Floating Offshore Wind Power Market Size and Growth Rate:
According to our research report, Floating Offshore Wind Power Market size is poised to reach USD xx Billion by the end of 2025 from USD xx Billion in 2018 and this market witnessed a growth rate of xx% during the forecast period 2019-2025.
THE REPORT OFFERS:
- An understanding of the current market dynamics and growth opportunities
- Detailed analysis of various trends and developments in the global floating offshore wind power market, along with factors instrumental in increasing the demand
- Effect of government initiatives, regulations and technological advancements related to floating offshore wind power market
- Most attractive regions in the world for the floating offshore wind power business
- Insights regarding various types of components used in the floating offshore wind power plant
- Analysis of competitive landscape, including key strategies and recent developments of top vendors in the floating offshore wind power market
- An understanding of the players in the floating offshore wind power market, based on in-depth profiling of products offered
Floating Offshore Wind Power Market Overview:
The floating offshore wind power market is anticipated to witness growth in the coming years on account of increasing focus on the creation of floating offshore wind power infrastructure and technological advancements associated with the same. The combination of increasing plant size, research & development activities, economies of scale and other factors as mentioned has led to declining in expected power generation prices for offshore wind which is the major reason behind its anticipated market growth in coming years. The European Union has a commitment of 20% renewable energy by 2020, which includes a set of legally binding targets for a few countries.
Floating Offshore Wind Power Market - Growth Drivers:
Technological advancements have significantly decreased the associated risks and the cost of electricity generation from offshore wind farms, which, in turn, has attracted interests globally. The governments across the world have formulated policy to promulgate the development of renewable power industry. The global installed capacity of offshore wind capacity reached approximately 14,384 megawatts (MW) in 2016. Although 90% of the all offshore wind installations are in European waters, the governments outside of the European region, such as in the country of China, Japan, South Korea, and the US, have set ambitious targets for the installation of offshore wind farms in their territorial waters.
Floating Offshore Wind Power Market - Regional Existence:
The European region is anticipated to garner major share in floating offshore wind power market as the region is witnessing massive thrust on development of wind power sector. The European countries have formulated policies to curb the consumption of energy from conventional sources that causes pollution which creates massive opportunities for renewable power development. In March 2018, the first floating wind farm of the world achieved 65 percent capacity factor which is higher than onshore wind farms. Moreover, the European region has huge potential for the development of floating offshore wind power. Thus, the favorable policies and high potential for floating offshore wind power development makes Europe as the leading regional market.
The government of France has focused on the development of floating offshore wind power sector, as the country has already made a commitment to four pilot offshore wind farm projects that will be commissioned in 2020-2021.
- In August 2018, Equinor, one of the major oil & gas operator in the North Sea, announced its plan to deploy wind power in the deepwater to supply power to its oil & gas platforms in the North Sea.
- In July 2018, a group of 70 companies and organizations have called for France, in order to commit to 3 GW of floating offshore wind energy in the Mediterranean, by 2030. As per the industry sources, the potential for wind power in the Mediterranean is among the best in France and the rest of Europe. Moreover, the floating offshore wind farms in the Mediterranean is estimated to play a key role in the country’s energy transition.
Prominent Companies in the Floating Offshore Wind Power Market analyzed in the report are:
- MHI Vestas Offshore Wind A/S
- General Electric Company
- Siemens AG
- ABB Ltd
- Doosan Heavy Industries
- Construction Co., Ltd
- Nexans S.A
This research report includes following segmentation for the Floating Offshore Wind Power Market size and forecast until 2025:
Floating Offshore Wind Power Market – By Components:
- Floating foundations
- Anchoring systems
- Vessels and installation methods
- Ports and harbor facilities
Floating Offshore Wind Power Market – By Location:
- Shallow Water (< 30m Depth)
- Transitional Water (30m – 60m Depth)
- Deep Water (> 60m Depth)
Floating Offshore Wind Power Market – By Geography:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa
Reasons to Purchase Floating Offshore Wind Power Market Report:
- Current and future floating offshore wind power market outlook in the developed and emerging markets.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- The segment that is expected to dominate the market.
- Regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).