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Report Scope & Overview:

The Floating Power Plant Market size was valued at USD 1.5 billion in 2022 and is expected to grow to USD 3.12 billion by 2030 and grow at a CAGR of 9.6 % over the forecast period of 2023-2030.

 Solar panels attached on a structure that floats on a body of water, often a reservoir or lake like drinking water reservoirs, quarry lakes, irrigation canals, cleanup and tailing ponds, are known as floating solar or floating photovoltaics (FPV), sometimes known as photovoltaics.

Floating Power Plant Market Revenue Analysis

Rising power consumption and an increase in energy efficiency standards are anticipated to drive sales of floating power plant during the course of the prediction. Due to the rising need for clean electricity across a variety of industries and the inadequate power infrastructure in many nations, the market for floating power plants is anticipated to increase. Decentralised electricity generation from floating power plants (FPPs) is essential, power sources that provide stability and great efficiency. Floating power plants can start up fast and can handle abrupt fluctuations in power demand. Due to their portability and suitability for seasonal and irregular operations, these plants help maintain grid stability for many types of renewable energy sources. These elements are anticipated to have a positive effect on the growth of the sector in A particular kind of power generator found on an existing cargo ship is referred to as a floating power plant. These are often self-driven, have access to the national grid, and can go abroad as needed. Furthermore, because they can meet the rising need for, and possible replacement for, land-based power facilities, power, particularly in isolated and rural locations.

MARKET DYNAMICS

KEY DRIVERS:  

  • Rising demand for government investments

  • Increasing Demand for Clean Energy

An important factor is the great dependability, low operating costs, and high-power density of floating power plants powered by IC engines a predicted driving force for the market.

RESTRAIN:

  • High Capital Cost

  • High efficiency and stability

OPPORTUNITY: 

  • The use of material including thermal barrier coating

  • Increases the effectiveness of microturbine systems

The growth of technologies like automation and digitalization in the floating power industry will lower plant operating costs and also minimise on-site fatalities, which is anticipated to open up a number of opportunities for the upcoming market for floating power plants.

CHALLENGES:

  • Innovative Technologies

  • Installation of floating power plant

In comparison to traditional PV systems, installing floating power plants is more expensive. Due to the floating technology's youth, specialised tools and information are needed. But as technology advancements, it is projected that installation costs will decrease in the after some time.

KEY MARKET SEGMENTS

 By Power Source

  • Non-renewable

    • Gas turbines

    • IC engines

  • Renewable

    •  Solar

    •  Solar panels

    • Floating structures

  • Wind

    • Wind turbines

    • Sub-structures

By Capacity

  • 1MW-5 MW

  •  5.1 MW-20 MW

  •  20.1 MW-100 MW

  •  100.1 MW-250 MW

  •  Above 250 MW

Floating Power Plant Market Segmentation Analysis

 REGIONAL ANALYSIS

Due to the scarcity of land, European nations have been focusing on innovative new ways to produce energy for a number of years; the region's nations have made substantial investments in floating power plants.

Asia Pacific would have the largest market share for floating power plants over the assessment period. In 2023, the region is anticipated to hold more than 40% of the market. The market for the area is anticipated to grow at a CAGR of 9.2% during the forecast period. This expansion might be attributed to the rising use of renewable energy sources and the rapid expansion of infrastructure across several end-use sectors in developing nations like China and India.

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

RECENT DEVELOPMENT

  • The Norwegian Government agreed to provide funds of around EUR 5.9 million to Wartsila, Hoegh LNG, IFE, University of South-East Norway, Sustainable Energy, and BASF SE in April 2023.

  • Wartsila and Geradora de Energia do Amazonas extended their Operation & Maintenance contract in April 2023(Gera Amazonas), a Brazilian-based independent energy producer.

  • In August 2021, Italian company Falck Renewables SpA and Spanish company BlueFloat Energy, experts in floating wind farms, presented their combined proposal to build and deploy floating offshore wind farms along the Italian coast.

  • Wartsild and JB Corporation signed a nine-year agreement for optimised maintenance in October 2020 to make sure the dependability of a South Korean power plant's operations.

KEY PLAYERS

MAN Diesel & Turbo SE, Mitsubishi Corporation, Wartsila, General Electric Company, Siemens AG, Caterpillar, Inc, Ciel & Terre International, Floating Power Plant A/S, Ideol, Kyocera Corporation, Principle Power, Inc, Upsolar, Vikram Solar Pvt, Ltd., Yingli Solar, SeaTwirl and other players are listed in a final report.

