A floating foundation with the majority of its mass submerged supports floating wind turbines, a form of offshore wind turbine. The mounting design allows the wind turbine to function in water depths where a stable base is impractical. The turbine is secured to the ocean floor using multiple mooring lines and anchors. Anywhere in deep water with a depth of more than 60 metres is useful for a floating wind turbine. Furthermore, due to the steady wind flow along the coast, floating wind turbines, unlike onshore wind turbines, may produce power at a consistent rate.
According to SPER market research, ‘Floating Wind Turbine Market Size- By Foundation, By Turbine Capacity, By Application, By Water Depth- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Floating Wind Turbine Market is predicted to reach USD 167.39 billion by 2033 with a CAGR of 32.74%.
Building wind farms in bodies of water allows the floating wind turbines to harness wind energy to generate power. This is one of the most cutting-edge, economical, and eco-friendly energy production technologies. They offer a variety of advantages to onshore wind turbines, including larger size and faster wind speeds. Because of problems like the need to reduce carbon emissions, the depletion of fossil fuel resources, climate change, and others, the energy sector has also seen a notable shift towards renewable and green energy. Therefore, during the course of the forecast period, these environmentally friendly qualities drive market expansion. Additionally, the quickening of urbanisation and the growing knowledge of the advantages of wind energy are the main forces propelling market expansion. Utilising renewable energy sources will promote industry expansion as well. A solid foundation for the commercial and industrial sectors is also formed by the factors.
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Even though offshore wind has a higher capacity factor than similar technologies like solar and onshore wind, its development is hampered by its high capital cost. Offshore wind turbines are susceptible to erosion since they operate for years in harsh marine environments. Offshore wind farms can be harmed even by their best features, including tremendous wind speeds. Additionally, offshore wind farms typically provide significant logistical challenges. Wind farms are frequently located far from the coast, making them difficult to access, especially during severe weather. As a result, even minor technological problems can be difficult and expensive to correct. Due to the market's high capital, maintenance-related, and transportation expenses, the market for floating wind turbines faces significant growth barriers.
Impact of COVID-19 on Global Floating Wind Turbine Market
Furthermore, the COVID-19 epidemic has had a major effect on the global market for floating wind turbines, resulting in supply chain interruptions, delays in construction and installation, and funding difficulties. Critical components have been impacted by factory closures, travel restrictions, and logistical difficulties, which have increased costs and delayed projects. Financial opportunities have been damaged by the economic unpredictability, making it harder for developers to raise money. Governments' attention has also switched to managing the effects on the economy and public health, which has an impact on how regulations and support for policies are developed.
Floating Wind Turbine Market Key Players:
Geographically, Asia-Pacific dominates the floating wind turbine industry, and due to its sizable consumer base, this dominance will only grow during the projection period. The market will experience considerable growth as a result of the region's rising need for renewable energy over the forecast period. In contrast, North America is anticipated to have profitable growth during the projection period as a result of the region's enhanced support for the production of electricity using renewable energy sources. Additionally, some of the market key players are General Electric, MHI Vestas Offshore Wind, ABB Group, EEW Group, Ming Yang Smart Energy Group Co, Schneider Electric, Others.
For More Information, refer to below link: –
Floating Wind Turbine Market Growth Analysis
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