Floating Power Plant Market 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.

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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 SEGMENTATION

 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

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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 DEVELOPMENTS

• 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

The Major Players are 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