Mitsubishi Corporation-Company Financial Analysis

Pipeline Pigging Services Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 1.5 Bn
Market Size by 2030  US$ 3.12 Bn
CAGR   CAGR of 9.6 % From 2023 to 2030
Base Year 2022
Forecast Period  2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Power Source (Non-renewable, Renewable, Wind)
• By Capacity (1MW-5 MW, 5.1 MW-20 MW, 20.1 MW-100 MW, 100.1 MW-250 MW, above 250 MW)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Company Profiles MAN Diesel & Turbo SE, Mitsubishi Corporation, Wartsila, General Electric Company, Siemens AG, Caterpillar, Inc, Ciel & Terre International, Floating Power Plant A/S, Ideol, Kyocera Corporation, Principle Power, Inc, Upsolar, Vikram Solar Pvt, Ltd., Yingli Solar, SeaTwirl 
Key Drivers • Rising demand for government investments
• Increasing Demand for Clean Energy
Market Restraints • High Capital Cost
• High efficiency and stability

 

Frequently Asked Questions

Ans: Floating Power Plant Market is anticipated to expand by 9.6 % from 2023 to 2030.

Ans:  USD 3.12 billion is expected to grow by 2030.

Ans: Floating Power Plant Market size was valued at USD 1.5 billion in 2022

Ans: Europe is dominating the market.

Ans: The use of material including thermal barrier coating and increases the effectiveness of microturbine systems

TABLE OF CONTENT

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Floating Power Plant Market Segmentation, By Power Source
8.1Non-renewable
8.1.1Gas turbines
8.1.2IC engines
8.2Renewable
8.2.1 Solar
8.2.2 Solar panels
8.2.3Floating structures
8.3Wind
8.3.1Wind turbines
8.3.2Sub-structures

9. Floating Power Plant Market Segmentation, By Capacity
9.11MW-5 MW
9.2 5.1 MW-20 MW
9.3 20.1 MW-100 MW
9.4100.1 MW-250 MW
9.5 Above 250 MW

