The global floating power plant market is projected to attain a valuation of US$ 11.04 billion in 2023 and is expected to reach US$ 26 billion by 2033, trailing a CAGR of 9% during the forecast period.
The rising demand for power and growing number of energy efficiency mandates are expected to fuel the sales of floating power plant during the forecast period.
The demand for floating power plants is expected to rise due to growing need for clean electricity in various sectors and the insufficient power infrastructure in many countries. Floating power plants (FPPs) play a crucial role as decentralized power sources, offering both high efficiency and stability.
Floating power plants are capable of handling sudden changes in power demand and can start up quickly. These plants are portable and well-suited for seasonal and intermittent operations, contributing to grid stability for different types of renewable energy sources. These factors are expected to have a favorable impact on the industry's development in the foreseeable future.
Floating power plants are referred to as a type of power generator that is present on an existing cargo ship. These can be connected to the national grid, can go overseas wherever required, and are usually self-driven. Further, these are considered to be a potential alternative to land-based power plants as they can fulfill the ever-increasing demand for power, especially in rural and remote areas.
Floating power plants can provide electricity to areas with limited infrastructure, as well as deliver secure power supply in case of floods and earthquakes. These power plants often reduce dust pollution as these are built on the water. As the water surface is relatively open, it can prevent the shade from mountains and trees. These also help in lowering the formation of blooms and algae.
| Attribute | Details |
|---|---|
| Expected Market Value (2023) | US$ 11.04 billion |
| Anticipated Forecast Value (2033) | US$ 26 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 9% |
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The lack of power infrastructure, the surging demand for clean energy, and the increasing government investments in the energy industry are set to drive the floating power plant market growth in the evaluation period. Also, the low operating costs, high reliability, and high-power density of IC engine-based floating power plants is another significant factor that is estimated to propel the market.
The ongoing implementation of favorable environmental policies that are supporting the adoption of clean fuels for power generation is anticipated to augment the market. Wave, wind, and solar energy are three of the most commonly used renewable sources present on floating power plants for power generation.
The installation of floating power plants involves high cost spending, as compared to the conventional PV systems. As the floating technology is relatively new, it requires specialized equipment and knowledge. But, as the technology advances, the installation cost is anticipated to drop in future years.
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Asia Pacific is estimated to generate the leading floating power plant market share in the evaluation period. The region is expected to accumulate over 40% market share in 2023. The region’s market is projected to expand with a CAGR of 9.2% during the forecast period. This growth is attributable to the increasing adoption of renewable energy sources and the rapid development of infrastructure in various end-use industries in emerging economies, such as India and China.
The rising number of potential projects to develop new renewable energy-based floating power plants is expected to attract various key players to Asia Pacific. Moreover, The ongoing development of innovative technologies, such as digitization and automation in the power plant sector is another vital factor that is likely to bode well for the regional market.
The rising focus of several countries in Europe on the development of novel power generation methods owing to the availability of limited land is anticipated to augment the demand for floating power plants in this region. Additionally, the demand for floating power plants in the region is anticipated to rise with a CAGR of 8.8% during the forecast period. The European Union is also expected to invest huge sums in various development projects in the assessment period.
Countries, such as Italy, the United Kingdom, and Germany are aiming to install new power plants to lower their reliance on other countries for fossil fuels. They are also striving to reduce the effect of harmful gases on the environment by investing in cleaner energy generation projects. For instance,
Spurred by such aforementioned factors, Europe’s market is expected to thrive at a steady pace in the forthcoming years.
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The non-renewable segment is expected to dominate the market by accounting for more than 52% of the total share. Also, the segment is expected to capture a CAGR of 9.8% during the forecast period. This is primarily attributed to gas turbines or IC Engine-based floating power plants offering high-power density, reliability, and cost-effectiveness.
The leading manufacturers are focusing on addressing the limited power output capacity of floating gas turbines which is expected to drive growth in the segment. For example,
Power plants situated farther offshore receive natural gas supply from ships instead of onshore sources. Additionally, auxiliary platforms near these docked ships are equipped with the necessary technology to convert liquid fuel into a gaseous state.
Start-ups play a vital role in recognizing growth opportunities and driving industry expansion. Also, their efficiency in converting inputs into outputs and adapting to volatile market conditions is valuable. In the floating power plant market, several start-ups are engaged in manufacturing and providing related services.
