Floating Wind Power Industry - Regional Synopsis
APAC Market Statistics
Asia Pacific industry is predicted to account for largest revenue share of 35% by 2037. The market’s growth in the region is also expected on account of the expansion of the oil & gas sector. Also, the growing adoption of offshore wind farms and the surging deployment of renewable energy sources is another factor augmenting the market growth in the region.
Some of the factors driving the market demand in the region are China's emergence as the global leader in wind energy markets, its expansion along wind energy value chains, and the construction of the largest and most efficient wind turbines in the world. The government is investing in renewable sources which is impacting the market expansion in the region. According to the State Council, the Chinese government invested more than USD 92.38 billion in solar power generation last year, and more than USD 52.0 billion in wind power.
European Market Analysis
The Europe region will also encounter huge growth for the floating wind power market during the forecast period owing to the growing investment in R&D activities in the region. In addition to this, growing climate and energy targets are another key factor expanding market demand in the region. According to the Wind Europe Organization, in 2023, 18.3 GW of new wind power capacity was added in Europe. 16.2 GW of this was installed by the EU-27, a record amount but less than half of what is needed to satisfy the bloc's 2030 energy and climate commitments.
The United Kingdom's wind power system is a constantly changing and dynamic environment. From the vast offshore wind farms that capture the energy of the sea winds to the undulating hills that are home to onshore wind turbines, the UK is leading the way in the renewable energy revolution. Also, the growing number of wind farms in the region is another factor driving the market growth. For instance, the biggest wind farm undertaking, the Kincardine project was initiated back in 2014. Five Vestas V164-9.5 MW and one V80-2 MW turbine are part of the project; they are all mounted on Principle Power-designed WindFloat® semi-submersible platforms.
