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The global floating wind power market size is anticipated to surge from USD 0.68 billion in 2022 to USD 15.64 billion by 2029. The rising adoption of renewables and soaring energy demand will play an instrumental role in encouraging leading companies to boost their investments. An uptick in the floating wind installation, along with the commercial expansion of the equipment, will augur well for the industry outlook.
According to the latest research report by Fortune Business Insights™ titled, “Floating Wind Power Market Size, Share & COVID-19 Impact Analysis, By Water Depth (Shallow Water, Transitional Water, and Deep Water), By Turbine Capacity (Up to 3 MW, 3 MW - 5 MW, and Above 5 MW), and Regional Forecast, 2022 – 2029,” the market stood at USD 0.29 billion in 2021. It is expected to witness 56.5% CAGR during the assessment period.
COVID-19-Induced Dip in Electricity Demand Dented Growth Prospect
The pervasive COVID-19 pandemic had a telling impact on the global market, with electricity demand witnessing a notable plunge. According to the International Energy Agency (IEA), 5% reduction in electricity demand was observed in 2020 due to the coronavirus. The pandemic also led to the influence on the electricity distribution network across emerging economies. Besides, governments introduced robust policies and upped investments in renewable energy to overcome challenges stemming from the COVID-19 pandemic.
Hitachi ABB Power Grids launched New Transformer for Floating to Resist Demanding Conditions
Well-established and new players are boosting their strategies to propel the floating wind power market growth. They are likely to emphasize organic and inorganic strategies to tap into markets and boost return on investments. To illustrate, in June 2021, Hitachi ABB Power Grids introduced a portfolio of transformer products to resist demanding conditions on floating structures and surmount challenging offshore environments. Meanwhile, in January 2020, Siemens Gamesa announced the acquisition of Onshore European service assets and Intellectual Property (IP) of Senvion. Prevailing trends are expected to play an invaluable role in propelling industry growth.
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Trend for Clean Energy Generation to Expedite Investments
Industry participants are slated to prioritize renewable energy sources, including wind and solar to boost their value propositions. The floating wind power market share will witness a significant gain due to investments in technical research and advancements in offshore wind farms. Citing the World Energy Investment Report 2021, the International Energy Agency (IEA) estimated renewable energy to account for 70% of USD 530 billion spent on all new generation capacity. Robust demand for new power generation plants could provide promising growth opportunities in the ensuing period. However, high capital investments could impede industry growth.
Stakeholders Invest in Floating Installation to Tap into Markets
Major players are poised to inject funds into mergers & acquisitions, product launches, R&D activities, and technological advancements to propel their penetration. Furthermore, leading companies could infuse funds into innovations to gain a competitive edge in the global market.
Notable Industry Development
List of Companies Profiled in the Report
Further Report Findings
Table of Segmentation
Volume (MW), Value (USD Billion)
By Water Depth
By Turbine Capacity