Ocean Wind International - Floating Wind Power Market to Be Worth $60bn by 2027

HONG KONG, February 5, 2021 (Newswire.com) -  Hong Kong-based floating wind power solutions innovator, Ocean Wind International Industrial Limited says it is largely in agreement with recent assertions made in a report by a respected researcher that suggest the global floating wind power market could be worth up to $60 billion by the year 2027.

The report, published by Fortune Business Insights predicts that the deep water floating wind turbine segment of the offshore wind power generation market will play a significant role in helping countries around the world to achieve their renewable energy production targets.

"Ocean Wind International's Poseidon solution can be safely and reliably deployed in waters as deep as 800 meters and is well suited to playing a major role in the proliferation of offshore wind power generation infrastructure," said Jeremy Fitzroy, Ocean Wind International's Chairman & CEO, when asked about Ocean Wind International's product lineup at a green energy symposium in Taiwan recently.

According to the Fortune Business Insights report, the market was only worth USD670 million in 2019 so its 2027 forecast for nearly $60bn represents CAGR (Compound Annual Growth Rate) of 82.2%.

Deep water floating wind turbines are able to harness the power of the stronger and more consistent winds that exist further out to sea, but which would prove far too costly and hazardous to tap for traditionally-mounted turbines which sit atop towers anchored in the seabed.

Ocean Wind International's CEO said the company is experiencing strong demand for its Poseidon solution and would be reporting on what he called "exciting developments" in the very near future.

Source: Ocean Wind International