This latest report by business intelligence provider Visiongain assesses that Floating Power Plant Market spending will reach USD 1.2 billion in 2020 to USD 4.10 billion by 2030, at a CAGR of 10.7% from 2020 to 2030. The floating power plant combines marine technology with the production of electricity. It offers power generation that is flexible and decentralized. Floating power stations eliminate the need for infrastructure and pre-feasibility studies, as required for onshore power stations. Floating power plants provide certain advantages such as fast electricity supply to areas with limited infrastructure, they can be relocated to areas where electricity is needed, these power plants require less space compared to land-based power plants, and secure power supply in the event of earthquakes and floods. Islands that are power deprived and are unable to build power plants can use floating power plants as a method of supply. It is possible to use existing cargo ship or ship as a floating power plant to eliminate the need for investment in new ones.

The renewable power source segment is estimated to be the fastest growing segment

According to the assessment by Visiongain, the non-renewable power sector maintains a significant proportion, largely owing to the absence of power infrastructure, combined with the rise in supply for energy. Due to increasing demand for energy efficiency mandates and demand for clean energy (renewable energy source), the renewable energy source segment is estimated to be the fastest growing segment. Because of its advantages over land-based power crops and offshore wind turbines, floating storage and wind have seen an increase in facilities. The flying origin of solar energy is made up of main parts like solar panels and flying buildings.

Floating power plant can be a potential alternative for land-based power plants

An current transport vessel is produced up of a flying energy facility with energy generating capability. Generally speaking, floating power plants are generally self-propelled and, where necessary, can go overseas and connect to the national grid. Floating power plants can be a potential alternative for land-based power plants as these types of power plants can meet the increasing demand for power, particularly in remote and rural areas. Floating power plants also have some advantages that will help drive the floating power plant market. Some of these benefits include fast electricity supply to areas with limited infrastructure, being able to relocate to areas where electricity is needed, requiring less space compared to land-based power plants, and providing safe power supply in the event of earthquakes and flooding.

Increasing demand for clean energy to drive renewable floating power plants

Some of the key drivers for the floating power plant market are increasing demand for clean energy to drive renewable floating power plants, various advantages over land-based power plants, and increasing demand for power, coupled with lack of proper infrastructure. It is expected that Europe will be the fastest growing region in floating power, with the region having the highest offshore wind potential and countries in the region focusing on renewable energy generation. 

The non-renewable segment is expected to dominate the floating power plant market

The market for floating power plants was segmented based on power source, capacity, and region. The market is classified as renewable and non-renewablebased on the power source. Due to the absence of adequate infrastructure, the non-renewable sector is anticipated to dominate the floating power plant industry, and many countries are still focusing on standard or non-renewable energy assets, leading to an increase in the non-renewable segment's value. However, it is projected that the renewable energy sector will develop at the largest pace owing to increased supply for energy efficiency regulations and clean energy demand. Floating energy plants have also seen requirement on the industrial location where important amounts of offshore wind are accessible. Because of its advantages over land-based solar plants, floating solar and wind have seen an increase in installations. The requirement for flying power plants is anticipated to activate all these variables favorably. 

The region-by-region floating power plant market is divided into Asia Pacific, North America, Europe and the rest of the world. Due to the growing development of flying power plants, particularly in the Middle East, the rest of the globe is anticipated to retain the biggest proportion during the forecast period. Many nations in the region focus on flying power plants through numerous upcoming initiatives in the region that are anticipated to be foreseen. For example, Masdar, Abu Dhabi Future Energy Company, has created the world's biggest flying thermal photovoltaic energy factory in collaboration with Indonesian energy corporation PT Pembangkitan Jawa-Bali.

The floating power plants are based on tested components and system solutions.

In a well-controlled industrial setting, floating power plants are constructed cost-effectively and quickly. The FPP's are brought to the offshore site (Towed) and connected to the fully functional plant grid. Even in remote locations and challenging environmental conditions, they also provide a fail-safe option. Together with the floating power plants, flying energy centers (FEC) are built. The FECs integrate electrical generation technologies with other commodities such as liquefied natural gas, fresh water, hydrogen generation and synthesis gas and chemicals simultaneously.

The floating power plants are essentially a replica of the traditional land-based gas turbine power generation concept

It is predicted that floating power plants will be able to satisfy the rise in energy supply in a smaller moment relative to land-based power plants. The floating power plants are essentially a replica of the traditional concept of generating power from land-based gas turbines. Barge structures that are designed to support and allow the flow of forces in the barges hull support the turbine structures and foundations. This does not exaggerate the components. The barge's hull girder provides differential weight and thermal gradient distribution. The turbine is thus isolated from the barge structure's influences. Thus, the turbine is isolated from the influences of the barge structure. This reduces the chance of mechanical damage to the barge structure.

Floating power plants can economically supply electricity to a district or to a facility

Floating power plants can provide electricity from a land-based origin to a district or plant that utilizes electricity economically. They can also minimize economic regulatory constraints. In addition, they also work as a cause of emergency power. Floating power plant design is the amalgamation of marine power generation engineering protocols. They are restricted in their motion, however, and can only move along the vertical axis; it is not possible to rotate. One of the key advantages of the floating power plants is that they can be supplied with dual cooling alternatives such as seawater and roof-top radiators. Moreover, they are mobile, versatile, and adaptable that put low risk on the operation and power generation costs to the provider.

It is expected that the global floating power plant market will grow from an estimated USD 1.2 billion in 2020 to USD 4.10 billion by 2030, at a CAGR of 10.7% from 2020 to 2030. The factors driving the floating power plant market include increasing power demand, coupled with the lack of power infrastructure, benefits over land-based power plants (mainly as it eliminates land-based issues), and energy efficiency mandates and clean energy demand (renewable energy source).

The renewable power source segment is estimated to be the fastest growing segment

According to the assessment by Visiongain, the non-renewable power sector maintains a significant proportion, largely owing to the absence of power infrastructure, combined with the rise in supply for energy. Due to increasing demand for energy efficiency mandates and demand for clean energy (renewable energy source), the renewable energy source segment is estimated to be the fastest growing segment. Because of its advantages over land-based power crops and offshore wind turbines, floating storage and wind have seen an increase in facilities. The flying origin of solar energy is made up of main parts like solar panels and flying buildings.

The capacity segment above 250 MW is projected to dominate the market of floating power plant

The market segments indicate 1 MW to 5 MW by capacity, 5.1 MW to 20 MW, 20.1 MW to 100 MW, 100.1 MW to 250 MW and above 250 MW by capacity. It is estimated that the capacity section above 250 MW will dominate the floating power plant industry until 2022. Due to the increase in solar and wind floating projects, the 20.1 MW to 100 MW capacity segment is estimated to be the fastest growing segment.

Leading Players

Caterpillar Inc
Ciel & Terre International
Floating Power Plant A/S

MAN Diesel & Turbo SE
Mitsubishi Corporation
Wartsila General Electric Company
Siemens AG
Ideol
Kyocera Corporation
Principle Power Inc
Upsolar

The comprehensive report offers market estimation and forecast for the period ranging 2020-2030 for leading national markets and rest of the world. Moreover, the report contains dedicated leading companies covering 10 leading producers in the field of Floating Power Plant.

The Floating Power Plant Market Report 2020-2030 report will be of value to anyone who wants to better understand the Floating Power Plant market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the Floating Power Plant industry.

Visiongain is a trading partner with the US Federal Government
CCR Ref number: KD4R6

Do you have any custom requirements we can help you with? Any need for specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: sara.peerun@visiongain.com