Global Floating Power Plant Market By Type (By Power Source, Non-renewable Power, Renewable Power, By Capacity, 1 MW?5 MW), By Application (Industrial Use, and Commercial Use), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020-2029

Floating Power Plant Market Overview

In 2021, the global Floating Power Plant market was valued at US$ 1.220 billion. It is forecast to grow at a 9.2% CAGR between 2023-2032.

Floating power plants can be described as a type of power generator that is installed on an existing cargo ship. These plants can be connected directly to the national grid and can also travel abroad if necessary. They are typically self-driven. These can be used to meet increasing power demand, especially in rural or remote areas. These devices can provide electricity in areas that have limited infrastructure and also deliver a safe power supply in the event of flooding or earthquakes.

Global Floating Power Plant Market Analysis

Power Source Analysis

In 2021, the non-renewable market dominated, accounting for over 52% of the total market. This is due to the high power density, high reliability, and low operating cost of gas turbines, which are highly reliable. Leading manufacturers are working to overcome the limitations of floating gas turbines’ power output, which will help boost segment growth in the future. Siemens produced the SGT8000H class industrial gas turbines, which have a power output capability of 140 MW. This was for its FPP plants. The company also offers large-scale gas turbines capable of producing up to 1.2GW power. Further offshore power plants are fed natural gas from the ships and not the land. Additional platforms located near docked vessels are equipped with technology to convert liquid fuel into gaseous. Because of the favorable environmental policies that encourage the use of clean fuels, the growth of the renewable segment is expected to be the greatest. FPPs use three of the most common sources 9 renewable) for generation of power: solar, wind, and wave energy. Due to limited availability and the high land area of solar sites, there will be a rising demand for power plants.

Power Rating Analysis

The high-power segment dominated the market in 2021, contributing significantly to global revenue. This segment will maintain its dominant position over the forecast period due to high power demand in South Asian economies like China, India, Singapore, and Malaysia. FPP market growth is expected to be supported by continuous population growth and rapid construction of infrastructure in the end-use industries such as healthcare, manufacturing, and construction. Due to increasing numbers of FPP projects based on renewable energy, the CAGR for the medium-power segment is expected to be the fastest. B. Grimm Power and the Thailand Authority of Electricity Generating announced in January 2020 an EPC contract for a hybrid hydro/solar energy FPP at EGAT dam. This US$ 28million project will utilize 45 MW of crystalline solar cells to generate electricity during the day, and the hydropower remaining from the Sirindhorn dam. Furthermore, the floating HDPE platform is safe for aquatic life and eco-friendly. This initiative will encourage many manufacturers to sign new projects for FPPs of the medium power range.

Key Market Segments

By Power Source

• Non-renewable
• • IC Engines
• • Gas Turbines

• Renewable
  • Wind
• • Solar

By Power Rating

• • Low-power FPP
  • Medium-power FPP
  • High-power FPP

Market Dynamics

Market growth is expected to be driven by the growing demand for clean energy in various end-use sectors and the absence of power infrastructure in several countries. Floating Power Plants (FPPs), a distributed power source, provide stability and high efficiency. This peak power source has a quick start-up and can handle high loads. The plants can be towed and are suitable for seasonal and regular operations. This provides grid stability for various types of Renewable Energy. These factors are expected to have positive effects on the industry’s landscape over the forecast period.
China’s market will see significant growth because of the presence and increasing demand for power supply in all end-use markets. China is the largest manufacturer of solar PV panels. To boost its energy structure, the government is installing solar energy-operated FPPs.
CECEP, a state corporation in China, connected the 70 MWp floating solar photovoltaic power station located in Anhui province of China to the national network. LONGi Solar monocrystalline solar PV modules were used in the construction of this plant. Market growth is expected to be driven by increasing awareness of FPPs’ benefits, including fast electricity supply to remote areas, easy relocation, and no need for large sites. FPPs will be deployed in more regions as a result of strict environmental regulations.

Floating power stations have a smaller environmental footprint than traditional land-based systems. This is because they require only small areas of upriver or coastal land. Market growth is also expected to be driven by the growing use of renewable energy for power generation in FPPs over the forecast period.

Regional Analysis

Asia Pacific is expected to continue growing at the fastest CAGR in the future with a revenue share of 41%. This growth can be attributed to the absence of power infrastructure and high adoption rates of renewable energy sources in developing economies such as India and China for power generation. The region is seeing a growing number of FPPs that are renewable energy-based. This has helped to attract major market players and accelerate market growth for the forecast period. But, the industry growth is expected to be limited by higher installation and maintenance costs of these plants at Sea.

Europe was the second-largest regional market in 2021. This is due to the presence and expertise of market specialists and key players across the region. Wartsila, Siemens Gas, Power GmbH & Co. Floating Power Plant A/S, and Ideol were some of the top industry players in the European region. This has helped to accelerate the deployment of large-scale FPP programs. North America is expected to see significant growth during the forecast period due to the implementation of strict regulatory reforms focused on cleaner power generation initiatives. Canada and the U.S. are the main revenue contributors, as both countries are focusing on developing cleaner fuel LNG-powered power ships.

Key Regions and Countries covered in thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

In order to reduce emissions and optimize logistics costs, local industry players are focusing their efforts on local production of FPP products. This will allow them to offer local employment. FPPs’ flexibility, mobility, and adaptability make them less vulnerable to investment risks. Market players are involved in multiple growth initiatives. These include strategic partnerships to raise capital for FPP projects and offering their individual expertise in different parts of the FPP supply chains. This reduces overall project costs.

Market Key Players:

• Kawasaki Heavy Industries Ltd.
• Ciel & Terre international
• Wartsila
• Floating Power Plant A/S
• Siemens Gas and Power GmbH & Co.
• Kyocera Corporation
• Waller Marine Inc.
• Karadeniz Holding A.S.
• Other Key Players

For the Floating Power Plant Market research study, the following years have been considered to estimate the market size: