Floating Wind Turbine Market Analysis

Foundation (Spar-Buoy Foundation, Semi-Submersible Foundation, Tension-Leg Platform Foundation)

The global floating wind turbine market is segmented and analyzed for demand and supply by foundation into spar-buoy foundation, semi-submersible foundation, tension-leg platform foundation, and others. Out of these four types of segments, the spar-buoy foundation segment is estimated to gain the largest market share of about 42% in the year 2037. The growth of the segment can be attributed to its simple design, and stabilization that is coupled with its being economical to build for small and medium-sized rigs. For instance, 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. Furthermore, the expense of the spar-buoy anchoring system is less than TLP.  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. This, as a factor, is also estimated to fuel segment growth over the forecast period.

Application (Commercial, Industrial)

The global floating wind turbine market is also segmented and analyzed for demand and supply by application into commercial, industrial, and others. Amongst these three segments, the commercial segment is expected to garner a significant share of around 55% in the year 2037. The growth of the segment can be credited to the 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, surging concern for environmental and climate change is also estimated to propel segment growth in the coming years. On the other hand, 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. Moreover, stringent government regulations to conserve the environment are also estimated to drive the segment growth in the projected time frame. In addition to this, escalating investments in R&D activities to strive for the development of innovative technology is another significant factor estimated to boost segment growth in the coming years.

Our in-depth analysis of the global market includes the following segments: