Latest news with #windpower
Yahoo
6 hours ago
- Business
- Yahoo
Floating Offshore Wind Power Industry Report 2025 - Global Market Size, Share, Trends, Opportunities, and Forecasts, 2020-2030F
The floating offshore wind power market is poised for rapid growth by enabling energy generation in deep waters unsuitable for fixed installations. Opportunities arise from increasing demand for renewable energy, government support, and technological advancements. Key players are expanding reach, while high CAPEX remains a challenge. Floating Offshore Wind Power Market Dublin, June 20, 2025 (GLOBE NEWSWIRE) -- The "Floating Offshore Wind Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F" report has been added to Floating Offshore Wind Power Market was valued at USD 4.27 Billion in 2024, and is expected to reach USD 13.29 Billion by 2030, rising at a CAGR of 20.65% This market segment focuses on the deployment of wind turbines on floating platforms, enabling wind energy generation in deep-water regions unsuitable for fixed-bottom installations. Floating offshore wind expands access to stronger, more consistent wind resources found in deeper waters - typically beyond 60 meters - overcoming geographical limitations of traditional offshore systems. The sector includes a broad value chain involving floating platform engineers, turbine manufacturers, cable and mooring system providers, energy companies, and service operators. Floating wind technology reduces visual and acoustic impact concerns near coastlines while unlocking untapped wind resources further offshore. As a result, it is emerging as a vital component of the global transition to renewable energy. Key Market Drivers Increasing Global Demand for Renewable Energy and Net-Zero CommitmentsA major growth driver for the Floating Offshore Wind Power Market is the escalating demand for renewable energy, driven by global efforts to achieve net-zero emissions. As climate change concerns intensify, many countries are adopting ambitious policies to reduce reliance on fossil fuels, positioning offshore wind as a key solution. Floating wind technology enables energy generation in deeper coastal waters, unlocking previously inaccessible wind with deep-sea coastlines - such as Japan, the U.S., Norway, South Korea, and the U.K. - are especially poised to benefit. Governments are supporting the market through regulatory incentives, auctions, and subsidies to accelerate adoption. In Europe, the EC aims for 300 GW of offshore wind by 2050, with floating platforms playing a critical role. U.S. initiatives, including federal lease programs and infrastructure funding, further catalyze market growth. Floating wind's scalability supports large utility projects and growing interest in corporate PPAs, aligning with ESG goals and reinforcing investment flows into the Market Challenges High Capital Expenditure and Cost UncertaintyA critical challenge for the floating offshore wind sector is the high CAPEX involved in deploying and operating installations in deep-sea environments. Floating wind farms demand advanced technologies, robust mooring systems, and resilient substructures to endure marine conditions - resulting in higher construction, logistics, and installation costs. Compared to more mature fixed-bottom offshore wind technology, floating solutions are still in early stages, limiting opportunities for cost reductions through economies of scale. Additionally, diverse prototype platforms - like spar-buoy, semi-submersible, and tension leg designs - contribute to pricing variability. Long project payback periods and limited standardization add further financial uncertainty, deterring new entrants and private investors, especially in markets lacking consistent subsidies or policy Market Trends Increasing Investments and Government Support for Floating Wind ProjectsThe floating offshore wind industry is witnessing a surge in investment and policy support, accelerating commercialization and deployment. Governments across Europe, Asia-Pacific, and North America are prioritizing floating wind to meet decarbonization targets, particularly in deep-water regions unsuitable for fixed foundations. The EU's 2030 goal of 60 GW offshore capacity, along with initiatives in the U.K., France, Norway, and Japan, are spurring pilot projects and offering financial mechanisms such as CfDs and research efforts - like Equinor's Hywind Tampen or U.S. federal leasing programs - demonstrate growing public-private partnerships. Simultaneously, capital inflows from venture and corporate investors are supporting developers like Principle Power and BW Ideol. Investments are also being channeled into upgrading port infrastructure and localizing supply chains. Strategic alliances with oil and gas firms transitioning to renewables, including Shell, BP, and TotalEnergies, reflect heightened industry engagement and are propelling the market toward rapid, scalable growth. Key Attributes: Report Attribute Details No. of Pages 180 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $4.27 Billion Forecasted Market Value (USD) by 2030 $13.29 Billion Compound Annual Growth Rate 20.6% Regions Covered Global Report Scope: Key Market Players Equinor ASA Orsted A/S Principle Power Inc. Hexicon AB Saitec Offshore Technologies Floating Power Plant A/S GE Renewable Energy Siemens Gamesa Renewable Energy S.A. Aker Solutions ASA TotalEnergies SE Floating Offshore Wind Power Market, By Water Depth: Shallow Water (Less Than 30 M Depth) Transitional Water (30 M To 60 M Depth) Deep Water (Higher Than 60 M Depth) Floating Offshore Wind Power Market, By Turbine Capacity: Up to 3 MW 3 MW - 5 MW Above 5 MW Floating Offshore Wind Power Market, By Region: North America United States Canada Mexico Europe France United Kingdom Italy Germany Spain Asia-Pacific China India Japan Australia South Korea South America Brazil Argentina Colombia Middle East & Africa South Africa Saudi Arabia UAE Kuwait Turkey For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Floating Offshore Wind Power Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
