Floating Wind Power Market to reach US$ 30.4 billion by the year 2027


Posted September 1, 2022 by vampire19

The Global Floating Wind Power Market size was valued at US$ 24.2 billion in 2021 and is projected to reach US$ 30.4 billion by 2027, growing at a CAGR of 15.5% from 2022 to 2027.

 
The floating Wind Power Market has been valued at US$ 24.2 billion in the year 2021 and it is estimated to reach US$ 30.4 billion by the year 2027, with a CAGR of 15.5% from 2022 to 2027. Floating Wind Power is an offshore wind turbine mounted on a floating structure that allows the turbine to generate electricity in water depths where fixed-foundation turbines are not feasible; these are the main factors that have considerably increased the demand for Floating Wind Power in the market, thereby driving the huge growth of the Floating Wind Power market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for Floating Wind Power in the market are mainly the floating wind turbine is cost-effective and reduces carbon emission, unlike conventional power sources. Furthermore, the floating wind turbine technology removes the constraint of water depth which aids in selecting the best site possible for power generation. For instance, in June 2017, Statoil, a Norwegian energy company invested $268 million in its Hywind turbine project. The project involved the installation of floating wind turbines at 78-meter sea depth on the northeast coast of Scotland. Additionally, the floating wind turbine has a higher capacity factor than that of other onshore wind turbines. This is attributed to the consistent power generation of floating wind turbines; these are the main factors that have considerably increased the demand for Floating Wind Power in the market, thereby driving the huge growth of the Floating Wind Power market in the upcoming years

To know more read:

https://www.marketdataforecast.com/market-reports/floating-wind-power-market

The report is segmented as:

The floating Wind Power Market is segmented on the basis of:

By Foundation (Spar-Buoy, Semi-Submersible, and Others),

By Capacity (Up to 3MW, 3MW to 5MW, and Above 5MW)

Geographical Segmentation:

The floating Wind Power Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and the rest of the world. North America has the dominant share in Floating Wind Power due to the Rapid urbanization and rise in the disposal income these are the main factors that have considerably increased the demand for Floating Wind Power in North America, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa will register a slower increase in the Floating Wind Power Market

Click the link to get a Sample Copy of the Report:

https://www.marketdataforecast.com/market-reports/floating-wind-power-market/request-sample

Impact of COVID-19 on the Market

The covid-19 pandemic has impacted the growth of the Floating Wind Power Market, The COVID-19 started at the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected the Floating Wind Power market. The covid-19 pandemic has impacted hugely on the sales revenue of the Floating Wind Power market. Due to the government restrictions like lockdown in many countries have stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of coronavirus are expecting to raise the Floating Wind Power market growth

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Last Updated September 1, 2022