Floating Power Plant Market 2019

Posted by Abhijeet Bendre on October 8th, 2019

Market Research Future has published a half-cooked research report on the Global Floating Power Plant Market.

Global Floating Power Plant Market Overview

A floating power plant is made from an existing cargo ship. It is special purpose ship on which a power plant is installed to turn it into a power generation resource. With a surge in the demand for uninterrupted electricity worldwide, the global floating power plant market is estimated to witness a notable CAGR of 10.35% during the assessment timeline. In addition, factors such as rising standards of living, industrialization, emergence of smart devices, and penetration of digitalization in day-to-day life are driving the global floating power plant market.

Segmental Analysis

The latest report published by Market Research Future has been studied for various segments based on power source, capacity, and region. Based on power source, the floating power plant market has been segmented into renewable and non-renewable. The segment of renewable power source has been further segmented into solar and wind. The segment of non-renewable power source has been sub-segmented into gas turbines and IC engines.

The non-renewable segment is expected to hold a larger share of the floating power plant market. This occurrence is due to the lack of proper infrastructure, and significant focus on conventional and non-renewable energy sources by multiple economies. Alternatively, the renewable segment is likely to witness fastest growth during the forecast period owing to a rising climate change awareness, demand for higher energy efficiency, and a surge in the demand for utilization of clean energy resources.

The floating power plants market has been segmented, by capacity, into 1 MW to 5 MW, 6 MW to 20 MW, 21 MW to 100 MW, 101 MW to 250 MW, and above 250 MW. The capacity segment above 250MW is estimated to dominate the market during the assessment timeline. The segment of 21 MW to 100MW is expected to garner fastest growth rate due to an increase in the floating solar and wind projects.

The demand for floating power plants has witnessed growth in the offshore sites due to the availability of offshore wind in abundance. Rise in the number of installations of floating solar and wind power plants are projected in the report due to its benefits over land-based solar plants.

Detailed Regional Analysis

The floating power plant market has been regionally segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). In 2017, Rest of the World held the largest market share due to increasing installations of floating power plants, especially in the Middle East. Many countries in the region have upcoming projects to be foreseen, leading to a substantial rise in the number of installations of floating power plants. For instance, Masdar, developed the world’s largest floating solar photovoltaic power plant, in partnership with PT Pembangkitan Jawa-Bali.

Due to highest offshore wind potential, Europe is expected to see the highest amount of growth during the forecast period. Alternatively, Asia Pacific (APAC) is expected to showcase substantial growth during the assessment period due to rise in the renewable floating power plants in countries such as Japan and China.

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