Floating Power Plants require less space as compared to land-based power plants. Fortune Business Insights recognizes this as a major factor boosting the global floating power plant market in their new study. The study is titled, “Floating Power Plant Market Size, Share and Global Trend by Fuel Type (Renewable, Non-Renewable), By Capacity (Up to 50MW, 50MW – 100MW, 100MW – 300MW, above 300MW) and by Geography Forecast till 2026”, and it focuses on major factors driving and restricting growth of the market during the forecast period.
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According to the report, the renewable resources segment accounts for the largest share in the market with respect to categorization by fuel type. This is because of the gradual shift towards cleaner energy and thus, this segment is likely to remain dominant in the future too.
Rising Demand to Meet the Needs of Growing Technology Propelling Market
Flexible power plants are a combination of power generation and marine technology. They have a decentralized power generation and are flexible enough to run both on double-cycle modes as well on single ones. They are designed based on the concept of gas turbine power that was used on land traditionally. These traditional land-based gas turbine power plants are modified and applied to the marine environment for making floating power plants.
In order to meet the needs of the growing technology used every day, there is a constant demand for power and it keeps increasing by the day. This increasing demand for power generation is anticipated to boost the global market for floating power plants.
Key Market Driver – The rise in demand for power all over the world and effective generation of power
Key Market Restraint – High capital cost for offshore infrastructure
However, the increasing popularity of distributed energy generation is affecting the growth of non-renewable energy generation and this is further having a negative impact on the growth of the overall market. In addition to that, the high capital expenditure on logistics, and transportation may hamper the growth of the market in the forecast period. Furthermore, the accessibility issues faced by floating power generators may cause hindrance to the overall growth of the market in the long run.
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Asia Pacific to Emerge Dominant on Account of Rising Installation of Renewable Power Plants
Fortune Business Insights foresees the Asia Pacific market to dominate because of the increasing renewable floating power plants in nations such as India, Japan, Myanmar, China, and Indonesia. It is expected that during the forecast period, Europe is likely to emerge as the fastest-growing region, attributable to the fact that this region has the highest potential of offshore wind capacity. European nations are stressing on generating more and more energy from renewable sources.
1. By Fuel Type
- Gas Turbine
- IC engine
2. By Capacity
- Up to 50MW
- 50MW – 100MW
- 100MW – 300MW
- Above 300MW
3. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
On the other side, the Middle East and Africa are also seen to be installing floating power plants in large numbers in order to provide a smooth energy supply to its people. Furthermore, the market in North America is also presumed to witness growth in the forecast period on account of the installation of new solar farms and nuclear plants in California city of the United States.
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Key Industry Developments
- In March 2019, NTPC announced about the nearing completion of its 1MW grid-connected floating solar power plant in Gujrat. The work for this power plant was going on for the last 6 months. This power plant is set to be commissioned in April 2019 as announced by Debashish Das who is NTPC Director.
- In February 2019, Electricity Generating Authority of Thailand Announced the plans to build floating solar plants across 8 dams. Siam cement group hopes to land itself the first contract of a 45MW solar farm at Thailand’s Sirindhron Dam.
- In April 2019, Greenam Energy a wholly owned subsidiary of Singapore based AM International Holdings has set up its first floating solar power plant at Tutricon. The plant has a capacity of 24MW. It has been built to optimize the energy production in industrial plants as said by the company.
Building of Floating Dams Across Dams to Provide High Revenues to Market Players
Vendors of the floating power plant market are focusing on getting contracts to build new plants. This way vendors can gain the maximum benefit possible in the form of revenue and nations will benefit from a smooth power supply extracted from renewable resources. For instance, the Electricity Generating Authority of Thailand declared the construction of new floating plants across 8 dams in February 2019. The company Siam Cement Group is on the verge of winning this contract of a 45MW solar farm at the Sirindhron Dam of Thailand. Such efforts are likely to be beneficial for both the people and the market making it a win-win situation.
Some notable players functioning in the global market are
- Ciel & Terre International
- Mitsubishi Corporation
- General Electric Company
- Siemens AG
- Caterpillar Inc
- Vikram Solar Pvt. Ltd.
- Yingli Solar
- Floating Power Plant A/S
- Kyocera Corporation
- Principle Power Inc
- MAN Diesel & Turbo SE
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Major Table of Content For Lithium-Ion Batteries Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Floating Power Plant Market Analysis, Insights and Forecast, 2016
- North America Floating Power Plant Market Analysis, Insights and Forecast, 2016
- Europe Floating Power Plant Market Analysis, Insights and Forecast, 2016
- Asia Pacific Floating Power Plant Market Analysis, Insights and Forecast, 2016
- Middle East and Africa Floating Power Plant Market Analysis, Insights and Forecast, 2016
- Latin America Floating Power Plant Market Analysis, Insights and Forecast, 2016
- Competitive Landscape
- Company Profile
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