Market by Capacity, Source, and Regional Outlook | Forecast 2023-2028
Power generation facilities located on a platform floating in a body of water are called floating power plants. These power plants serve as the main and backup power sources for a particular facility. In floating power plants, energy can be generated from both renewable (solar, wind, others) and non-renewable (diesel, liquefied natural gas, thermal, nuclear) sources. In addition, these power plants offer the special advantage of being mobile, making them ideal for temporary power generation to bridge local power shortages.
The floating power plant vessels can generate electricity until a local power plant is built or temporarily provide additional electricity, for example, during a major construction project. Therefore, this technology is of interest to developing countries that want to expand their energy infrastructure to promote economic growth. These floating power plants can be towed or self-propelled to wherever they are needed, which can help to alleviate temporary power shortages following natural disasters like earthquakes and floods.
According to Triton Market Research’s analysis, the Global Floating Power Plant Market is likely to reach a CAGR of 10.74% over the forecast period 2023-2028. The market was valued at $10010.11 million in 2022 and is expected to reach a revenue of $18926.68 million by 2028.
Click here to check out our blog on the Global Floating Power Plant Market
MARKET PERFORMANCE: DRIVERS, CHALLENGES, AND OPPORTUNITIES
Growing government investment in the energy sector and an increasing number of installed floating power plants are driving the floating power plants market’s growth. The floating power plant market has undergone significant changes since companies have been heavily supporting the use of renewable energy sources, such as solar, wind, and others, for power generation. The floating power plant market in the region is expected to grow significantly over the forecast period owing to increasing demand for clean energy and a host of advantages over land-based power plants.
However, the market is hampered by restraints, such as the technical challenges of floating power plants and high costs. The high capital costs associated with shipping, logistics, and accessibility are the major issues preventing the expansion of the European floating power plant business. The lack of experienced labor to install solar panels on water bodies is another market constraint.
In addition, the market for floating power
plants is becoming more profitable due to the expansion of offshore wind
projects. There are many
untapped markets in the world that are promising for the offshore wind energy
sector. According to Brazil’s Minister of Mines and Energy, offshore wind farm
contracts were to be included in the country’s energy auctions starting in
2022. In addition, with the latest draft of the Power Master Plan VIII,
Vietnam’s Deputy Prime Minister
instructed the Ministry of Industry and Trade to expand offshore wind while
reducing solar capacity in 2022. By 2035, offshore wind could generate 12% of
Vietnam’s electricity, according to the ministry’s plan.
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KEY GEOGRAPHIES COVERED:
• North America: United
States and Canada
• Europe: United Kingdom,
France, Germany, Spain, Italy, and Rest of Europe
• Asia-Pacific: China,
Japan, India, Australia, South Korea, ASEAN Countries, and Rest of Asia-Pacific
• Latin America: Brazil,
Chile, and Rest of Latin America
• Middle East and Africa: Saudi Arabia, Turkey, United Arab Emirates, South Africa, and Rest of Middle East & Africa
SEGMENTATION ANALYSIS – FLOATING POWER PLANT MARKET:
• Market by Capacity:
o 0MW-
5MW
o 5.1
MW- 20 MW
o 20
MW- 100 MW
o 100.1
MW- 250 MW
o Above 250 MW
20 MW- 100 MW is expected to progress with the highest CAGR during the forecast period. Gas turbines, IC engines, and other devices that generate energy between 20.1 MW and 100 MW from a variety of sources, including natural gas, fossil fuels (non-renewable sources), solar, wind, and others, are included in the segment. Most of the electricity generated by these floating power plants comes from renewable energy sources such as solar and wind. They also offer advantages such as ease of relocation and reliable power supply during natural disasters such as earthquakes and floods.
• Market by Source:
o Non-Renewable
Power Source
o Renewable Power Source
Non-renewable power sources
lead the market in terms of revenue. The energy produced from thermal, natural gas,
nuclear, and fossil fuel sources (petroleum, coal, etc.) is included in the
section. These energy sources are most often used to generate electricity using
gas turbines, IC, and other engines. Gas turbines can burn a variety of gaseous
and liquid fuels to achieve high efficiency and excellent emission levels. As a
result, they are often used in offshore platforms for the oil and gas sector.
