USD 3.20 billion
Global Floating Power Plant Market Size, Share, Growth Analysis, By Type(Small-scale Floating Power Plants, Medium-scale Floating Power Plants), By Application(Offshore Oil and Gas Industry, and Remote Areas and Islands) - Industry Forecast 2023-2030
Report ID: SQMIG55A2017 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 62 | Figures: 75
Global Floating Power Plant Market Insights
Global Floating Power Plant Market size was valued at USD 3.20 billion in 2021 and is poised to grow from USD 3.90 billion in 2022 to USD 7.86 billion by 2030, growing at a CAGR of 10.5% during the forecast period (2023-2030).
The global market for floating power plants is poised for significant growth in the foreseeable future due to increasing demand for clean electricity and the lack of power infrastructure in many countries. Floating power plants (FPPs) serve as distributed power sources with high efficiency and stability. These power plants are capable of responding to rapid load fluctuations and have quick start-up times, making them ideal for grid stabilization in various renewable energy applications. These advantages are expected to have a positive impact on the industry landscape in the coming years. China is expected to experience substantial market growth, driven by major FPP developers and the growing demand for uninterrupted power supply across different sectors. The Chinese government, being one of the largest manufacturers of solar PV panels, is also deploying solar energy-operated FPPs to enhance its energy infrastructure and grid power services. In March 2019, a 70 MWp floating photovoltaic power plant in Anhui province, China, was connected to the national grid by China state corporation CECEP and French company Ciel & Terre. This project, which utilized LONGi Solar monocrystalline PV modules and Ciel & Terre Hydrelio floats, aimed to promote the commercialization of floatovoltaic technology. The market growth is further driven by the increasing awareness of the advantages offered by FPPs, such as rapid electricity supply to areas with limited power infrastructure, mobility for easy relocation, small footprint requirements, and reliable power supply during natural disasters. Additionally, stringent government regulations focused on environmental protection are expected to drive the adoption of FPPs in various regions. Compared to traditional land-based systems, floating power plants have minimal environmental impact, requiring only a small coastal or up-river area. Furthermore, the growing utilization of renewable energy sources in FPPs is projected to fuel the market growth in the coming years.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Small-scale Floating Power Plants
Fastest Growth
Small-scale Floating Power Plants
Growth Rate
10.5% CAGR
Global Floating Power Plant Market ($ Bn)
Country Share for North America Region (%)
Global Floating Power Plant Market By Type ($ Bn)
Global Floating Power Plant Market By Type (%)
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Global Floating Power Plant Market Segmental Analysis
Global Floating Power Plant Market is segmented by type, application, and region. Based on type, the market can be segmented into small-scale floating power plants, medium-scale floating power plants, and large-scale floating power plants. Based on application, the market is segmented into offshore oil and gas industry, and remote areas and islands. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Floating Power Plant Market Analysis by Type
By type, the market can be segmented into small-scale floating power plants, medium-scale floating power plants, and large-scale floating power plants. Small-scale floating power plants dominated the global market, as they cater to remote areas or islands with limited infrastructure. These power plants provide localized electricity supply and are particularly useful in areas where grid connections are challenging or economically unviable.
While large-scale floating power plants require more significant investments and longer deployment times, they offer a long-term solution for meeting growing electricity demands in coastal areas or regions lacking available land for traditional power plants. With advancements in floating platform technology and increased interest in renewable energy, large-scale floating power plants powered by renewables are emerging as a fast-growing segment.
Floating Power Plant Market Analysis by Application
By application, the market can be segmented into offshore oil and gas industry, and remote areas and islands. The offshore oil and gas industry continues to expand, with exploration and production activities taking place in increasingly remote and challenging locations. As a result, the demand for floating power plants in this segment is expected to dominate the market. The need for reliable power supply, cost optimization, and environmental considerations drive the adoption of floating power plants in the offshore oil and gas sector.
The remote areas and islands segment is witnessing rapid growth due to multiple factors. Increasing global focus on energy access, particularly in developing countries, drives the demand for floating power plants to improve the quality of life and stimulate economic development in remote regions. Additionally, the advancement of renewable energy technologies, such as solar and wind, has made these floating power plants more attractive and sustainable for off-grid applications.
Global Floating Power Plant Market By Type, 2021 (%)
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Global Floating Power Plant Market Regional Insights
North America dominated position due to several factors. The region has a well-established power infrastructure and a high demand for clean electricity across various end-use sectors. Stringent government regulations and initiatives to reduce carbon emissions have further accelerated the adoption of floating power plants in North America. Additionally, the region has a strong focus on renewable energy sources, which has contributed to the growth of the market.
