The global floating power plant market is expected to reach around US$ 565 billion by 2030 growing at a CAGR of 6.5% during the forecast period 2021 to 2030. The global floating power plant market is broadly affected by several factors, including rise in investment toward development of floating power plants, increase in demand for clean energy, and benefits associated with floating power plant
Floating power plants act as a distributed power source with high efficiency and stability. This peak power source is capable of responding to steep load fluctuation and offers quick start-up. These plants are towable and suitable for seasonal and periodic operation, providing grid stabilization for various kinds of renewable energy. This is anticipated to boost the market during the forecast period.
The installation of floating power plants has been increasing in end-use industries, especially in Asia Pacific, owing to large-scale demand for power in countries such as China, India, Singapore, and Malaysia. Rise in population and rapid development of infrastructure in end-use industries, such as healthcare, manufacturing, and construction, are likely to boost the floating power plant market during the forecast period. For instance, in January 2020, the Electricity Generating Authority of Thailand along with B.Grimm Power announced an EPC contract to construct a hybrid hydro and solar energy floating power plant at the EGAT dam.
The implementation of stringent government regulations regarding environmental protection is expected to boost the deployment of floating power plants in several end-use industries across the globe. Solar, wind, and wave energy are the three commonly employed renewable sources of power generation in floating power plants. Scarce availability of wind sites and large land area occupation of solar sites are projected to boost the demand for renewable power plants.
Numerous end-use industries are installing HDPE plastic floating platforms. These platforms are eco-friendly and not dangerous to aquatic animals. Such advancements are encouraging several manufacturers to sign new projects for construction of floating power plants in the medium power range. This is likely to drive the global floating power plant market during forecast period.
Major end-use industries such as healthcare, manufacturing, chemical, and building & construction are expanding at a rapid pace around the globe. This expansion of end-use industries can be ascribed to increase in the demand for clean energy, which, in turn, is boosting the floating power plant market.
In terms of power source, the wind segment dominated the global floating power plant market in 2020. The segment is anticipated to expand at a CAGR of 6.5% between 2021 and 2030. The expansion of the segment can be ascribed to an increase in investment in the development of offshore wind energy.
The floating power plant market in Asia Pacific is projected to expand significantly during the forecast period, owing to a rise in investment in construction of floating power plant production facilities in the region. China dominated the floating power plant market in Asia Pacific in 2020.
The floating power plant market in Europe is likely to expand considerably during the forecast period. Rise in investment in renewable energy sources in order to cater to a surge in the demand for electricity is a major factor driving the floating power plant in the region.
Major players operating in the global floating power plant market are Siemens AG, Wärtsilä, General Electric, Iberdrola, S.A, Caterpillar Inc., MAN Diesel and Turbo SE, Mitsubishi Corporation, Ciel & Terre International, Floating Power Plant A/S, Kyocera Corporation, Principle Power, Inc., and STX Corporation
Floating Power Plant Market, by Power Source
Floating Power Plant Market, by Platform
Floating Power Plant Market, by Application
Floating Power Plant Market, by Capacity
Floating Power Plant Market, by Region
Scope of the Report
The latest study collated and published by Vision Research Reports analyzes the historical and present-day scenario of the global floating power plant market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global floating power plant market in order to identify opportunities for stakeholders. The report also provides insightful information about how the global floating power plant market would expand during the forecast period of 2021 to 2030.
The report offers intricate dynamics about different aspects of the global floating power plant market, which aids companies operating in the market in making strategic decisions. VRR’s study also elaborates on the significant changes that are anticipated to configure growth of the global floating power plant market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global floating power plant market and estimates statistics related to the market in terms of volume (MW) and value (US$ Mn).
This study covers detailed segmentation of the global floating power plant market along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global floating power plant market, wherein various developments, expansions, and winning strategies practiced by these players have been presented in detail.
Key Questions Answered
The report provides detailed information about the global floating power plant market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.
The research methodology adopted by analysts for compiling the report on the global floating power plant market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global floating power plant market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global floating power plant market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global floating power plant market.
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