Global Floating Wind Turbine Market 2019-2023
About this market
Rise in wind energy consumption to gain traction in the market. Wind power is a rowing renewable energy technology, which is undergoing a transition to become a commercial power generation technology. The adoption of renewable energy is supported by global clean energy initiatives and government incentives and subsidies, thereby motivating the harness of this form of energy. Technavio’s analysts have predicted that the floating wind turbine market will register a CAGR of more than 47% by 2023.
Favorable government regulations for floating wind
To promote emission-free technologies, the use of alternative energy sources such as wind power, solar PV, and hydropower is essential. Globally, government support the adoption of wind power as it is an essential renewable energy source.
Challenges associated with the installation
Installations of floating wind turbines is a significant challenge for the global floating wind turbine market. The main challenges are installation time and vessel cost, deepwater mooring and electrical cable installations and many more.
For the detailed list of factors that will drive and challenge the growth of the floating wind turbine market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Senvion and Siemens Gamesa Renewable Energy the competitive environment is quite intense. Factors such as the favorable government regulations for floating wind and the rise in wind energy consumption, will provide considerable growth opportunities to floating wind turbine manufactures. aerodyn Energiesysteme, General Electric, Hitachi, MHI Vestas Offshore Wind, Senvion, and Siemens Gamesa Renewable Energy are some of the major companies covered in this report.