United Kingdom Floating Wind Turbine Market

The United Kingdom floating wind turbine market, with substantial investments and a favorable regulatory framework driving the industry forward. The UK boasts extensive marine resources and has been at the forefront of offshore wind development, having already established itself as a dominant player in fixed-bottom wind installations. The transition to floating wind technology is seen as a critical step in unlocking deeper waters and more potent wind resources. The UK government has set ambitious targets, aiming for 40 GW of offshore wind capacity by 2030, with a portion dedicated to floating technologies.

Projects like the Kincardine Floating Wind Farm and the recent launch of the Floating Wind Strategy highlight the UK’s commitment to this innovative sector. Additionally, the UK is investing in research and development to enhance the efficiency and cost-effectiveness of floating wind turbines. With strong governmental support, robust infrastructure, and a growing number of industry players, the UK is well-positioned to lead the floating wind turbine market, contributing to its renewable energy goals while creating jobs and driving economic growth.

The study documents by MRFR state that the Floating Wind Turbines Market Research Report Information by Depth, Foundation, and Region - Forecast Till 2032, the Floating Wind Turbines market is likely to grow considerably throughout the valuation period from 2022 to 2032 at a notable CAGR of nearly 33.50%.

The research reports provide predictions regarding the global market's rising revenue data, which is anticipated to acquire a market worth of USD 49.8 Billion by the end of 2032. The reports also tell that the market will be worth nearly USD 3.7 Billion in 2022. The Floating Wind Turbines market has recently advanced. The main features causing a rise in market performance are the rising benefits of wind and increased eco-friendly and sustainable power sources.

Competitive Analysis

• Goldwind
• Nordex SE
• Siemens Gamesa Renewable
• MHI Vestas Offshore Wind
• General Electric Company
• Senvion SA
• Envision Energy
• ABB Group
• Hitachi
• Mingyang Smart Energy Group CO. Ltd.

Market Drivers

The Floating Wind Turbines market has recently advanced. The main feature causing a rise in market performance is the increased eco-friendly and sustainable power sources. Furthermore, the rising benefits of wind energy are also likely to cause a surge in the performance of the global market over the assessment period. In addition, the concerns about climate change are also likely to enhance the growth of the global market over the review era.

Market Restraints

However, several parameters may impede the performance of the global market for Floating Wind Turbines. One of the main parameters limiting the development of the market is the elevated prices associated with raw materials.

Segment Analysis

The global market for Floating Wind Turbines has been segregated into various segments based on Depth, Foundation, and region.

Based on the foundation, the global market for Floating Wind Turbines is divided into semi-submersible foundations, tension-leg platform (TLP) foundations, spar-buoy foundations, and others. 

Based on the depth, the global market for Floating Wind Turbines is divided into shallow water and deep water. 

Regional Analysis

The data reports by MRFR state that the North American Region ensured the primary spot across the Floating Wind Turbines market in 2022. The region has substantial development participants, such as the U.S., Canada, and Mexico. The primary parameter causing a surge in the performance of the regional Floating Wind Turbines market is the increased promotion of power generation through renewable energy sources. Furthermore, the strict rules and regulations imposed by the government to control greenhouse emissions are also likely to cause a surge in the performance of the regional market over the coming years.

The European Region will grow substantially across the Floating Wind Turbines market from 2023 to 2032. The region has substantial development participants, such as Germany, France, and the U.K. The primary parameter causing a surge in the performance of the regional Floating Wind Turbines market is the maximum number of offshore wind farms and advanced technology in the region.

The Asia-Pacific region is estimated to grow at the highest pace across the Floating Wind Turbines market Size over the assessment era. The region has substantial development participants, such as China, India, and Indonesia. The primary parameter causing a surge in the performance of the regional Floating Wind Turbines market is the rising adoption of offshore wind farms. Furthermore, the surging deployment and demand for renewable energy sources are also likely to cause a surge in the performance of the regional market over the coming years.  

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