With a predicted CAGR of 56.5% from 2022 to 2029, the magnitude of t
Our researchers predict that the prominence of cutting-edge techniques and turnkey services will be complemented by a significant demand for floating wind installations. Since end consumers have shown a high propensity for floating windfarms, the green power objective has clearly boded well for the sector prospects. Additionally, funding for the commercialization of floating wind farms can inspire top businesses to diversify their assets.
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 To 2029 CAGR | 56.5% |
| 2029 Value Projection | USD 15.64 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 0.29 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 196 |
| Segments covered | Water Depth, Turbine Capacity, Country |
| Growth Drivers | Increasing Shift Toward Clean Energy Generation to Drive Growth |
| Rising Investments in the Sustainable Energy Development to Boost Growth |
COVID-19 Impact
The COVID-19 pandemic’s reverberations restricted the likelihood of commercial expansion. In particular, the coronavirus caused a worldwide decline in the need for power. The IEA predicted that in 2020, the usage for electricity will decline by 5%. While security safeguards are in place, strong government initiatives could promote a switch to low-carbon electrical providers. In light of the COVID-19 epidemic, major countries allocated funding for sustainable energy. After the adoption of less affordable supplies and supportive regulations, renewables may experience significant growth.
Japan, the United Kingdom, the United States, and China are just a few of the major wind power generating nations that have suffered as a result of the COVID-19 outbreak. In addition, the epidemic has slowed down the growth of the energy supply chain in developing countries.
Industrial Growth
In July 2021, Siemens Gamesa, Stiesdal Offshore Technology, as well as other business associates revealed their engagement in the new TetraSpar Demonstration Project. The endeavour might assist in bringing down the price of hovering offshore wind energy systems.
Total acquired a 20% share in the EolMed floating wind prototype plant in October 2020. It is situated in the Mediterranean Sea, off the French coast of Gruissan and close to Port-La-Nouvelle. Three MHI Vestas 10 MW turbines was installed there.
By June 2020, 100 of Siemens Gamesa Renewable Energy’s SG 14-222 DD offshore wind turbines will be delivered to the 1.4 GW Sofia Offshore Wind Turbine. It is in the United Kingdom. More than 1.2 million residences will be available to be powered by the program’s power generation.
Names of Important Figures Reported in the Media
- Siemens Gamesa Renewable Energy S.A. (Spain)
- MHI Vestas (Denmark)
- FlowOcean (Sweden)
- Engie Energy (France)
- ABB Ltd. (Switzerland)
- General Electric (U.S.)
- Ming Yang Smart Energy Group Co. (China)
- Nordex SE (Germany)
- GoldWind (China)
- Envision Energy (China)
- Suzlon Energy Limited (India)
- Hitachi Ltd. (Japan)
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