USD 4.31 billion
Floating Power Plant Market Size, Share, Growth Analysis, By Power Source(Non-renewable (Gas turbines, IC engines), Renewable (Solar {Solar Panels, Solar Floating Structure}), By Capacity(0 MW–5 MW, 5.1 MW–20 MW, 20.1 MW–100 MW, 100.1 MW–250 MW), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55A2017 |
Region:
Global |
Published Date: September, 2024
Pages:
182
|Tables:
93
|Figures:
76
Floating Power Plant Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
High Power FPP
Fastest Growth
Medium Power FPP
Growth Rate
10.50% CAGR
Global Floating Power Plant Market ($ Bn)
Country Share for North America Region (%)
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Floating Power Plant Market Segmental Analysis
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.
Global Floating Power Plant Market By Type
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Floating Power Plant Market Regional Insights
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.
Global Floating Power Plant Market By Geography
- Largest
- Fastest
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Floating Power Plant Market Dynamics
Floating Power Plant Market Drivers
Increasing demand for clean electricity
- One key driver for the global floating power plant market is the increasing demand for clean electricity. As various end-use sectors prioritize cleaner and more sustainable energy sources, floating power plants offer an efficient and stable distributed power solution. These plants have the capability to respond to steep load fluctuations and provide quick start-up, making them attractive for grid stabilization in renewable energy applications. The rising awareness of the advantages of floating power plants, such as their ability to supply electricity to regions with limited power infrastructure, further fuels market growth.
Floating Power Plant Market Restraints
High initial investment required for setting up such projects
- A notable restraint for the global floating power plant market is the high initial investment required for setting up such projects. Developing and deploying floating power plants involve significant costs, including engineering, construction, and installation expenses. Moreover, the complexity of these projects, particularly in offshore environments, adds to the overall investment. This financial barrier may deter some potential investors and limit the widespread adoption of floating power plants, hindering market growth to some extent.
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Floating Power Plant Market Competitive Landscape
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
- Wartsila Corporation (Finland)
- Ciel & Terre International (France)
- Principle Power Inc. (US)
- Sungrow Power Supply Co., Ltd. (China)
- Floating Power Plant A/S (Denmark)
- KYOCERA Corporation (Japan)
- Upsolar Group Co., Ltd. (China)
- Vikram Solar Limited (India)
- Siemens AG (Germany)
- Yingli Green Energy Holding Company Limited (China)
- MAN Energy Solutions SE (Germany)
- General Electric Company (US)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Solaris Synergy Ltd. (Israel)
- EDP Renováveis S.A. (Portugal)
- JA SOLAR Holdings Co., Ltd. (China)
- Ocean Sun AS (Norway)
- Voltalia SA (France)
- Xinyi Solar Holdings Ltd. (China)
- Canadian Solar Inc. (Canada)
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.
- In May 2023, Swedish energy company Vattenfall announced plans to invest in a 500 MW floating offshore wind farm in the Baltic Sea off the coast of Sweden.
- In April 2023, Italian energy company Eni signed an agreement with Cassa Depositi e Prestiti (CDP) to develop a 100 MW floating solar power plant in Italy's Sicily region.
- In February 2023, India's National Thermal Power Corporation (NTPC) partnered with the Indian Port Rail Corporation to develop a 25 MW floating solar power plant at the reservoir of an old coal mine in Madhya Pradesh.
- In December 2022, Scottish firm Orbital Marine Power announced the launch of its O2 floating tidal energy turbine, the world's most powerful tidal turbine, with a capacity of 2 MW.
- In September 2022, Korea Western Power Co. signed an agreement with Seagreen Wind Energy Limited to invest in a 360 MW floating offshore wind project off the coast of Scotland.
Floating Power Plant Key Market Trends
- One key market trend in the global floating power plant market is the growing integration of energy storage systems. Energy storage technologies, such as batteries, are being incorporated into floating power plants to enhance their flexibility and enable better utilization of intermittent renewable energy sources. This trend allows for the efficient storage and dispatch of electricity, helping to balance grid fluctuations and improve overall system reliability. The integration of energy storage systems with floating power plants not only supports the integration of renewable energy but also enhances the stability and resilience of the power supply.
Floating Power Plant Market SkyQuest Analysis
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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Floating Power Plant Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Floating Power Plant Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
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.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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