Floating Power Plant Market Set to Grow at 5.65% CAGR by 2023

Market Highlights:

Market Research Future published a half cooked research report on Global Floating Power Plant Market. The Floating Power Plant Market is expected to grow over the CAGR of around 5.65% during the period 2017 to 2023.

Globally, the need for uninterrupted electricity supply is growing because of the rising world population, climbing income levels and industrialization. Enabling the remote regions, with power by constructing new power generation facilities is very difficult as it involves high capital cost and several environmental concerns. Also, huge land area is necessary for the construction of coal, wind and solar power plants which has constraints in many countries. Floating power plants can help overcome this challenge and can provide power continuously with the ability to be relocated. However, the high capital cost of floating power plant and the high level of complexity involved in the design of the systems, will act as restrains for the floating power plant market, globally.

Key Players:

The key players of Global floating power plant market are Sungrow Power Supply Co., Ltd (China), Wärtsilä (Finland), KYOCERA TCL Solar (Japan), Floating Power Plant A/S (Denmark), MAN Diesel & Turbo SE (Germany), Principle Power, INC. (U.S.), Karadeniz Energy Group’s (Turkey), Power Barge Corporation (US), Novaton Erneuerbare Energien AG (Switzerland), Rosatom State Atomic Energy Corporation (Russia) and Ciel & Terre International (France).

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Market Research Analysis:

Floating Solar Power Plant is Expected to Grow at the Fastest Rate:

Based on the power plant type, the floating solar power plant market is expected to grow the fastest during the forecast period. The rapid development in solar panel technology coupled with government incentives for renewable energy power is expected to drive this segment. A major advantage of the floating solar power system is the reduction in evaporation, which helps preserve water levels during extreme summer. When panels are installed on a floating platform, the heating problem of solar panel on land is solved to a great extent and results in 16% improved efficiency. This solar power plant floating technology is long-lasting, cost effective, and flexible and requires less time for installation. Several new technologies are coming up in other energy types such as the combination of wind and wave energy floating power plant systems. The power generation capacity is increased tremendously with both wind and wave operating at the same time and these systems can be transported to any location worldwide.

Scope of the Report:

This study provides an overview of the global floating power plant market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region.

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The scope of the study segments the global floating power plant market by power plant type, by platform type and by regions.

By Power Plant Type:

  • Floating Solar Power
  • Floating Wind Power
  • Floating Wind and wave power
  • Floating Nuclear Power
  • Others (Coal, Diesel, Oil and Natural Gas)

By Platform Type:

  • Advanced FRP platform
  • Steel and Aluminum platform
  • Semi-submersible platform
  • Power barges
  • Power ships

By Regions:

  • North America
  • Asia Pacific
  • Europe
  • Rest of the World

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