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Furthermore, project delays and cancellation of orders further affected the key markets for both blade production and wind turbine installations.During high wind season, planned maintenance became a major issue for industry players, owing to reduced labor force and social distancing norms. Additionally, limited availability of spares and manpower for maintenance is a major problem affecting the growth of the floating wind turbine market.For instance, Germany's Nordex SE reported negative EBITDA of $86.5 million down from positive EBITDA $21 million in previous The Covid-19 pandemic severely impacted the wind turbine manufacturing in countries like China, Germany.In addition, presence of major manufacturers, such as Siemens Gamesa Renewable, MHI Vestas Offshore Wind, Senvion SA, Adwen GmbH, and ABB group operating 75% of the global floating turbine projects will positively impact the market growth. Global Floating Wind Turbine Market, By RegionĮurope accounted for highest revenue share and highest market growth, owing to rise in investments in countries like France, UK, and Norway. The key players profiled in the report include Siemens Gamesa Renewable, MHI Vestas Offshore Wind, Senvion SA, ABB group, GE Renewable Energy, and NORDEX SE. Major players have adopted product launch, business expansion, and acquisition to sustain the intense market competition. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, with country level analysis of each region. Based on depth, it is categorized into shallow water (less than 60 meter depth) and deep water (higher than 60 meter depth). On the basis of foundation, it is divided into spar-buoy, semi-submersible, and others. The global floating wind turbine market is segmented on the basis of foundation and depth.
![floating foundation example floating foundation example](http://www.seismicresilience.org.nz/assets/Foundations/Module4-11March2015-1a.jpg)
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The inward battered guide structure provides robust and secure structure, and also reduces installation cost. Nonetheless, technological advancements in wind turbine structure, such as “Twisted Jacket” foundation with fewer nodes and components may be permanent solution against heavy storm. In addition, during heavy storms or hurricanes, the wind turbine may face severe damage. However, installation of wind turbine with multiple mooring lines and anchors can be expensive. For instance, the capacity factor for floating offshore wind turbine is 0.5-0.7 where the onshore wind turbine has capacity factor of around 0.25-0.3. This is attributed to consistent power generation of floating wind turbine. Additionally, floating wind turbine has a higher capacity factor than that of other onshore wind turbines. The project involved installation of floating wind turbines at 78 meter sea depth in north-east coast of Scotland. For instance, in June 2017, Statoil, a Norwegian energy company invested $268 million for its Hywind turbine project. Furthermore, the floating wind turbine technology removes the constraint of water depth which aids in selecting the best site possible for power generation. In addition, floating wind turbine is cost effective and reduces carbon emission unlike conventional power sources. Significant surge in demand for renewable power sources is expected to drive the floating wind turbine market growth. Though the pandemic situation led to delays in both blade production and wind turbine installations, implementation of digitization in remote monitoring of projects has minimized the impact on floating wind turbine market. In addition, due to consistent wind flow at seashore, floating wind turbine is capable to generate electricity at steady rate unlike onshore wind turbine. Floating wind turbine is effective anywhere in deep water where depth is more than 60 meter. The turbine is connected to the sea bed with the help of multiple mooring lines and anchors. The mounted structure allows the wind turbine to generate electricity in water depth where fixed foundation is not applicable. Floating wind turbine, a type of offshore wind turbine, is supported by a floating foundation where most of the mass is underwater. Global floating wind turbine market size was valued at $3.2 billion in 2019, and is projected to reach $30.6 billion by 2027, growing at a CAGR of 32.5% from 2020 to 2027. Floating Wind Turbine Market Outlook - 2027