Floating Power Plant Market

Floating Power Plant Market was estimated at USD 1,188 Million in 2020 and projected to grow at 10.7% CAGR during the forecast period.

Floating Power Plant Market Overview

Floating power plant is a unique floating platform on which power plant is installed to serve as a power generating resource. A floating power plant market is a reliable option. It can be a good alternative for primary land-based power plants as these advanced power plants can cater or administer to meet rising power demand in inaccessible remote and rural areas. Some of its advantages include quick and fast supply of electricity to remote areas with limited infrastructure, the floating power plant can be easily deployed to the concerned areas where the electricity is much needed. Floating power plants need less space than land-based power plants, which are readily available in the market and committed to providing secure power supply in case of major earthquakes and destructible floods.

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Major Floating Power Plant Market Drivers

The factors driving the global floating power plant market include its benefits over conventional power plants as it creates minimal environmental impact and displays minimal limitation affected by environmental regulation. A floating power plant eliminates the risk of land acquisition and offers adequate supply electricity for prime and specific facilities economically and can also be used as an emergency power source. For instance, Estrella del Mar III company owned by Seaboard Corporation, a floating hybrid power plant, is launched that will reduce C02 emissions and bring stability to the national grid.

Furthermore, the surge in energy demand across the globe coupled with lack of power infrastructure and increase in the target of mandatory renewable energy target is further supporting growth. For instance, according to a report by World Bank in 2019, about 250 million people in India lack access to grid electricity. Moreover, India has committed to produce 40 percent of its electricity from renewable sources by 2030. This will cost an estimated $150 billion, much of which can create opportunities in demand for floating power plants.

Restraint in the Floating Power Plant Market

However, deployment of the floating plant holds an additional cost of transportation. The resources need to be transported to remote places that further increases the overall cost of transportation, thereby hampering the overall growth of this market.

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Power Source – Segment Analysis

Based on the power source, the renewable power source segment is expected to grow at a higher growth rate over the forecasted period due to the increasing demand for energy efficiency and clean energy. Floating solar and wind have seen a growth in installation, owing to its benefit over the land-based solar plants and offshore wind farms. The floating solar energy source consists of key components, such as solar panels and floating structures, and is widely deployed across the globe. For instance, in 2021, National Thermal Power Corporation Limited commissioned India’s largest floating solar power plant of 15 MW capacity at its Simhadri thermal station in Visakhapatnam.

Capacity – Segment Analysis

Based on the capacity, above 250 MW is expected to grow at a high CAGR over the forecasted period owing benefits like reduced water evaporation and reduced grid interconnection costs which is boosting companies’ confidence over above 250 MW floating power plant. For instance, in 2020, Norwegian floating PV expert Ocean Sun as well as South Korean technology company EN Technologies have authorized an arrangement to develop the pilot projects of the 2.1 GW floating solar facility near the Saemangeum tidal flat, on the coast of the Yellow Sea.

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Regional – Segment Analysis:

Based on the region, Europe region is expected to capture a significant market share in the global floating power plant market as the region has the highest offshore wind potential and several countries in this region are focusing on energy generation for renewable sources. For instance, European Commission has tabled a series of legislative proposals to deliver the EU’s increased climate target from 40% to 55% emission reduction by 2030 which will likely to surge rising adoption of floating power plant among the residential sector, which will surge the demand of floating power plant. Similarly, new plant additions in the region will also supplement the growth in the region. For instance, in 2021, Dutch solar project developer GroenLeven, a unit of German renewable energy company Baywa re, started the construction of Europe’s largest floating PV (photovoltaic) plant on a 41 MWdc floating solar plant located on a former sand extraction lake in Sellingen.

Top Market Players

Various notable players operating in the market, include, MAN Diesel & Turbo SE, Mitsubishi Corporation, Wärtsilä, Siemens AG, Floating Power Plant A/S, Yingli Solar, PRINCIPLE POWER, INC, SeaTwirl AB, Ciel & Terre International, KYOCERA Corporation, among others. 

Key Developments:

• • In 2021, CIEL & TERRE India, Subsidiary of CIEL & TERRE INTERNATIONAL, Global leader in floating solar, has successfully completed the plant engineering, float supply, supervision of the 14.7 MWp at Southern Petrochemical Industries Corporation (SPIC) Limited, in its water storage pond in Thoothukudi in the State of Tamil Nadu.

Segments covered in the Report:

The global floating power plant market has been segmented on the basis of power source, capacity, and regions. Based on power source, the market is segmented into renewable, and non-renewable. The non-renewable segment is further categorized into gas turbine and IC engines. The renewable is categorized into solar, wind. Based on capacity, the market is segmented into 1 MW–5 MW, 5.1MW–20 MW, 20.1 MW–100 MW, 100.1 MW–250 MW, and above 250 MW. 

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Market Segmentation

Global Floating Power Plant Market by Power Source

• • Non-Renewable
    • Gas Turbine
    • IC Engines
  • Renewable
    • Solar
    • Wind

Global Floating Power Plant Market by Capacity

• • 1 MW–5 MW
  • 1MW–20 MW
  • 1 MW–100 MW
  • 1 MW–250 MW
  • Above 250 MW

Global Floating Power Plant Market by Region

• • North America Floating Power Plant Market (Option 1: As a part of the free 25% customization)

    • North America Floating Power Plant Market by Power Source
    • North America Floating Power Plant Market by Capacity
    • US Floating Power Plant Market All-Up
    • Canada Floating Power Plant Market All-Up

  • Europe Floating Power Plant Market (Option 2: As a part of the free 25% customization)

    • Europe Floating Power Plant Market by Power Source
    • Europe Floating Power Plant Market by Capacity
    • UK Floating Power Plant Market All-Up
    • Germany Floating Power Plant Market All-Up
    • France Floating Power Plant Market All-Up
    • Spain Floating Power Plant Market All-Up
    • Rest of Europe Floating Power Plant Market All-Up

  • Asia-Pacific Floating Power Plant Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Floating Power Plant Market by Power Source
    • Asia-Pacific Floating Power Plant Market by Capacity
    • China Floating Power Plant Market All-Up
    • India Floating Power Plant Market All-Up
    • Japan Floating Power Plant Market All-Up
    • Rest of APAC Floating Power Plant Market All-Up

  • RoW Floating Power Plant Market (Option 4: As a part of the free 25% customization)

    • RoW Floating Power Plant Market by Power Source
    • RoW Floating Power Plant Market by Capacity
    • Brazil Floating Power Plant Market All-Up
    • South Africa Floating Power Plant Market All-Up
    • Saudi Arabia Floating Power Plant Market All-Up
    • UAE Floating Power Plant Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Floating Power Plant Market All-Up

Major Players Operating in the Floating Power Plant (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • MAN Diesel & Turbo SE
  • Mitsubishi Corporation
  • Wärtsilä
  • Siemens AG
  • Floating Power Plant A/S
  • Yingli Solar
  • PRINCIPLE POWER, INC
  • SeaTwirl AB
  • Ciel & Terre International
  • KYOCERA Corporation