10 Fastest-Growing Energy Sources in 2020

8. Floating turbine

A floating turbine is an offshore turbine that is mounted on a floating structure. The floating turbine market has faced a progressive growth in the past few years. It is anticipated that the market growth will escalate by 2024. As per Business Wire, from 2019 to 2020 there was an incremental growth of 582 megawatts. Japan also started the construction of the largest commercial floating tribune in the mid-2020. According to the International Energy Agency, a floating turbine alone has the potential to increase Japan’s absolute power demand by nine-fold and it can meet the world’s total electricity demand as well. According to Fortune Business Insight, the floating turbine is expected to have a CAGR of 49.9% in the next coming years. The value of the floating turbine is expected to grow from $24,683.3 million to $68,869.3 million from 2019 to 2026. 1n 2020, Equinor ASA also started the construction of the world’s largest floating turbine.