Floating Power Plant Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
See less
Floating Power Plant Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
The Floating Power Plant Market is segmented by Power Source Type (Non-Renewable [Gas Turbines and IC Engines]) and Renewable [Solar and Wind]), by Power Rating Type (Low-Power FPP, Medium-Power FPP, and High-Power FPP), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, South Korea, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
The Floating Power Plant Market is segmented by Power Source Type...
“The Floating Power Plant Market is expected to grow from USD 0.94 billion in 2022 to USD 1.53 billion by 2028 at a CAGR of 8.24% during the forecast period”.
Floating power plants are developed by integrating marine technology with power generation. Floating power plants are becoming a more advantageous source of power than traditional ones as they can be relocated to areas where electricity is needed. They take up less space as compared to land-based power plants, they can rapidly supply power to areas with limited infrastructure, and they secure power supply in situations of earthquakes and floods.
Furthermore, they eliminate the need for infrastructure and pre-feasibility studies, which are required in the case of onshore power plants. They are among the best solutions for powering islands that are deprived of power and cannot build power plants. Their ability to be installed on existing cargo ships eliminates the need to invest in a new one.
Market Drivers
The industry has been gradually rebounding since 2021, with improvements in the supply chain. Rising end-use sector demand for clean electricity and a global lack of power infrastructure are expected to drive market growth over the forecast period.
Growing public awareness of the benefits of floating power plants (FPPs), such as quick electricity delivery to areas with inadequate power infrastructure, mobile assets that allow for simple relocation and redundancy of a large site for installation, and the provision of secure power supply during natural disasters, is also expected to drive market growth during the forecast period. The deployment of FPPs across several regions is anticipated to increase as a result of strict government regulations regarding environmental protection.
Covid-19 Impact
The pandemic harmed market growth because it hampered the delivery of equipment to power plants. China, which is among the prominent producers of clean energy technologies including solar panels, wind turbines, and batteries, was highly impacted by the pandemic.
Due to the disturbed supply of supporting equipment from China, renewable energy companies were unable to comply with deadlines for equipment installation. Also, due to restrictions on imports and exports, the procurement of raw materials is taking longer, which further increases the lead time.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Power Source-Type Analysis
Non-Renewable and Renewable
The non-renewable power source is anticipated to remain dominant, whereas renewable power source is likely to remain the fastest-growing power source type in the market over the forecast period.
Power Rating-Type Analysis
Low-Power FPP, Medium-Power FPP, and High-Power FPP
High-power FPP is expected to remain the dominant power rating type, whereas medium-power is likely to remain the fastest-growing power rating type in the market.
Regional Analysis
North America, Europe, Asia-Pacific, and Rest of the World
Asia-Pacific is expected to remain the largest and fastest-growing region in the market over the next five years.
By Power Source Type
“The non-renewable power source is projected to remain the dominant type in the market throughout the forecast period”.
The market is segmented into non-renewable and renewable power sources. The non-renewable power source is expected to remain the dominant power source type in the market during the forecast period, owing to the high power density, high reliability, and low operating costs of gas turbines or IC Engine-based FPPs.
Leading producers place a strong emphasis on developing solutions to the floating gas turbines' limited power output capacity in order to accelerate the segment's growth over the forecast period.
By Power Rating Type
“High-power floating power plants are anticipated to remain the dominant power rating type in the market during the forecast period”.
The market is segmented into low-power, medium-power, and high-power floating power plants. The high-power floating power plant is expected to remain the dominant power rating type in the market during the forecast period on account of the significant power needs of South Asian economies, such as China, India, Singapore, and Malaysia.
The growth of the floating power plant market is also anticipated to be aided by a growing population and the rapid development of infrastructure in end-use sectors, such as healthcare, manufacturing, and construction.
Regional Analysis
“Asia-Pacific is projected to remain the largest and fastest-growing market for floating power plants, with North America also expected to see significant growth during the forecast period”.
The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is expected to remain the largest and fastest-growing market for floating power plants during the forecast period. The lack of adequate power infrastructure and the widespread use of renewable energy sources for power generation in developing economies, such as China and India are cited as the factors for this growth.
North America is also anticipated to experience significant growth during the forecast period owing to the implementation of strict regulatory reforms focusing on cleaner power generation initiatives. Due to their emphasis on the development of LNG-based power ships that use cleaner fuel, the U.S. and Canada account for the majority of the industry's revenues.
Want to know which region offers the best growth opportunities?Register Here
Key Players
The following are the key players in the Floating Power Plant Market (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Floating Power Plant Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
Custom Research:
Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
LOADING
LOADING
×
Please enter your contact details. It will allow our analysts to reach out to you.
The rising end-use sector’s demand for clean electricity and a global lack of power infrastructure are among the various factors expected to drive market growth in the coming years.
Asia-Pacific is estimated to remain dominant in the floating power plant market in the foreseeable future owing to significant investments, particularly in China and India, in the field of renewable energy.
Non-renewable power source is expected to remain the dominant power source type in the market during the forecast period owing to the the high-power density, high reliability, and low operating costs of gas turbines or IC Engine-based FPPs.
Wartsila, Siemens Gas and Power GmbH & Co., Burmeister & Wain Scandinavian Contractor A/S, Kawasaki Heavy Industries, Ltd., Mitsubishi Heavy Industries, Ltd., General Electric, Caterpillar, MAN Energy Solutions, Ciel & Terre International, and Floating Power Plant A/S are the leading players in the floating power plant market.
