Floating Power Plant Market to Reach USD 603.1 billion, by 2031 at 6.2% CAGR | Says Transparency Market Research Inc.

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Nov 15, 2023, 06:30 ET

WILMINGTON, Del., Nov. 15, 2023 /PRNewswire/ -- Rising hybrid systems and energy storage integration is expected to drive demand for floating power plant market.

Floating power plants generated US$ 343.9 billion in 2022. TMR estimates the floating power plant market to reach US$603.1 billion by 2031. A CAGR of 6.2% is predicted for the market through 2031.

The floating power plants can quickly start up and handle dramatic changes in demand for power. With their portability and ability to operate seasonally and intermittently, these plants contribute to grid stability for a range of renewable energy sources. Future development of the industry is expected to be influenced by these factors.

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Solar panels that are more efficient and floating wind turbines with improved designs are two of the latest advancements in renewable energy technology that could improve floating power plants' performance and efficiency.

Offshore wind turbine floating platforms may be given more attention in the future. A fixed foundation cannot support turbines on deeper water, so these structures allow them to be installed. This expansion could lead to the construction of a floating power plant.

Materials and construction methods may be prioritized in future designs to minimize environmental impact. As a result, decommissioning of such plants could be accompanied by greater attention to sustainable practices.

Land constraints or challenging geographical conditions may make floating power plants ideal. Traditional power infrastructure is difficult to implement in remote areas, islands, or natural disaster-prone areas.

Floating Power Plant Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2020-2022
Size in 2022	US$ 343.3 Bn
Forecast (Value) in 2031	US$ 603.1 Bn
Growth Rate (CAGR)	6.2 %
No. of Pages	309 Pages
Segments covered	By Power Source ,Capacity, Application, Platform

Key Findings of Market Report

Solar power sources is expected to drive demand for floating power plants in the market.
Based on platform type, floating structure is expected to hold a significant market share in coming years.
On-grid applications are likely to hold dominant position in floating power plants in the market.
51 MW-300 MW capacity floating power plant is expected to drive demand in the coming years.
A rise in the number of floating power plant projects in Europe is expected to lead to a significant increase in demand.

Global Floating Power Plant Market: Growth Drivers

Power generation has become more flexible and sustainable because of the evolving energy landscape. A growing population and expanding economy drive up the demand for electricity around the world. In remote areas where traditional power infrastructure is difficult to establish, floating power plants provide a mobile and quickly deployable alternative energy source.

As renewable energy sources gain prominence and a low-carbon economy evolves, floating power plants are expected to gain market share. Many of these plants employ renewable energy technologies, such as floating solar panels or floating wind turbines, to generate electricity. A viable and sustainable option for producing clean energy is floating power plants, which help countries meet their renewable energy targets and reduce greenhouse gas emissions.

As floating power plants grow in popularity, their flexibility and scalability play a substantial role in their growth. Depending on the location and environmental conditions, these plants can be placed in coastal areas, rivers, and lakes. Power shortages can be addressed quickly with floating power plants during emergencies, such as natural disasters and sudden increases in electricity demand. Floating power plants offer a compelling energy solution due to their versatility, increased electricity demand, and emphasis on renewable energy.

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Global Floating Power Plant Market: Regional Landscape

Recent years have seen a significant increase in the demand for floating power plants in Europe. Renewable energy sources play a key role in reducing carbon emissions and meeting sustainability goals in the region. Water bodies can be harnessed for clean energy by floating power plants, especially those powered by solar and wind technologies.

The dense population of urban areas, limited land availability has also spurred the development of floating and offshore power plants. Private investors and governments in Europe recognize the capacity of floating power plants to reduce environmental impact while meeting energy demands. Thus, floating power technologies have found a thriving market, providing opportunities for both established and emerging companies.

Global Floating Power Plant Market: Key Players

Globally competitive companies have adopted various strategies to expand and maintain their market presence. These strategies include acquisitions, mergers, and portfolio expansions. A recent market research report suggests that the floating power plant market is healthy, with numerous potential growth and innovation opportunities. Manufacturers and stakeholders can capitalize on these dynamics to grow their businesses.

Siemens AG
Wärtsilä
General Electric
Iberdrola, S.A
Caterpillar Inc.
MAN Diesel and Turbo SE
Mitsubishi Corporation
Ciel & Terre International
Floating Power Plant A/S
Kyocera Corporation
Principle Power, Inc.
STX Corporation

Key Developments

On September 26, 2023, Principle Power announced its Wind Float concept for reducing costs and improving participation in supply chains in different regions with different fabrication capabilities and ports.
In November 2023, Cirata, SE Asia's largest floating solar plant, was inaugurated in Indonesia. Located on a 200-hectare reservoir that is capable of generating 1GW of hydropower, this floating solar plant was built with an investment of $100m (Rp1.57trn).

Global Floating Power Plant Market: Segmentation

By Power Source
- Solar
- Wind
- Nuclear
- Wave & Tidal
- Gas Turbines
- IC Engine

By Capacity
- Up to 50 MW
- 51 MW – 150 MW
- 151 MW – 300 MW
- Above 300 MW

By Application
- On- Grid
- Off- Grid

By Platform
- Floating Structure
- Power Barge / Ship
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America

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