Floating Power Plant Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Floating Power Plant Market grew at a CAGR of 8.2 % between 2017-2021 and is estimated to be US$ 1,374.6 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 10.1% and is expected to reach a valuation of US$ 3,597.9 Mn by 2032 end.
Future years are expected to see a rise in the sales of floating power plants due to rising energy efficiency standards and rising power consumption.
GROWING GOVERNMENT INITIATION TO SUPPORT OFFSHORE FLOATING POWER PLANT
Various government initiatives are in place to promote the shift towards floating offshore wind power. These include grants and funding for the installation of floating wind turbines and gifts and funding for research projects related to floating wind turbines. Additionally, these efforts at promoting advanced research projects will also help increase the capacity of offshore wind farms along with an increase in floating turbine installations under government support.
HIGH INVESTMENT COSTS AND MAINTENANCE HAMPER THE MARKET GROWTH
High costs related to installing, operating, and maintaining floating wind turbines are a major challenge to its market growth. Since commercial floating wind farms generally focus on installation in deeper waters, causing key risks with the relative motion of the turbine and a floating maintenance vessel while using conventional jack-up containers non-viable.
In addition, anchoring of floating offshore wind platforms includes inherent challenges associated with deep and shallow water environments, driving the need for efficient mooring systems and adding up to the overall operational costs.
THE RISE IN INVESTMENT FOR FLOATING OFFSHORE WIND FARM PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Floating offshore wind farms are expected to gain traction because they’re feasible, economically competitive, and can often be built offshore in deep water. As a result, there is an increasing interest in deploying floating offshore wind turbines. Strong government support and growing investment towards installation or commissioning contracts of offshore wind farms, along with adopting floating wind turbines owing to reduced costs, lower emissions, higher efficiency, and so on, have been driving its market growth over time.
In 2021, the abrupt coronavirus outbreak harmed the sale of Floating Power Plant systems due to the closure of several production facilities worldwide. However, Floating Power Plant systems have been gaining popularity in many more applications since 2020. They are expected to accelerate in 2022 and 2023 due to increased demand from a growing government focus on upgrading the electricity sector and greater government adoption.
Market Segments Covered in Report
By Region and Country:
Why are Non-renewable Floating Power Plants projected to ensure the most revenue during the forecast period?
The Non-renewable Floating Power Plant foundation is expected to register the highest revenue share of 55.0% in the Global Non-renewable Floating Power Plant market between 2021 and 2032. Due to their ability to reduce exposed surface area to the water, floating wind turbines with semi-submersible foundations are a superior alternative to other varieties.
Because they include enormous floating hulls that may expand out from the tower and are secured to prevent drifting, semi-submersible platforms have become increasingly popular. This serves as one of the possible causes fueling its market expansion. These foundation models offer considerable advantages over other floating wind turbine designs now on the market, including cost, deployment, maintenance, and site independence.
Why is the 0–100 MW segment expected to expand the fastest during the forecast period?
In 2021, The medium-power segment was expected to register the highest CAGR between January 2020 and 2021. With a capacity of up to 100 MW, the medium-power segment is expected to register the fastest CAGR over the forecast period. This is because renewable energy-based FPP projects are growing rapidly. For instance, EGAT Power and B.Grimm Power signed an EPC contract to construct a hybrid hydro and solar energy FPP at EGAT dam in January 2020.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide. Many businesses diversify their product lines to gain a boost in sales. This action is often taken to help maximize profits or achieve specific business goals.
Some of the key developments that have taken place in the Floating Power Plant Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Source, Capacity, Type, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 10.1 %.
Market growth is anticipated due to the ongoing implementation of environmental policies that support using clean fuels for power generation. Three of the most frequently used renewable energy sources for power generation on floating power plants are solar, wind, and wave energy.
Major global Floating Power Plant Market players are Siemens Games Renewable Energy S.A, MingYang Smart Energy, MHI Vestas Offshore Wind A/s, Senvion S.A., Nordex SE, GE Renewable Energy, Envision Energy, Goldwind, Enercon GmbH, Adwen GmbH
Unlike traditional PV systems, installing floating power plants is more expensive. Due to the floating technology’s youth, specialist tools and information are needed. However, future years should see a decrease in installation costs as technology improves.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Floating Power Plant market.
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