Floating Wind Power Market Key Findings by 2031
Floating wind power is an offshore wind turbine supported by a floating foundation with most of the bulk submerged. The wind turbine may generate electricity in water depths where a solid foundation is not possible. Multiple mooring lines and anchors are used to secure the turbine to the seabed. A floating wind turbine can be used anyplace in deep water with a depth of over 60 meters. Furthermore, unlike onshore wind turbines, floating wind turbines can generate power at a continuous pace because to the consistent wind flow at seaside.
MARKET DYNAMICS
The floating wind power market is expected to rise due to a significant increase in demand for renewable energy sources. Furthermore, unlike conventional power sources, floating wind turbines are economically effective and reduce carbon emissions. Furthermore, the floating wind turbine technology removes the constraint of water depth, allowing for the best feasible power generation site to be selected. These reasons are propelling the worldwide floating wind power market forward.
MARKET SCOPE
The "Global Floating Wind Power Market Analysis To 2031" is a specialized and in-depth study of the technology, media, and telecommunications industry with a special focus on global market trend analysis. The floating wind power market report aims to provide an overview of the floating wind power market with detailed market segmentation by water depth, capacity, and geography. The global floating wind power market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading floating wind power market player and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global floating wind power market is segmented based on water depth, capacity. Based on water depth, the floating wind power market is segmented into shallow water (less than 60 m depth), deep water (higher than 60 m depth). Based on capacity, the floating wind power market is segmented into Upto 3 MW, 4 to 5 MW, Above 5 MW.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global floating wind power market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The floating wind power market by each region is later sub-segmented by respective countries and segments. The floating wind power market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the floating wind power market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the floating wind power market in these regions.
IMPACT OF COVID-19 ON FLOATING WIND POWER MARKET
The Covid-19 pandemic had a significant impact on wind turbine production in nations such as China and Germany. For example, Nordex SE in Germany recorded a negative EBITDA of $86.5 million, down from a positive EBITDA of $21 million the year before. Furthermore, a major constraint to the expansion of the floating wind power market is the scarcity of spare parts and people for maintenance.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global floating wind power market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The floating wind power market by each region is later sub-segmented by respective countries and segments. The floating wind power market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the floating wind power market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the floating wind power market in these regions.
IMPACT OF COVID-19 ON FLOATING WIND POWER MARKET
The Covid-19 pandemic had a significant impact on wind turbine production in nations such as China and Germany. For example, Nordex SE in Germany recorded a negative EBITDA of $86.5 million, down from a positive EBITDA of $21 million the year before. Furthermore, a major constraint to the expansion of the floating wind power market is the scarcity of spare parts and people for maintenance.
MARKET PLAYERS
The reports cover key developments in the floating wind power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from floating wind power market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the floating wind power market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the floating wind power market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Siemens Gamesa Renewable
- Vestas
- ABB
- General Electric
- Nordex SE
- Goldwind
- Envision Energy
- Mingyang Smart Energy Group Co., Ltd.
- Hitachi Energy Ltd.
