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Floating Wind Turbine Market to Reach $30.6 Bn, Globally, by 2027 at 32.5% CAGR: Allied Market Research


Increase in demand for renewable power sources, higher capacity factor than that of other wind turbines, and reduced carbon emission fuel the growth of the global floating wind turbine market

PORTLAND, Ore., April 21, 2021 /PRNewswire/ -- Allied Market Research published a report, titled,"Floating Wind Turbine Market by Foundation (Spar-buoy Foundation, Tension-leg platform (TLP) Foundation, Semi-submersible Foundation, and Others), Depth (Shallow Water (less than 60 m Depth) and Deep Water (higher than 60 m Depth)): Opportunity Analysis and Industry Forecast, 2020?2027." According to the report, the global floating wind turbine industry was pegged at $3.2 billion in 2019, and is expected to hit $30.6 billion by 2027, registering a CAGR of 32.5% from 2020 to 2027.

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Drivers, restraints, and opportunities-

Increase in demand for renewable power sources, higher capacity factor than that of other wind turbines, and reduced carbon emission fuel the growth of the global floating wind turbine market. On the other hand, high installation and maintenance cost curb the growth to some extent. However, advancements in wind turbine structure are expected to create lucrative opportunities for the key players in the industry.

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Covid-19 scenario-

The Spar-buoy foundation segment to retain its dominance by 2027-

Based on foundation, the spar-buoy foundation segment contributed to more than half of the global floating wind turbine market share in 2019, and is expected to lead the trail by the end of 2027, due to its simple design which can be fabricated easily. Simultaneously, the semi-submersible foundation segment would also register the fastest CAGR of 33.9% throughout the forecast period, owing to its flexible design with regard to water depth.

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The deep water segment to rule the roost-

Based on depth, the deep water segment accounted for around three-fifths of the global floating wind turbine market revenue in 2019, and is anticipated to retain its dominance by 2027. The installation of deep water turbine offers large area with no constraint of water depth which aids in selecting the best site for power generation. This, in turn, drives the segment growth. The shallow water segment, on the other hand, would manifest the fastest CAGR of 33.3% during the forecast period. This is attributed to new developments such as polymer spring mooring technology, which enable shallow mooring of floating wind turbine.

Europe, followed by Asia-Pacific and North America, to dominate in terms of revenue-

Based on geography, Europe, followed by Asia-Pacific and North America, held the major share in 2019, garnering more than three-fifths of the global floating wind turbine market. Rise in investments in countries like France, UK, and Norway fuels the market growth. At the same time, the region across Asia-Pacific would register the fastest CAGR of 33.9% from 2020 to 2027. This is due torise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero emission norms.

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Frontrunners in the industry-

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Small Wind Power Market Expected to Reach $8,874 Million, Globally, by 2022, registering a CAGR of 13.2% from 2016 to 2022

Wind Turbine Market Expected to Reach $134,600 Million by 2023, registering a CAGR of 7.2% from 2017 to 2023.

Wind Energy Market Expected to Reach $127.2 Billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027.

Steam Turbine Market is Projected to reach $30.2 billion by 2027, growing at a CAGR of 2.8% from 2020 to 2027. 

Hydropower Generation Market is Projected to reach $317.8 billion by 2027, growing at a CAGR of 5.9% from 2020 to 2027.

Steam Boiler Market is Projected to reach $20.0 billion by 2027, growing at a CAGR of 3.3% from 2020 to 2027.

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Wind Turbine Shaft Market: Global Opportunity Analysis and Industry Forecast, 2020?2027

Offshore Wind Turbine Installation Vessel Market - Global Opportunity Analysis and Industry Forecast, 2021-2028

World Small Wind Market - Opportunities and Forecasts, 2021-2028

Wind Services Market: Global Opportunity Analysis and Industry Forecast, 2020?2027

Wind Tower Market - Global Opportunity Analysis and Industry Forecast, 2021-2028

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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