China expected to have the fastest growth in the Floating Offshore Wind Power market

According to our research report, Floating Offshore Wind Power Market size is poised to reach USD xx Billion by the end of 2023 from USD xx Billion in 2017 and this market witnessed a growth rate of xx% during the forecast period 2018-2023.

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Floating Offshore Wind Power market Growth Drivers and Restraints:

The Floating Offshore Wind Power Market is expected to grow over the next few years due to a greater focus on the creation of a floating offshore wind infrastructure and related technological advances. Wind power generation involves using the kinetic energy of the wind and converting it into electrical energy. This is achieved through the use of wind turbines to generate electricity.

A large number of floating offshore wind projects are in the planning and construction phase. Benefits of offshore wind facilities include a general reduction in project capital and unimpeded primary (wind) fuel requirements for electricity generation, as wind speeds are high at sea and on land. Increasing participation of renewable energies is expected to boost the global floating offshore wind energy market. In addition, it is expected that the increasing use of project financing will enhance investor confidence and accelerate increases in floating offshore wind energy capacity, which will stimulate the whole market.

New offshore projects using floating wind turbines are ready to lead to many deepwater project development activities. Increased awareness of climate change and technological development is expected to further increase the market. However, the high costs, risks and bottlenecks in the supply chain related is expected to hamper market growth. This is a key opportunity in theworld market. On the other hand, the increase in capital costs resulting from the projects prevents the increase of the capacity on the market, which hinders the development.

Floating Offshore Wind Power market Geographical Segmentation:

Europe dominated the global floating offshore wind market in 2018. Countries such as the UK, Germany, Denmark, the Netherlands, Belgium and Sweden, among others, are the main players of the marine wind market in Europe. Asia Pacific has followed Europe in terms of cumulativecapacity. China is the largest player in the market in Asia-Pacific. China is expected to experience the fastest growth in the world. Japan, South Korea and India, among others, are expected to continue to stimulate the market over the forecast period. The United States is also expected to witness many wind projects during the forecast period.

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Key Players of the Floating Offshore Wind Power market:

Key market players of the market are Northland Power, Siemens Wind Power, Enercon GmbH, Gamesa Corporation Tecnológica SA, Nordex SE, Guodian United Power Technology Company Ltd., Vestas A / S Wind Systems and Upwind Solutions Inc., Xinjiang Goldwind Science & Technologies Co. Ltd., Suzlon Group, GE Wind Energy, Dong Energy, China Ming Yang Power Wind and Sinovel.