- Increase in demand for low-cost flexibility is fueling revenue-generation opportunities in the floating power plant market
- Surge in number of construction of floating power plants in Asia Pacific is bolstering regional market growth
ALBANY, N.Y., May 13, 2022 /PRNewswire/ -- The global floating power plant market is estimated to expand at a CAGR of 6.5% during the forecast period 2020 to 2030, according to a research report by Transparency Market Research (TMR). Furthermore, the market for floating power plant is prognosticated to exceed the valuation of US$ 565 Bn by 2030.
The presence of many well-established companies makes competition in floating power plant market highly intense. Hence, players are executing different strategies such as acquisitions & partnerships in order to expand their regional presence. Moreover, enterprises in the global floating power plant market are focusing on technological advancements. Moreover, several players are seen increasing investments in R&Ds. Such efforts are estimated to help in rapid expansion of the floating power plant market in the near future.
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Floating Power Plant Market: Key Findings
- Floating power plant is gaining popularity due the growing need of green energy. Exhausting conventional energy sources and rising awareness on the need of utilizing green energy sources have resulted in increase in the number of floating power plants across the globe. This factor, in turn, is fueling the expansion of opportunities in the global floating power plant market.
- Floating power plant are gaining impetus, as they can be constructed in small spaces, leading to insignificant level of land footprint. Furthermore, these plants are gaining immense popularity as a key source of flexible and decentralized power generation due to varied advantages such as their cost-effective nature and speed of construction, notes a TMR study on the floating power plant market. Demand for green energy has been on the surge in the recent years, owing to increasing concerns pertaining to the environment. This factor is contributing to the growth of the global floating power plant market.
- Floating power plants are being utilized in on-grid application so as to fulfil the increasing need for electricity across the globe. Government authorities of numerous nations around the world are increasing the use of energy produced utilizing floating storage power plants for utility purposes. These factors are helping in the expansion of the floating power plant market.
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Floating Power Plant Market: Growth Boosters
- Rise in adoption of floating power plant as a substitute to temporary and permanent power is propelling the global floating power plant market
- Surge in need of low-cost flexibility across the globe is generating promising business opportunities in the floating power plant market
Floating Power Plant Market: Regional Analysis
- The Asia Pacific floating power plant market is expected to observe promising growth opportunities during the forecast period due to increase in the number of construction projects focused on the development of floating power plant production facilities in the region
- The floating power plant market in Europe is projected to register sizable business avenues in the forthcoming years, owing to surge in demand for and investments in renewable energy sources in the region so as to fulfil the current need of electricity in the region
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Floating Power Plant Market: Key Players
Some of the key players profiled in the report are:
- Wärtsilä
- Siemens AG
- Iberdrola
- General Electric
- Caterpillar Inc.
- S.A
- Mitsubishi Corporation
- MAN Diesel and Turbo SE
- Floating Power Plant A/S
- Ciel & Terre International
- Principle Power, Inc.
- Kyocera Corporation
- STX Corporation
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Floating Power Plant Market Segmentation
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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