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Global Floating Power Plant Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 2.3 Bn by 2028, Likely to Grow with the CAGR of 10.4% During the Forecast Period.
The market growth of the floating power plant is anticipated to grow during the forecast period by an increase in demand for electricity generation worldwide. There are various benefits associated with the floating power plants that are being embraced by various companies globally. Primarily the installation of a floating power plant doesn’t require any special site and is capable of mounting in the shipyard or at a factory. Moreover, it is economic in nature by saving on the cost associated with location analysis and studies associated with facilities and environment. Thus, the adoption of a floating power plant has a low influence on the environment and challenges associated with dismantling these plants form the area is also not cumbersome in nature.
Key factors that are driving the global floating power market are increased awareness of customers along with the demand for power stimulated its market growth. Factors contributing to this offerings are lack of electricity generation infrastructure that could meet the demand of growing population worldwide and advancement in technology, high efficiency, growing demand for renewable energy and advantages in contrast to traditional power plants. Such factors shall fuel the market growth of floating power plants during the forecast period globally. Various countries globally embracing the floating power plants by the above-mentioned benefits encourages it to be a good power generation source in the global market.
The Solar Floating Power Plant Segment Is Expected To Witness Highest Growth in the Global Floating Power Plant Market during the Forecast Period
In 2019 the overall installations taken place is approximately 1.1 GwH-peak by a floating solar power plant. Such market performance of the floating power plant is similar to that of the ground-mounted Photovoltaic power plants globally that could rapidly expand and have a profitable market share. The installations are mostly being industrial basins, drinking water reservoirs and irrigation facilities for the mounting of these floating power plants. Despite the presence of the traditional method of power infrastructure presence, the combination of renewable power plants in association with hydropower reservoirs could be beneficial in power generation.
The power plants with a capability of exceeding a hundred megawatts are installed in China and more are planned in the developing countries in the Asia Pacific region. For instance, the first plant that is more than 10 MWp was planned in 2016. By an increase in several countries’ economies, the emergence of new technologies is also being contributing to the cumulative installing of floating solar capacity is growing.
The Asia Pacific Is Anticipated To Grow At Significant Rate During The Forecast Period.
The floating power plant in the Asia Pacific region is accounted for a significant market share in comparison to the other regions. This is by a need for a rise in production and supply is in demand especially by the manufacturing industries to meet the power requirements. It is especially observed in countries such as China, Japan, and other Asia Pacific nations including India shall account for a prominent market share. The developed regions have significant growth for floating power plants due to regulations enforced by the countries of Europe and North America. The increased population along with a rising disposable income in developing regions such as Latin America and MEA are projected to play prominent players in floating power plant market
The global floating power plant market is consolidated with key players holding a major share of the global floating power plant market. Therefore the competency between these organizations is high by increasing demand for renewable energy globally.
Key players operating in the global floating power plant market are: Yingli Solar, MAN Diesel & Turbo SE., Vikram Solar Pvt. Ltd., Mitsubishi Corporation, Principle Power Inc., Wartsila, General Electric Company. Kyocera Corporation, Siemens AG, Caterpillar Inc., Ideol, Ciel & Terre International, and Floating Power Plant A/S.
Global Floating Power Plant Market Key Segments:
Global Floating Power Plant Market, By Source
- Gas turbine
- IC Engines
Global Floating Power Plant Market, By Capacity
- Below 5.0 MW
- 0 MW–20 MW
- 0 MW–100 MW
- 0 MW–250 MW
- Above 250 MW
Global Floating Power Plant Market, By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America