By utilizing non-renewable energy sources, such as nuclear power, floating
power plants offer significant advantages, such as easy trading or relocation
and a secure power supply during natural disasters.
COMPETITIVE LANDSCAPE:
The floating power plant market by company profile helps dive into data about the key players in this industry. The strategic initiatives for each of the companies considered have been covered in detail.
Collaboration (October 2022): MAN Energy Solutions and Norwegian Cruise
Line Holdings Ltd
MAN
Energy Solutions partnered with Norwegian Cruise Line Holdings Ltd. The
Memorandum of Understanding relates to a project to convert a medium-speed MAN
48/60 engine to enable dual-fuel running with diesel and methanol.
Acquisition (June 2022): Wartsila Corporation and PortLink Global
PortLink Global, a Vancouver-based international port solutions provider, was acquired by Wartsila Corporation. The acquisition strengthens Wartsila Corporation’s offshore energy projects and maritime logistics endeavors.
KEY BENEFITS OF THE REPORT:
● Triton Market Research has a collective experience of 25-30 years in the industry, with its analysts and experts encompassing the most infallible research methodology for its market intelligence and industry analysis.
● Our research methodology helps in achieving a broader consensus of the market size, shape, and industry trends within each industry segment.
● The strategy adopted in designing the research methodology includes the amalgamation of the information assembled from primary and secondary sources, with the assistance of analytical tools to construct the forecast and predictive models.
●
The scope of the market report comprises the current scenario of
the global floating power plant market, along with the detailed overview of the
industry outlook, market dynamics, segmentation analysis, regional outlook, and
competitive landscape for the period 2023-2028.
FAQs:
Q1)
What are floating power plants?
Floating power plants refer to power generation units located on a platform afloat on a water body. These power plants act as primary power sources for a specific facility and may also be used as emergency power sources.
Q2)
Which source category is fastest growing in the floating power plant market?
The renewable power source is the
fastest-growing category in the floating power plant market.
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VIEW REPORT1. GLOBAL
FLOATING POWER PLANT MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. ASSESSMENT
OF SHIP-BASED FLOATING POWER PLANTS
2.1.1. DEVELOPMENTS
RELATED TO SHIP-BASED FLOATING POWER PLANTS
2.2. IMPACT
ANALYSIS ON THE FLOATING POWER PLANT MARKET
2.2.1. COVID-19
IMPACT
2.3. PORTER’S
FIVE FORCES ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTES
2.3.3. BARGAINING
POWER OF BUYERS
2.3.4. BARGAINING
POWER OF SUPPLIERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
MATURITY ANALYSIS
2.5. INDUSTRY
COMPONENTS
2.5.1. RAW
MATERIALS & COMPONENT SUPPLIERS
2.5.2. OEMS
2.5.3. EPC
COMPANIES & DEVELOPERS
2.6. REGULATORY
