Floating Power Plant Market by Technology and Geography - Forecast and Analysis 2022-2026

The floating Power Plant Market is projected to grow by 10009.26 MW with a CAGR of 12.57% during the forecast period 2021 to 2026.

This floating power plant market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating power plant market segmentation by technology (non-renewable and renewable) and geography (APAC, the Middle East and Africa, Europe, North America, and South America). The floating power plant market report also offers information on several market vendors, including Burmeister and Wain Scandinavian Contractor AS, BW Offshore Ltd, Caterpillar Inc., Ciel & Terre International, Equinor ASA, Floating Power Plant AS, Hydrosun Pty Ltd., Karadeniz Holding, Kawasaki Heavy Industries Ltd., Kyocera Corp., Mitsubishi Heavy Industries Ltd., Principle Power Inc., SeaTwirl AB, Siemens Energy AG, Sinovoltaics Group Ltd., General Electric Co, Trina Solar Co. Ltd., Vikram Solar Ltd., Volkswagen AG, and Wartsila Corp among others.

What will the Floating Power Plant Market Size be During the Forecast Period?

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Floating Power Plant Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The need for alternative power solutions is notably driving the floating power plant market growth, although factors such as high project costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the floating power plant market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Floating Power Plant Market Driver

The need for alternative power solutions is one of the major drivers impacting the floating power plant market growth. Generally, electric power is supplied over a grid network, with power being generated from a central location. However, in an event where a power plant fails or when a power plant is unable to meet the entire load, it can affect the functioning of critical facilities, such as hospitals, schools, and businesses. In such cases, floating power plants are used to supply power to the affected area, district, or a specific facility that requires electricity. Floating power plants are installed on existing barges that can be towed to a particular location or on power ships that have a propulsion system. Hence, remote islands or coastal areas that may not be connected to the power grid on the mainland can be provided with electricity from mobile floating power plants. Countries in Africa and islands such as Indonesia and Japan are often prone to power shortages or unreliable power due to insufficient power generation and the challenges of building a centralized power network. In such areas, floating power plants are used to supply power. Certain key developments are taking place in the global floating power plant market.

Key Floating Power Plant Market Trend

The development of floating offshore wind energy is one of the major trends influencing the floating power plant market growth. In the past 15 years, offshore wind power generation has grown from a novel technology to one of the most competitive alternative power generation sources, helping in fighting climate change. One of the drawbacks of offshore wind is the high capital requirement. The depth of the water and seabed conditions determine the size of the wind turbine and the type of foundation that needs to be installed and constructed. This, in turn, influences the CAPEX for offshore wind projects. Deep-sea areas provide greater potential for generating higher-capacity wind. The high cost issue can be overcome by using floating wind energy, wherein the structure is held by suction anchors. Floating offshore wind power has moved from the R&D stage to mainstream applications, and, like onshore wind, the cost is expected to reduce. In addition to these factors, the ability of floating wind plants to tap areas with higher wind speeds is expected to result in the development of more floating wind farms. All these factors are positively influencing the growth of the global floating power plant market.

Key Floating Power Plant Market Challenge

High project cost is one of the major challenges impeding the floating power plant market growth. There is a wide range of devices available for harnessing energy from water flow. However, most are in the demonstration stage. Hence, there is much uncertainty involved in these projects, which increases their lifecycle costs. However, as technologies and designs improve, more meaningful lifecycle costs can be drawn, and the components of the systems could become economically viable. At present, ocean power is still in the demonstration phase. Most of the technologies used to harness ocean power are not yet developed when compared with other renewable technologies. Hence, the cost of generating electricity from ocean power is also high. Although tidal and ocean wave energies provide viable and predictable power, they have to overcome barriers such as high investment costs and sourcing economically attractive financing. 

This floating power plant market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global floating power plant market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the floating power plant market during the forecast period.

Who are the Major Floating Power Plant Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Burmeister and Wain Scandinavian Contractor AS
• BW Offshore Ltd
• Caterpillar Inc.
• Ciel & Terre International
• Equinor ASA
• Floating Power Plant AS
• Hydrosun Pty Ltd.
• Karadeniz Holding
• Kawasaki Heavy Industries Ltd.
• Kyocera Corp.
• Mitsubishi Heavy Industries Ltd.
• Principle Power Inc.
• SeaTwirl AB
• Siemens Energy AG
• Sinovoltaics Group Ltd.
• General Electric Co
• Trina Solar Co. Ltd.
• Vikram Solar Ltd.
• Volkswagen AG
• Wartsila Corp

 

This statistical study of the floating power plant market encompasses successful business strategies deployed by the key vendors. The floating power plant market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Ciel & Terre International - The company offers the highest quality floating power plants with sizes ranging from 100 kW to 100+ MWp through research and development and external product development collaborations.

To make the most of the opportunities and recover from the COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The vendor profiles are designed to help clients improve their market position, and the information on production and sustainability along with this report provides a detailed analysis of several leading Companies.

Floating Power Plant Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the floating power plant market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies. The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for the Floating Power Plant Market?

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53% of the market's growth will originate from APAC during the forecast period. Japan is the key market for the floating power plant market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Frequent power outages, ongoing rapid developments in the industrial sector, and rapid urbanization due to the heavy inflow of foreign direct investment (FDI) will facilitate the floating power plant market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Technology Segments in the Floating Power Plant Market?

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The floating power plant market share growth in the non-renewable segment will be significant during the forecast period. Fossil fuel floating power plants produce electricity by burning carbon fuels, such as oil, coal, or natural gas. Fossil fuel floating power plants offer the flexibility of fuel usage rather than depending on fuel imports. Hence, they help save costs, significantly influencing the growth of this segment.

This report provides an accurate prediction of the contribution of all the segments to the growth of the floating power plant market size and actionable market insights on the post-COVID-19 impact on each segment.

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Floating Power Plant Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 12.57%
Market growth 2022-2026	10009.26 MW
Market structure	Fragmented
YoY growth (%)	11.89
Regional analysis	APAC, the Middle East and Africa, Europe, North America, and South America
Performing market contribution	APAC at 53%
Key consumer countries	US, United Arab Emirates, Saudi Arabia, China, Japan, and India
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Burmeister and Wain Scandinavian Contractor AS, BW Offshore Ltd, Caterpillar Inc., Ciel and Terre International, Equinor ASA, Floating Power Plant AS, Hydrosun Pty Ltd., Karadeniz Holding, Kawasaki Heavy Industries Ltd., Kyocera Corp., Mitsubishi Heavy Industries Ltd., Principle Power Inc., SeaTwirl AB, Siemens Energy AG, Sinovoltaics Group Ltd., General Electric Co, Trina Solar Co. Ltd., Vikram Solar Ltd., Volkswagen AG, and Wartsila Corp
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Floating Power Plant Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive floating power plant market growth during the next five years
• Precise estimation of the floating power plant market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the floating power plant industry across APAC, the Middle East and Africa, Europe, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of floating power plant market vendors

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