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Floating power plants are marine vessel installed with power plants, also referred as power barges that offer advantages over other energy sources such as they are independent of soil quality as the floating power plant are dependent on water bodies , capable of supplying electricity to needed areas with limited infrastructure. Floating power ships are specifically designed to generate power in the form of renewable or non-renewable energy. The global floating power plant is projected to grow at a CAGR of 10.25% for the forecast period 2016-2023.The major driving forces of floating power plant market are increasing demand of electricity and trend of clean energy. Other than these, benefits over land based power plants is the another factor driving the market.
Innovations and advancements in floating power plant are contributing to the market growth. For instance, China General Nuclear Power Group is constructing small modular multifunction floating reactor which is expected to complete by 2020. According to IEEE Spectrum, Japan is building world’s largest floating solar power plant and several new developments are emerging globally which is contributing to the overall development of market. According to PV-Technology.ORG Russia’s AleksandrVoznesensky, announced for constructing floating power plant in 2013 which was completed in 2016 named AkademikLomonosov .Further, AkademikLomonosov is having KLT-40 naval propulsion reactor having displacement of 21500 tons which can produce 70 MW electricity and is served for 200,000 people. Moreover vessel is utilized as a power desalination plant with capacity of producing 240,000 cubic meter water per day. Further, Many countries across the globe are working for floating power plants to boost up the renewable power of their country for instance, According to PV-TECH.ORG India has installed countries largest floating power plant with capacity of 100KW in Kerala. This floating power plant technology is developed with the collaboration of CIPET and alliance of National Thermal Power Corporation and NETRA.NLC India is also setting PV plant in Andaman and Nicobar with capacity 5MW. The above mentioned developments in the field of floating power plants are making significant contribution in the growth of floating power plant market. However, high capital requirement for transferability, logistics and accessibility issues are the key factors restricting the market growth.
Source: OBRC Analysis.
The report on global floating power plant market includes source and capacity segments.
Further, the source segment includes:
The capacity segment includes:
The report scope is widely categorized on the basis of type of source and capacity. The report scope is restricted to the revenues generated from the use of floating power plants; however the revenues generated from non-floating conventional power plants are excluded from the report scope.
The global floating power plant market report has been geographically segmented into:
Geographically Asia-pacific is expected to be the dominating region for floating power plant market due to the growing renewable floating power plants in countries such as Japan, China. Recent developments in Asia-pacific region are the key reasons for dominance of APAC. For instance, China’s Sungrow power supply co is developing floating power plant with production capacity of 40MW.Whereas Sungrow has specified combiner box SunBox PVS-8M/16M-W for floating power plant application, the plant has located in deep water with depth of 4 to 1- meters and on a flooded land. Thus many developments in Asia-pacific has surge the growth of region globally. Europe is fastest growing region for forecast period 2016-2023 due to highest offshore wind power and major focus of countries in region for developing and generating renewable power. 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 this region are focusing on energy generation from renewable sources.
The report has segmented on the basis of s capacity which is segmented into 0MW-5MW, 5.1MW-20MW, 20.1MW-100MW, 100.1 MW-250MW and Above 250MW. Capacity segment is dominated by above 250 MW segment for forecast period of 2016-2023. Above 250MW capacity is dominating global floating power plant due to high utilization of above 250MW capacity in power plants for generating non- renewable power.
Some of the leading market players within global floating power plant market are:
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Expansion (2017): Siemens Gamesa has installation five 6-megawatt turbines on floating foundations at Norway; to be installed 30 megawatt Hywind Scotland. This project installation is expected to increase Siemens presence in Scotland.
Expansion (October 2017): General Electric set up floating power plant in Punjab, India. This capacity is offering 24, 00 megawatt gas based floating power plant and produces electricity with 4.81 Rs per unit. This plant establishment is expecting is strengthening General Electric’s business in India.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in the global floating power plant market.
Key Reasons to buy the report:
How we are different from others:
At OBRC, our reports offer an extensive portfolio through completed market analysis along with market share, market size, and market segmentation. The DROC’s for the markets are well thought out and researched after consulting with industry experts. Global floating power plant market showcases market analysis through models like investment vs adoption, see saw analysis, and so on. The report also provides overview on product application, adoption and decision support within each segment. The company profiling for each major players within the market is showcased via SCOT analysis.
Key findings of the global floating power plant market: