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.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to...
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m...
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B...
Read more