Floating
Power Plant Market: Introduction
Transparency
Market Research delivers key insights on the global floating power plant market. In terms of revenue, the global
floating power plant market is estimated to expand at a CAGR of 6.5% during
the forecast period, owing to numerous factors, regarding which TMR offers
thorough insights and forecasts in its report on the global floating power
plant market.
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 Plant Market: Dynamics
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.
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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.
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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 2019. The segment is anticipated to expand at a CAGR of 6.7% between 2020
and 2030. The expansion of the segment can be ascribed to an increase in
investment in the development of offshore wind energy.
Floating
Power Plant Market: Prominent Regions
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 2019.
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.
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Floating
Power Plant Market: Key Players
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
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