Overview and Scope
A floating power plant refers to a power generator plant based on marine technology on previously installed cargo ships. These can be relocated to some other location and do not require any large site for installation. It also supplies electricity in case of floods and earthquakes. It is used to fulfill increasing power demand and supply electricity in low-infrastructure areas.
Sizing and Forecast
The floating power plant market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to energy demand and access, offshore wind energy, hydropower opportunities, increased renewable energy targets, limited land resources.
The floating power plant market size is expected to see strong growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increased offshore wind capacity, wave and tidal energy expansion, emerging market opportunities, green hydrogen production, government support and funding. Major trends in the forecast period include advancements in floating solar, hybrid renewable systems, energy export and grid connection, aquatic environmental impact mitigation, decentralized energy generation.
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The floating power plant market covered in this report is segmented –
1) By Type: Floating Solar Power, Floating Wind, Floating Wind and Wave Power, Floating Nuclear Power, Other Types
2) By Type of Power Source: Non-Renewable Power Sources, Renewable Power Sources
3) By Capacity: 1 MW–5 MW, 5.1 MW–20 MW, 20.1 MW–100 MW, 100.1 MW–250 MW, Above 250 MW
Europe was the largest region in the floating power plant market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating power plant market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising demand for energy across the globe is expected to propel the growth of the floating power plant market going forward. Energy refers to the energy derived from electrical potential energy or kinetic energy, which helps in the working of a machine. Due to the increase in industrialization, there is an increase in demand for energy-floating power plants that help in managing the free flow of electricity in industries. For instance, according to the International Energy Agency (IEA), a France-based intergovernmental organization, in April 2021, the global electricity demand had increased by 1,000 terawatt hours (TWh), showing a global increase of 4%. Therefore, increasing energy consumption is driving the growth of the floating power plant market.
Key Industry Players
Major companies operating in the floating power plant market include MAN Energy Solutions SE, Mitsubishi Corporation, General Electric Company, Siemens AG, Caterpillar Inc., Ciel et Terre International Company, Floating Power Plant A/S, Principle Power Inc., Upsolar Group Co. Ltd., Vikram Solar Limited, SeaTwirl AB, BW Ideol, Wartsila Corp., Yingli Green Energy Holding Company Limited, Equinor ASA, Kawasaki Heavy Industries Ltd., Karadeniz Holding AS, Kyocera Corporation, Power Barge Corporation, Power Construction Corporation of China, PT Pembangkitan Jawa Bali Services, Power Machines JSC, Rosatom State Atomic Energy Corporation, Baltic Seaplane GmbH, TSK Flagsol Engineering GmbH, Wison Group, Ocean Sun AS, Ocean Power Technologies Inc., GWave, IFP Energies Nouvelles
The floating power plant market report table of contents includes:
1. Executive Summary
2. Floating Power Plant Market Characteristics
3. Floating Power Plant Market Trends And Strategies
4. Floating Power Plant Market – Macro Economic Scenario
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31. Global Floating Power Plant Market Competitive Benchmarking
32. Global Floating Power Plant Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Floating Power Plant Market
34. Floating Power Plant Market Future Outlook and Potential Analysis
