Latest News- Floating Wind Turbine Market: Large-scale is expected to lead the Capacity segment during 2024-2028

The Floating Wind Turbine Market is being driven by Favorable government regulations for floating wind turbines

The Floating Wind Turbine Market is expected to grow at a CAGR of 80.08% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7196.2 million. Advancements in technology and global commitments to renewable energy have driven the growth of the wind turbine market, with both onshore and offshore solutions emerging as viable alternatives to traditional fossil fuel energy sources. Cost reductions in various aspects, including operations and maintenance and turbine costs, have led to competitive pricing in the wind turbine industry, resulting in a significant decrease in the levelized cost of energy (LCOE). Recent European and North American bids at record-low prices per kWh have further increased the competitiveness of upcoming wind projects in the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Capacity
  • Large-scale
  • Medium-scale
  • Small-scale
• Type
  • Semi-submersible
  • Spar-buoy
  • Others
• Geography
  • Europe
    • France
    • Norway
    • Portugal
    • UK
  • Asia
  • North America
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Favorable government regulations for floating wind turbines
• Change in energy mix
• Rise in offshore installations

However, the market also witnesses some limitations, which are as follows:

• Competition from alternative technologies
• Issues related to associated installation
• High initial capital costs

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Market Scope in Floating Wind Turbine Market Research Report

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Research Analysis Overview

The Floating Wind Turbine (FWT) market is gaining significant traction as the world transitions towards sustainable power sources and reduces its reliance on fossil fuels. FWTs are particularly suitable for offshore wind farms in shallow and deep waters where traditional fixed foundations are not feasible. Two common types of foundations for FWTs are Tension-leg platform (TLP) and Spar-buoy foundations. TLPs, which use underwater tension legs to secure the turbine, are ideal for deep waters, while Spar-buoys, which are tall, vertical buoys, are better suited for shallow waters. The construction of wind farms using FWTs results in lower carbon footprints and reduced greenhouse gas emissions compared to traditional wind farms. The electricity consumption of FWTs is relatively low, making them an efficient and eco-friendly alternative to fossil fuels. However, the initial investment and maintenance costs of FWTs are higher than those of land-based wind turbines. Wind turbine technicians play a crucial role in ensuring the smooth operation of these systems. The adoption of FWTs contributes significantly to the global efforts to mitigate climate change and promote green energy.

Market Research Overview

The global heavy electrical equipment market is a significant sector within the manufacturing industry, catering to the energy sector and other industrial segments, including power, mining, and oil and gas. This market encompasses companies and manufacturers producing equipment for power generation, distribution, and transmission in fixed and large-scale electrical systems. According to Technavio, the market's size is determined by the consolidated revenue generated by electrical component and equipment manufacturers, such as electric cables, wires, and heavy electrical equipment. Factors driving market growth include increasing power outages due to natural disasters in regions like MEA, Europe, and APAC, which are prone to extreme weather conditions such as floods, earthquakes, and annual droughts.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/