Global Floating Power Plant Market was valued at US$ XX Mn in 2019 and is expected to reach US$ XX Mn by 2027, at a CAGR of 9.40% during a forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Floating Power Plant MarketGlobal Floating Power Plant Market Dynamics:
The floating power plant is used as a major source of decentralized and flexible power generation. It emerges as an ideal alternative for permanent and temporary power factors. It offers benefits like flexible and decentralized power generation.
The Floating power plants offer benefits over land-based power plants like mobility. It has a minimal environmental impact on the usage of conventional land-based systems. The adoption of the floating power plant has been increasing significantly in an on-grid application that helps to fulfill the electricity demand. The demand for clean energy, various advantages over land-based power plants, and ongoing and projected floating power projects across the developed and developing economies are some of the driving factors behind the global floating power plant market growth. On the other hand, the less vulnerable interest of the operators to investment risk because of the high adaptability, mobility, and versatility of FPP is hampering the global floating power plant market growth during the forecast period.
Global Floating Power Plant Market Segment Analysis:
The renewable segment is expected to grow at an XX% rate of CAGR during the forecast period. The growth in the market is attributed to the rise in demand for energy efficiency mandates and clean energy is expected to drive the market growth. The solar and wind floating power plant has seen a rise in installations because its benefits over land-based are also expected to boost the market growth. Solar power has great potential as it provides solar investors with an alternative solution in areas where land is scarce. The expected solar ongoing projects are expected to drive market growth. For Instance, The Asian Development Bank has signed a US $37 Mn loan agreement with Da Nhim–Ham Thuan–Da Mi Hydro Power Joint Stock Company to finance the installation of a 47.5 Megawatt (MW) floating photovoltaic (PV) solar power facility.
Global Floating Power Plant Market Regional Analysis:
Europe held the dominant position in 2019 and is projected to continue its dominance during the forecast period. The region has offshore wind potential and the European countries are focusing on energy generation from renewable sources. Also, the presence of the prominent key players like Siemens Gas and Power GmbH & Co., Wartsila, Floating Power Plant A/S, Ideol, and MAN Diesel & Turbo SE, which are impelling the deployment of large-scale FPP projects are expected to drive the regional growth. Furthermore, the Asia Pacific region is expected to grow at an XX% rate of CAGR during the forecast period.
The Floating solar power plants are expected to generate XX% more electricity across the Asia-Pacific region. The Association of Southeast Asian Nations (ASEAN) have signed contracts for future projects, which includes Vietnam (330MW), Malaysia (150MW), Indonesia (145MW), Philippines (100MW), Thailand (80MW), and Singapore (54MW) are expected to boost the market growth during the forecast period. The adoption of floating panels in Japan is high. An increase in installations in China and Japan and upcoming commercial projects in India are expected to propel the market growth.
Global Floating Power Plant Market Competitive Analysis:
Industry key participants are focusing on the deployment of floating power plant equipment to minimize emissions and optimize logistics costs. Some of the market key players are focusing on several growth initiatives like strategic partnerships to increase capital for a floating power plant project and deliver their expertise in different segments of the floating power plant supply chain. For instance, in 2020, Wärtsilä and JB Corporation have signed an agreement to ensure the operational reliability of the South Korea-based power plant.
The objective of the report is to present a comprehensive analysis of the Global Floating Power Plant Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Floating Power Plant Market dynamics, structure by analyzing the market segments and projects the Global Floating Power Plant Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Floating Power Plant Market make the report investor’s guide.
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Global Floating Power Plant Market Scope:
Global Floating Power Plant Market, By Power Source
Global Floating Power Plant Market, By Power Rating
• Low Power
• Medium Power
• High Power
Global Floating Power Plant Market, By Capacity
• 1 MW–5 MW
• 5.1 MW–20 MW
• 20.1 MW–100 MW
• 100.1 MW–250 MW
• Above 250 MW
Global Floating Power Plant Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Global Floating Power Plant Market Key Players:
• Siemens Gas and Power GmbH & Co.
• Burmeister&Wain Scandinavian Contractor A/S
• Kawasaki Heavy Industries, Ltd.
• Mitsubishi Heavy Industries, Ltd.
• General Electric
• MAN Energy Solutions
• Ciel and Terre International
• Floating Power Plant A/S
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