FRAMEWORK
2.7. KEY
MARKET STRATEGIES
2.7.1. COLLABORATIONS
2.7.2. PRODUCT
LAUNCHES
2.7.3. MERGERS
& ACQUISITIONS
2.7.4. BUSINESS
DIVESTITURES & EXPANSIONS
2.8. MARKET
DRIVERS
2.8.1. RISING
POPULARITY OF OFFSHORE WIND PROJECTS
2.8.2. GROWING
CLEAN ENERGY PROJECTS
2.9. MARKET
CHALLENGES
2.9.1. TECHNICAL
CHALLENGES INVOLVED IN FLOATING POWER PLANTS
2.9.2. HIGH
COST OF PROJECTS
2.10. MARKET
OPPORTUNITIES
2.10.1. RISING
POPULARITY OF IC ENGINE-BASED FLOATING POWER PLANTS
2.10.2. RISE
IN THE INSTALLATION OF NEW POWER PLANTS
2.11. ANALYST
PERSPECTIVE
3. GLOBAL
FLOATING POWER PLANT MARKET – BY CAPACITY
3.1. 0MW-
5MW
3.2. 5.1
MW- 20 MW
3.3. 20
MW- 100 MW
3.4. 100.1
MW- 250 MW
3.5. ABOVE
250 MW
4. GLOBAL
FLOATING POWER PLANT MARKET – BY SOURCE
4.1. NON-RENEWABLE
POWER SOURCE
4.2. RENEWABLE
POWER SOURCE
5. GLOBAL
FLOATING POWER PLANT MARKET – BY REGIONAL OUTLOOK
5.1. NORTH
AMERICA
5.1.1. MARKET
BY CAPACITY
5.1.2. MARKET
BY SOURCE
5.1.3. COUNTRY
ANALYSIS
5.1.3.1. UNITED
STATES
5.1.3.1.1. UNITED
STATES FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.1.3.2. CANADA
5.1.3.2.1. CANADA
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.2. EUROPE
5.2.1. MARKET
BY CAPACITY
5.2.2. MARKET
BY SOURCE
5.2.3. COUNTRY
ANALYSIS
5.2.3.1. UNITED
KINGDOM
5.2.3.1.1. UNITED
KINGDOM FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.2.3.2. GERMANY
5.2.3.2.1. GERMANY
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.2.3.3. FRANCE
5.2.3.3.1. FRANCE
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.2.3.4. SPAIN
5.2.3.4.1. SPAIN
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.2.3.5. ITALY
5.2.3.5.1. ITALY
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.2.3.6. REST
OF EUROPE
5.2.3.6.1. REST
OF EUROPE FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.3. ASIA-PACIFIC
5.3.1. MARKET
BY CAPACITY
5.3.2. MARKET
BY SOURCE
5.3.3. COUNTRY
ANALYSIS
5.3.3.1. CHINA
5.3.3.1.1. CHINA
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.3.3.2. JAPAN
5.3.3.2.1. JAPAN
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.3.3.3. INDIA
5.3.3.3.1. INDIA
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.3.3.4. SOUTH
KOREA
5.3.3.4.1. SOUTH
KOREA FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.3.3.5. ASEAN
COUNTRIES
5.3.3.5.1. ASEAN
COUNTRIES FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.3.3.6. AUSTRALIA
& NEW ZEALAND
5.3.3.6.1. AUSTRALIA
& NEW ZEALAND FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.3.3.7. REST
OF ASIA-PACIFIC
5.3.3.7.1. REST
OF ASIA-PACIFIC FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.4. LATIN
AMERICA
5.4.1. MARKET
BY CAPACITY
5.4.2. MARKET
BY SOURCE
5.4.3. COUNTRY
ANALYSIS
5.4.3.1. BRAZIL
5.4.3.1.1. BRAZIL
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.4.3.2. CHILE
5.4.3.2.1. CHILE
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.4.3.3. REST
OF LATIN AMERICA
5.4.3.3.1. REST
OF LATIN AMERICA FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.5. MIDDLE
EAST AND AFRICA
5.5.1. MARKET
BY CAPACITY
5.5.2. MARKET
BY SOURCE
5.5.3. COUNTRY
ANALYSIS
5.5.3.1. UNITED
ARAB EMIRATES
