Press release
Floating Power Plant Market touched USD 1,188 Million in 2020 and will grow at 10.7% CAGR till 2028 | Size, Share, Growth & Forecast
Floating Power Plant Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/floating-power-plant-market/
The factors driving growth of the Floating Power Plant Market includes strict regulations regarding related to environmental pollution, rising focus on utilizing clean sources of energy and improvements in the living standards. Moreover, low operating costs and enhanced power density of IC engine-based floating power plants, growing adoption of advanced technologies, increasing number of renewable energy-based floating power plants and rapid urbanization, are some of the additional factors supplementing the Floating Power Plant Market share. In addition, the increasing investments by major corporations on research and development, strategic mergers, and collaborations between key industry players, rising population growth rates and growing disposable incomes, are further contributing towards the market growth.
However, growth of the Floating Power Plant Market is hindered due to additional transportation cost for deploying floating power plants.
The major players operating in the market are Floating Power Plant A/S, Yingli Solar, PRINCIPAL POWER, INC, MAN Diesel & Turbo SE, Mitsubishi Corporation, Wärtsilä, SeaTwirl AB, Ciel & Terre International, KYOCERA Corporation and Siemens AG, among others.
Based on Power Source, the Renewable segment is predicted to grow at a significant CAGR during the forecast period
Growing demand for energy efficient floating power plants and Government policies promoting renewable energy sources, are some of the factors propelling Floating Power Plant Market size.
Based on Capacity, the Above 250 MW segment is projected to grow at a robust CAGR over the forecast period
Floating power plants minimizes water evaporation and grid interconnection costs and increase in the launch of floating solar and wind projects, are pushing segment's growth.
Based on Region, the European region is anticipated to expand at a remarkable CAGR during the forecast period
Increasing focus on utilizing renewable energy across Germany, United Kingdom and France, rising deployment of large-scale FPP projects, rapid urbanization, growing adoption of advanced technologies and high per capita incomes, are some of the important factors augmenting the market growth in the European region.
Key Development
In 2021, CIEL & TERRE India, installed the largest Floating Solar Plant at pond in Thoothukudi in the State of Tamil Nadu.
Market Segmentation
Segmentation by Power Source
Non-Renewable
Gas Turbine
IC Engines
Renewable
Solar
Wind
Segmentation by Capacity
1 MW-5 MW
1MW-20 MW
1 MW-100 MW
1 MW-250 MW
Above 250 MW
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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