A comprehensive overview of the Global Floating Wind Turbine Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Floating Wind Turbine Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Floating Wind Turbine Market at the regional & country levels. The Global Floating Wind Turbine Market is expected to grow at a CAGR of x% from 2021-2027 to reach USD x billion by 2027.
The Global Floating Wind Turbine Market is experiencing significant growth due to higher potential of power production as compared to fixed structures, technological advancements in floating turbines, and increasing investments & favorable policies for offshore wind power generation globally. Constant advancements in Floating Wind Turbine such as “Twisted Jacket” foundation with fewer nodes and components is made which is further projected to create lucrative opportunities in the market.
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Travel bans, supply chain pressure, and deferred maintenance of Floating Wind Turbine are among key challenges faced by wind farm owners during the ongoing COVID-19 pandemic. Limited availability of spares and manpower for maintenance is a major problem affecting the growth of the floating wind turbine market. During high wind season, planned maintenance became a major issue for industry players, owing to reduced labor force and social distancing norms. Moreover, factory shutdowns worldwide have affected the uptake of renewable energy. This led to difficulties in adhering to deadlines for building new projects.
However, as per IEA, the impact of Covid-19 on offshore deployment in 2020 and 2021 remains limited as Offshore projects have longer construction periods than do onshore projects. Most projects in their period for 2020 and 2021 are either partially commissioned or at an advanced stage of development, particularly in Europe, which is the largest offshore market. Also, shifting trend towards domestic supply chain may reduce the dependency on imports encouraging domestic production of wind turbines.
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Global Floating Wind Turbine Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Foundation Type, the market is primarily bifurcated into:
The Spar-buoy segment dominated the Floating Wind Turbine Market and accounted for X% market share. This segment will witness a considerable CAGR of X% during the forecast period (2021-2027F) owing to its simple design which can be easily fabricated.
By Depth, the market is primarily studied into:
The Deep Water (higher than 60 m Depth) segment generated revenue of USD X billion in 2020. The segment is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X billion by 2027 as installation of deep-water turbine offers large area with no constraint of water depth which aids in selecting the best site for power generation & also has more potential to generate higher energy yields for the offshore wind farm.
Global Floating Wind Turbine Market Region Segmentation Includes:
Based on the estimation, Europe dominated the market in 2020 and is expected to maintain its dominance during the forecast period (2021-2027).
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The major players targeting the market includes:
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Floating Wind Turbine Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
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