5.5.3.1.1. UNITED
ARAB EMIRATES FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.5.3.2. SAUDI
ARABIA
5.5.3.2.1. SAUDI
ARABIA FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.5.3.3. TURKEY
5.5.3.3.1. TURKEY
FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.5.3.4. SOUTH
AFRICA
5.5.3.4.1. SOUTH
AFRICA FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
5.5.3.5. REST
OF MIDDLE EAST AND AFRICA
5.5.3.5.1. REST
OF MIDDLE EAST AND AFRICA FLOATING POWER PLANT MARKET FORECAST & PROSPECTS
6. COMPETITIVE
LANDSCAPE
6.1.1. OVERVIEW
6.1.2. PRODUCT
PORTFOLIO
6.1.3. KEY
STRENGTHS
6.1.4. KEY
CHALLENGES
6.2. FLOATING
POWER PLANT AS
6.2.1. OVERVIEW
6.2.2. PRODUCT
PORTFOLIO
6.2.3. KEY
STRENGTHS
6.2.4. KEY
CHALLENGES
6.3. UPSOLAR
GROUP CO LTD
6.3.1. OVERVIEW
6.3.2. PRODUCT
PORTFOLIO
6.3.3. KEY
STRENGTHS
6.3.4. KEY
CHALLENGES
6.4. CATERPILLAR
INC
6.4.1. OVERVIEW
6.4.2. PRODUCT
PORTFOLIO
6.4.3. KEY
STRENGTHS
6.4.4. KEY
CHALLENGES
6.5. KYOCERA
CORPORATION
6.5.1. OVERVIEW
6.5.2. PRODUCT
PORTFOLIO
6.5.3. KEY
STRENGTHS
6.5.4. KEY
CHALLENGES
6.6. MITSUBISHI
CORPORATION
6.6.1. OVERVIEW
6.6.2. PRODUCT
PORTFOLIO
6.6.3. KEY
STRENGTHS
6.6.4. KEY
CHALLENGES
6.7. VIKRAM
SOLAR LIMITED
6.7.1. OVERVIEW
6.7.2. PRODUCT
PORTFOLIO
6.7.3. KEY
STRENGTHS
6.7.4. KEY
CHALLENGES
6.8.1. OVERVIEW
6.8.2. PRODUCT
PORTFOLIO
6.9. SIEMENS
AG
6.9.1. OVERVIEW
6.9.2. PRODUCT
PORTFOLIO
6.9.3. KEY
STRENGTHS
6.9.4. KEY
CHALLENGES
6.10. MAN
ENERGY SOLUTIONS SE
6.10.1. OVERVIEW
6.10.2. PRODUCT
PORTFOLIO
7. RESEARCH
METHODOLOGY & SCOPE
7.1. RESEARCH
SCOPE & DELIVERABLES
7.2. SOURCES
OF DATA
7.3. RESEARCH
METHODOLOGY
TABLE 1: GLOBAL
FLOATING POWER PLANT MARKET, BY REGIONAL OUTLOOK, 2023-2028 (IN $ MILLION)
TABLE 2: REGULATORY
FRAMEWORK
TABLE 3: LIST OF
COLLABORATIONS
TABLE 4: LIST OF
PRODUCT LAUNCHES
TABLE 5: LIST OF
MERGERS & ACQUISITIONS
TABLE 6: LIST OF
BUSINESS DIVESTITURES & EXPANSIONS
TABLE 7: GLOBAL
FLOATING POWER PLANT MARKET, BY CAPACITY, 2023-2028 (IN $ MILLION)
TABLE 8: GLOBAL
FLOATING POWER PLANT MARKET, BY SOURCE, 2023-2028 (IN $ MILLION)
TABLE 9: GLOBAL
FLOATING POWER PLANT MARKET, BY REGIONAL OUTLOOK, 2023-2028 (IN $ MILLION)
TABLE 10: NORTH AMERICA
FLOATING POWER PLANT MARKET, BY COUNTRY OUTLOOK, 2023-2028 (IN $ MILLION)
TABLE 11: NORTH AMERICA
FLOATING POWER PLANT MARKET, BY CAPACITY, 2023-2028 (IN $ MILLION)
TABLE 12: NORTH AMERICA
FLOATING POWER PLANT MARKET, BY SOURCE, 2023-2028 (IN $ MILLION)
TABLE 13: EUROPE
FLOATING POWER PLANT MARKET, BY COUNTRY OUTLOOK, 2023-2028 (IN $ MILLION)
TABLE 14: EUROPE
FLOATING POWER PLANT MARKET, BY CAPACITY, 2023-2028 (IN $ MILLION)
TABLE 15: EUROPE
FLOATING POWER PLANT MARKET, BY SOURCE, 2023-2028 (IN $ MILLION)
TABLE 16: ASIA-PACIFIC
FLOATING POWER PLANT MARKET, BY COUNTRY OUTLOOK, 2023-2028 (IN $ MILLION)
TABLE 17: ASIA-PACIFIC
FLOATING POWER PLANT MARKET, BY CAPACITY, 2023-2028 (IN $ MILLION)
TABLE 18: ASIA-PACIFIC
FLOATING POWER PLANT MARKET, BY SOURCE, 2023-2028 (IN $ MILLION)
TABLE 19: LATIN AMERICA
FLOATING POWER PLANT MARKET, BY COUNTRY OUTLOOK, 2023-2028 (IN $ MILLION)
TABLE 20: LATIN AMERICA