- Suzlon Energy Limited
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Floating Wind Power Market - By Water Depth
1.3.2 Floating Wind Power Market - By Capacity
1.3.3 Floating Wind Power Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. FLOATING WIND POWER MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. FLOATING WIND POWER MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. FLOATING WIND POWER MARKET - GLOBAL MARKET ANALYSIS
6.1. FLOATING WIND POWER - GLOBAL MARKET OVERVIEW
6.2. FLOATING WIND POWER - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. FLOATING WIND POWER MARKET - REVENUE AND FORECASTS TO 2028 - WATER DEPTH
7.1. OVERVIEW
7.2. WATER DEPTH MARKET FORECASTS AND ANALYSIS
7.3. SHALLOW WATER (LESS THAN 60 M DEPTH)
7.3.1. Overview
7.3.2. Shallow Water (less than 60 m Depth) Market Forecast and Analysis
7.4. DEEP WATER (HIGHER THAN 60 M DEPTH)
7.4.1. Overview
7.4.2. Deep Water (higher than 60 m Depth) Market Forecast and Analysis
8. FLOATING WIND POWER MARKET - REVENUE AND FORECASTS TO 2028 - CAPACITY
8.1. OVERVIEW
8.2. CAPACITY MARKET FORECASTS AND ANALYSIS
8.3. UPTO 3 MW
8.3.1. Overview
8.3.2. Upto 3 MW Market Forecast and Analysis
8.4. 4 TO 5 MW
8.4.1. Overview
8.4.2. 4 to 5 MW Market Forecast and Analysis
8.5. ABOVE 5 MW
8.5.1. Overview
8.5.2. Above 5 MW Market Forecast and Analysis
9. FLOATING WIND POWER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Floating Wind Power Market Overview
9.1.2 North America Floating Wind Power Market Forecasts and Analysis
9.1.3 North America Floating Wind Power Market Forecasts and Analysis - By Water Depth
9.1.4 North America Floating Wind Power Market Forecasts and Analysis - By Capacity
9.1.5 North America Floating Wind Power Market Forecasts and Analysis - By Countries
9.1.5.1 United States Floating Wind Power Market
9.1.5.1.1 United States Floating Wind Power Market by Water Depth
9.1.5.1.2 United States Floating Wind Power Market by Capacity
9.1.5.2 Canada Floating Wind Power Market
9.1.5.2.1 Canada Floating Wind Power Market by Water Depth
9.1.5.2.2 Canada Floating Wind Power Market by Capacity
9.1.5.3 Mexico Floating Wind Power Market
9.1.5.3.1 Mexico Floating Wind Power Market by Water Depth
9.1.5.3.2 Mexico Floating Wind Power Market by Capacity
9.2. EUROPE
9.2.1 Europe Floating Wind Power Market Overview
9.2.2 Europe Floating Wind Power Market Forecasts and Analysis
9.2.3 Europe Floating Wind Power Market Forecasts and Analysis - By Water Depth
9.2.4 Europe Floating Wind Power Market Forecasts and Analysis - By Capacity
9.2.5 Europe Floating Wind Power Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Floating Wind Power Market
9.2.5.1.1 Germany Floating Wind Power Market by Water Depth
9.2.5.1.2 Germany Floating Wind Power Market by Capacity
9.2.5.2 France Floating Wind Power Market
9.2.5.2.1 France Floating Wind Power Market by Water Depth
9.2.5.2.2 France Floating Wind Power Market by Capacity
9.2.5.3 Italy Floating Wind Power Market
9.2.5.3.1 Italy Floating Wind Power Market by Water Depth
9.2.5.3.2 Italy Floating Wind Power Market by Capacity
9.2.5.4 United Kingdom Floating Wind Power Market
9.2.5.4.1 United Kingdom Floating Wind Power Market by Water Depth
9.2.5.4.2 United Kingdom Floating Wind Power Market by Capacity
9.2.5.5 Russia Floating Wind Power Market
9.2.5.5.1 Russia Floating Wind Power Market by Water Depth
9.2.5.5.2 Russia Floating Wind Power Market by Capacity
9.2.5.6 Rest of Europe Floating Wind Power Market
9.2.5.6.1 Rest of Europe Floating Wind Power Market by Water Depth
9.2.5.6.2 Rest of Europe Floating Wind Power Market by Capacity
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Floating Wind Power Market Overview
9.3.2 Asia-Pacific Floating Wind Power Market Forecasts and Analysis
9.3.3 Asia-Pacific Floating Wind Power Market Forecasts and Analysis - By Water Depth
9.3.4 Asia-Pacific Floating Wind Power Market Forecasts and Analysis - By Capacity
9.3.5 Asia-Pacific Floating Wind Power Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Floating Wind Power Market
9.3.5.1.1 Australia Floating Wind Power Market by Water Depth
9.3.5.1.2 Australia Floating Wind Power Market by Capacity
