Floating Power Plant Market Applications, Industry Size, Demand, Research Review | Industry Economic Impact till 2023

Global Floating Power Plant Market is expected to grow at a CAGR of around 10.35% during the forecast period.
Global Floating Power Plant Market Report, by Power Plant Type (Floating Solar Power, Floating Wind, Floating Wind and Wave power, Floating Nuclear power and Others (Coal, Diesel, Heavy Fuel Oils, Natural Gas)), by Platform Type (Floating Structures, Power Barges and Power Ships) and Region – Forecast to 2023

Floating Power Plants Global Market – Overview

A floating power plant is a power generating unit mounted on power barges, powerships or floating structure that are installed over a water body to generate electricity. These floating power plants mainly utilizes renewable energy resources such as solar energy, wind energy and wave energy or conventional resources such as, coal, diesel, heavy fuel oils, natural gas and nuclear energy for the production of electricity. The global floating power plant market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of the floating power plant market is majorly influenced by the growing demand for energy with limited land area. However, the high capital cost of off-shore power plants and accessibility issues are hindering the growth of the floating power plant market.

Floating power plants are usually mounted on powerships, power barges or floating structures. They are manufactured to withstand severe internal and external pressure, stress, distortion and vibration during primary power generation operations. On the basis of platform type, floating power plants has been segmented as floating structures, power barges, and power ships. Floating Structures accounted for the largest market share of 67.14% in 2016, with a market value of USD 600.6 million and is projected to grow at the highest CAGR of 10.75% during the forecast period. Power Barges was the second-largest market in 2016, valued at USD 169.1 million in 2016; it is projected to grow at a CAGR of 8.78%.

Top Key Player: –

  • MAN Diesel & Turbo
  • Karadeniz Holding A.Ş.
  •  Ciel & Terre International 
  • Waller Marine, Inc.
  • Power Barge Corporation 
  • Floating Power Plant A/S
  • PRINCIPLE POWER, INC

 

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Industry News

In May, 2018 – Russia launched the world’s first floating nuclear power plant “The Akademik Lomonosov”, for its inaugural mission in the Russian Arctic. The nuclear power plant is designed to operate off-shore in hard-to-reach areas with two small nuclear reactors each capable of producing up to 35 megawatts of power.

In May, 2018 – A joint venture between Tokyo Century Corp and Kyocera Corp has announced that a floating solar power plant has started operation at Yamakura Dam in Ichihara City, Chiba Prefecture. At 13.7 MW of capacity, the plant is the largest-scale floating solar power plant in Japan. It is estimated that for this project, 50,904 solar panels were set up on floating mounting systems.

Global Floating Power Plants Global Market – Segmentation

The scope of global floating power plants market is segmented into four major segments which are explained below:

  • By Plant Type
    • Floating Solar Power
    • Floating Wind Power
    • Floating Wind & Wave Power
    • Floating Nuclear Power
    • Others
  • By Platform Type
    • Floating Structures
    • Power Barges
    • Power Ships
  • By Regions
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World

Floating Power Plants Global Market – Competitive Analysis

In competitive landscape, the report covers growth strategies adopted by the companies between 2014 and 2017. The key players adopted various strategies to retain and/or expand their market share. The key strategies followed by most companies within the global floating power plant market were partnerships & collaborations followed by the product launch.

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