Floating Wind Turbine Market Trends

Growth Drivers

• Growing Consumption of Electricity - The worldwide demand and consumption of energy continue to rise as a result of heightened industrial activities and technological advancements in both emerging and established nations. Moreover, the astounding surge in urbanization has been also boosting the demand for electricity across the globe. Hence, the increasing electricity demand is leading the way for the use of numerous clean energy sources for power generation. This, as a factor, is estimated to fuel market growth in the coming years. For instance, after dropping by approximately 4% in 2020, worldwide energy consumption soared by nearly 8% in 2021.

• Rise in Wind Farm Construction – As of the surging demand for energy, the construction of wind farms has increased in the last few years. Furthermore, these offshore wind turbines do not emit any sort of greenhouse gases. Hence, this factor is also estimated to propel the growth of the market in the coming years. For instance, China had 30 offshore wind farm projects under construction as of January 2023.

• Worldwide Surging Depletion of Traditional Resources – Dynamic surge in the worldwide population has been using traditional resources very swiftly. In addition to this, the industrial revolution also fastened the excessive use of traditional resources. Thus, the rising depletion of such resources has increased the use of various green energy sources which is also estimated to accelerate the growth of the floating wind turbine market in the coming years. For instance, between the years 2000 to 2020, the natural resource depletion in Congo Republic surged by around 39%, and in Angola around 22%.

• Rising Need to Reduce Escalating Carbon Footprint – As per a report, in 2020, worldwide measured molecular fractions of CO2 exceeded nearly 412 parts per million. Thus, the worldwide carbon dioxide footprint must be decreased by 46% from 2010 levels by 2030, with net-zero emissions by 2050.

• Upsurge in the Investments of Wind Energy – For instance, in 2021, worldwide investments in wind energy technologies augmented approximately USD 149 billion.

Challenges

• Requirement of Higher Investment - Establishing and maintaining the power lines that transmit power from a floating wind farm back to land can be expensive and require higher investment. It is challenging to construct a strong and secure wind farm in an ocean that is deeper than 200 feet. Hence, this factor is anticipated to hinder market growth in the coming years.
• Lack of Skilled Workforce
• Risk of Damage by Harsh Environmental Conditions