Key Findings
The Asia-Pacific floating power plant market is set to propel with an 11.41% CAGR during the forecast period, 2023-2028. The market growth is driven by numerous development projects, dominance in floating solar PV, and emerging markets like Thailand, Vietnam, Indonesia, and Malaysia.

Market Insights
The Asia-Pacific floating power plant market growth assessment entails the analysis of Vietnam, China, India, Australia & New Zealand, South Korea, Japan, and Rest of Asia-Pacific. India presents significant potential for floating power plant development, with plans for the world’s largest floating solar plant in Madhya Pradesh’s Khandwa, expected to generate 600 MW by 2022-23, costing over ?3000 crores. The Omkareshwar Dam on the Narmada River provides an extensive water body for the project.
South Korea possesses an offshore wind energy technical potential of 624 GW, with floating offshore wind energy comprising 546 GW. The nation leads in the region with large-scale tenders for floating offshore wind projects, promoting lower-cost generation. Through two legislative initiatives in 2019, South Korea’s government aims to develop domestic expertise in offshore wind supply chain components, such as blades and generators. Funding commitments include KRW 28.5 billion for large-scale turbines from 2018-2022 and KRW 38 billion for floating wind research and development between 2020 and 2024.
On the other hand, Vietnam has considerable offshore wind development potential, attributable to its geography, economy, and political landscape. Under Power Master Plan VII, the Vietnamese government aims to expand wind power plant capacity to 6,000 MW by 2030, presenting substantial opportunities for the wind power market and ensuring steady demand over the next decade. With a 3,000 km coastline and wind speeds ranging from 5.5 to 7.3 meters per second, Vietnam’s natural potential for wind capacity is highly favorable.

Competitive Insights
Some of the prominent market players include Vikram Solar Limited, Upsolar Group Co Ltd, etc.
Our report offerings include:

  • Explore key findings of the overall market
  • Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
  • Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
  • Market Segmentation caters to a thorough assessment of key segments with their market estimations
  • Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
  • Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
  • Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
  • Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments