The global floating power plant market size is expected to reach USD 2.1 billion by 2027, registering a CAGR of 9.5% over the forecast period, according to a new report by Grand View Research, Inc. The industry growth is expected to be aided by a number of factors, such as formation of favorable regulatory policies focusing on reducing dependence on fossil fuels for electricity generation, proliferating demand for stand-alone power generation systems across several end-use markets, and the lack of power infrastructure on land in developing economies, such as China and India. Floating power plants can be constructed in a cost-effective and rapid manner, and can be relocated owing to their mobile nature. As a result, they have been widely used as a flexible, decentralized power generation source for the past many years.
Massive power demand from several industries, such as manufacturing and construction, healthcare, data centers, agriculture, and others, has led to increased demand for distributed power generation sources, such as floating power plants (FPPs). These plants offer grid stabilization for various kinds of renewable energy and are expected to strengthen the security of power systems in the aforementioned economies. Floating power plants offer several benefits including provision of secure power supply during natural disasters, such as floods or earthquakes, fast electricity supply to regions with limited power infrastructure, no requirement for a large site, in addition to the earlier mentioned advantages. These features are expected to boost the FPP demand over the coming years. Industry participants are striving for local manufacturing of floating power plant equipment to offer regional employment, optimize logistics cost, and minimize emissions.
The market has been broadly segmented on the basis of power source and power rating. With regards to power sources, the market is constituted by non-renewable and renewable sources, with non-renewables comprising gas turbines and IC engines; renewable power sources include wind and solar. The power ratings for FPP include low, medium, and high. Some of the major industry players involved in developing floating power plant projects include Wartsila, Siemens Gas and Power GmbH & Co., Kawasaki Heavy Industries, Ltd., Floating Power Plant A/S, and Ciel & Terre international. These companies undertake several growth initiatives, such as strategic partnerships to raise capital for an FPP project, as well as reducing overall project costs.
Floating Power Plant Market Report Highlights
1 According to POWER Magazine, as of 2018, experts have stated that there are more than 75 floating power plants in operation globally, which points towards significant industry demand
2 The non-renewable power source segment occupied the largest market revenue share in 2019 on account of low operating costs and high-power density, coupled with the reliability of gas turbine or IC engine-based FPPs
3 The renewable segment is projected to expand at the fastest CAGR over the forecast period owing to the implementation of favorable regulatory policies supporting the usage of clean fuels for energy generation
4 The medium-power FPP segment is projected to advance at the fastest CAGR of 10% over the forecast period owing to the increasing number of renewable energy-based FPP projects
5 Europe accounted for the largest revenue share in the regional segment owing to the presence of major players and floating power market specialists across the region. Some of the notable regional players are Siemens Gas and Power GmbH & Co., Wartsila, Floating Power Plant A/S, and MAN Diesel & Turbo SE
6 The market in Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the relative lack of power infrastructure and huge power demand from industry-intensive economies such as China, Japan, and India
7 The Akademik Lomonosov, which is the first nuclear floating power plant from Russia, began its operations in December 2019. The project is owned by Rosatom, and is docked to the harbor of Pevek, an Arctic port town in Russia
8 In May 2019, Floating Power Plant (FPP) signed an MoU with The Oceanic Platform of the Canary Islands (PLOCAN) regarding investigation and development of a potential deployment of FPP’s technology in the PLOCAN test facilities in Gran Canaria
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Floating Power Plant Market Segmentation
Grand View Research has segmented the global floating power plant market on the basis of power source, power rating, and region:
Floating Power Plant Power Source Outlook (Revenue, USD Million, 2016 - 2027)
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Non-renewable
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Gas Turbines
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IC Engines
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Renewable
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Solar
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Wind
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Floating Power Plant Power Rating Outlook (Revenue, USD Million, 2016 - 2027)
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Low-power FPP
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Medium-power FPP
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High-power FPP
Floating Power Plant Regional Outlook (Revenue, USD Million, 2016 - 2027)
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North America
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The U.S.
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Canada
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Mexico
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Europe
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The U.K.
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Germany
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Russia
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France
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Asia Pacific
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China
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Japan
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India
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South Korea
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Central & South America
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Brazil
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Argentina
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Middle East & Africa
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Saudi Arabia
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UAE
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List of Key Players of Floating Power Plant Market
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Wartsila
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Siemens Gas and Power GmbH & Co.
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Kawasaki Heavy Industries, Ltd.
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Floating Power Plant A/S
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Ciel & Terre international
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