9.3.5.2 China Floating Wind Power Market
9.3.5.2.1 China Floating Wind Power Market by Water Depth
9.3.5.2.2 China Floating Wind Power Market by Capacity
9.3.5.3 India Floating Wind Power Market
9.3.5.3.1 India Floating Wind Power Market by Water Depth
9.3.5.3.2 India Floating Wind Power Market by Capacity
9.3.5.4 Japan Floating Wind Power Market
9.3.5.4.1 Japan Floating Wind Power Market by Water Depth
9.3.5.4.2 Japan Floating Wind Power Market by Capacity
9.3.5.5 South Korea Floating Wind Power Market
9.3.5.5.1 South Korea Floating Wind Power Market by Water Depth
9.3.5.5.2 South Korea Floating Wind Power Market by Capacity
9.3.5.6 Rest of Asia-Pacific Floating Wind Power Market
9.3.5.6.1 Rest of Asia-Pacific Floating Wind Power Market by Water Depth
9.3.5.6.2 Rest of Asia-Pacific Floating Wind Power Market by Capacity
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Floating Wind Power Market Overview
9.4.2 Middle East and Africa Floating Wind Power Market Forecasts and Analysis
9.4.3 Middle East and Africa Floating Wind Power Market Forecasts and Analysis - By Water Depth
9.4.4 Middle East and Africa Floating Wind Power Market Forecasts and Analysis - By Capacity
9.4.5 Middle East and Africa Floating Wind Power Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Floating Wind Power Market
9.4.5.1.1 South Africa Floating Wind Power Market by Water Depth
9.4.5.1.2 South Africa Floating Wind Power Market by Capacity
9.4.5.2 Saudi Arabia Floating Wind Power Market
9.4.5.2.1 Saudi Arabia Floating Wind Power Market by Water Depth
9.4.5.2.2 Saudi Arabia Floating Wind Power Market by Capacity
9.4.5.3 U.A.E Floating Wind Power Market
9.4.5.3.1 U.A.E Floating Wind Power Market by Water Depth
9.4.5.3.2 U.A.E Floating Wind Power Market by Capacity
9.4.5.4 Rest of Middle East and Africa Floating Wind Power Market
9.4.5.4.1 Rest of Middle East and Africa Floating Wind Power Market by Water Depth
9.4.5.4.2 Rest of Middle East and Africa Floating Wind Power Market by Capacity
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Floating Wind Power Market Overview
9.5.2 South and Central America Floating Wind Power Market Forecasts and Analysis
9.5.3 South and Central America Floating Wind Power Market Forecasts and Analysis - By Water Depth
9.5.4 South and Central America Floating Wind Power Market Forecasts and Analysis - By Capacity
9.5.5 South and Central America Floating Wind Power Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Floating Wind Power Market
9.5.5.1.1 Brazil Floating Wind Power Market by Water Depth
9.5.5.1.2 Brazil Floating Wind Power Market by Capacity
9.5.5.2 Argentina Floating Wind Power Market
9.5.5.2.1 Argentina Floating Wind Power Market by Water Depth
9.5.5.2.2 Argentina Floating Wind Power Market by Capacity
9.5.5.3 Rest of South and Central America Floating Wind Power Market
9.5.5.3.1 Rest of South and Central America Floating Wind Power Market by Water Depth
9.5.5.3.2 Rest of South and Central America Floating Wind Power Market by Capacity
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. FLOATING WIND POWER MARKET, KEY COMPANY PROFILES
11.1. SIEMENS GAMESA RENEWABLE
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. VESTAS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. ABB
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. GENERAL ELECTRIC
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. NORDEX SE
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. GOLDWIND
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. ENVISION ENERGY
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. MINGYANG SMART ENERGY GROUP CO., LTD.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. HITACHI ENERGY LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. SUZLON ENERGY LIMITED
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List Of Companies
- Siemens Gamesa Renewable
- Vestas
- ABB
- General Electric
- Nordex SE
- Goldwind
- Envision Energy
- Mingyang Smart Energy Group Co., Ltd.
- Hitachi Energy Ltd.
- Suzlon Energy Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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