Yahoo Finance Global Floating Wind Turbine Market to Garner $30.6 Billion by 2027: AMR
Increase in demand for renewable power sources, reduced carbon emission and higher capacity factor than other wind turbines drive the growth of the global floating wind turbine market. The market across Europe dominated in 2019, accounting for more than three-fifths of the market. During the first phase of the lockdown, the limited availability of spares and manpower for maintenance negatively affected the market of the floating wind turbine.
Portland, OR, Jan. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global floating wind turbine market generated $3.2 billion in 2019, and is projected to reach $30.6 billion by 2027, growing at a CAGR of 32.5% from 2020 to 2027.
Rise in demand for renewable power sources, reduced carbon emission and higher capacity factor than other wind turbines drive the growth of the global floating wind turbine market. However, high installation and high maintenance costs hamper the market growth. On the contrary, developments in wind turbine structure would open new opportunities for the market players in the future.
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Covid-19 scenario-
During the first phase of the lockdown, the limited availability of spares and manpower for maintenance negatively affected the market of the floating wind turbine. Moreover, cancellation of orders and delays in the project impacted the market.
However, there is an increase in demand for remote monitoring of projected due to rapid implementation of digitization. This is expected to help the market get back on track.
The global floating wind turbine market is segmented on the basis of foundation, depth, deep water, and region. Based on foundation, the semi-submersible foundation segment is projected to manifest the highest CAGR of 33.9% during the forecast period. However, the spar-buoy foundation segment held the largest share in 2019, accounting for more than half of the market.
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Based on depth, the shallow water segment is projected to portray the highest CAGR of 33.3% from 2020 to 2027. However, the deep water segment held the lion’s share in 2019, contributing to around three-fifths of the market.
The global floating wind turbine market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated in 2019, accounting for more than three-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 33.9% during the forecast period.
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The global floating wind turbine market report includes an in-depth analysis of the major market players such as Siemens Gamesa Renewable, MHI Vestas Offshore Wind, Senvion SA, ABB group, GE Renewable Energy, and NORDEX SE.
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