Floating Power Plant Market is Estimated to Expand at a CAGR of 6.5% during the Forecast Period, observes TMR Report

·6 min read

WILMINGTON, DE / ACCESSWIRE / August 19, 2022 / Transparency Market Research Inc. - The global floating power plant market is projected to progress at a CAGR of 6.5% during the forecast period, from 2020 to 2030. By the end of 2030, the market for floating power plant is expected to reach an estimated value of over US$ 565 Bn. For numerous advantages of floating power plants, such as cost-effectiveness and ease of installation, these plants are being employed more often as a key source of flexible and decentralized power generation. In the forthcoming years, growing support for green energy amidst growing environmental concerns is likely to be a key driver of floating power plant market.

Additionally, since they can be built on a small plot with a minimal impact on the environment, floating power plants are growing in popularity all over the world. Development of the global market is anticipated to be fueled by the fact that these power plants have proven to be effective substitutes for both temporary and permanent electricity production. In response to the rise in demand for low-cost flexible options in the past few years, floating power plants have become extremely popular in many regions of the world.

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Key Findings of Market Report

  • In recent years, consumption of wind energy has significantly increased as a result of the advent of strong and technologically sophisticated wind turbines. Over the last few years, there has been a noticeable increase in the use of offshore wind turbines, notably in regions with extensive coastlines, which is estimated to drive future demand of floating power plant. The market for floating power plant is anticipated to be significantly impacted by the gradual increase in wind energy production in the last few years.

  • Compared to land-based power plants, different types of floating power plant provide a number of benefits, including mobility. In addition, they are also able to provide electricity during peak demands. The market is likely to be driven by economic considerations such as infrastructure cost benefits as compared to onshore facilities.

  • In order to meet the growing demand for energy, deployment of floating power plants has been considerably increasing in on-grid applications, which is one of the significant trends in floating power plant market. Various governing authorities of several countries make substantial use of the energy produced by floating storage power plants for utility applications. Conflicts brought on by constraints on space and land are eliminated by floating power plants. Due to these properties, using floating power plant for on-grid applications is a cost-effective alternative.

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Global Floating Power Plant Market: Growth Drivers

  • Due to long shorelines of many countries and rising inclination toward green power production, the Asia Pacific region is predicted to present immense growth prospects to the market players.

  • The advent of various new startups and existing and small-scale businesses has resulted in the installation of several new floating power plants in recent years. The trend is expected to continue during the forecast period, from 2020 to 2030.

Global Floating Power Plant Market: Key Players

Some of the key market players are

  • MAN Diesel and Turbo SE

  • Principle Power, Inc.

  • Ciel & Terre International

  • Siemens AG

  • Kyocera Corporation

  • Floating Power Plant A/S

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Global Floating Power Plant Market: Segmentation

Power Source

  • Wind

  • Solar

  • Nuclear

  • Wave & Tidal

  • Gas Turbine

  • IC Engine

Platform

  • Floating Structure

  • Power Barge/Ship

Application

  • On-grid

  • Off-grid

Capacity

  • Up to 50 MW

  • 51 MW - 150 MW

  • 151 MW - 300 MW

  • Above 300 MW

Region

  • North America

  • Europe

  • Asia Pacific

  • Middle East & Africa

  • Latin America

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