Floating Power Plant Market

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.