Increase in Demand for Green Energy to Fuel Market Growth

Floating power plant have not received mainstream popularity around the world despite being vital. However, the trend is set to change in the upcoming decades, as the construction of a number of novel floating power plant is in the pipeline or nearing completion. Floating power plant are increasingly being used as a major source of decentralized and flexible power generation for a plethora of factors, including cost-efficiency and speed of construction. The rapid rise in the demand for green energy amid mounting environmental concerns has led to the development of the global floating power plant market.

Moreover, floating power plant are gaining widespread popularity around the world, as construction does not require a large site due to which, there is a negligible level of land footprint. Furthermore, floating power plant have emerged as an ideal alternative for both permanent as well as temporary power– a factor that is likely to fuel the growth of the global floating power plant market. Over the past few years, floating power plant have garnered immense popularity around several pockets of the world due to the increasing demand for low-cost flexibility.

At the back of these factors, along with consistent advancements in technology, the global floating power plant market is on the course to surpass US$ 565 Bn evaluation by the end of 2030.

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Floating Wind Turbines Emerge as Cost-effective Solution

The entry of powerful and technologically advanced wind turbines has led to considerable rise in the demand for wind energy in recent years. Wind farms account for a major share of the energy generation segment across several developed regions, including Europe and North America. Rising concerns pertaining to climate change have accelerated innovations across the wind energy sector due to which, floating wind turbines have emerged as a cost-effective and advanced solution. The demand for offshore wind turbines has witnessed a notable rise over the past few years, especially across regions that have a vast coastline. The sustained growth of wind energy over the past decade is expected to play a key role in driving the global floating power plant market during the forecast period, as a number of countries including the U.K., Denmark, the U.S., and France are increasingly leaning toward the construction of wind turbines. Increasing emphasis on minimizing emissions and reducing carbon footprint is likely to augment the demand for floating wind turbines during the assessment period.

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Construction of New Floating Power Plant Shift Gears Worldwide

The entry of several established as well as new startups and small-scale companies has led to the construction of a number of new floating power plant in recent years and the trend is projected to continue over the forecast period. The Asia Pacific region is anticipated to provide a plethora of opportunities to the players involved in the global floating power plant market due to increasing interest among nations to invest in green power generation and a vast shoreline of several nations. For instance, in January 2020, Masdar, an Abu Dhabi-based renewable developer announced that the company is set to initiate the construction of the largest floating solar plant across South East Asia. In December 2018, Kawasaki Heavy Industries announced that that the company has constructed a floating gas-power plant that can be anchored offshore to ensure regular supply of electricity to the communities nearby. The company aims to target power companies in the booming Asian economy and tap into lucrative opportunities across developing nations in the Asia Pacific region.

Dwindling Demand for Power across Industrial and Commercial Sectors to Impact Market Growth

Due to the outbreak of the COVID-19 pandemic, the demand for power across commercial and industrial sectors has witnessed a steep decline. Lockdown measures in several major nations around the world coupled with the shutdown of several core industries during the first two quarters of 2020 has led to a considerable drop in the demand for energy due to which, the floating power plant market is likely to witness sluggish growth. In addition, the International Energy Agency (IEA) revealed that the demand for power witnessed a 15% decline in the first quarter and the second quarter of 2020 in several nations such as Germany, the U.S., India, China, etc.

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Analysts’ Viewpoint

The global floating power plant market is expected to grow at a healthy CAGR of 6.5% during the forecast period. The market growth can be primarily attributed to factors including increasing demand for green power, mounting environmental concerns, advancements in technology, and growing emphasis on clean power generation. The entry of several private players into the current floating power plant market landscape is another major factor boosting the growth prospects of the global floating power plant market.

Floating Power Plant Market: Overview

  • According to Transparency Market Research’s latest research report on the global floating power plant market for the historical period 2019 and the forecast period of 2020 to 2030, increase in demand for renewable energy, rise in awareness about the advantage of floating power plants, and increase in capital spending toward the development of floating power plants are key factors expected to boost the global floating power plant market during the forecast period
  • In terms of revenue, the global floating power plant market is estimated to surpass US$ 565 Bn by 2030, expanding at a CAGR of 6.5% during the forecast period. In terms of capacity, above 300 MW is estimated to be a highly lucrative segment of the global floating power plant market during the forecast period. The above 300 MW capacity mostly comprises power barges/ships installed with gas turbines or IC engines.

