Driven by an increasing demand for clean energy and power, coupled with the limited availability of land, the global floating power plant market is predicted to exhibit a 10.68% CAGR over the forecast period of 2018-2026. Several countries are considering their installation as they provide several advantages over land-based power plants.
Segmentation of the global floating power plant market is done according to capacity and source. The capacity segment is further divided into 0 mw-5 mw, 5.1 mw-20 mw, 20.1 mw-100 mw, 100.1 mw-250 mw and above 250 mw. The source segment includes renewable power and non-renewable power. Renewable source segment is anticipated to surpass non-renewable source segment in terms of CAGR over the forecast period.
Regionally, the global floating power plant market is segmented into North America, Europe, Asia-Pacific and rest of the world. Europe is anticipated to be the fastest-growing region in the global floating power plants market, driven by strong government support. Also, the region is home to several private organizations that are globally engaged in the installation of floating wind and solar wind farms. On the other hand, the Asia Pacific floating power plant market is forecasted to contribute the largest share by the end of 2026, with countries like China, Japan, Australia and India, investing heavily in this technology.
Noted players in the global floating power plant market are Seatwirl Ab, Floating Power Plant, Upsolar Global Co. Ltd, Caterpillar Inc, Kyocera Corporation, Mitsubishi Corporation, Vikram Solar Pvt Ltd, Yingli Green Energy Holding Company Limited, Ciel & Terre International, Siemens Ag, Man Diesel & Turbo Se, Ideol Sa, Principle Power Inc, General Electric and Wartsila Corporation.