Vertical: EnPBase Year: 201610 Sections
Market Size (2016)
$894.50M
Projected (2023)
$1.77B
CAGR (2015–2023)
10.1%
Key Players
11+
Floating power plant plays a crucial role in electricity generation at remote areas where power generation is restricted due to scarcity of land mass. Shortage of electricity or the lack of access is one of the major development hurdles faced by many regions in developing countries. Moreover, in many countries, certain regions are not connected with their national distribution grid and off grid power is their only source of energy. In addition to that, growing concern about climate change and global warming are increasingly forcing nations to switch to renewable energy sources to meet their respective climate change targets.
The market is driven by various factors such as the need for uninterrupted electricity supply is growing because of the rising world population, climbing income levels and industrialization, huge land area is necessary for the construction of coal, wind and solar power plants which has constraints in many countries, these factors are expected to drive the market for floating power plant in near future. However, the high capital cost of floating power plant and the high level of complexity involved in the design of the systems, will act as restrains for the floating power plant market, globally.
The global floating power plant market is expected to grow at 10.36% CAGR during the forecast period. In 2016, the market was led by Rest of the World, with a 40.9% share, followed by Asia-Pacific and Europe with shares of 31.4% and 27.7%, respectively.
The global floating power plant market has been segmented based platform type, power plant type and by region. On the basis of platform type, floating structure accounted for the largest market share of 67.1% in 2016, with a market value of USD 600.6 million and is projected to grow at a CAGR of 10.75% during the forecast period. Based on power plant type, others (Coal, Diesel, Heavy Fuel Oils, and Natural Gas) accounted for the largest market share of 33.3%, with a market value of USD 297.9 million in 2016, and is projected to grow at a CAGR of 10.10% during the forecast period.
Market Size
2017: USD 979.6 million
2023: USD 1,769.7 million
CAGR
Key Geographies
Rest of the World: 40.9%
Asia-Pacific: 31.4%
Europe: 27.7%
Key Leading Countries
U.K.
Japan
China
France
Portugal
Key Market Drivers
Need for uninterrupted electricity supply
Growing scarcity of land mass
Key Market Restraints
High capital cost for floating power plant
Complexity involved in the design of the systems
Key Market Opportunities
Advance technological development
Increased demand for renewable energy power generation
Key Vendors
MAN Diesel & Turbo
Karadeniz Holding A.Ş.
Vikram Solar Pvt. Ltd.
Ciel & Terre International
Waller Marine, Inc.
Power Barge Corporation
Floating Power Plant A/S
PRINCIPLE POWER, INC
Wärtsilä Corporation
Kyocera TCL Solar
Tejas Tubular Products Inc.
The Floating Power Plant Market market is projected to grow at a CAGR of 10.1% from 2015 to 2023.
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View Subscription PlansA 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.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2016
Historical Period
2015 – 2015
Forecast Period
2017 – 2023
Primary Interviews
150+
Historical data (2015–2016) and forecast period (2016–2023)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansIn 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.
The key players of global floating power plant market are MAN Diesel & Turbo, Karadeniz Holding A.Ş., Vikram Solar Pvt. Ltd., Ciel & Terre International, Waller Marine, Inc., Power Barge Corporation, Floating Power Plant A/S, PRINCIPLE POWER, INC., Wärtsilä, Kyocera TCL Solar, and ROSATOM.
Extensive growth in this market has brought to light that partnerships & collaborations, is a key strategy adopted extensively by the players with a share of 42%, to spread their geographical presence and improve operational efficiencies. Product launch is also a major strategy adopted by the major players in the global floating power plant market. This strategy is widely adopted to increase the number of offerings to the customer around the globe. New technologies, manufacturing techniques and growth in energy consumption in world have led to the expansion of floating power plant market.
Out of all the key strategies adopted by the companies in the global floating power plant market, the Wärtsilä Corporation has had the maximum number of partnerships & collaborations with a share of 28%, during the period 2014 - 2017. MAN Diesel & Turbo and Kyocera TCL Solar accounted for 31% each respectively, share in partnerships & collaborations during the period. For instance, the barge-mounted plant for Lihir Gold Limited in Papua New Guinea is equipped with Wärtsilä 20V32 engines operating on heavy fuel oil.
MAN Diesel & Turbo has undergone the highest number of on product launch with a share of 75% during the period 2014-2017. For instance, the world’s first ME-GIE ethane combusting two-stroke engine was been delivered from MAN Diesel & Turbo licensee Mitsui Engineering & Shipbuilding Co., Ltd. (MES) in Japan. The Mitsui-MAN B&W 7G50ME-C9.5-GIE is the first engine in a series of three.
