A recent report published by Infinium Global Research on floating power plant market provides in-depth analysis of segments and sub-segments in the global as well as regional floating power plant market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional floating power plant market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global floating power plant market. The global floating power plant market was valued more than USD 1320 million in 2022 and is expected to reach about USD 2770 million in 2030, with a CAGR of around 10% during the forecast period 2023-2030.
A floating power plant is a site with one or more nuclear reactors, placed on a platform at sea. It is an independent site that can provide electricity and heat to areas with difficult gain access, such as the cold Northern territories. The desalination technique can provide drinking water to dry areas. The main advantage of floating PV plants is that they do not occupy land, except for the limited surfaces necessary for electric cabinet and grid connections. Floating power plants are referred to as power generation which is present on an existing cargo ship, also can be connected to the national grid, and can go overseas whenever required. These floating plants are considered an alternative to land-based power plants as they can fulfill the ever-increasing demand for power mainly in rural and remote areas.
The growing demand for green energy drives the growth of the market. Floating power plants are majorly used as a source of decentralized and flexible power generation for factors that include, cost efficiency and speed of construction. The rapidly increasing environmental concerns fuel the growth of the market. The elimination of risks of land acquisition is another driving factor of the floating power plant market. Floating power plant plays a crucial role in electricity generation in remote areas where power generation is restricted due to scarcity of land mass and can be used as an emergency electric power source. The cost requires for the deployment of floating plants hamper the growth of the market. The resources need to be transported to remote places which further increases the overall cost of transportation, thereby restraining the growth of this market. At the same time the development of overall floating wind farms and ongoing research & development activities commercially are anticipated to offer lucrative growth opportunities for the market.
The global floating power plant market has been segmented into Asia Pacific, North America, Europe, and the Rest of the World. Asia Pacific accounted for the dominant expansion at the fastest CAGR over the forecast period. This expansion is attributable to two factors such as the absence of adequate power infrastructure. The widespread use of renewable energy sources for power generation in developing nations like China and India. Major market players have been drawn to the area as a result of the growing number of possible projects for FPPs based on renewable energy. However, it is projected that the higher installation and maintenance expenses of these plants at sea may partially hamper the industry's expansion. North America is also expected to have prominent growth over the forecast period owing to the implementation of strict regulatory reforms focusing on cleaner power generation initiatives. The U.S. and Canada are the major revenue contributors as these countries are emphasizing developing cleaner fuel LNG-based power ships, which, in turn, supports industry growth.
The report on global floating power plant market covers segments such as power source, and capacity. On the basis of power source, the sub-markets include non-renewable, and renewable. On the basis of capacity, the sub-markets include 1 mw–5 mw, 5.1 mw–20 mw, 20.1 mw–100 mw, 100.1 mw–250 mw, and above 250 mw.
The report provides profiles of the companies in the market such as www.upsolar.com Inc., MAN Energy Solutions, Floating Power Plant A/S, BW Ideol, VIKRAM SOLAR LTD., Ciel & Terre International, SeaTwirl AB, Yingli Solar, Caterpillar, and Principle Power Inc..
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the floating power plant market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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