Floating Power Plant Market Trends, Growth and Forecast 2028

 

Floating Power Plant Market

The Floating Power Plant Market was valued around USD 1,188 million in 2020 and is expected to grow at a CAGR of 10.7% over the forecast period (2021-2028).

The factors driving growth of the Floating Power Plant Market includes strict regulations regarding related to environmental pollution, rising focus on utilizing clean sources of energy and improvements in the living standards. Moreover, low operating costs and enhanced power density of IC engine-based floating power plants, growing adoption of advanced technologies, increasing number of renewable energy-based floating power plants and rapid urbanization, are some of the additional factors supplementing the Floating Power Plant Market share. In addition, the increasing investments by major corporations on research and development, strategic mergers, and collaborations between key industry players, rising population growth rates and growing disposable incomes, are further contributing towards the market growth.

However, growth of the Floating Power Plant Market is hindered due to additional transportation cost for deploying floating power plants.

The major players operating in the market are Floating Power Plant A/S, Yingli Solar, PRINCIPAL POWER, INC, MAN Diesel & Turbo SE, Mitsubishi Corporation, Wärtsilä, SeaTwirl AB, Ciel & Terre International, KYOCERA Corporation and Siemens AG, among others.

Based on Power Source, the Renewable segment is predicted to grow at a significant CAGR during the forecast period

Growing demand for energy efficient floating power plants and Government policies promoting renewable energy sources, are some of the factors propelling Floating Power Plant Market size.

Based on Capacity, the Above 250 MW segment is projected to grow at a robust CAGR over the forecast period

Floating power plants minimizes water evaporation and grid interconnection costs and increase in the launch of floating solar and wind projects, are pushing segment’s growth.

Based on Region, the European region is anticipated to expand at a remarkable CAGR during the forecast period

Increasing focus on utilizing renewable energy across Germany, United Kingdom and France, rising deployment of large-scale FPP projects, rapid urbanization, growing adoption of advanced technologies and high per capita incomes, are some of the important factors augmenting the market growth in the European region.

Key Development

  • In 2021, CIEL & TERRE India, installed the largest Floating Solar Plant at pond in Thoothukudi in the State of Tamil Nadu.

Market Segmentation

Segmentation by Power Source

  • Non-Renewable
    • Gas Turbine
    • IC Engines
  • Renewable
    • Solar
    • Wind

Segmentation by Capacity

  • 1 MW–5 MW
  • 1MW–20 MW
  • 1 MW–100 MW
  • 1 MW–250 MW
  • Above 250 MW

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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