The highest number of expansions have been undertaken by MAN Diesel & Turbo, with a share of 75% during the period 2014-2017. For instance, in 2015, MAN Diesel & Turbo acquired 100% of the shares of MaxWatt Turbines Pvt. Ltd., an Indian specialist company for engineering, production and service of steam turbines for applications in power generation and mechanical drives.
Market estimates by geography (2023)
InsightRest of the World leads with $616.40M by 2023, while Europe is projected to grow fastest at a 11.8% CAGR.
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View Subscription Plans| REGION | 2015 | 2016 | 2023 | CAGR | SHARE |
|---|---|---|---|---|---|
| Asia Pacific | $253.10M | $387.00M | $608.30M | 11.6% | 34% |
| Europe | $222.80M | $343.60M | $545.00M | 11.8% | 31% |
| Rest of the World | $341.70M | $452.60M | $616.40M | 7.7% | 35% |
| Total | $817.60M | $1.18B | $1.77B | 10.1% | 100% |
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View Subscription PlansTotal Market Size
$1.77B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Floating Structures | $1.22B | 10.5% | 69% |
| Power Barges | $302.70M | 8.6% | 17% |
| Powerships | $249.10M | 10.3% | 14% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Floating Power Plant Market covering market dynamics, competitive landscape, and strategic outlook.
The Floating Power Plant Market market is projected to reach $1.77B by 2023, growing at 10.1% CAGR. The Floating Structures segment holds the largest share.
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.
Conventional power plants require large footprint and emit harmful substances to the environment. The byproducts are a major cause of pollution and contribute to global warming. Also, the transportation cost of fossil fuels to the plant site is high as compared to naturally available renewable energy sources. Whereas, floating power plants are constructed and installed at offshore locations, where power is required for various operations and land area is limited. Floating power plants are installed on floating or semi-submersible structures, power barges, and powerships. They are easily movable at sea or river, remain unaffected by landslides and earthquakes, and require shorter building times.
Floating power plant market is driven by its benefits over conventional power plants, as they have minimal environmental impact, while minimizing limitations affected by environmental regulations. Thus, they reduce the use of land for construction of power plants, supply electricity for specific facilities economically, and can be used as an emergency power source. These factors, majorly, are contributing to the growth of floating power plant market in near future.
With increasing installations in offshore regions, where wind and wave energy is abundant, or remote areas where solar energy is available throughout the year, floating power plants can provide sufficient energy to power offshore production platforms. Research & development of floating power plants can extend the scope to provide power to future installtions, while eliminating the need for platform based generation and reducing overall emissions. Focus on R&D for cost reduction and minimizing risks across the offshore wind project cycle may facilitate investment on such technologies, and provide long term profitability.
Floating power plants require specialized nature of wor k and conditions in offshore locations. The cost is per MW of installation, where, as the size of the plant increases, the costs associated with inverter and/or control room, modules, mounting structures, etc. get distributed on a larger scale. Civil work costs, such as preparation of terrain for digging, levelling, mounting, constructing control room to install inverter and other balance of system components, and other general works are based on the type of project. Such high intial setup costs associated with floating power plant may hinder the growth of floating power plant market.
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Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Profiles of 108 companies operating in the Floating Power Plant Market market, including revenue, employee count, and market positioning where available.
Showing 108 of 108 companies
Wärtsilä Corporation. was established in 1834 and headquartered at Helsinki, Finland. The company has operations in over 200 locations in more than 70 countries around the world with about 18,000 employees. As of 2016, Wärtsilä had 63 GW of installed power plant capacity in 176 countries around the world. The company operates in four broad business segments, marine, oil & gas, energy and services. The energy segment offers, power generation solutions and LNG infrastructures. The company has subsidiaries, Eniram, Wärtsilä North America, Inc., Wärtsilä Netherlands B.V., Wartsila Ship Design Singapore Pte. Ltd. and Wartsila Bangladesh Ltd. Among others.
ROSATOM State Atomic Energy Corporation was established in 2007 with headquarters at Moscow., Russia. Company is a global leader in nuclear technologies market. Company had about 256,600 employees in 2015 and has a global presence in about 42 countries. ROSATOM world’s first floating nuclear power plant is currently being built at the Baltiysky Zavod shipyard in Saint Petersburg, Russia. It contains two KLT-40C naval propulsion reactors with a 35 MWe capacity each. The reactors are mounted on a barge that is 144 meters long by 30 meters wide and expected to commission by the end of 2017. ROSATOM produces annually approximately 3,000 tons of uranium in Russia, and some 5,000 tons in other countries. ROSATOM brings together over 350 enterprises and organizations, including the world's only nuclear icebreaker fleet. ROSATOM is tasked with implementing the uniform state policy on the uses of atomic energy as well as fulfilling the Russian Federation’s international obligations on the peaceful uses of atomic energy. The company operates in business segments such as, namely uranium mining, power generation, nuclear services and maintenance, nuclear medicine, non-nuclear equipment manufacturing and nuclear icebreaker fleet.
