Floating Power Plant Market Size, Share and Global Trend By Fuel Type (Renewable, Non-Renewable), By Capacity (Up to 50MW, 50MW - 100MW, 100MW - 300MW, Above 300MW) and By Regional Forecast, 2024-2032

The floating power plant is a combination of marine technology and power generation. It offers a flexible and decentralized power generation. Floating power plants eliminate the need for infrastructure and pre-feasibility studies, as needed in the case of onshore power plants. Floating power plants provide certain advantages such as the fast supply of electricity to areas with limited infrastructure, they can be relocated to the areas where the electricity is needed, these power plants require lesser space as compared to land-based power plants, and provide secure power supply in case of earthquakes and floods. Islands that are deprived of power and cannot build power plants can use floating power plants as a supply method. Existing cargo ship or ship can be used as a floating power plant eliminating the need for investment to be made in new ones.

On the basis of fuel type, the global floating power plant market can be segmented into renewable and non-renewable. Renewable sources are further segmented into solar and wind. Non-renewable are further segmented into gas turbine, IC engine, and others. The shift towards cleaner energy will set the renewable segment to grow in the coming years. On the basis of capacity, the global floating power plant market can be segmented into up to 50MW, 50MW – 100MW, 100MW – 300MW, and above 300MW. Depending upon the need the floating power plant delivers the required amount of power.

Key market restraint for the global floating power plant market is the high initial cost involved in the construction and working of the floating power plant. The harmful effects to marine life caused due to offshore power generation also act as key market restraints for the global floating power plant market.  The major market driver for the global floating power plant market is the growing demand for energy all over the world. Floating power plants give the advantage of mobility and can supply power at peak loads. Also, the economic factors which involve cost savings in infrastructure as compared to onshore plants act as key market drivers for the global floating power plant market.

KEY PLAYERS COVERED

Some of the notable players in the global floating power plant market include MAN Diesel & Turbo SE, Mitsubishi Corporation, Wartsila, General Electric Company, Siemens AG, Caterpillar, Inc, Ciel & Terre International, Floating Power Plant A/S, Ideol, Kyocera Corporation, Principle Power, Inc, Upsolar, Vikram Solar Pvt., Ltd., Yingli Solar, and SeaTwirl.

SEGMENTATION

REGIONAL ANALYSIS

The global floating power plant market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region is set to dominate the floating power plant market owing to rise in renewable floating power plants in countries such as Japan, China, India, Myanmar, and Indonesia. Europe is also expected to be the fastest growing region in the floating power plant market as the region has the highest offshore wind potential and countries in the region are focusing on energy generation from renewable sources. There has also been an increase in the number of installation taking place in the Middle East region which will see floating power plant market grow in this region. North America is also set to see growth in floating power plants market owing to the deployment of new nuclear plants and solar farms in the city of California in the United States.

KEY INDUSTRY DEVELOPMENTS

• In March 2019, NTPC announced about the nearing completion of its 1MW grid-connected floating solar power plant in Gujrat. The work for this power plant was going on for the last 6 months. This power plant is set to be commissioned in April 2019 as announced by Debashish Das who is NTPC Director.


• In February 2019, Electricity Generating Authority of Thailand Announced the plans to build floating solar plants across 8 dams. Siam cement group hopes to land itself the first contract of a 45MW solar farm at Thailand’s Sirindhron Dam.


• In April 2019, Greenam Energy a wholly owned subsidiary of Singapore based AM International Holdings has set up its first floating solar power plant at Tutricon. The plant has a capacity of 24MW. It has been built to optimize the energy production in industrial plants as said by the company.