Advances in floating platform designs can lead to more cost-effective, stable, and durable structures capable of withstanding harsh offshore conditions. This includes exploring new materials, hydrodynamic shapes, and modular construction techniques. Similarly, improvements in mooring systems can enhance the stability and longevity of floating turbines while reducing maintenance costs. The development of larger and more efficient turbine components, such as blades and generators, can significantly increase the energy yield and overall performance of floating offshore wind farms. These technological advancements not only improve the economic capability of floating offshore wind projects but also contribute to the industry's long-term sustainability and competitiveness with other energy sources. Capitalizing on these opportunities through continuous research and development can drive the market's growth, attract investment, and accelerate the adoption of floating offshore wind power worldwide.

Europe dominates the market for floating offshore wind power.

Europe is the dominating region in the Floating Offshore Wind Power Market due to several key factors. European countries have dominated offshore wind energy development, with a strong commitment to renewable energy targets and ambitious climate change mitigation goals. This policy support has driven significant investment and research efforts in the floating offshore wind sector. Europe boasts extensive coastlines and deep offshore waters, providing ample resources for floating offshore wind farm development. Countries like the United Kingdom, Norway, Portugal, and France have already implemented pilot and commercial-scale floating offshore wind projects, gaining valuable experience and expertise. Europe has a well-established supply chain and infrastructure for the offshore wind industry, including specialized ports, vessels, and manufacturing facilities. This existing ecosystem has facilitated the growth of the floating offshore wind market in the region. European countries like Spain, Italy, and Sweden are also actively pursuing floating offshore wind projects, further solidifying Europe's dominance in this market.

The barge segments is anticipated to hold the largest market share during the forecast period

In the global floating offshore wind power market, the Platform segment comprises various categories such as Barge, Semi-submergible, Spar and Tensioned Legs Platforms. The barge segment is projected to dominate the Floating Offshore Wind Power Market due to its cost-effectiveness and ease of installation. Barges offer a stable platform for offshore wind turbines, making them suitable for deeper waters. They can be easily towed to the desired location, reducing transportation costs. With the increasing focus on offshore wind energy generation and the need for cost-efficient solutions, the barge segment is likely to witness significant growth as it provides a feasible option for deploying floating offshore wind farms, particularly in regions with suitable water depths.

Major vendors in the global Floating Offshore Wind Power market are ABB, engie, Equinor ASA,  Envision Group, Flowocean, GE VERNOVA, goldwind.com, Hitachi Energy Ltd., NORDEX SE, Siemens Gamesa Renewable Energy, S.A.U., Vestas, and Others.

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Segmentations Analysis of Floating Offshore Wind Power Market: -

Major Segmentations Are Distributed as follows:

·        By Capacity Type

o   1-2 MW

o   2-5 MW

o   5-10 MW

·        By Depth

o   0-30m

o   25-50m

o   Greater than 50m

o   Greater than 120m

·        By Platform

o   Barge

o   Semi-submergible

o   Spar

o   Tensioned Legs Platform

·        By Region

o   North America

·        US

·        Canada

o   Latin America

·        Brazil

·        Mexico

·        Argentina

·        Colombia

·        Chile

·        Peru

·        Rest of Latin America

o   Europe

·        UK

·        Germany

·        France

·        Italy

·        Spain

·        Russia

·        BENELUX

·        CIS & Russia

·        Nordics

·        Austria

·        Poland

·        Rest of Europe

o   Asia Pacific

·        China

·        Japan

·        India

·        South Korea

·        Thailand

·        Indonesia

·        Malaysia

·        Vietnam

·        Australia & New Zealand

·        Rest of Asia Pacific

o   Middle East & Africa

·        Saudi Arabia

·        UAE

·        South Africa

·        Nigeria

·        Egypt

·        Israel

·        Turkey

·        Rest of Middle East & Africa

Recent Developments

·        In Sept 2023, Principle Power, the leading company in the floating wind industry, has broadened its range of WindFloat products to include two fully industrialized options. The first is the WindFloat T, which is the updated version of their original tubular design. The second is the WindFloat F, a new solution that utilizes a flat panel and pontoon-based design. With these two innovative products, Principle Power continues to demonstrate its commitment to advancing the floating wind sector.

·        In Aug 2023, Equinor, a leading global energy company based in Norway, initiated the development and operation of Hywind Tampen, the largest floating offshore wind farm in the world. This innovative project comprises 11 turbines with a capacity of 8.6 megawatts each. Situated approximately 140 km off the Norwegian coast, Hywind Tampen operates in water depths ranging from 260 to 300 meters.

Floating Offshore Wind Power Market Report Gives Answers to Following Key Questions:

·        What will be the Floating Offshore Wind Power Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Floating Offshore Wind Power Market?

·        What are the main forces behind the worldwide Floating Offshore Wind Power Market? Which companies dominate the Floating Offshore Wind Power Market?

·        Which companies dominate the Floating Offshore Wind Power Market? Which business possibilities, dangers, and tactics did they embrace in the market?

·        What are the global Floating Offshore Wind Power industry's suppliers' opportunities and dangers in Floating Offshore Wind Power Market?

·        What is the Floating Offshore Wind Power industry's regional sales, income, and pricing analysis? In the Floating Offshore Wind Power Market, who are the distributors, traders, and resellers?

·        What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Floating Offshore Wind Power Market?

·        What are the main geographical areas for various industries that are anticipated to observe an astounding expansion in Floating Offshore Wind Power Market?

·        What are the dominant revenue-generating regions for Floating Offshore Wind Power Market, as well as regional growth trends?

·        By the end of the forecast period, what will the market size and growth rate be?

·        What are the main Floating Offshore Wind Power Market trends that are influencing the market's expansion?

·        Which key product categories dominate the Floating Offshore Wind Power Market? What are the Floating Offshore Wind Power Market’s main applications?

·        In the coming years, which Floating Offshore Wind Power Market technology will dominate the market?

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