Low Power Transformers Market Size, Share, Revenue

The Floating Power Plant Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Floating Power Plant Global Market Report 2024, 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.

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.

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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

Technological advancement is a key trend gaining popularity in the floating power plant market. Major companies operating in the floating power plant sector are focused on introducing new technologies to sustain their position. For instance, in September 2021, Linxon, a Switzerland-based power generation company, launched advanced floating substation technology. This technology helps to minimize the carbonization of the electricity grid and can potentially generate electricity. Also, this floating substation technology helps in generating renewable electricity.

The floating power plant market report table of contents includes: