USD 4.31 billion
Report ID:
SQMIG55A2017 |
Region:
Global |
Published Date: September, 2024
Pages:
182
|Tables:
93
|Figures:
76
Global Floating Power Plant Market size was valued at USD 3.90 billion in 2022 and is poised to grow from USD 4.31 billion in 2023 to USD 9.58 billion by 2031, growing at a CAGR of 10.50% during the forecast period (2024-2031).
The global floating power plant has shown a great dynamism exhibiting the innovation and adaptation changing to meet the needs of the new energy growing worldwide. Increasingly, there is the need for dependable and renewable power sources, especially for remote and off-grid locations, this is where the floating power plants come in to act as versatile solution. These innovative buildings are conceived to produce electricity with different types of energy including solar, wind, and hydro, while being realized on the surface of water, for instance, oceans, rivers, and lakes. The role of this market is electric power generation which is affordable and effective in areas where traditional power infrastructure is unreliable or economically unworkable. The need for electricity in the world and the interest in using renewable energy sources to fight global warming are two key elements that will primarily drive the growth of the floating power plant market. Moreover, the flexibility and adaptability of waterpower plants enable their rapid installation in places affected by nature disasters and is beneficial in short-term power situations thus increasing market demand. Nevertheless, several factors act as a brake on market growth which are; high initial capital investments, regulatory uncertainties and issues about environmental impacts and safety. Furthermore, technical constraints and logistical challenges in installation and maintenance constitute among the major factors impeding market growth. On the other hand, however, hidden in these problems are opportunities for innovation and growth. In the future, there is potential for integrating energy storage solutions, improving the design of floating platforms for better efficiency and stability, and seeking out new geographical markets, which offer growth opportunities. Furthermore, the partnerships between the governments, private sector, and academic institutions will provide an enabling environment for technology innovations and adoption of regulatory bodies for the market to thrive. In essence, the power plant floating power plant market is a highly dynamic landscape where challenges should be overcome, and opportunities should be seized to sustain energy solutions and to succeed in global electrification.
Global Market Size
USD 4.31 billion
Largest Segment
High Power FPP
Fastest Growth
Medium Power FPP
Growth Rate
10.50% CAGR
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Global Floating Power Plant Market is segmented by capacity, power source and region. Based on power source, the market can be segmented into Non-renewable (Gas turbines, IC engines), Renewable (Solar {Solar Panels, Solar Floating Structure}, Wind {Wind Turbines, Wind Sub-Structure}). Based on capacity, the market is segmented into 0 MW–5 MW, 5.1 MW–20 MW, 20.1 MW–100 MW, 100.1 MW–250 MW, and Above 250 MW. Based on region, the market is segmented into North America, Europe, Asia Pacific, South America and Rest of the world.
Floating Power Plant Market Analysis by Rating
With a market share of more than 66% in 2019, the high-power sector led the way. The substantial power demand in South Asian nations, including China, India, Singapore, and Malaysia, will ensure that the category maintains its leading position for the duration of the projection period. The FPP market is anticipated to grow at a faster rate than other end-use industries, including healthcare, manufacturing, and construction, due to ongoing population expansion and the rapid development of infrastructure in these sectors.
However, due to the increasing number of FPP projects based on renewable energy, the medium-power sector, with a capacity between 20.1 MW and 100 MW, is predicted to post the quickest CAGR throughout the projected period. For example, the Electricity Generating Authority of Thailand and B.Grimm Power announced in January 2020 that they had signed an EPC contract to build a hybrid hydro and solar energy FPP at the EGAT dam.
Floating Power Plant Market Analysis by Source
With over 50% of the market share in 2019 going to the non-renewable category, this was made possible by the gas turbines' high power density, high dependability, and cheap operating costs. Gas turbines are an excellent option for fixed-point projects. Prominent producers are prioritising surmounting the restricted power output capability of floating gas turbines, therefore augmenting the segment's growth trajectory during the anticipated timeframe.
Because of the implementation of favourable environmental rules that encourage the use of clean fuels for power production, the renewable category is expected to develop at the greatest compound annual growth rate (CAGR) throughout the projection period. The three renewable energy sources that are most frequently utilised for power generation on FPPs are solar, wind, and wave energy.
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With a market share of over 38% in 2019, Asia Pacific is expected to maintain its leadership position and grow at the quickest rate of compound annual growth (CAGR) over the projection period. The rapid rate of adoption of renewable energy sources for power generation in developing economies, including China and India, and the absence of power infrastructure are credited with this increase.
Due to the adoption of stringent regulatory changes that prioritise projects for the generation of cleaner power, North America is also anticipated to have significant growth during the projection period. The United States and Canada are the main income generators since they are putting a lot of effort into creating LNG based power ships that use cleaner fuels, which in turn promotes the expansion of the business.
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Floating Power Plant Market Drivers
Increasing demand for clean electricity
Floating Power Plant Market Restraints
High initial investment required for setting up such projects
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Global floating power plant market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of floating power plants. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Floating Power Plant Market Top Player’s Company Profiles
Floating Power Plant Market Recent Developments
In May 2024, Russia offers floating nuclear plant tech to India.
In May 2024, Trina Solar 210mm Modules Used in PV Projects Worldwide.
In May 2024, China’s floating nuke plants up South China Sea ante.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global floating power plant market analysis, the market is experiencing significant growth, driven by the increasing demand for clean electricity and the lack of power infrastructure in various regions. Floating power plants offer high efficiency and stability, making them ideal for grid stabilization in renewable energy applications. China stands out as a dominant player in the market, with major developers and a growing need for continuous power supply. In North America, established players and a focus on renewable energy contribute to market dominance. However, high initial investment poses a restraint. The competitive landscape showcases a mix of established and emerging players, with a focus on R&D and strategic collaborations. Additionally, the integration of energy storage systems emerges as a key market trend, enhancing the flexibility and reliability of floating power plants.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 3.90 billion |
Market size value in 2031 | USD 9.58 billion |
Growth Rate | 10.50% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Floating Power Plant Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Floating Power Plant Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Floating Power Plant Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Floating Power Plant Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG55A2017