Press release
Global Floating Power Plant Market Comprehensive Study: Forecasted Market Size And Growth Rate
Floating Power Plant Market
The Business Research Company offers in-depth market insights through Floating Power Plant Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The floating power plant market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to energy demand and access, offshore wind energy, hydropower opportunities, increased renewable energy targets, limited land resources.
The floating power plant market size is expected to see strong growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increased offshore wind capacity, wave and tidal energy expansion, emerging market opportunities, green hydrogen production, government support and funding. Major trends in the forecast period include advancements in floating solar, hybrid renewable systems, energy export and grid connection, aquatic environmental impact mitigation, decentralized energy generation.
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Market Segmentation:
The main types of floating power plant markets are floating solar power, floating wind, floating wind and wave power, floating nuclear power, and others. Floating solar power refers to the production of energy by using marine technology and renewable energy over the water bodies. The various type of power sources include non-renewable power sources and renewable power sources, and have different capacities such as 1 MW-5 MW, 5.1 MW-20 MW, 20.1 MW-100 MW, 100.1 MW-250 MW, and above 250 MW.
Major Driver - Energy Demand Drives Growth In Floating Power Plant Market
The rising demand for energy across the globe is expected to propel the growth of the floating power plant market going forward. Energy refers to the energy derived from electrical potential energy or kinetic energy, which helps in the working of a machine. Due to the increase in industrialization, there is an increase in demand for energy-floating power plants that help in managing the free flow of electricity in industries. For instance, according to the International Energy Agency (IEA), a France-based intergovernmental organization, in April 2021, the global electricity demand had increased by 1,000 terawatt hours (TWh), showing a global increase of 4%. Therefore, increasing energy consumption is driving the growth of the floating power plant market.
Competitive Landscape:
Major companies operating in the floating power plant market include MAN Energy Solutions SE, Mitsubishi Corporation, General Electric Company, Siemens AG, Caterpillar Inc., Ciel et Terre International Company, Floating Power Plant A/S, Principle Power Inc., Upsolar Group Co. Ltd., Vikram Solar Limited, SeaTwirl AB, BW Ideol, Wartsila Corp., Yingli Green Energy Holding Company Limited, Equinor ASA, Kawasaki Heavy Industries Ltd., Karadeniz Holding AS, Kyocera Corporation, Power Barge Corporation, Power Construction Corporation of China, PT Pembangkitan Jawa Bali Services, Power Machines JSC, Rosatom State Atomic Energy Corporation, Baltic Seaplane GmbH, TSK Flagsol Engineering GmbH, Wison Group, Ocean Sun AS, Ocean Power Technologies Inc., GWave, IFP Energies Nouvelles
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Top Trend - Driving Sustainable Power Generation With Technological Advancements In The Floating Power Plant Market
Technological advancement is a key trend gaining popularity in the floating power plant market. Major companies operating in the floating power plant sector are focused on introducing new technologies to sustain their position. For instance, in September 2021, Linxon, a Switzerland-based power generation company, launched advanced floating substation technology. This technology helps to minimize the carbonization of the electricity grid and can potentially generate electricity. Also, this floating substation technology helps in generating renewable electricity.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Floating Power Plant Market Characteristics
3. Floating Power Plant Market Trends And Strategies
4. Floating Power Plant Market - Macro Economic Scenario
5. Floating Power Plant Market Size And Growth
…..
27. Floating Power Plant Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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