Global Floating Power Plant market size 2024, Forecast To 2033
31 Jan, 2024
The floating power plant market has exhibited strong growth, increasing from $2.58 billion in 2023 to $2.77 billion in 2024, indicating a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period is attributed to energy demand and access, opportunities in offshore wind energy and hydropower, increased renewable energy targets, and challenges posed by limited land resources. Expected to witness strong growth in the next few years, the market is projected to reach $3.6 billion in 2028, with a CAGR of 6.8%. The forecasted growth is linked to increased offshore wind capacity, expansion in wave and tidal energy, emerging market opportunities, green hydrogen production, and government support and funding. Major trends in the forecast period include advancements in floating solar, hybrid renewable systems, energy export, and grid connection, as well as measures for aquatic environmental impact mitigation and the decentralization of energy generation.
Global Floating Power Plant Market Key Driver
The growing demand for energy globally is anticipated to drive the floating power plant market. The need for energy, derived from electrical potential or kinetic energy, has surged with industrialization. According to the International Energy Agency, global electricity demand increased by 1,000 terawatt hours in April 2021. The rising energy consumption propels the growth of the floating power plant market.
Get A Free Sample Of The Global Floating Power Plant Market ReportGlobal Floating Power Plant Market Segments
The global floating power plant market covered in this report is segmented –
1) By Type: Floating Solar Power, Floating Wind, Floating Wind and Wave Power, Floating Nuclear Power, Other Types
2) By Type of Power Source: Non-Renewable Power Sources, Renewable Power Sources
3) By Capacity: 1 MW–5 MW, 5.1 MW–20 MW, 20.1 MW–100 MW, 100.1 MW–250 MW, Above 250 MW
By Geography: The regions covered in the Floating Power Plant market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Europewas the largest region in the floating power plant market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the floating power plant market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Floating Power Plant Industry Players
MAN Energy Solutions SE, Mitsubishi Corporation, General Electric Company, Siemens AG, Caterpillar Inc., Ciel et Terre International Company, Floating Power Plant A/S, Principle Power Inc., Upsolar Group Co. Ltd., Vikram Solar Limited, SeaTwirl AB, BW Ideol, Wartsila Corp., Yingli Green Energy Holding Company Limited, Equinor ASA, Kawasaki Heavy Industries Ltd., Karadeniz Holding AS, Kyocera Corporation, Power Barge Corporation, Power Construction Corporation of China, PT Pembangkitan Jawa Bali Services, Power Machines JSC, Rosatom State Atomic Energy Corporation, Baltic Seaplane GmbH, TSK Flagsol Engineering GmbH, Wison Group, Ocean Sun AS, Ocean Power Technologies Inc., GWave, IFP Energies Nouvelles
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Floating Power Plant Market Overview
A floating power plant refers to a power generator plant based on marine technology on previously installed cargo ships. These can be relocated to some other location and do not require any large site for installation. It also supplies electricity in case of floods and earthquakes. It is used to fulfill increasing power demand and supply electricity in low-infrastructure areas.
Floating Power Plant Global Market Report 2023 provides data on the global floating power plant market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The floating power plant market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.