Floating Wind Turbine Market Share

Europe Market Forecast

The market share of the floating wind turbine in Europe, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2037. The growth of the market can be attributed majorly owing to the presence of a large number of offshore wind farms in several countries, such as Denmark, Norway, the United Kingdom, and Russia, along with high untapped potential in the region. Based on a report, Denmark presently has 122 offshore wind farm projects, 16 of which are functioning. In addition to this, the great availability of advanced technology in the region, along with the high investment in the utilization of green energy sources are also projected to spur the market growth further throughout the forecast period in the region.

North American Market Forecast

The North American floating wind turbine market is estimated to be the second largest, registering a share of about 25% by the end of 2037. The growth of the market can be attributed majorly to the escalating count of wind farms in the coastal areas of the region. As per the report by the U.S. Energy Information Administration (EIA), the United States produced 338 billion kWh of electricity from wind energy in 2020, which accounted for 8.4% of total U.S. utility-scale electricity generation. Although a major part of this electricity was generated by onshore wind farms, offshore wind farms are also gaining acceptance owing to their economic benefits. This, as a factor, is estimated to further boost the market growth in the region throughout the projected time frame. Further, the surge in strict regulations imposed by the government to control greenhouse emissions is also a significant factor anticipated to spur the growth of the floating wind turbine market in the region during the forecast period.

APAC Market Statistics

Further, the market in the Asia Pacific, amongst the market in all the other regions, is projected to garner a majority of the share of about 20% by the end of 2037. The growth of the market can be attributed majorly to the increasing adoption of offshore wind farms in China, coupled with the surging demand and deployment of renewable energy sources in the region. As per the World Wind Energy Association, China alone accounts for 39% of the global wind energy generation capacity, as of 2020. China installed wind turbines of almost 289 gigawatts of capacity by 2020. In addition to this, surging demand for energy is also estimated to boost the market growth further throughout the forecast period in the region.