11 hours ago
- Business
- Forbes
Game-Changing Wind Turbines Harvest Underused Resource Close To The Ground
Winds of Change: Kevin Wolf, CEO and co-founder of Wind Harvest Jimmy Dean, the country musician, actor and entrepreneur, famously said: 'I can't change the direction of the wind, but I can adjust my sails to always reach my destination.' A new wind turbine from a California startup, Wind Harvest, takes Dean's maxim to heart and applies it to wind power generation. It goes after untapped, abundant wind. Wind Harvest is bringing to market a possibly revolutionary but well-tested vertical axis wind turbine (VAWT) that operates on ungathered wind resources near the ground, thriving in turbulence and shifting wind directions. The founders and investors – many of them recruited through a crowd-funding mechanism — believe that wind near the ground is a great underused resource that can go a long way to helping utilities in the United States and around the world with rising electricity demand. The Wind Harvest turbines neither seek to replace nor compete with the horizontal axis wind turbines (HAWT), which are the dominant propeller-type turbines seen everywhere. These operate at heights from 200 feet to 500 feet above ground. Instead, these vertical turbines are at the most 90 feet above the ground and, ideally, can operate beneath large turbines, complementing the tall, horizontal turbines and potentially doubling the output from a wind farm. The wind disturbance from conventional tall, horizontal turbines is additional wind fuel for vertical turbines sited below. Studies and modeling from Caltech and other universities predict that the vortices of wind shed by the verticals will draw faster-moving wind from higher altitude into the rotors of the horizontals. For optimum performance, their machines should be located in pairs just about 3 feet apart and that causes the airflow between the two turbines to accelerate, enhancing electricity production. Kevin Wolf, CEO and co-founder of Wind Harvest, told me that they used code from the Department of Energy's Sandia National Laboratory to engineer and evaluate their designs. They believe they have eliminated known weaknesses in vertical turbines and have a durable and easy-to-make design, which they call Wind Harvester 4.0. This confidence is reflected in the first commercial installation of the Wind Harvest turbines on St. Croix, one of the U.S. Virgin Islands in the Caribbean. Some 20 turbines are being proposed for construction on a peninsula made from dredge spoils. This 1-megawatt project would produce 3000 megawatt hours of power annually. All the off-take from this pilot project will go to a local oil refinery for its operations, replacing propane generators. Wolf said the Wind Harvester will be modified to withstand Category 5 hurricanes; can be built entirely in the United States of steel and aluminum; and are engineered to last 70-75 years with some refurbishing along the way. Future turbines will avoid dependence on rare earths by using ferrite magnets in the generators. Recently, there have been various breakthroughs in small wind turbines designed for urban use. But Wind Harvest is squarely aimed at the utility market, at scale. The company has been working solidly to complete the commercialization process and spread VAWTs around the world. 'You don't have to install them on wind farms, but their highest use should be doubling or more the power yield from those farms with a great wind resource under their tall turbines,' Wolf said. Horizontal wind turbines, so named because the drive shaft is aligned horizontally to the ground, compared to vertical turbines where the drive shaft and generator are vertically aligned and much closer to the ground, facilitating installation, maintenance and access. Wolf believes his engineering team has eliminated the normal concerns associated with VAWTs, like resonance and the problem of the forces of 15 million revolutions per year on the blade-arm connections. The company has been granted two hinge patents and three others. Four more are pending. Wind turbines have a long history. The famous eggbeater-shaped VAWT was patented by a French engineer, Georges Jean Marie Darrieus, in 1926, but had significant limitations on efficiency and cost-effectiveness. It has always been more of a dream machine than an operational one. Wind turbines became serious as a concept in the United States as a result of the energy crisis that broke in the fall of 1973. At that time, Sandia began studying windmills and leaned toward vertical designs. But when the National Renewable Energy Laboratory assumed responsibility for renewables, turbine design and engineering moved there; horizontal was the design of choice at the lab. In pursuing the horizontal turbine, DOE fit in with a world trend that made offshore wind generation possible but not a technology that could utilize the turbulent wind near the ground. Now, Wind Harvest believes, the time has come to take advantage of that untouched resource. Wolf said this can be done without committing to new wind farms. These additions, he said, would have a long-projected life and some other advantages: Birds and bats seem to be more adept at avoiding the three-dimensional, vertical turbines closer to the surface. Agricultural uses can continue between rows of closely spaced VAWTs that can align fields, he added. Some vertical turbines will use simple, highly durable lattice towers, especially in hurricane-prone areas. But Wolf believes the future will be in wooden, monopole towers and to reduce the amount of embodied carbon in their projects. One way or another, the battle for more electricity to accommodate rising demand is joined close to the ground.
