Floating Power Plant Market to Garner $27.9 Billion, Globally, By 2032 at 10.5% CAGR, Says Allied Market Research

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Jan 22, 2024, 06:59 ET

The floating power plant market is driven by various factors that contribute to its growth and adoption. These drivers are influenced by economic, environmental, and technological considerations.

PORTLAND, Ore., Jan. 22, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Floating Power Plant Market By Type of Power Source (Renewable Power Source and Non-Renewable Power Source), Capacity (1–5 MW, 5.1–20 MW, 20.1–100 MW, 100.1–250 MW, and Above 250 MW), Deployment (Ship, Barges, Modular Raft, and Others), and Application (Manmade Water Bodies and Natural Water Bodies): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global floating power plant industry generated $10.3 Billion in 2022, and is anticipated to generate $27.9 Billion by 2032, witnessing a CAGR of 10.5% from 2023 to 2032.

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Prime determinants of growth

The rapid industrialization and urbanization observed in many regions around the world are driving increased interest in floating power plants. However, the technological complexity and cost challenges are expected to act as a major restraint for market growth. Nevertheless, the technological advancement is anticipated to offer many opportunities for market growth in the coming years.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$10.3 Billion
Market Size in 2032	$27.9 Billion
CAGR	10.5 %
No. of Pages in Report	420
Segments covered	Type of Power Source, Capacity, Deployment, Application, Region.
Drivers	• Rapid industrialization and urbanization • Offshore Wind Development
Opportunities	• Growing Demand for Renewable Energy
Restraints	• Technological Complexity and Cost Challenges

Covid-19 Scenario

Supply Chain Disruptions: The energy sector, like many others, experienced disruptions in the supply chain due to lockdowns, restrictions, and disruptions in international trade. Delays in the production and delivery of components for floating power plants impacted project timelines.
Project Delays and Financing Challenges: The economic uncertainties brought about by the pandemic led to delays in project development as investors and financiers reevaluated their commitments. Financing challenges and the need for additional due diligence hindered the progress of floating power plant projects.
Operational Challenges: Operational challenges, including workforce shortages, travel restrictions, and safety protocols, impacted the maintenance and operation of existing floating power plants. Implementing COVID-19 safety measures affected routine inspections and maintenance activities.
Changes in Energy Demand and Pricing: The pandemic led to changes in energy demand patterns with lockdowns affecting industrial activities and transportation. This shift in demand, coupled with fluctuations in energy prices, influenced investment decisions in the energy sector, including floating power plants.
Government Priorities and Policy Adjustments: Governments around the world adjusted priorities and policies to address the economic impacts of the pandemic. This influenced the allocation of funds, incentives, and regulatory support for renewable energy projects, including floating power plants.
Remote Work and Digitalization: The pandemic accelerated the adoption of remote work and digital technologies. This trend influenced the adoption of digital solutions in the energy sector, potentially impacting the monitoring, control, and maintenance of floating power plants.

The non-renewable power source segment to maintain its lead position during the forecast period.

Based on type of power source, the non-renewable power source segment accounted for the largest share in 2022, contributing to more than two-thirds of the global floating power plant market revenue, and is projected to maintain its lead position during the forecast period. Non-renewable power sources for floating power plants typically involve the use of traditional fossil fuels or other conventional energy sources such as gas turbine and internal combustion engine. The renewable power source segment is projected to grow at a CAGR of 10.7% from 2023 to 2032. The growing demand for renewable power sources for floating power plants is driven by several factors reflecting global trends in energy generation, sustainability, and environmental responsibility.

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The 100.1–250 MW segment to maintain its lead position during the forecast period

Based on capacity, the 100.1–250 MW segment accounted for the largest share in 2022, contributing to more than two-fifths of the global floating power plant market revenue, and is projected to maintain its lead position during the forecast period. 100.1–250 MW floating power plants have a substantial capacity, ranging from 100.1 to 250 megawatts, making them suitable for significant electricity production, potentially meeting the power needs of large cities or contributing to a substantial portion of a region's energy demand. Similar to smaller capacity floating power plants, these facilities typically harness energy from renewable sources such as wind or solar. The above 250 MW segment is projected to grow at a CAGR of 10.7% from 2023 to 2032. Some projects aimed to create solar farms with capacities exceeding 250 MW by deploying numerous floating solar platforms. Also, floating wind farms are being developed with larger capacities. A few projects are targeting capacities greater than 250 MW, and advancements in floating wind turbine technology are expected to increase these capacities over time.

The ship segment to maintain its lead position during the forecast period

Based on deployment, the ship segment accounted for the largest share in 2022, contributing to more than one-third of the global floating power plant market revenue, and is projected to maintain its lead position during the forecast period. A floating power ship typically refers to a power generation system installed on a floating platform that can provide electrical power to a ship while it is at anchor or moored. These floating power plants can use various energy sources, including conventional fuels, renewables, or a combination of both. These are designed to reduce emissions, provide a cleaner power source, and contribute to sustainable port operations. The barges segment is projected to grow at a CAGR of 10.8% from 2023 to 2032. Power barges can produce electricity and are often used in various situations and locations where a flexible and mobile power supply is needed. Power barges are designed to generate electricity and can be moved to different locations based on changing energy demands. This mobility makes them particularly useful in situations where a temporary or emergency power source is required. Power barges can be quickly deployed to areas affected by natural disasters, providing emergency power in the aftermath of events such as hurricanes, earthquakes, or floods.

The manmade water bodies segment to maintain its lead position during the forecast period

Based on application, the manmade water bodies segment accounted for the largest share in 2022, contributing to more than half of the global floating power plant market revenue, and is projected to maintain its lead position during the forecast period. Floating power plants maximize the use of water surfaces, allowing for the generation of electricity without occupying valuable land resources. This is particularly important in densely populated areas where available land is limited. The natural water bodies segment is projected to grow at a CAGR of 10.6% from 2023 to 2032. Floating power plants make efficient use of natural water bodies, such as lakes, ponds, rivers, and reservoirs, for power generation. This helps optimize the use of available water resources without competing with other land uses.

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Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global floating power plant market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 10.8% from 2023 to 2032. The Asia-Pacific region is characterized by rapid economic growth and urbanization. As energy demand increases, there is a need for innovative and sustainable solutions to meet the growing electricity needs. Many countries in the Asia-Pacific region are actively pursuing a transition to renewable energy sources. Floating power plants, particularly those utilizing solar and wind technologies, contribute to the diversification of the energy mix and help meet renewable energy targets.

Leading Market Players: -

WARTSILA
GENERAL ELECTRIC
CIEL AND TERRE
FLOATING POWER PLANT A/S
BW IDEOL
KYOCERA CORPORATION
PRINCIPLE POWER
UPSOLAR
VIKRAM SOLAR LTD.
YINGLI SOLAR
MAN ENERGY SOLUTIONS
MITSUBISHI CORPORATION
SIEMENS
SUNGROW
SOLARISFLOAT, LLC
PROFLOATING BV
NRG ISLAND S.R.L.
ISIFLOATING, LLC
OCEANS OF ENERGY
SWIMSOL
SCOTRA CO, LTD.

The report provides a detailed analysis of these key players in the global floating power plant market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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