Floating Wind Turbine Market Segmentation:
Foundation Segment Analysis
The spar-buoy foundation segment is estimated to gain the largest floating wind turbine market share of about 42% in the year 2035 due to its simple design, stabilization, and economical build for small and medium-sized rigs. Since it has its deep draft construction, a spar-buoy foundation is more stable than a semi-submersible foundation. Its framework is typically easier than that of semi-submersibles and TLPs. In addition to this, it is more stable than a TLP as it has a big counterbalance at its bottom and does not rely on the mooring to keep it stable.
Application Segment Analysis
The commercial segment in floating wind turbine market is expected to garner a significant share of around 55% by the end of 2035 owing to surging demand and consumption of energy in the commercial sector, coupled with the expanding investments by various organizations in sustainable energy sources. In addition to this, rising concern for environmental and climate change is estimated to increase the adoption of commercial-scale floating wind turbines in the coming years. In April 2024, Flotation Energy and Vårgrønn, a joint venture between HitecVision and Plenitude (Eni) received offshore planning approval for its Green Volt floating wind farm in Scotland. Upon the approval, it became the first-ever commercial-scale floating offshore wind farm in Europe.
The industrial segment is projected to witness an impressive CAGR during the forecast period, owing to the rising preference of the industrial sector towards green power to minimize their co-dependency on conventional fuel sources. Other factors such as stringent government regulations to conserve the environment and escalating investments in R&D activities to strive for the development of innovative technology are estimated to boost segment growth going ahead.
Our in-depth analysis of the global floating wind turbine market includes the following segments:
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Water Depth |
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Foundation |
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Application |
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