Reuters
3 days ago
- Business
- Reuters
Renewable energy firm EDPR sticking to US plans despite tax credit cuts
LISBON, June 17 (Reuters) - EDP Renovaveis ( opens new tab, the world's fourth-largest wind energy producer, will stick to its goal of installing up to 1.75 gigawatts of new capacity in the U.S. by the end of 2026 even if tax credits for renewables are phased out, its CEO said. The Republican-controlled U.S. House of Representatives approved a budget reconciliation bill last month, which weakens clean-energy tax credits included in the 2022 Inflation Reduction Act. Though the Senate could still amend the bill, in its current form it would abruptly terminate several credits 60 days after its enactment for projects that have not yet begun construction, making most of them unfeasible. "For 2025 and 2026, I think we will maintain our forecasts in terms of results and installation of new capacity," the Portuguese firm's CEO Miguel Stilwell d'Andrade told reporters on the sidelines of a conference late on Monday. EDPR is currently preparing a new business plan to be disclosed on November 6 that will go beyond 2027. "The renewables bet in the U.S. is here to stay. In 2024, we installed 2 GW there and this year we will install 1 GW and up to 750 megawatts in 2026 as planned," he said. The exact level of investment from 2027 onwards would depend on what is approved in the final version of the reconciliation bill, he added. "Let's see what comes out of the Senate," he said. Senator John Curtis, one of a handful of Senate Republicans who have said they want to preserve some of the tax credits, said last week that changes to the bill were necessary to protect investors and jobs from major disruption. EDPR, which operates in 28 countries across Europe, Asia and the Americas, had installed capacity of 19.3 GW in December 2024, 51% of which was in the United States.
Zawya
4 days ago
- Business
- Zawya
ADB approves €19.6mln in financing to scale up Cabo Verde's pioneer in wind and battery storage capacity
ABIDJAN, Ivory Coast -- The Board of Directors of the African Development Bank Group ( has approved a €19.6 million financing package to support the Cabeólica Phase II Expansion Project in Cabo Verde. The project is the country's first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) at scale. The financing includes a loan of approximately €12.6 million from the African Development Bank, and €7 million in concessional loan financing from the Bank Group-managed Sustainable Energy Fund for Africa (SEFA). Building on the success of the original Cabeólica power project commissioned in 2012, Phase II will add 13.5 megawatts of wind generation capacity and 26 megawatt-hours of grid-connected battery energy storage. The expansion is expected to generate over 60 gigawatt-hours of clean energy annually, eliminating expensive thermal generation and reducing carbon dioxide emissions by an estimated 50,000 tonnes annually. 'This project is a testament to Cabo Verde's long-term vision to decarbonize its power sector and enhance its resilience. It also demonstrates how private sector investment, facilitated by catalytic concessional financing, can deliver cost-effective, sustainable energy solutions for small island economies,' said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulations at the African Development Bank. Daniel Schroth, the Bank Group's director for Renewable Energy and Efficiency said: 'SEFA's support for the integration of battery storage into Cabo Verde's power system enhances power security and grid reliability while reducing generation costs in Cabo Verde.' He noted that the project highlights the added value of the right mix of financing and technology to strengthen long-term power sector sustainability. Ayotunde Anjorin, Chairman of Cabeólica and Senior Director and CFO at Africa Finance Corporation, said: 'As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica is again proud to lead this transformative expansion project comprising additional wind capacity and battery energy storage. This project underscores Cabeólica's deep commitment to delivering reliable, clean energy infrastructure in line with national goals and priorities and continues to set a replicable model for the region.' Cabeólica Phase II entails five installations across four islands: a wind expansion on Santiago and BESS deployments on Santiago, Sal, Boa Vista, and São Vicente. Battery storage will support ancillary grid services such as frequency response and voltage regulation, enabling more efficient use of intermittent wind power and reducing curtailment. With Cabo Verde's electricity system still heavily reliant on imported fossil fuels, these upgrades are expected to reduce system costs and enhance energy security. Owned by Africa Finance Corporation, A.P. Moller Capital, and Cabo Verdean public entities, Cabeólica S.A. is the country's first independent power producer (IPP). Phase II of the project will be underpinned by a 20-year power purchase and storage services agreement with the national utility Electra S.A., at tariffs significantly lower than the national average generation cost. The project advances Cabo Verde's goal of generating 50% of its electricity from renewables by 2030 as well as its Nationally Determined Contribution under the Paris Agreement. It aligns with the African Development Bank's 'Light Up and Power Africa' High-5 priority, its Ten-Year Strategy, and SEFA's Green Baseload pillar. