Floating Offshore Wind Energy Market Analysis

Floating Offshore Wind Energy Market Analysis

To get key market trends

  Download Free Sample

Horizontal floating offshore wind energy industry size will surpass over USD 4.8 billion by 2032. Shifting emphasis toward adoption of clean energy sources in line with large-scale renewable energy integration will positively influence the business landscape. The robust R&D initiatives focused on enhancing the capacity utilization factor for energy generation in an economical & efficient manner followed by proliferation of fundings through governing bodies will positively encourage the market dynamics.
 

For instance, in March 2023, the U.S. Department Of Energy (DOE) selected 9 floating wind foundation projects to grant USD 100 thousand as funds & USD 75 thousand as vouchers to provide technical support by the DOE national laboratories.
 

Blades floating offshore wind energy market is expected to register around 48% growth rate during 2023 to 2032. Introduction of reforms and directives by the government authorities for the implementation of green energy infrastructure will support gain sustainability of the energy sector. Consequently, manufacturers are involved in the development of high-quality blades capable to withstand the extreme environmental, water flow and harsh conditions. Additionally, ongoing saturation of near shore infrastructure along with significant penetration to offer a higher potential has encouraged the components upgradation for these projects.
 

≤ 30 m floating offshore wind energy industry will exceed USD 2.2 billion by 2032 owing to increasing public and private mergers and contracts accompanied by growing investments across floating offshore wind energy for the project deployment. The capability to offer higher potential along with competitive energy transition has enhanced the development of offshore wind energy projects at ≤ 30 m depth levels. The developed projects in this water depth offers huge prospective for grid connectivity and are economical as compared to the high-water depth’s projects developed, thereby augmenting the product penetration.
 

12 MW floating offshore wind energy market is estimated to amass USD 1.7 billion by 2032. Greater capacity utilization factor along with shifting focus from near-shore locations to far offshore sites possessing high technical wind energy potential will enhance the product adoption. Rising demand for electricity while meeting them near shore areas together with rapid infrastructural expansion and the advancement of offshore wind energy projects will drive the business scenario. Moreover, favorable policies for the deployment of offshore windfarms and growing focus on strategic agreements & collaborations will augment the industry outlook.
 

Europe floating offshore wind energy industry is likely to expand at more than 49% growth rate till 2032. Growing installation of offshore energy projects for power generation at an economical & efficient manner and rising research & development initiatives toward maximizing capacity utilization. For example, in October 2019, Siemens Gamesa Renewable Energy scheduled commissioning in 2022 for 88MW Hywind Tampen floating offshore wind project in Norway. The company’s SG 8.0-167 DD turbines were planned to be equipped for the project to further develop the power generation solutions in offshore areas thereby complementing the market growth in the region.