10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Floating Power Plant Market by Country
10.2.2North America Floating Power Plant Market by Power Source
10.2.3 North America Floating Power Plant Market by Capacity
10.2.4 USA
10.2.4.1 USA Floating Power Plant Market by Power Source
10.2.4.2 USA Floating Power Plant Market by Capacity
10.2.5 Canada
10.2.5.1 Canada Floating Power Plant Market by Power Source
10.2.5.2 Canada Floating Power Plant Market by Capacity
10.2.6 Mexico
10.2.6.1 Mexico Floating Power Plant Market by Power Source
10.2.6.2 Mexico Floating Power Plant Market by Capacity
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Floating Power Plant Market by Country
10.3.1.2 Eastern Europe Floating Power Plant Market by Power Source
10.3.1.3 Eastern Europe Floating Power Plant Market by Capacity
10.3.1.4 Poland
10.3.1.4.1 Poland Floating Power Plant Market by Power Source
10.3.1.4.2 Poland Floating Power Plant Market by Capacity
10.3.1.5 Romania
10.3.1.5.1 Romania Floating Power Plant Market by Power Source
10.3.1.5.2 Romania Floating Power Plant Market by Capacity
10.3.1.6 Hungary
10.3.1.6.1 Hungary Floating Power Plant Market by Power Source
10.3.1.6.2 Hungary Floating Power Plant Market by Capacity
10.3.1.7 Turkey
10.3.1.7.1 Turkey Floating Power Plant Market by Power Source
10.3.1.7.2 Turkey Floating Power Plant Market by Capacity
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Floating Power Plant Market by Power Source
10.3.1.8.2 Rest of Eastern Europe Floating Power Plant Market by Capacity
10.3.2 Western Europe
10.3.2.1 Western Europe Floating Power Plant Market by Country
10.3.2.2 Western Europe Floating Power Plant Market by Power Source
10.3.2.3 Western Europe Floating Power Plant Market by Capacity
10.3.2.4 Germany
10.3.2.4.1 Germany Floating Power Plant Market by Power Source
10.3.2.4.2 Germany Floating Power Plant Market by Capacity
10.3.2.5 France
10.3.2.5.1 France Floating Power Plant Market by Power Source
10.3.2.5.2 France Floating Power Plant Market by Capacity
10.3.2.6 UK
10.3.2.6.1 UK Floating Power Plant Market by Power Source
10.3.2.6.2 UK Floating Power Plant Market by Capacity
10.3.2.7 Italy
10.3.2.7.1 Italy Floating Power Plant Market by Power Source
10.3.2.7.2 Italy Floating Power Plant Market by Capacity
10.3.2.8 Spain
10.3.2.8.1 Spain Floating Power Plant Market by Power Source
10.3.2.8.2 Spain Floating Power Plant Market by Capacity
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Floating Power Plant Market by Power Source
10.3.2.9.2 Netherlands Floating Power Plant Market by Capacity
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Floating Power Plant Market by Power Source
10.3.2.10.2 Switzerland Floating Power Plant Market by Capacity
10.3.2.11 Austria
10.3.2.11.1 Austria Floating Power Plant Market by Power Source
10.3.2.11.2 Austria Floating Power Plant Market by Capacity
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Floating Power Plant Market by Power Source
10.3.2.12.2 Rest of Western Europe Floating Power Plant Market by Capacity
10.4 Asia-Pacific
10.4.1 Asia Pacific Floating Power Plant Market by Country
10.4.2 Asia Pacific Floating Power Plant Market by Power Source
10.4.3 Asia Pacific Floating Power Plant Market by Capacity
10.4.4 China
10.4.4.1 China Floating Power Plant Market by Power Source
10.4.4.2 China Floating Power Plant Market by Capacity
10.4.5 India
10.4.5.1 India Floating Power Plant Market by Power Source
10.4.5.2 India Floating Power Plant Market by Capacity
10.4.6 Japan
10.4.6.1 Japan Floating Power Plant Market by Power Source
10.4.6.2 Japan Floating Power Plant Market by Capacity
10.4.7 South Korea
10.4.7.1 South Korea Floating Power Plant Market by Power Source
10.4.7.2 South Korea Floating Power Plant Market by Capacity
10.4.8 Vietnam
10.4.8.1 Vietnam Floating Power Plant Market by Power Source
10.4.8.2 Vietnam Floating Power Plant Market by Capacity
10.4.9 Singapore
10.4.9.1 Singapore Floating Power Plant Market by Power Source
10.4.9.2 Singapore Floating Power Plant Market by Capacity
10.4.10 Australia
10.4.10.1 Australia Floating Power Plant Market by Power Source
10.4.10.2 Australia Floating Power Plant Market by Capacity
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Floating Power Plant Market by Power Source
10.4.11.2 Rest of Asia-Pacific APAC Floating Power Plant Market by Capacity
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Floating Power Plant Market by Country
10.5.1.2 Middle East Floating Power Plant Market by Power Source
10.5.1.3 Middle East Floating Power Plant Market by Capacity
10.5.1.4 UAE
10.5.1.4.1 UAE Floating Power Plant Market by Power Source
10.5.1.4.2 UAE Floating Power Plant Market by Capacity
10.5.1.5 Egypt
10.5.1.5.1 Egypt Floating Power Plant Market by Power Source
10.5.1.5.2 Egypt Floating Power Plant Market by Capacity
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Floating Power Plant Market by Power Source
10.5.1.6.2 Saudi Arabia Floating Power Plant Market by Capacity
10.5.1.7 Qatar
10.5.1.7.1 Qatar Floating Power Plant Market by Power Source
10.5.1.7.2 Qatar Floating Power Plant Market by Capacity
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Floating Power Plant Market by Power Source
10.5.1.8.2 Rest of Middle East Floating Power Plant Market by Capacity
10.5.2 Africa
10.5.2.1 Africa Floating Power Plant Market by Country
10.5.2.2 Africa Floating Power Plant Market by Power Source
10.5.2.3 Africa Floating Power Plant Market by Capacity
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Floating Power Plant Market by Power Source
10.5.2.4.2 Nigeria Floating Power Plant Market by Capacity
10.5.2.5 South Africa
10.5.2.5.1 South Africa Floating Power Plant Market by Power Source
10.5.2.5.2 South Africa Floating Power Plant Market by Capacity
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Floating Power Plant Market by Power Source
10.5.2.6.2 Rest of Africa Floating Power Plant Market by Capacity
10.6 Latin America
10.6.1 Latin America Floating Power Plant Market by Country
10.6.2 Latin America Floating Power Plant Market by Power Source
10.6.3 Latin America Floating Power Plant Market by Capacity
10.6.4 Brazil
10.6.4.1 Brazil Floating Power Plant Market by Power Source
10.6.4.2 Brazil Africa Floating Power Plant Market by Capacity
10.6.5 Argentina
10.6.5.1 Argentina Floating Power Plant Market by Power Source
10.6.5.2 Argentina Floating Power Plant Market by Capacity
10.6.6 Colombia
10.6.6.1 Colombia Floating Power Plant Market by Power Source
10.6.6.2 Colombia Floating Power Plant Market by Capacity
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Floating Power Plant Market by Power Source
10.6.7.2 Rest of Latin America Floating Power Plant Market by Capacity

11 Company Profile
11.1 MAN Diesel & Turbo SE
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Mitsubishi Corporation
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Wartsila
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 General Electric Company
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Siemens AG
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Caterpillar, Inc.
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Ciel & Terre International
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Floating Power Plant A/S
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Ideol
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Kyocera Corporation
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
11.11 Principle Power, Inc.
11.11.1 Company Overview
11.11.2 Financials
11.11.3 Product/Services Offered
11.11.4 SWOT Analysis
11.11.5 The SNS View
11.12 Upsolar
11.12.1 Company Overview
11.12.2 Financials
11.12.3 Product/Services Offered
11.12.4 SWOT Analysis
11.12.5 The SNS View
11.13 Vikram Solar Pvt, Ltd.
11.13.1 Company Overview
11.13.2 Financials
11.13.3 Product/Services Offered
11.13.4 SWOT Analysis
11.13.5 The SNS View

12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions

13. USE Cases and Best Practices

14. Conclusion

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Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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