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.
Principal Consultant
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 |
|
| Regions Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
| 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