The market for floating power plant is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
The key industry players working in the market are Wartsila, MAN Diesel & Turbo SE, Upsolar, Burmeister & Wain Scandinavian Contractor A/S, Mitsubishi Corporation, Siemens AG, Ideol, Floating Power Plant A/S, Kyocera Corporation, SeaTwirl AB, Principle Power, Inc., Caterpillar, Inc., Vikram Solar Pvt., Ltd., Ciel & Terre International, Yingli Solar, and General Electric Company.
Some Recent Developments in the Floating Power Plant Market
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | US$ 11.04 billion |
| Market Value in 2033 | US$ 26 billion |
| Growth Rate | CAGR of 9% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
The market is valued at US$ 11.04 billion in 2023.
The growth potential of the floating power plant market is 9% through 2033
The Asia Pacific is expected to emerge as the lucrative market.
Use of efficiency-promoting materials like thermal barrier coatings to create opportunities for market players.
Key players are making considerable investments to ramp up their manufacturing capacities.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Source, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Source, 2023 to 2033 5.3.1. Non-renewable 5.3.2. Gas Turbines 5.3.3. IC Engines 5.3.4. Renewable 5.3.5. Solar 5.3.6. Wind 5.4. Y-o-Y Growth Trend Analysis By Source, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Source, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Capacity 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Capacity, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Capacity, 2023 to 2033 6.3.1. Below 5.0 MW 6.3.2. 0 MW–20 MW 6.3.3. 0 MW–100 MW 6.3.4. 0 MW–250 MW 6.3.5. Above 250 MW 6.4. Y-o-Y Growth Trend Analysis By Capacity, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Capacity, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis by Type, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast by Type, 2023 to 2033 7.3.1. Ships 7.3.2. Barges 7.3.3. Others 7.4. Y-o-Y Growth Trend Analysis by Type, 2018 to 2022 7.5. Absolute $ Opportunity Analysis by Type, 2023 to 2033 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033 8.3.1. North America 8.3.2. Latin America 8.3.3. Western Europe 8.3.4. Eastern Europe 8.3.5. South Asia and Pacific 8.3.6. East Asia 8.3.7. Middle East and Africa 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. The USA 9.2.1.2. Canada 9.2.2. By Source 9.2.3. By Capacity 9.2.4. By Type 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Source 9.3.3. By Capacity 9.3.4. By Type 9.4. Key Takeaways 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Source 10.2.3. By Capacity 10.2.4. By Type 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Source 10.3.3. By Capacity 10.3.4. By Type 10.4. Key Takeaways 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. United Kingdom 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Western Europe 11.2.2. By Source 11.2.3. By Capacity 11.2.4. By Type 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Source 11.3.3. By Capacity 11.3.4. By Type 11.4. Key Takeaways 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. Poland 12.2.1.2. Russia 12.2.1.3. Czech Republic 12.2.1.4. Romania 12.2.1.5. Rest of Eastern Europe 12.2.2. By Source 12.2.3. By Capacity 12.2.4. By Type 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Source 12.3.3. By Capacity 12.3.4. By Type 12.4. Key Takeaways 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. India 13.2.1.2. Bangladesh 13.2.1.3. Australia 13.2.1.4. New Zealand 13.2.1.5. Rest of South Asia and Pacific 13.2.2. By Source 13.2.3. By Capacity 13.2.4. By Type 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Source 13.3.3. By Capacity 13.3.4. By