According to the new market research report “Floating Power Plant Market by Power Source (Non-Renewable (Gas Turbines, IC Engines), Renewable (Solar Panels, Solar Floating Structure, Wind Turbines, Wind Substructure)), Capacity, and Region – Global Forecast to 2022“, the global floating power plant market is expected to grow from an estimated USD 889.6 million in 2017 to USD 1,440.1 million by 2022, at a CAGR of 10.11%, from 2017 to 2022. The factors driving the market include increasing demand for power, coupled with the lack of power infrastructure, benefits over land based power plants (majorly as it eliminates the land acquisition related problems), and energy efficiency mandates and demand for clean energy (renewable energy source).
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The developments in the renewable sector, in relation with the developments of floating renewable power plants, such as the floating solar and floating wind, provides lucrative market opportunities to the OEM’s. Countries such as France, which was not so prominent in the offshore wind industry, is keen in developing its offshore wind, owing to the developments in the floating offshore wind sector. After the Fukushima Daiichi Nuclear Power Plant accident in Japan in 2011, the country is focusing on floating power plants for power generation. This further drives the non-renewable power source segment. Countries such as China and Russia are constructing nuclear floating power plants. The products provided by companies, such as Floating Power Plant A/S (Denmark), generates energy incorporating the energy produced from wind and tidal sources that provides lucrative opportunities to the OEMs.
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The floating power plant market is segmented by power sources, capacity, and region. The renewable power source segment is estimated to be the fastest growing segment, due to the increasing demand for energy efficiency mandates and demand for clean energy (renewable energy source). However, the non-renewable segment is expected to dominate the floating power plant till 2022. This growth is majorly driven by the lack of power infrastructure coupled with the upsurge in energy demand.
The renewable power source segment is further segmented into the floating solar and wind market, on the basis of energy sources. The floating solar market is expected to grow at a faster rate due to the benefits over the land based solar installation, as it minimizes the evaporation rates, and further reduces the cost required for cooling solution. Further the floating offshore wind minimizes the problems faced by the offshore wind industry, at water depths greater than 60 meters, and, thus accounted for a higher market share in 2016.
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The 20.1 MW to 100 MW capacity segment is estimated to be the fastest growing segment, owing to the increase in projects for floating solar and wind. The capacity segment above 250 MW is projected to dominate the floating power plant market till 2022. The market share for the above 250 MW segment is maximum, as the floating power plants which generate this amount of capacity fall under the non-renewable segment, thus accounting for a major share of the market in the capacity segment.
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The European region is expected to be the fastest growing segment of the floating power plant industry, as the European region has the highest offshore wind potential and the countries in the region are focusing on energy generation from renewable sources.
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