Vikram Solar Pvt. Ltd., established in 2006 has headquarters in Kolkata, India. Vikram Solar Pvt. Ltd. is a privately owned company under Vikram India Limited that has undergone significant growth in capacity and market share. Vikram Solar is a globally recognized leading solar energy solutions provider, specializing in high efficiency PV module manufacturing and comprehensive EPC solutions. With an international presence across 5 continents and around 550 employees. The company operates in two broad business segments, namely products and projects & services. The segment products offers PV modules, solar lighting systems and solar power packs. The projects & services segment offers EPC (Engineering, Procurement, and Construction) and operations & maintenance services. Company installed a 10 kW floating solar power project in Rajarhat, Kolkata is the first of its kind in India commissioned in December 2014. Vikram Solar's rated annual PV Module production capacity has been upgraded to 1 GW mark in 2017 and will be further expanded to 2 GW by FY 2020. Company's manufacturing facility has the finest machinery and equipment imported from United States, Switzerland, Germany and Japan. Vikram Solar has a track record of installing & commissioning more than 367 MW of solar projects across 24 states in India. The company has subsidiaries such as Vikram Solar GmbH, Vikram Solar USA Inc, Vikram Solar Mena, Vikram Solar Japan and Vikram Solar China.
MAN Diesel & Turbo was established in the year 2010 with headquarters in Augsburg, Germany. The company is a merger formed between Man Diesel and MAN Turbo. MAN Diesel & Turbo produces large-bore diesel engines and turbo-machinery for marine and stationary application. MAN Diesel & Turbo has operational presence, majorly in Germany, Denmark, France, Switzerland, the Czech Republic, India and China. The company has about 14,500 full-time employees at more than 100 international operational sites. MAN Diesel & Turbo’s power plants business received orders for 118 four-stroke engines in 2016 compared with 91 in the prior year. The supplied products range from an engine-generator unit to comprehensive power plant solutions including ancillary systems and fuel preparation. Orders were largely generated in developing countries and emerging economies, particularly in Arabic-speaking countries and Asia. For example, Turkish energy company Karpowership ordered twelve engines with a collective output of 227 MW for its floating power plants. The company operates in business segments such as two-stroke and four-stroke engines. The company also manufactures products like turbochargers, propellers, gas engines and chemical reactors. MAN Diesel & Turbo is a subsidiary of the German multi-national MAN SE Corporation
Floating Power Plant A/S was established in 2004 has headquarters in Bandholm, Denmark. Company provides clean-tech solutions that designs, develops, and provides a unique floating patented platform for wind and wave energy. Power Barge Corporation has an operational presence in all five continents with offices in United Kingdom, Norway and Denmark. The company operates in floating platforms, which host a single wind turbine. Company develops semi-submersible platform with a wind turbine capacity ranging from 5-8 MW and about 2-3.6 MW wave power. This platform is fixed at a single point permitting the P80 to inertly rotate to face the waves securing a safe offshore boat landing and transfer aft of the platform. The platform rotation is held via the high wave captivation of 60-80% of the essential energy in the waves.
Power Barge Corporation was established in 2000 has headquarters in Houston, Texas, United States. Company provides turnkey engineering, procurement & construction contracting, aftermarket & consulting services to developers, owner & barge mounted on operator’s power plant. Power Barge Corporation has an operational presence in Middle East, Africa, Asia, and Central and South America. The company operates in power barges segments, which are developed, designed and produced for gas turbine and medium speed engine power barges. Company develops new radiator cooled medium speed engine power barges ranging from a capacity of 80 MW to 180 MW, capable to work on natural gas diesel, biodiesel and heavy fuel oil. Company develops aero-derivative and industrial gas turbine power barges ranging from 30MW to 300MW in simple and combined combustion cycle operations.
8 interactive charts drawn from the Floating Power Plant Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.
Global Floating Power Plant Market France, United Kingdom, Italy, Portugal and Rest Of Europe By Country
Global Floating Power Plant Market North America, Latin-America, Middle-East and Africa Of Rest Of The World
Global Floating Power Plant Market China, India, Japan and Rest Of Asia Pacific By Country
Global Floating Power Plant Market By Region
Floating Power Plant Market Europe By Country
Floating Power Plant Market Rest Of The World
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