Advantages of Floating Power Plants: Key Driver of Floating Power Plant Market

  • Floating power plants integrate marine technology with power generation. They offer benefits such as flexible and decentralized power generation. These power plants have the flexibility to run on single (simple) cycle mode and combined cycle mode. The conceptual design of traditional land-based generating technologies is applied to the marine environment in order to develop floating power plants.
  • Floating power plants are operated by using testing components and system solutions. They are constructed cost-effectively and rapidly in a well-controlled industrial setting. Floating power plants are hauled (towed) to the offshore site and connected to the grid of the fully functional plants. They also provide a fail-safe option even in remote locations and challenging environmental conditions. Floating Energy Centers (FEC) are constructed alongside floating power plants. The FECs integrate electrical generating technologies.
  • Floating power plants also possess certain advantages, which help drive the market. Some of these advantages include rapid supply of electricity to areas with limited infrastructure. These plants can be relocated to areas where electricity is needed. Furthermore, floating power plants require lesser space as compared to land-based power plants, and provide secure power supply in case of earthquakes and floods. 
  • Floating power plants offers various advantages over land-based power plants such as mobility. They can also supply power at peak loads. Economic factors that involve cost savings in infrastructure as compared to onshore plants act as key drivers of the global floating power plant market. Floating power plants have a minimal environmental impact, as compared to that of conventional land-based systems, as just a small area of coastal or up-river land is required. Additionally, a rise in usage of renewable energy as a power generation source in floating power plants is projected to drive the market during the forecast period.

Increase in Use of Floating Power Plant in On-grid Application

  • Usage of floating power plant has been increasing significantly in on-grid application in order to cater to rising demand for electricity
  • Energy generated by floating storage power plants is extensively used for utility purposes by various regulating bodies of numerous countries. Floating power plants eliminate disputes caused due to land and space constraints. These features of floating power plant make its adoption cost-effective for on-grid application.

Floating Power Plant Market: Competition Landscape

  • Detailed profiles of companies operating in the global floating power plant market have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key 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.
    • STX Corporation

Floating Power Plant Market: Strategic Partnerships

  • Prominent companies operating in the global floating power plant market, such as Wärtsilä, Siemens AG, and General Electric are focusing on strategic partnerships and acquisition activities to expand their global footprint. Other key strategies in the global floating power plant market are highlighted below:
  • In October 2020, Wärtsilä and JB Corporation signed a nine-year optimized maintenance agreement to ensure operational reliability of South Korea-based power plant. The agreement covers three Wärtsilä 34SG engine generating sets providing electricity and hot water for consumers served by the JB power plant in Cheongsu.
  • In May 2018, Floating Power Plant A/S collaborated with Ireland-based renewable energy developer DP Energy, and entered into a partnership for the development of three commercial projects in Wales, Ireland, and Scotland. According to the agreement, the energy is to be delivered by Floating Power Plant's patented floating hybrid plant, the P80. The platform has an overall capacity of 10 MW of which, 8 MW comes from the wind turbine and 2 MW from the integrated wave absorbers. The absorbers further stabilize the platform, secure offshore access, and produce power, all of which contribute significantly to lower the costs of kilowatt hours produced.
  • In the global floating power plant market report, we have discussed individual strategies, followed by company profiles of providers of floating power plant. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global floating power plant market.

Floating Power Plant Market – Scope of the Report

The latest study collated and published by Transparency Market Research (TMR) 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 2020 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. TMR’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 in TMR’s Report on Floating Power Plant Market

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.

  • Which power source segment of the global floating power plant market would emerge as a major revenue generator during the forecast period?
  • Which platform segment of the global floating power plant market would emerge as a major revenue generator during the forecast period?
  • Which application segment of the global floating power plant market would emerge as a major revenue generator during the forecast period?
  • Which capacity segment of the global floating power plant market would emerge as a major revenue generator during the forecast period?
  • How are key market players successfully earning revenues in the global floating power plant market?
  • What would be the Y-o-Y growth trend of the global floating power plant market between 2020 and 2030?
  • What are the winning imperatives of leading players operating in the global floating power plant market?

Research Methodology – Floating Power Plant Market

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.

Floating Power Plant Market – Segmentation

TMR’s research study assesses the global floating power plant market based on power source, platform, application, capacity, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing growth prospects of the global floating power plant market.

Power Source

  • Wind
  • Solar
  • Nuclear
  • Wave & Tidal
  • Gas Turbine
  • IC Engine

Platform

  • Floating Structure
  • Power Barge/Ship

Application

  • On-grid
  • Off-grid

Capacity

  • Up to 50 MW
  • 51 MW – 150 MW
  • 151 MW – 300 MW
  • Above 300 MW

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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