A floating wind turbine is a type of wind turbine that is mounted on a floating platform rather than on a fixed foundation on land. This allows for the turbines to be placed in deep water locations where traditional bottom-fixed offshore wind turbines are not feasible. Floating wind turbines typically use a tension leg or spar buoy design to keep the platform stable and upright in rough seas. The platform is anchored to the seabed by mooring lines, which keep it in place while allowing for some movement due to wind and waves. The global floating wind turbine market size was valued at $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.
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Growing concern from governments across the globe regarding renewable power sources is anticipated to boost the floating wind turbine market growth. In addition, around 80% of the offshore wind resources are located in waters more than 60-meter depth, where the fixed offshore turbine is not effective. As the floating structure can harness wind resources even at deep water levels, it is more effective in narrow continental shelf regions with seawater depths of more than 200 meters. In addition, a floating wind turbine can decrease the cost of energy production more than that of a fixed wind turbine in case of long-term business. For instance, the present levelized cost of energy (LCOE) for wind turbines in Europe is around $220-$245 which is expected to reach $50-$73 by 2030.
Based on foundation, the spar-buoy segment garnered the highest market share, owing to its simple design which can be easily fabricated. In addition, spar-buoy involves few welds, unlike other designs.
Based on depth, the deep water (>60 meters) segment emerged as the market leader. The installation of a deep water turbine offers a large area with no constraint of water depth which helps in selecting the best site for a wind power plant.
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Europe accounted for a significant market share, owing to favorable government measures to promote renewable power sources for industrial and commercial applications.
Major players have adopted product launches, business expansions, and acquisitions to sustain the intense market competition. The key players profiled in the report include Siemens Gamesa Renewable, MHI Vestas Offshore Wind, Senvion SA, ABB group, GE Renewable Energy, and NORDEX SE.
COVID-19 scenario analysis:
- Nation wise lockdown has severely impacted wind turbine manufacturing in countries like China, and Germany. A large number of manufacturing plants across these countries were operating with limited production capacity for the last 6-8 months which negatively impacted the floating wind turbine market growth
- Additionally, reduced manpower for planned maintenance became a major issue for industry players. As social distancing norms were imposed during the pandemic, it largely reduced active manpower in manufacturing sites
- Furthermore, disruption in the supply chain led to various project delays and cancellation of orders which further affected the key markets for both blade production and wind turbine installations.
- However, the implementation of digitization may aid in remote monitoring for project execution; thus, limiting the labor force as much as possible.
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Key findings of the study
- Semi-submersible Foundation is projected to grow at the highest CAGR of approximately 33.9%, in terms of revenue, during the forecast period.
- By depth, the shallow water segment is anticipated to grow with a CAGR of 33.3%, in terms of revenue, during the forecast period.
- Europe dominated the floating wind turbine market with more than 60% revenue shares in 2019.
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