Source: China Electric Power News

According to a new report by Technavio, an international market research institution , the global floating offshore wind market will increase by 296.35mw between 2020 and 2024, with 80% of that growth coming from Europe.Continually increasing support from government for floating wind regulation is one of the main reasons for the growth of the floating wind market in the next five years. The use of alternative energy sources such as wind, solar photovoltaics and hydropower is crucial to the spread of emissions-free technologies. Around the world, many governments have begun funding floating offshore wind demonstration projects..France, Norway, Portugal, Japan and the United States, in particular, have supported offshore floating wind projects through a variety of industry partnerships and financing mechanisms, which will drive the growth of the global floating wind turbine market during the forecast period.

The floating wind turbine market is expected to grow at a compound annual rate of more than 47 per cent over the forecast period.However, based on the year-to-year analysis, the growth momentum of the market is expected to slow down.One of the major market trends expected to cause concern in the market is the increase in wind energy consumption.With the growing emphasis on renewable energy, demand for wind turbine installations will increase significantly in the coming years.

Europe will become the world's largest floating offshore wind market over the forecast period.Demand for floating wind turbines in the region will continue to grow as more and more floating wind turbine projects are built in several developed economies, including the UK, France and Norway.

In terms of fan types, rod-buoy based models will have the largest market share of floating wind turbines in the forecast period.However, the semi-submersible market segment will occupy the fastest growth rate of the market.

The floating wind turbine market is highly concentrated as the company launches innovative products to meet changing end-user requirements.Siemens komesa, general electric, mitsubishi heavy industries vestas, Senvion and Hitachi will be the world's leading manufacturers of floating offshore wind turbines.But as many of the world's largest manufacturers step up innovation, the concentration of this market will gradually decrease.