Floating Power Plant Global Market – Overview
Floating Power Plant are installed for the electricity generation in the remote areas where scarcity of land mass is a constraint for power generation. Many regions in developing countries today, are facing shortage of electricity or they are not connected with their national distribution grid and off grid power is their only source of energy which further restricts their development. Simultaneously, rising concerns about climate change like global warming are increasingly forcing nations to switch to renewable energy sources to meet their respective climate change targets. Moreover, Floating Power Plant can reliably provide constant supply of electricity, does not require a large site and compatibility with the soil, is a mobile asset that can be relocated or trade and most importantly provide secure power supply in the event of earth quakes or floods.
Floating Power Plant industry has huge potential and a Floating offshore wind can potentially reduce the cost of installation very significantly because of the use of the same techniques as the oil and gas industry and it is also less invasive in terms of the seabed.
Lack of natural resources such as offshore and solar energy are some of the constraining factors in many countries. Also, complexity involved in the design of the systems, will act as restrains for the floating power plant market, globally. The Global Floating Power Plant Market is expected to grow at a CAGR of around 10.35% during the forecast period.
The key players of global floating power plant market are MAN Diesel & Turbo (Germany), Karadeniz Holding A.Ş.( Turkey), Vikram Solar Pvt. Ltd. (India), Ciel & Terre International (France), Waller Marine, Inc.(U.S.), Power Barge Corporation (U.S.), Floating Power Plant A/S (Denmark), Principle Power, Inc.(U.S.), Wartsilä (Finland), Kyocera TCL Solar (Japan )and ROSATOM State Atomic Energy Corporation (Russia).
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Market Research Analysis
Floating solar power plant is expected to grow at the fastest rate
Based on the power plant type, the floating solar power plant market is expected to grow the fastest during the forecast period. The rapid development in solar panel technology coupled with government incentives for renewable energy power is expected to drive this segment. A major advantage of the floating solar power system is the reduction in evaporation, which helps preserve water levels during extreme summer. When panels are installed on a floating platform, the heating problem of solar panel on land is solved to a great extent and results in 16% improved efficiency. This solar power plant floating technology is long-lasting, cost effective, and flexible and requires less time for installation. Several new technologies are coming up in other energy types such as the combination of wind and wave energy floating power plant systems. The power generation capacity is increased tremendously with both wind and wave operating at the same time and these systems can be transported to any location worldwide.
Floating Power Plant Global Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Floating Power Plant appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch.
Industry/ Innovation/ Related News
January 19, 2018 – Russia announced that their floating nuclear power plant – Akademik Lomonosov is to arrive in Pevek, the remote town of Russia’s east Arctic coast, in June 2019, planned to be towed through the ice which will be the world’s first ever installation of its kind to be towed several thousand kilometres through Arctic ice before it reaches its destination.
January 22, 2018 – Masdar (Abu Dhabi) – an energy company announced that it has signed an offshore wind energy storage pact with Norwegian multinational Statoil. The deal will see both firms analyse data from Batwind, an integrated storage system designed for Hywind Scotland, the first commercial-scale floating windfarm that was inaugurated by Masdar and Staoil off Scotland last October. The plan is to explore the battery’s potential for further applications and business opportunities.
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Floating power plant Global Market – Competitive Analysis
The global market for floating power plant seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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