FLOATING POWER PLANT MARKET, BY CAPACITY, 2023-2028 (IN $ MILLION)
TABLE 21: LATIN AMERICA
FLOATING POWER PLANT MARKET, BY SOURCE, 2023-2028 (IN $ MILLION)
TABLE 22: MIDDLE EAST
AND AFRICA FLOATING POWER PLANT MARKET, BY COUNTRY OUTLOOK, 2023-2028 (IN $
MILLION)
TABLE 23: MIDDLE EAST
AND AFRICA FLOATING POWER PLANT MARKET, BY CAPACITY, 2023-2028 (IN $ MILLION)
TABLE 24: MIDDLE EAST
AND AFRICA FLOATING POWER PLANT MARKET, BY SOURCE, 2023-2028 (IN $ MILLION)
FIGURE 1: MARKET
MATURITY ANALYSIS
FIGURE 2: INDUSTRY
COMPONENTS
FIGURE 3: GLOBAL
FLOATING POWER PLANT MARKET, BY CAPACITY, 2022 & 2028 (IN %)
FIGURE 4: GLOBAL
FLOATING POWER PLANT MARKET, BY 0 MW- 5 MW, 2023-2028 (IN $ MILLION)
FIGURE 5: GLOBAL
FLOATING POWER PLANT MARKET, BY 5.1 MW- 20 MW, 2023-2028 (IN $ MILLION)
FIGURE 6: GLOBAL
FLOATING POWER PLANT MARKET, BY 20 MW- 100 MW, 2023-2028 (IN $ MILLION)
FIGURE 7: GLOBAL
FLOATING POWER PLANT MARKET, BY 100.1 MW- 250 MW, 2023-2028 (IN $ MILLION)
FIGURE 8: GLOBAL
FLOATING POWER PLANT MARKET, BY ABOVE 250 MW, 2023-2028 (IN $ MILLION)
FIGURE 9: GLOBAL
FLOATING POWER PLANT MARKET, BY SOURCE, 2022 & 2028 (IN %)
FIGURE 10: GLOBAL
FLOATING POWER PLANT MARKET, BY NON-RENEWABLE POWER SOURCE, 2023-2028 (IN $
MILLION)
FIGURE 11: GLOBAL
FLOATING POWER PLANT MARKET, BY RENEWABLE POWER SOURCE, 2023-2028 (IN $
MILLION)
FIGURE 12: GLOBAL
FLOATING POWER PLANT MARKET, BY REGIONAL OUTLOOK, 2022 & 2028 (IN %)
FIGURE 13: UNITED
STATES FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 14: CANADA
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 15: UNITED
KINGDOM FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 16: GERMANY
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 17: FRANCE
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 18: SPAIN
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 19: ITALY
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 20: REST OF
EUROPE FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 21: CHINA
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 22: JAPAN
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 23: INDIA
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 24: SOUTH KOREA
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 25: ASEAN
COUNTRIES FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 26: AUSTRALIA
& NEW ZEALAND FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 27: REST OF
ASIA-PACIFIC FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 28: BRAZIL
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 29: CHILE
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 30: REST OF
LATIN AMERICA FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 31: UNITED ARAB
EMIRATES FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 32: SAUDI ARABIA
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 33: TURKEY FLOATING
POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 34: SOUTH AFRICA
FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)
FIGURE 35: REST OF
MIDDLE EAST AND AFRICA FLOATING POWER PLANT MARKET 2023-2028 (IN $ MILLION)