Type 13.4. Key Takeaways 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Country 14.2.1.1. China 14.2.1.2. Japan 14.2.1.3. South Korea 14.2.2. By Source 14.2.3. By Capacity 14.2.4. By Type 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Source 14.3.3. By Capacity 14.3.4. By Type 14.4. Key Takeaways 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 15.2.1. By Country 15.2.1.1. GCC Countries 15.2.1.2. South Africa 15.2.1.3. Israel 15.2.1.4. Rest of MEA 15.2.2. By Source 15.2.3. By Capacity 15.2.4. By Type 15.3. Market Attractiveness Analysis 15.3.1. By Country 15.3.2. By Source 15.3.3. By Capacity 15.3.4. By Type 15.4. Key Takeaways 16. Key Countries Market Analysis 16.1. USA 16.1.1. Pricing Analysis 16.1.2. Market Share Analysis, 2022 16.1.2.1. By Source 16.1.2.2. By Capacity 16.1.2.3. By Type 16.2. Canada 16.2.1. Pricing Analysis 16.2.2. Market Share Analysis, 2022 16.2.2.1. By Source 16.2.2.2. By Capacity 16.2.2.3. By Type 16.3. Brazil 16.3.1. Pricing Analysis 16.3.2. Market Share Analysis, 2022 16.3.2.1. By Source 16.3.2.2. By Capacity 16.3.2.3. By Type 16.4. Mexico 16.4.1. Pricing Analysis 16.4.2. Market Share Analysis, 2022 16.4.2.1. By Source 16.4.2.2. By Capacity 16.4.2.3. By Type 16.5. Germany 16.5.1. Pricing Analysis 16.5.2. Market Share Analysis, 2022 16.5.2.1. By Source 16.5.2.2. By Capacity 16.5.2.3. By Type 16.6. United Kingdom 16.6.1. Pricing Analysis 16.6.2. Market Share Analysis, 2022 16.6.2.1. By Source 16.6.2.2. By Capacity 16.6.2.3. By Type 16.7. France 16.7.1. Pricing Analysis 16.7.2. Market Share Analysis, 2022 16.7.2.1. By Source 16.7.2.2. By Capacity 16.7.2.3. By Type 16.8. Spain 16.8.1. Pricing Analysis 16.8.2. Market Share Analysis, 2022 16.8.2.1. By Source 16.8.2.2. By Capacity 16.8.2.3. By Type 16.9. Italy 16.9.1. Pricing Analysis 16.9.2. Market Share Analysis, 2022 16.9.2.1. By Source 16.9.2.2. By Capacity 16.9.2.3. By Type 16.10. Poland 16.10.1. Pricing Analysis 16.10.2. Market Share Analysis, 2022 16.10.2.1. By Source 16.10.2.2. By Capacity 16.10.2.3. By Type 16.11. Russia 16.11.1. Pricing Analysis 16.11.2. Market Share Analysis, 2022 16.11.2.1. By Source 16.11.2.2. By Capacity 16.11.2.3. By Type 16.12. Czech Republic 16.12.1. Pricing Analysis 16.12.2. Market Share Analysis, 2022 16.12.2.1. By Source 16.12.2.2. By Capacity 16.12.2.3. By Type 16.13. Romania 16.13.1. Pricing Analysis 16.13.2. Market Share Analysis, 2022 16.13.2.1. By Source 16.13.2.2. By Capacity 16.13.2.3. By Type 16.14. India 16.14.1. Pricing Analysis 16.14.2. Market Share Analysis, 2022 16.14.2.1. By Source 16.14.2.2. By Capacity 16.14.2.3. By Type 16.15. Bangladesh 16.15.1. Pricing Analysis 16.15.2. Market Share Analysis, 2022 16.15.2.1. By Source 16.15.2.2. By Capacity 16.15.2.3. By Type 16.16. Australia 16.16.1. Pricing Analysis 16.16.2. Market Share Analysis, 2022 16.16.2.1. By Source 16.16.2.2. By Capacity 16.16.2.3. By Type 16.17. New Zealand 16.17.1. Pricing Analysis 16.17.2. Market Share Analysis, 2022 16.17.2.1. By Source 16.17.2.2. By Capacity 16.17.2.3. By Type 16.18. China 16.18.1. Pricing Analysis 16.18.2. Market Share Analysis, 2022 16.18.2.1. By Source 16.18.2.2. By Capacity 16.18.2.3. By Type 16.19. Japan 16.19.1. Pricing Analysis 16.19.2. Market Share Analysis, 2022 16.19.2.1. By Source 16.19.2.2. By Capacity 16.19.2.3. By Type 16.20. South Korea 16.20.1. Pricing Analysis 16.20.2. Market Share Analysis, 2022 16.20.2.1. By Source 16.20.2.2. By Capacity 16.20.2.3. By Type 16.21. GCC Countries 16.21.1. Pricing Analysis 16.21.2. Market Share Analysis, 2022 16.21.2.1. By Source 16.21.2.2. By Capacity 16.21.2.3. By Type 16.22. South Africa 16.22.1. Pricing Analysis 16.22.2. Market Share Analysis, 2022 16.22.2.1. By Source 16.22.2.2. By Capacity 16.22.2.3. By Type 16.23. Israel 16.23.1. Pricing