Floating Power Plant Market

2021-2030 Analysis and Review Floating Power Plant Market

Floating Power Plant Market

Floating Power Plant Market By Source (Renewable Power, Non-Renewable power), By Capacity (0MW- 5MW, 5.1MW-20MW, 20.1MW-100MW, 100.1MW-250MW, Above 250MW) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

09-03-2022 REP-HC-139339 115 pages Format

Global floating power plant market is expected to grow at a CAGR of 10.2% during forecast period (2022-2030). The floating power plants refers to power generation units that are located on a platform afloat on a water body. These power plants act as primary power source for specific facility and may also be used as an emergency power source. Further, these power plants provide the unique benefit that they can relocated and thus are ideal for power production on an interim basis in order to alleviate local power shortages. Global floating power plant market is driven by increasing demand for power demand for clean energy, benefits over land-based power plants and limited availability of land. In addition to this according to International Energy Agency, global electricity consumption would observe a 40% rise from 2016 to 2040. 

Floating Power Plant Market

Non-renewable Sources Dominated the Market

Global floating power plant market has been segmented on the basis of source and capacity. The source segment is further sub-segmented into non-renewable power and renewable power market. Non-renewable power market leads the source segment in terms of revenue in global floating power plant market with around 60.12% market share in 2021. Non-renewable energy sources are primary power sources in floating power plants since they are easy to install and are more economical compared to renewable sources of energy. The increasing deployment of non-renewable based floating power plants act as key driver for the growth of non-renewable energy market.  

Above 250Mw Segment Led the Capacity Segment

Above 250Mw segment leads the capacity segment of the global floating power plant market by capturing largest market share of approximately 31% in 2021. Above 250Mw market is anticipated to rise at a CAGR of 9.8% during the forecast period. The growing installation of the above 250Mw floating power plants primarily due to increasing energy demand act as major driver for above 250Mw market. 

APAC Takes the Lion’s Share

Geographically, global floating power plant market has been segmented into North America, Europe, Asia Pacific and Rest of World (ROW). Asia pacific leads global floating power plant market by capturing largest market share in terms of revenue of 29.82% in 2021. The floating power plant market in Asia Pacific is primarily driven by high investment in renewable energy coupled with increasing installation of floating power plants in Asia Pacific. Australia and Japan are also investing over for sustainable energy technologies. Further, increasing deployment of floating power plants in countries of Asia Pacific also act as driver for the growth of floating power plant market in Asia Pacific. 

Europe Emerging as The Fastest Growing Market

The fastest growth rate of Europe floating power plant market is attributed to the fact that countries such as UK, France, Germany and Rest of Europe are highly inclined towards the adoption of floating power plants. Also, the government along with key players of these countries are determined in setting up floating power plants over the next few years (till 2030). For instance, according to France Wind Energy, The Wind Industry Group France Energie Eolienne (FEE) has targeted the development of 6 GW floating offshore wind power plants by end of 2030. Moreover, highest growth rate of European floating power plant market is due to spending a significant R&D amount on renewable energy. 

Collaborative Efforts to Enhance Market Presence

Partnership and collaboration is the primary strategy adopted by companies in global floating power plant market and joint venture remains as the secondary. The intensity of competitive rivalry in global floating power plant market is expected to remain high level over forecast period 2022-2030. The global floating power plant market is highly competitive with the presence of major players, such as such Floating Power Plant A/S (Denmark), Wartsila Corporation (Finland), Siemens AG (Germany), General Electric (U.S.), MAN Diesel & Turbo SE (Germany) and Ciel & Terre International (California) hold the maximum market share in terms of market revenue. The major companies are performing intensive research in improving the quality of floating power plant solutions and developing new products and solutions. Companies are trying to compete with each other by providing the same characteristics with similar pricing at competitive prices for products in floating power plant market. 

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030. 

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Source (2020-2030; US$ Mn)

  • Renewable Power
  • Non-Renewable power

By Capacity (2020-2030; US$ Mn)

  • 0MW-5MW
  • 5.1MW-20MW
  • 20.1MW-100MW
  • 100.1MW-250MW
  • Above 250MW

By Region (2020-2030; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

  • Pre Covid-19 situation
  • Post Covid-19 situation

Key questions answered in this report

  • What are the key market segments in current scenario and in the future by product categories?
  • What are the key market segments in current scenario and in the future by regions?
  • What is the key impact of Covid-19 over market revenues and market determinants in the global floating power plant market?
  • What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
  • What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges and leverage the opportunities in each of the market segment?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth

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