By the end of 2033, the market for floating power plants is expected to have grown from a US$ 1.6 billion valuation in 2023 to a US$ 3.8 billion valuation.
Innovative energy systems known as floating power plants (FPPs) are built to generate electricity from a variety of renewable energy sources while floating on bodies of water. Comparatively speaking, they offer more scalability and flexibility than conventional stationary power plants.
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FPPs are built on floating platforms, as opposed to conventional power plants, which are attached to the ground. This allows them to capture renewable energy from sun, wind, tidal, and wave sources in oceans, seas, lakes, rivers, or reservoirs. They provide a more decentralized system of energy generation because they can be set up very fast in a variety of sites, including rural or challenging-to-reach ones. Due to their versatility, they are a desirable solution in areas with shifting energy needs or little land resources.
In remote locations where power generation is limited by a lack of usable land mass, the use of floating power plants, which can be deployed as an emergency power supply, is essential. Both permanent and temporary power can now be replaced with floating power plants. These plants have grown to be quite well-liked throughout many parts of the world as a result of the growing demand for inexpensive flexibility over the past several years.
A floating power plant is a highly efficient and reliable dispersed power source. This high-power source responds quickly to large load variations and offers speedy startup. Towable floating power plants can be used to stabilise the grid for various forms of renewable energy and are suitable for seasonal and intermittent operation.
Key Takeaways from Market Study
- In 2023, the market for floating power plants will be worth US$1.6 billion.
- Over the next 10 years, the industry is expected to grow fast at a CAGR of 9%.
- By 2033, the market for floating power plants is anticipated to be worth US$3.8 billion.
- From 2023 to 2033, demand for non-renewable floating power plants is anticipated to increase at a CAGR of 8%.
- In 2023, the market in the US will be worth $500 million.
- Through 2033, a 5% CAGR is expected to be achieved by the Japanese market.
Floating power plants offer a number of benefits that are consistent with the objectives of the energy transition and the global shift towards cleaner, more sustainable energy sources. The market for floating power plants is growing as green energy demand rises.
Floating power plants offer an appealing solution for producing clean and carbon-free electricity at a time when governments and businesses are prioritising renewable energy to cut greenhouse gas emissions and battle climate change. Renewable energy sources like sun, wind, tidal, and wave energy are captured by floating power plants.
Due to its ability to use robust and continuous wind resources over open sea, offshore wind farms—a notable form of floating power plants—have seen an increase in demand.
Key Companies Profiled in This Report
- Caterpillar, Inc.
- Siemens AG
- Kyocera Corporation
- General Electric Company
- Principle Power, Inc.
- Ideol SA
- Karadeniz Holding
- Yingli Solar
- SeaTwirl AB
- Upsolar Global Co., Ltd.
- Floating Power Plant A/S
- MAN Diesel & Turbo SE
- Mitsubishi Corporation
The market is separated into non-renewable and renewable electricity sources according to that source. In 2023, renewable floating power plants will rule the market with a 65% market share.
Due to the implementation of favourable environmental legislation encouraging the use of clean fuels for power generation, renewable floating power plants are becoming more and more popular. The two primary energy sources used to generate power by floating renewable energy systems are solar and wind energy. Platforms floating in the water have these technologies linked to them. While most offshore wind installations are placed in the sea or ocean, most solar installations are made in still waters like lakes or ponds.
What is Stimulating the Demand for Floating Power Plants in the United State
The American market is expected to be worth $500 million by 2023.
The presence of well-established new nuclear reactors and solar farms as well as a strong emphasis on the development of motor ships that run on LNG rather than other cleaner fuels are what are causing the industry to grow in the United States. The nation is predicted to have exceptional growth during the projection period as a result of the implementation of strict regulatory reforms that prioritise measures for cleaner electricity generation.
Leading firms heavily engage in research and development to expand the technology of floating power plants, according to newly released data from Fact.MR, a supplier of market research and competitive information. They concentrate on enhancing platform architecture, mooring systems, energy storage solution integration, and efficiency of energy conversion. These businesses obtain an advantage over rivals in the market by continuing to be at the cutting edge of technology advancements.
- In 2018, Kawasaki Heavy Industries constructed a floating gas-powered plant that can be anchored offshore to ensure a consistent supply of electricity for local areas.
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Fact.MR, in its new offering, presents an unbiased analysis of the global floating power plants market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the floating power plants market based on power source (non-renewable, renewable), power rating (high, medium, low), and platform type (floating structures, power barges, power ships), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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