Floating power plant Global Market – Overview
The Global Floating Power Plant Market has witnessed a remarkable growth in the past few years, and it has been anticipated that the market will grow at the rapid pace during the forecast period. Today, energy generation through innovative way and maintaining ecological balance is one of the main concern. Floating power plant plays a crucial role in electricity generation at remote areas where power generation is restricted due to scarcity of land mass. Shortage of electricity or the lack of access is one of the major development hurdles faced by many regions in developing countries. Moreover, in many countries, certain regions are not connected with their national distribution grid and off grid power is their only source of energy. In addition to that, growing concern about climate change and global warming are increasingly forcing nations to switch to renewable energy sources to meet their respective climate change targets. As per the study conducted by Market Research Future, the global market for floating power plant is likely to grow at the CAGR of around 10.35%.
Power industry is one of the major revenue generating industries which has pushed the market for innovative and eco-friendly energy generation activities, where, floating power plant market is one of them. In other words, the growth in the power industry will create a positive impact on the market for global floating power plant. This market is majorly influenced by the growing demand for clean energy. Energy efficiency mandates for emitting zero or no carbon emissions and demand for clean energy are driving the growth of floating power plant market. With rising installations of floating solar and wind technologies, renewable energy sources are becoming key components to drive clean energy generation. Floating power plant market is driven by its benefits over conventional power plants, as they have minimal environmental impact, while minimizing limitations affected by environmental regulations. Thus, they reduce the use of land for construction of power plants, supply electricity for specific facilities economically, and can be used as an emergency power source. These factors, majorly, are contributing to the growth of floating power plant market in near future. Therefore, the market is projected to register a moderate CAGR ~10.35% during the forecast period. However, floating power plants require specialized nature of work and conditions in offshore locations. The cost is per MW of installation, where, as the size of the plant increases, the costs associated with inverter and/or control room, modules, mounting structures, etc. get distributed on a larger scale. Civil work costs, such as preparation of terrain for digging, levelling, mounting, constructing control room to install inverter and other balance of system components, and other general works are based on the type of project. Such high initial setup costs associated with floating power plant may hinder the growth of floating power plant market. Additionally, Floating power plants are constructed at coastal areas or large reservoirs, which require huge costs associated with procurement of modules, floating structures, and related parts/components at the site. Requirement of structures and components can create logistical challenges of assembly, transportation, and installation for the deployment of floating power plant. Proximity of suppliers, to ports, and to grid connection point plays an important role while considering the cost of the plant. Suppliers being close to the project site may help reduce project costs, with respect to transporting components to port for assembly. Thus, access to offshore installations can be a restraining factor for floating power plant market. The report also notes that the conventional power plants require large footprint and emit harmful substances to the environment. The by-products are a major cause of pollution and contribute to global warming. Also, the transportation cost of fossil fuels to the plant site is high as compared to naturally available renewable energy sources. Whereas, floating power plants are constructed and installed at offshore locations, where power is required for various operations and land area is limited. Floating power plants are installed on floating or semi-submersible structures, power barges, and powerships. They are easily movable at sea or river, remain unaffected by landslides and earthquakes, and require shorter building times.
Geographically, the global floating power plant market has been divided into Europe, Asia Pacific and Rest of the World. Among these regions, Rest of the World is projected to dominate the market during the forecast period. The major factors driving the growth of the market here are the increasing demand for energy from growing population, developing economies with major paucity for land and increased commitment towards deploying renewable energy resources. Moreover, substantial growth is expected in regions such as, North America, Middle East and Africa, as these region are rapidly increasing their power generation capacity. Technological advancements and favourable geographic areas & coast lines in these region, are further driving the market for floating power plants in the region.
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In July, 2017 – Karpowership, the world’s only company that operates a whole fleet of Powerships, continues to work with engines from MAN Diesel & Turbo for their Powerships.
In July, 2017 – The technology group, Wärtsilä, announced that it has closed the acquisition of Greensmith Energy Management Systems Inc., a market leader in grid-scale energy storage software and integrated solutions.
In July, 2016 – MAN Diesel & Turbo and Karpowership renewed their ongoing partnership to develop Powerships with the utilization of MAN Diesel & Turbo. 18V 51/60 engines.
Floating power plant Global Market – Segmentation
The scope of global floating power plant market is segmented into two major segments which are explained below:
- By Power Plant Type
- Floating Solar Power
- Floating Wind Power
- Floating Wind & Wave Power
- Floating Nuclear Power
- By Platform Type
- Floating Structures
- Power Barges
- Power Ships
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Floating power plant Global Market – Competitive Analysis
The global market for floating power plant seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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