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Sustainable development

Floating Wind Power Market to Reach USD 59.24 Billion by 2027

Strategic Insights

— 1 min read

The global floating wind power market size was USD 0.67 billion in 2019 and is projected to reach USD 59.24 billion by 2027, exhibiting a CAGR of 82.2% during the forecast period. The market is driven by increasing awareness in various countries about achieving green energy targets, leading to a surge in investments in renewable energy sources.

Key Takeaways:

  • The global floating wind power market is driven by the rising awareness of achieving green energy targets, leading to a surge in investments in renewable energy sources.
  • The market is segmented into shallow water, transitional water, and deep water, with shallow water accounting for the largest share in 2019.
  • Above 5 MW segment held 63.0% of the share in 2019, driven by the increasing number of planned wind farm construction projects globally.
  • Japan is set to remain at the forefront, fueled by its plan to expand offshore wind power capacity to 30-45 GW in 2040 and 10 GW in 2030.
  • The United Kingdom is set to grow significantly as the world's largest offshore floating wind farm is currently under construction in this country.
  • Regulatory landscape plays a crucial role in the growth of the floating wind power market, with countries implementing policies to support the development of offshore wind farms.
  • Key players are focusing on winning new contracts to compete against their rivals, with major players including Siemens Gamesa Renewable Energy, ABB, GE, and MHI Vestas Offshore Wind.

Statistics:

  • Global floating wind power market size was USD 0.67 billion in 2019.
  • The market is projected to reach USD 59.24 billion by 2027, exhibiting a CAGR of 82.2% during the forecast period.
  • The United States accounted for USD 511.1 million in 2019, while China accounted for USD 446.4 million.
  • The market is expected to grow at a significant rate in the Asia Pacific region, driven by the increasing demand for renewable energy in countries such as Japan and China.
  • The floating wind power market is expected to witness significant growth in the coming years, driven by the increasing awareness of the importance of renewable energy.

Sources:

  • Fortune Business Insights(TM)
  • International Energy Agency (IEA)
  • Japan Wind Power Association
  • Siemens Gamesa Renewable Energy
  • ABB
  • GE
  • MHI Vestas Offshore Wind
  • Fortune Business Insights(TM) Pvt. Ltd.

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