The global floating power plant market is projected to attain a valuation of USD 11.04 billion in 2023 and is expected to reach USD 26 billion by 2033, trailing a CAGR of 9% during the forecast period.
In the next decade, the world is poised for a rapid transition across all aspects of energy systems, driven by the remarkable growth of the renewable energy sector. The declining costs of renewable energy technologies have spurred their adoption, even in developing regions. For example,
The average contracted price of solar energy dropped from US$ 250/MWh in 2010 to US$ 56/MWh in 2018, while onshore wind energy prices decreased from US$ 75/MWh to US$ 48/MWh during the same period. Furthermore, in 2019 and 2020, clean energy prices hit new record lows.
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The rising popularity of floating solar plants is expected to fuel the expansion of the global floating power plant market throughout the forecast period, with decreasing costs and favorable government policies.
The growth of floating wind farm technologies is primarily driven by the additional advantages they offer. Offshore wind farms benefit from high rotational speeds, where even a small increase in wind speed results in a significant boost in energy production.
Offshore wind speeds tend to be stable, ensuring a reliable energy supply. Additionally, countries with extensive coastal areas, such as the United States and India are prominent renewable energy markets and are anticipated to experience substantial growth in the floating power plants market in the coming years.
Increased awareness of the benefits, such as rapid electricity supply to underserved areas, mobility for easy relocation, compact footprint, and secure power during natural disasters, is driving the market growth for floating power plants (FPPs). Furthermore, strict environmental regulations are expected to drive floating power plants deployment in multiple regions.
Compared to traditional land-based systems, floating power plants have minimal environmental impact, requiring only a small coastal or up-river land area. Also, the increasing utilization of renewable energy in floating power plants is expected to fuel market growth in the forecast period.
Key Takeaways
- The market in Asia Pacific is projected to expand with a promising CAGR of 9.2% during the forecast period.
- Asia Pacific is expected to accumulate over 40% market share by end of 2023.
- The market in Europe is expected to thrive at a CAGR of 8.8% during the forecast period.
- By source, the non-renewable segment is expected to generate demand with a CAGR of 9.8% during the forecast period.
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“Increasing demand for clean and renewable energy and declining cost of renewable energy systems is expected to drive market growth during the forecast period- opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)
Competitive Landscape
The market for floating power plants is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
- 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
- General Electric Company
Notable developments in the Floating Power Plant Market:
- In April 2023, Wartsila, Hoegh LNG, IFE, University of South-East Norway, Sustainable Energy, and BASF SE secured around EUR 5.9 million in funding from the Norwegian Government.
- In April 2023, Wärtsilä renewed its Operation & Maintenance agreement with Geradora de Energia do Amazonas (Gera Amazonas), an independent energy producer based in Brazil.
- In August 2021, Falck Renewables SpA from Italy and floating wind specialist BlueFloat Energy from Spain unveiled their joint plan to establish and deploy floating offshore wind farms along the Italian coast.
- In October 2020, Wärtsilä and JB Corporation entered into a nine-year optimized maintenance agreement to ensure the operational reliability of a power plant located in South Korea.
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Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global floating power plant market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033. To understand opportunities in the floating power plant market, the market is segmented based on source, capacity, type, and region.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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