Europe Floating Power Plant Market Size, Segments, Outlook and Revenue Forecasts Report 2022-2027

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Apr 12, 2023, 13:30 ET

DUBLIN, April 12, 2023 /PRNewswire/ -- The "Europe Floating Power Plant Market Size, Segments, Outlook and Revenue Forecast 2022-2027 by Power Source Type, Platform Type, Connectivity, By Capacity and Major Countries" report has been added to ResearchAndMarkets.com's offering.

The floating power plant market in Europe is expected to grow at a rate of about 10% CAGR over the next five years (2022-2027) and reach US$ 740 Mn by 2027, due to the rising demand for clean energy sources, lack of power infrastructure, and need for secondary power sources.

Awareness of clean energy is increasing around the globe day by day and many countries want to become carbon neutral in the future. Europe is investing more to make its power sector carbon neutral. Floating power plants are mobile in nature so they can be transported to any remote location near the sea or ocean and can supply power.

Demand for power is increasing simultaneously with the shortage of power infrastructure. Floating Power Plants don't require that much infrastructure and it eliminates the risk of land acquisition. These reasons are driving the growth of the Floating Power Plant market in Europe. According to Eurostat, the production of electricity from Renewable energy and biogas sources in the EU increased from 0.94 million GWh in 2018 to 1.07 million GWh in 2021.

However Floating Power Plants involve high initial costs and as they float in the ocean and deep sea, they are uniquely vulnerable to certain weather phenomena, which is a major barrier for the Floating Power Plant market. For Instance, the Cost of a floating offshore wind project is 2X that of a fixed bottom offshore project and offshore wind turbines are significantly more expensive at 7.22 to 12.11 US$/KWh whereas onshore wind turbines range between 3.93 and 8.27 US$/KWh.

The ongoing COVID-19 pandemic has adversely impacted the renewable energy sector. One of the major problems was the disruption in the delivery of components and modules to the manufacturers. Unlike conventional power plants, floating power plant requires less infrastructure and less time to supply power as well as they are mobile and flexible.

Competitive Landscape

The Europe Floating Power Plant market is highly competitive with ~100 players which include globally diversified players, regional players as well as a large number of country-niche players Most of the country-niche players are floating structure manufacturers.

Large global players control about 60% of the market in terms of revenue, while regional players hold the second largest share. Some of the major players in the market include General Electric, Siemens, Ciel et Terre, Principle Power Inc., Man Energy Solutions SE, BW Ideol, SeaTwirl, Floating Power Plant A/S, Wartsila, Mitsubishi Heavy Industries, Caterpillar, Vestas and among others.

Recent Developments Related to Major Players

In June 2021, Siemens Gamesa and Siemens Energy have signed a Memorandum of Agreement (MoU) with Odfjell Oceanwind to collaborate on the development of Mobile Offshore Wind Units for uninterrupted power supply.

In May 2021, GE researchers unveiled that it is partnering with Glosten to design and develop advanced controls to support a 12 MW floating offshore wind turbine. This will lead the floating offshore wind industry toward becoming a commercially viable solution.

In Nov 2021, Ocean Winds (a joint venture between ENGIE and EDP Renewables) and Principle Power have entered into a collaboration to work on the design of the floating platforms for France's first commercial-scale floating wind tender.

In December 2021, Wison Offshore & Marine has signed a deal with MAN Energy Solutions to collaborate on power barge and floating LNG-to-power projects worldwide.

In May 2022, BW Ideol, JERA, and ADEME Investissement sign an investment agreement for financing the co-development of offshore wind projects using BW Ideol's patented Damping Pool technology over the next 5 years. This will lead to the development of many new floating offshore power plants in Europe.

In May 2019, Floating Power Plant A/S signed a memorandum of understanding with The Oceanic Platform of the Canary Islands (PLOCAN) to investigate and develop a potential deployment of Floating Power Plant's technology in the PLOCAN test facilities in Gran Canaria. This will demonstrate the commercial scale version of their hybrid floating wind and wave energy device.

Conclusion

Europe Floating Power Plant market will continue exponential growth during the forecast period primarily driven by rising demand for clean energy from all major industry sectors and countries to become carbon neutral and to solve the lack of power infrastructure issue. Though the market is highly competitive with ~100 participants, few global players control the dominant share and regional players also hold a significant share.

Key Topics Covered in the Report:

Snapshot of Europe Floating Power Plant Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of Europe Floating Power Plant Market
Historic Growth of Overall Europe Floating Power Plant Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of Europe Floating Power Plant Industry
Overview, Product Offerings of Key Competitors
Covid 19 Impact on Overall Europe Floating Power Plant Market
Future Market Forecast and Growth Rates of Total Europe Floating Power Plant Market and by Segments
Market Size of Application/End User Segments with Historical CAGR and Future Forecasts
Analysis of Floating Power Plant Market in Major European Countries
Major Production/Consumption Hubs in the Major European Countries
Major Production/Supply and Consumption/Demand Hubs in Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Country

Major Companies Profiled in the Report

General Electric
Siemens
Ciel et Terre International
Principle Power Inc
Man Energy Solutions SE
BW Ideol
SeaTwirl
Floating Power Plant A/S
Wartsila
Mitsubishi Heavy Industries
Caterpillar
Vestas
EWE AG
HOCHTIEF Solutions
Hydrosolar
SSE plc
Bretagne Ocean Power
HelioRec
Hexicon
Flowocean AB
Saitec Offshore
Greenalia
Floating Energy
Floating Solar BV

Scope of the Report

By Power Source Type

Renewable
Floating Solar Panel
Offshore Wind Turbines
Non-Renewable
Gas turbines
IC engines

By Platform Type

Floating Structures
Power Barges
Power Ships

By Connectivity

On-grid
Off-grid

By Capacity

1 MW- 5MW
5.1 MW- 20 MW
20.1 MW-100 MW
100.1 MW-250 MW
Above 250 MW

By Country

Germany
U.K
France
Spain
Sweden
The Netherlands
Rest of Europe
Russia
Denmark
Italy
Portugal
Others

For more information about this report visit https://www.researchandmarkets.com/r/pjdfh9

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