Analysis 16.23.2. Market Share Analysis, 2022 16.23.2.1. By Source 16.23.2.2. By Capacity 16.23.2.3. By Type 17. Market Structure Analysis 17.1. Competition Dashboard 17.2. Competition Benchmarking 17.3. Market Share Analysis of Top Players 17.3.1. By Regional 17.3.2. By Source 17.3.3. By Capacity 17.3.4. By Type 18. Competition Analysis 18.1. Competition Deep Dive 18.1.1. Wartsila 18.1.1.1. Overview 18.1.1.2. Product Portfolio 18.1.1.3. Profitability by Market Segments 18.1.1.4. Sales Footprint 18.1.1.5. Strategy Overview 18.1.1.5.1. Marketing Strategy 18.1.2. MAN Diesel & Turbo SE 18.1.2.1. Overview 18.1.2.2. Product Portfolio 18.1.2.3. Profitability by Market Segments 18.1.2.4. Sales Footprint 18.1.2.5. Strategy Overview 18.1.2.5.1. Marketing Strategy 18.1.3. Upsolar 18.1.3.1. Overview 18.1.3.2. Product Portfolio 18.1.3.3. Profitability by Market Segments 18.1.3.4. Sales Footprint 18.1.3.5. Strategy Overview 18.1.3.5.1. Marketing Strategy 18.1.4. Burmeister & Wain Scandinavian Contractor A/S 18.1.4.1. Overview 18.1.4.2. Product Portfolio 18.1.4.3. Profitability by Market Segments 18.1.4.4. Sales Footprint 18.1.4.5. Strategy Overview 18.1.4.5.1. Marketing Strategy 18.1.5. Mitsubishi Corporation 18.1.5.1. Overview 18.1.5.2. Product Portfolio 18.1.5.3. Profitability by Market Segments 18.1.5.4. Sales Footprint 18.1.5.5. Strategy Overview 18.1.5.5.1. Marketing Strategy 18.1.6. Siemens AG 18.1.6.1. Overview 18.1.6.2. Product Portfolio 18.1.6.3. Profitability by Market Segments 18.1.6.4. Sales Footprint 18.1.6.5. Strategy Overview 18.1.6.5.1. Marketing Strategy 18.1.7. Ideol 18.1.7.1. Overview 18.1.7.2. Product Portfolio 18.1.7.3. Profitability by Market Segments 18.1.7.4. Sales Footprint 18.1.7.5. Strategy Overview 18.1.7.5.1. Marketing Strategy 18.1.8. A/S 18.1.8.1. Overview 18.1.8.2. Product Portfolio 18.1.8.3. Profitability by Market Segments 18.1.8.4. Sales Footprint 18.1.8.5. Strategy Overview 18.1.8.5.1. Marketing Strategy 18.1.9. Kyocera Corporation 18.1.9.1. Overview 18.1.9.2. Product Portfolio 18.1.9.3. Profitability by Market Segments 18.1.9.4. Sales Footprint 18.1.9.5. Strategy Overview 18.1.9.5.1. Marketing Strategy 18.1.10. SeaTwirl AB 18.1.10.1. Overview 18.1.10.2. Product Portfolio 18.1.10.3. Profitability by Market Segments 18.1.10.4. Sales Footprint 18.1.10.5. Strategy Overview 18.1.10.5.1. Marketing Strategy 18.1.11. Principle Power, Inc. 18.1.11.1. Overview 18.1.11.2. Product Portfolio 18.1.11.3. Profitability by Market Segments 18.1.11.4. Sales Footprint 18.1.11.5. Strategy Overview 18.1.11.5.1. Marketing Strategy 18.1.12. Caterpillar, Inc. 18.1.12.1. Overview 18.1.12.2. Product Portfolio 18.1.12.3. Profitability by Market Segments 18.1.12.4. Sales Footprint 18.1.12.5. Strategy Overview 18.1.12.5.1. Marketing Strategy 18.1.13. Vikram Solar Pvt., Ltd. 18.1.13.1. Overview 18.1.13.2. Product Portfolio 18.1.13.3. Profitability by Market Segments 18.1.13.4. Sales Footprint 18.1.13.5. Strategy Overview 18.1.13.5.1. Marketing Strategy 18.1.14. Ciel & Terre International 18.1.14.1. Overview 18.1.14.2. Product Portfolio 18.1.14.3. Profitability by Market Segments 18.1.14.4. Sales Footprint 18.1.14.5. Strategy Overview 18.1.14.5.1. Marketing Strategy 18.1.15. Yingli Solar 18.1.15.1. Overview 18.1.15.2. Product Portfolio 18.1.15.3. Profitability by Market Segments 18.1.15.4. Sales Footprint 18.1.15.5. Strategy Overview 18.1.15.5.1. Marketing Strategy 18.1.16. General Electric Company 18.1.16.1. Overview 18.1.16.2. Product Portfolio 18.1.16.3. Profitability by Market Segments 18.1.16.4. Sales Footprint 18.1.16.5. Strategy Overview 18.1.16.5.1. Marketing Strategy 19. Assumptions & Acronyms Used 20. Research Methodology
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Floating Power Plant Market
