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.
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.
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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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
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.
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.
| 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 |
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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