Triton Market Research presents their Global Floating power plants market report, segmented on the basis of the Power source (renewable power and nonrenewable power), Power capacity (From 0MW to 250MW and above), and by Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).
The report discusses industry value chain analysis, Porter's 5 Force Analysis, drivers, restraints, vendor profiles, global market size, forecasts & analysis (2019-2027).
Triton Market Research expects the Global floating power plants market to witness an increase in the revenue at a (CAGR) of 10.08% during the forecast period of (2019-2027).
Floating power plants mainly utilize renewable energy sources such as wind, solar, wave energy and conventional energy sources such as diesel, coal, and natural gas for electricity generation. Floating power plants are constructed cost-effectively in a well-controlled industrial setting, and they produce de-centralized and flexible power. The renewable power source is expected to be one of the fastest growing segments owing to the rising demand for energy efficient directives and clean energy.
The Europe region has acquired a significant share of the floating power plants in the global market. Triton Market Research forecasts that the Europe region will continue having the advantage throughout the projected years (2019-2027) regarding CAGR. Substantial growth in the revenue would be witnessed by the Asia Pacific in comparison with other regions such as North America and the Rest of the world. The threat of new businesses entering in the global floating power plant market is expected to remain high over the forecast period, mainly due to the increasing demand of clean energy and rising investment in renewable energy. After the Europe region, Asia Pacific is the second-highest contributor to the Global floating power plants market, followed by North America and the rest of the world.
In its market analysis report, Triton Market Research has highlighted prominent market players like SeaTwirl AB, Catepillar Inc., Kyocera Corporation, Mitsubishi Corporation, Vikram Solar, Siemens AG, General Electric, Ciel & Terre International Company, Yingli Solar Energy Holding, MAN Diesel & Turbo SE, and Wartsila Corporation.
Floating power plants in the global market are fragmented due to the presence of many international, regional, and local vendors. Thus, several markets are adopting strategies like mergers and acquisitions to maintain their hold in the global market. For instance, Floating Power Plant A/S, a power generation company based in Denmark collaborated with DP Energy to deploy its wind floating platform in Scotland and in Wales. In 2016, Siemens AG (Germany) made a joint venture with Statoil (Norway) for building floating wind power farm off the Scotland coast. This collaboration resulted in power generation which was found to suffice electricity for 20,000 houses.
On the same line, many other companies are joining hands with regional and local organizations to expand their presence in the global floating power plants market.
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