Floating Power Plant Market is expected to grow at a CAGR of 10.2% during the forecast period 2022-2030

Global floating power plant market is expected to growat 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.

Renewable sources in the source segment of floating power plant market is expected to rise at a highest CAGR of 10.5% in the forecast period. Renewable energy is driving energy transformation across the globe Solar PV, wind, geothermal, hydropower etc. are some of the leading sources of renewable energy gaining attention across the globe. International Renewable Energy Agency (IRENA) anticipates share of renewable energy to reach 36% of global energy mix by 2030, increasing from 19.2% in 2014. Government and public administration across the globe are investing in key projects related to renewable energy. According to Frankfurt School & United Nations Environment Programme Collaborating Centre (FS-UNEP), investment within renewable energy sector is bound to increase from $312 billion in 2015 to $392 billion by 2020. According to GWEC, wind energy could supply over 20% of total global electricity by 2030 with an estimated installed capacity of 2,110GW. Huge investments in the renewable sources of energy are expected to aid the market for floating power plants over the forecast period. 

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Non-renewable energy leads the source segment in global floating power plant market by capturing largest market share of over 60% in 2021. Non-renewable market is anticipated to rise at a highest CAGR of 9.9% during forecast period. Non-renewable sources of energy include liquefied natural gas (LNG), nuclear power, fossil fuels (diesel) and others. Non-renewable energy sources are primary power sources in the floating power plants since they are easy to install and are more economical compared to the renewable sources of energy. The increasing deployment of non-renewables based floating power plants act as key driver for the growth of non-renewable energy market. 

Asia Pacific leads the global floating power plant market by capturing largest market share of over 29% in 2021. Asia Pacific floating power plant market is anticipated to rise at a CAGR of 10.4% during the forecast period. Asia Pacific floating power plant market is primarily driven by high investment in the renewable energy coupled with increasing installation of floating power plants both renewable and Non-renewable. With the increasing investment in renewable sources of energy and increasing deployment of floating power plants, the Asia Pacific floating power plant market is expected to grow substantially over the forecast period.

The growing demand for power primarily due to growing populations and increasing standards of living in the developing countries including India, China as well as growing electricity demand from the developed economies (US, Japan, Germany and others) are expected to drive the demand for floating power plants. According to International Energy Agency, the electricity consumption would observe a 40% rise from 2016 to 2040. Hence, the global electricity demand is also estimated to increase till 2040. China would record the highest electricity demand till 2040, as the electricity demand in 2016 remained at 5,320 Terawatt-hour (TWh) that would further increase to 9,230 TWh till 2040 as per IEA.

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.

KEY MARKET MOVEMENTS

• Global floating power plant market is expected to growat a CAGR of 10.2% during forecast period (2022-2030).
• Renewable sources in the source segment of floating power plant market is expected to rise at a highest CAGR of 10.5% in the forecast period.
• Non-renewable energy leads the source segment in global floating power plant market by capturing largest market share of over 60% in 2021.
• Asia Pacific leads the global floating power plant market by capturing largest market share of over 29% in 2021. Asia Pacific floating power plant market is anticipated to rise at a CAGR of 10.4% during the forecast period.
• 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.
• Major players in this market include 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)