The global floating power plant market size is expected to reach USD 2.1 billion by 2027, registering a CAGR of 9.5% over the forecast period, according to a new report by Grand View Research, Inc. Favorable regulatory policies focusing on reducing the dependence on fossil fuels for electricity generation along with proliferating demand for stand-alone power generation systems across several end-use markets are anticipated to strengthen the market growth over the forecast period.
The market is primarily driven by the lack of power infrastructure on land in developing economies, such as China and India. Massive power demand from several industries, such as manufacturing and construction, healthcare, data centers, agriculture, and others, has led to increased demand for distributed power generation sources, such as floating power plants (FPPs). The plant provides grid stabilization for various kinds of renewable energy and is expected to strengthen the security of power systems in these countries.
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Floating power plants offer several benefits including provision of secure power supply during natural disasters, such as floods or earthquakes, fast electricity supply to regions with limited power infrastructure, no requirement for a large site, and easy relocation due to high mobility. These advantages are expected to boost the FPP demand despite the high installation and maintenance costs of the plants.
Industry participants are practicing local manufacturing of floating power plant equipment to offer local employment, optimize logistics cost, and minimize emissions. Moreover, operators are prone to minimum project investment risk owing to the high mobility, versatility, and adaptability of the floating power plants. These trends are anticipated to positively influence industry growth over the forecast period.
List of Key Players of Floating Power Plant Market
Wartsila
Siemens Gas and Power GmbH & Co.
Kawasaki Heavy Industries, Ltd.
Floating Power Plant A/S
Ciel & Terre international
Floating Power Plant Market Segmentation:
Floating Power Plant Power Source Outlook
Non-renewable
Gas Turbines
IC Engines
Renewable
Solar
Wind
Floating Power Plant Power Rating Outlook
Low-power FPP
Medium-power FPP
High-power FPP
Floating Power Plant Regional Outlook
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
Report Highlights Floating Power Plant Market:
- Non-renewable segment occupied the largest market revenue share in 2019 owing to low operating costs and high power density and reliability of gas turbine or IC engine-based FPPs
- The renewable segment is anticipated to attain the highest CAGR over the forecast period owing to the implementation of favorable regulatory policies supporting the usage of clean fuels for energy generation
- High-power FPP segment occupied the maximum market share in 2019 owing to the large-scale power demand from end-use industries in emerging economies, such as China and India
- However, medium-power FPP is projected to be the fastest-growing segment at a CAGR of 10% over the forecast period owing to the growing number of renewable energy-based FPP projects
- Europe accounted for the largest revenue share in the regional segment owing to the presence of major players and floating power market specialists across the region
- The market in Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the lack of power infrastructure and huge power demand from industry-intensive countries
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary: Floating power plants Market
Chapter 3. Market Definitions
Chapter 4. Floating power plants Market Variables, Trends & Scope
Chapter 5. Floating power plants Market Technology Outlook
Chapter 6. Floating power plants Regional Outlook
Chapter 7. Competitive Landscape
Chapter 8. Company Analysis
List of Tables
List of Figures
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