The APAC region is expected to be the fastest-growing market for floating power plants. The increasing demand for continuous power supply, rapid industrialization, and urbanization are driving the growth of the market in this region. APAC countries are experiencing a surge in power consumption, and floating power plants offer a flexible and efficient solution to meet this growing demand.
Global Floating Power Plant Market By Geography, 2023-2030
- Largest
- Fastest
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Global Floating Power Plant Market Dynamics
Floating Power Plant Market Drivers
Increasing demand for clean electricity
- One key driver for the global floating power plant market is the increasing demand for clean electricity. As various end-use sectors prioritize cleaner and more sustainable energy sources, floating power plants offer an efficient and stable distributed power solution. These plants have the capability to respond to steep load fluctuations and provide quick start-up, making them attractive for grid stabilization in renewable energy applications. The rising awareness of the advantages of floating power plants, such as their ability to supply electricity to regions with limited power infrastructure, further fuels market growth.
Floating Power Plant Market Restraints
High initial investment required for setting up such projects
- A notable restraint for the global floating power plant market is the high initial investment required for setting up such projects. Developing and deploying floating power plants involve significant costs, including engineering, construction, and installation expenses. Moreover, the complexity of these projects, particularly in offshore environments, adds to the overall investment. This financial barrier may deter some potential investors and limit the widespread adoption of floating power plants, hindering market growth to some extent.
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Global Floating Power Plant Market Competitive Landscape
Global floating power plant market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of floating power plants. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Floating Power Plant Market Top Player’s Company Profiles
- Wärtsilä Corporation (Finland)
- Ciel & Terre International (France)
- Principle Power Inc. (US)
- Sungrow Power Supply Co., Ltd. (China)
- Floating Power Plant A/S (Denmark)
- KYOCERA Corporation (Japan)
- Upsolar Group Co., Ltd. (China)
- Vikram Solar Limited (India)
- Siemens AG (Germany)
- Yingli Green Energy Holding Company Limited (China)
- MAN Energy Solutions SE (Germany)
- General Electric Company (US)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Solaris Synergy Ltd. (Israel)
- EDP Renováveis S.A. (Portugal)
- JA SOLAR Holdings Co., Ltd. (China)
- Ocean Sun AS (Norway)
- Voltalia SA (France)
- Xinyi Solar Holdings Ltd. (China)
- Canadian Solar Inc. (Canada)
Floating Power Plant Market Recent Developments
- In May 2023, Swedish energy company Vattenfall announced plans to invest in a 500 MW floating offshore wind farm in the Baltic Sea off the coast of Sweden.
- In April 2023, Italian energy company Eni signed an agreement with Cassa Depositi e Prestiti (CDP) to develop a 100 MW floating solar power plant in Italy's Sicily region.
- In February 2023, India's National Thermal Power Corporation (NTPC) partnered with the Indian Port Rail Corporation to develop a 25 MW floating solar power plant at the reservoir of an old coal mine in Madhya Pradesh.
- In December 2022, Scottish firm Orbital Marine Power announced the launch of its O2 floating tidal energy turbine, the world's most powerful tidal turbine, with a capacity of 2 MW.
- In September 2022, Korea Western Power Co. signed an agreement with Seagreen Wind Energy Limited to invest in a 360 MW floating offshore wind project off the coast of Scotland.
Global Floating Power Plant Key Market Trends
- One key market trend in the global floating power plant market is the growing integration of energy storage systems. Energy storage technologies, such as batteries, are being incorporated into floating power plants to enhance their flexibility and enable better utilization of intermittent renewable energy sources. This trend allows for the efficient storage and dispatch of electricity, helping to balance grid fluctuations and improve overall system reliability. The integration of energy storage systems with floating power plants not only supports the integration of renewable energy but also enhances the stability and resilience of the power supply.
Global Floating Power Plant Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global floating power plant market analysis, the market is experiencing significant growth, driven by the increasing demand for clean electricity and the lack of power infrastructure in various regions. Floating power plants offer high efficiency and stability, making them ideal for grid stabilization in renewable energy applications. China stands out as a dominant player in the market, with major developers and a growing need for continuous power supply. In North America, established players and a focus on renewable energy contribute to market dominance. However, high initial investment poses a restraint. The competitive landscape showcases a mix of established and emerging players, with a focus on R&D and strategic collaborations. Additionally, the integration of energy storage systems emerges as a key market trend, enhancing the flexibility and reliability of floating power plants.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 3.20 billion |
| Market size value in 2030 | USD 3.90 billion |
| Growth Rate | 10.5% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Floating Power Plant Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Floating Power Plant Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Floating Power Plant Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Floating Power Plant Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Floating Power Plant Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Floating Power Plant Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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