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Floating Offshore Wind Energy Market Trends

Report ID: GMI6147
Published Date: Aug 2024
Report Format: PDF

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Floating Offshore Wind Energy Market Trends

The industry participants are investing aggressively in R&D initiatives to increase operational efficiency and achieve the broader economies of scale. Efforts toward augmenting the product life cycle along with growing expertise in advanced system installations will significantly proliferate the business growth. Additionally, robust investments across the private and public sectors in line with continuous introduction of large-scale projects utilizing enhanced construction & experimental designs are set to boost the business landscape.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of floating offshore wind energy was worth over USD 201.5 million in 2023 and will expand at 46.7% CAGR between 2024 and 2032, propelled by the need for renewable energy sources to combat climate change and reduce reliance on fossil fuels.

Floating offshore wind energy market from the vertical axis segment will achieve more than 69% share by 2032, fueled by its inherent advantages in low-wind conditions and its ability to capture wind from any direction.

North America floating offshore wind energy industry will record USD 490 million by 2032, owing to its extensive coastline, favorable wind conditions, and significant investments in renewable energy infrastructure.

Key players operating in the floating offshore wind energy industry are Equinor ASA, General Electric, Global Energy (Group) Limited, Hexicon, Nexans,