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communication and External Relations Department media@ Technical Contact: Wole Lawuyi Chief Investment Officer Energy Financial Solutions About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: SOURCE African Development Bank Group (AfDB)
Zawya
4 days ago
- Business
- Zawya
African Development Bank approves €19.6 million in financing to scale up Cabo Verde's pioneer in wind and battery storage capacity
The Board of Directors of the African Development Bank Group ( has approved a €19.6 million financing package to support the Cabeólica Phase II Expansion Project in Cabo Verde. The project is the country's first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) at scale. The financing includes a loan of approximately €12.6 million from the African Development Bank, and €7 million in concessional loan financing from the Bank Group-managed Sustainable Energy Fund for Africa (SEFA). Building on the success of the original Cabeólica power project commissioned in 2012, Phase II will add 13.5 megawatts of wind generation capacity and 26 megawatt-hours of grid-connected battery energy storage. The expansion is expected to generate over 60 gigawatt-hours of clean energy annually, eliminating expensive thermal generation and reducing carbon dioxide emissions by an estimated 50,000 tonnes annually. 'This project is a testament to Cabo Verde's long-term vision to decarbonize its power sector and enhance its resilience. It also demonstrates how private sector investment, facilitated by catalytic concessional financing, can deliver cost-effective, sustainable energy solutions for small island economies,' said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulations at the African Development Bank. Daniel Schroth, the Bank Group's director for Renewable Energy and Efficiency said: 'SEFA's support for the integration of battery storage into Cabo Verde's power system enhances power security and grid reliability while reducing generation costs in Cabo Verde.' He noted that the project highlights the added value of the right mix of financing and technology to strengthen long-term power sector sustainability. Ayotunde Anjorin, Chairman of Cabeólica and Senior Director and CFO at Africa Finance Corporation, said: 'As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica is again proud to lead this transformative expansion project comprising additional wind capacity and battery energy storage. This project underscores Cabeólica's deep commitment to delivering reliable, clean energy infrastructure in line with national goals and priorities and continues to set a replicable model for the region.' Cabeólica Phase II entails five installations across four islands: a wind expansion on Santiago and BESS deployments on Santiago, Sal, Boa Vista, and São Vicente. Battery storage will support ancillary grid services such as frequency response and voltage regulation, enabling more efficient use of intermittent wind power and reducing curtailment. With Cabo Verde's electricity system still heavily reliant on imported fossil fuels, these upgrades are expected to reduce system costs and enhance energy security. Owned by Africa Finance Corporation, A.P. Moller Capital, and Cabo Verdean public entities, Cabeólica S.A. is the country's first independent power producer (IPP). Phase II of the project will be underpinned by a 20-year power purchase and storage services agreement with the national utility Electra S.A., at tariffs significantly lower than the national average generation cost. The project advances Cabo Verde's goal of generating 50% of its electricity from renewables by 2030 as well as its Nationally Determined Contribution under the Paris Agreement. It aligns with the African Development Bank's 'Light Up and Power Africa' High-5 priority, its Ten-Year Strategy, and SEFA's Green Baseload pillar. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communication and External Relations Department media@ Technical Contact: Wole Lawuyi Chief Investment Officer Energy Financial Solutions About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
