The global floating power plant market is predicted to grow from an estimated USD 889.5 million in 2021 to USD 1,440.8 million by 2026, rising at a CAGR of 10.66% from 2021 to 2026.
A floating power plant, which has a power generation capacity, is made from an existing cargo ship. In general, floating power plants are usually self-propelled and can be relocated abroad and connected to the national grid, where required. Floating power plants can be a potential alternative to land-based power plants, as these types of power plants can meet the growing call for energy, especially in remote and rural areas. Floating power plants also have certain advantages that will help drive the worldwide market. Some of these advantages include the rapid supply of electricity to areas with limited infrastructure, can be relocated to areas where electricity is needed, requires less space compared to land-based power plants, and provides a secure power supply in the event of earthquakes and floods. Factors driving the plant market of floating energy include a growing call for energy, along with a lack of electrical infrastructure, benefits over land-based power plants (mainly because it eliminates problems related to land acquisition), and energy efficiency mandates and call for clean energy (source renewable energy).
Floating Power Plant Market Trends:
Floating power plants have not received great popularity around the world despite being vital. However, the trend is predicted to change in the coming decades, as the construction of a number of new floating power plants is in the pipeline or nearing completion. Rapidly escalatingcall for green energy amid growing environmental concerns has led to the development of the worldwide floating power plant market. Also, floating power plants are gaining popularity around the world as construction does not require a large site, so there is a negligible level of land footprint. In recent years, floating power plants have gained immense popularity in various parts of the world due to the increasingcall for low-cost flexibility.
The growing call for clean energy to power renewable floating power plants, several advantages over land-based power plants and the escalatingcall for energy, along with the lack of adequate infrastructure, are some of the key drivers of the global floating power plant market. Europe is determined to be the fastest growing region within floating energy, as the region has the highest offshore wind potential and countries in the region are focusing on power generation from renewable sources. The entry of powerful and technologically advanced wind turbines has led to a considerable increase in the call for wind energy in recent years. Wind farms represent a significant part of the power generation segment in several developed regions, including Europe and North America. Growing concerns related to climate change have accelerated innovations in the wind power sector as floating wind turbines have emerged as a cost-effective and advanced solution. The call for offshore wind turbines has seen a notable increase in recent years, especially in regions that have a large coastline. The sustained expansion of wind power over the past decade is predicted to play a key role in driving the worldwide floating power plant market during the forecast period as several countries including the UK, Denmark, the US And France is increasingly leaning towards building wind turbines. A greater emphasis on minimizing emissions and reducing the carbon footprint is likely to increase the call for floating wind turbines during the evaluation period.
Due to the outbreak of the COVID-19 pandemic, energy call in the commercial and industrial sectors has experienced a sharp decline. The lockdown measures in several major nations around the world, along with the closure of several major industries during the first two quarters of 2020, have caused a considerable drop in energy callas a result of which, the energy market is likely floating power plants experience slow expansion.
The entry of several established and new start-ups and small-scale companies has led to the construction of a number of new floating power plants in recent years and the trend is projected to continue over the foreseen period. The Asia Pacific region is anticipated to provide a plethora of opportunities for players involved in the worldwide floating power plant market due to growing interest among nations to invest in green power generation and a vast multi-nation coastline.
Higher installation and maintenance costs for these plants offshore are expected to partially hamper the expansion of the industry.
Floating Power Plant Market Segmentation:
By power source:
The non-renewables segment occupied the dominant position in the market in 2019 and accounted for more than 50% of the total share due to the high-power density, high reliability and low operating costs of gas turbines or FPPs based On IC motors.
By power rating:
The high-power segment led the market in 2019 with a share of more than 66%. The segment will maintain its dominant position throughout the conjecture period due to large-scale energy call in the South Asian economies.
The European region is supposed to be the quickest developing sector of the floating power plant industry, as the European region has the maximum offshore wind potential and nations in the region are focusing on generating energy from sources renewable. The rest of the world market dominated the market in 2021, due to increased call from countries in the Middle East and Africa, closely followed by the Asia-Pacific region. The market in the area is foreseen to dominate the market in 2026, due to the rise of renewable floating power plants in countries such as Japan and China.
Asia Pacific represents the largest revenue share of over 38% in 2021 and will remain dominant expanding at the fastest CAGR over the foreseen period. This expansion is attributed to the lack of energy infrastructure and the high rate of adoption of renewable energy sources for power generation in developing economies such as China and India. North America is also predicted to see outstanding expansion during the foreseen period due to the implementation of strict regulatory reforms that focus on cleaner power generation initiatives and Canada are the main contributors to revenue, as these countries are emphasizing the development of LNG-based cleaner fuel motor ships, which, in turn, supports the expansion of the industry.
The governments in different nations imposed a national lockdown as part of its measures to contain the spread of coronavirus. During the closure, several restrictions on the movement of people have been imposed and economic activities that prohibit activities related to essential goods and services have been interrupted. Restrictions are being relaxed in less affected areas on a limited basis since April 20. In this blog, we analyze how the lockdown has impacted electricity call and supply and what possible repercussions its prolonged effect may have on the electricity sector. As electricity cannot be stored in large quantities, the generation and supply of energy for a given day is planned based on the callforeseen.
Some of the leading players in the global floating power plant market include MAN Diesel & Turbo SE (Germany), Mitsubishi Corporation (Japan), Wartsila (Finland), General Electric Company (U.S.), Siemens AG (Germany), Caterpillar, Inc. (U.S.), Ciel & Terre International (France), Floating Power Plant A/S (Denmark), Ideol (France), Kyocera Corporation (Japan), Principle Power, Inc.(U.S.), Upsolar (Hong Kong), Vikram Solar Pvt., Ltd. (India), Yingli Solar (China), and SeaTwirl AB (Sweden), among others.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Floating Power Plant Market, By Power Source
6.1.1 Non-Renewable
6.1.2 Renewable
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Floating Power Plant Market, By Power Rating
6.2.1 Low-Power
6.2.2 Medium-Power
6.2.3 High-Power
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Power Source
7.2.3 By Power Rating
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Power Source
7.3.3 By Power Rating
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Power Source
7.4.3 By Power Rating
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Power Source
7.5.3 By Power Rating
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Power Source
7.6.3 By Power Rating
8. Key Player Analysis
8.1 MAN Diesel & Turbo SE
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Mitsubishi Corporation
8.3 Wartsila
8.4 General Electric Company
8.5 Siemens AG
8.6 Caterpillar, Inc
8.7 Ciel & Terre International
8.8 Floating Power Plant A/S
8.9 Ideol
8.10 Kyocera Corporation
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
