Asia Pacific floating power plant market extends its applications primarily in manufacturing, commercial as well as the residential sector, as these power plants are used as a primary power source for a specific facility or may even be used as an emergency power source. By the end of the forecast years of 2019-2027, the market is expected to register a CAGR of 10.08%.
The China floating power plant market accounted for the highest revenue share in 2018. The country seeks to end its reliance on nuclear power and is, therefore, inclining towards floating solar islands. The rise of floating power plant market in China is backed owing to various projects supporting the floating solar plant. India is another key market in this region, that is expected to progress with the highest CAGR over the projected years. Other significant markets in the Asia-Pacific region are Australia, Japan, South Korea, and the Rest of APAC.
Major companies like Ciel & Terre International, Vikram Solar Pt. Ltd., Principle Power, Inc., Upsolar Global Co. Ltd., W?rtsil? Corporation, Ideol SA, SeaTwirl AB, Floating Power Plant, Mitsubishi Corporation, Man Diesel & Turbo SE, Yingli Green Energy Holding Company Limited, Siemens AG, Kyocera Corporation, Caterpillar Inc., and General Electric are engaged in this market.