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 9.85% CAGR over the forecast period of 2019-2027. 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. There are several benefits of floating power plants over land-based power plants, for instance, its optimal matching at different power loads, the flexibility of fuel choice, water conservation, comprehensive operational and maintenance services and complete compliance with the strict environmental standards adopted across the world.
Huge capital investment associated with transportation, logistics, & accessibility issues majorly hinders the growth of the floating power plant market.
Regionally, the global floating power plant market is segmented into North America, Europe, Asia-Pacific and the Rest of World regional segment. 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.
The Asia Pacific floating power plant market is also anticipated to contribute the largest share by the end of 2027, with countries like China, South Korea, Japan, Australia, India, and the Rest of APAC are investing heavily in this technology.
Noted players in the global floating power plant market are Ciel & Terre International, Ideol SA, SeaTwirl AB, Principle Power, Inc., Upsolar Global Co. Ltd., Siemens AG, Floating Power Plant, Man Diesel & Turbo SE, Yingli Green Energy Holding Company Limited, W?rtsil? Corporation, Kyocera Corporation, Vikram Solar Pt. Ltd., Mitsubishi Corporation, Caterpillar Inc., and General Electric.