Energy & Environment Industry Today

Floating Power Plant Market Quadruples by 2023 at a ~10.23% Of Whooping CAGR; Asserts MRFR

Market Research Future published a Cooked research report on “Global Floating Power Plant Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023
Published 31 January 2018
Prominent Players
MAN Diesel & Turbo (Germany), Karadeniz Holding A.Ş.( Turkey), Vikram Solar Pvt. Ltd. (India), Ciel & Terre International (France), Waller Marine, Inc.(US), Power Barge Corporation (US), Floating Power Plant A/S (Denmark), Principle Power, Inc.(US), Wartsilä (Finland), Kyocera TCL Solar  (Japan )and ROSATOM State Atomic Energy Corporation (Russia) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Floating Power Plant Market.

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.

Accrediting the exponential accruals the market is garnering currently, demonstrating the growth prospects globally, Market Research Future, recently published a study report giving out the complete market insights up till 2023. In its analysis MRFR foretells that the global Floating Power Plant industry will upsurge exponentially by 2023, registering a striking CAGR of 10.23 % during the anticipated period (2017 – 2023).

Floating Power Plant is now a viable technology and ready to be rolled out on an industrial scale in a scenario especially when the world is facing geopolitics to the energy markets. And where the key players operating in the market are continually striving for new ways to utilise their expertise in the energy industry, exploring opportunities in new energy as well as driving innovation in oil and gas around the world. Oil & Gas companies are trying to be the most carbon-efficient oil and gas producers, as well as driving innovation in offshore wind.
Other factors that contribute to the market growth include the need for uninterrupted electricity supply which is growing with the rising world population, increasing per capita income coupled with the growing urbanization and industrialization.
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.

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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.
January 22, 2018 – China’s National Energy Administration published its official solar statistics for 2017 revealing that the country had installed a total of 52.83 gigawatts worth of new solar floating plant in 2017.

Worldwide Floating Power Plant Market   - Segmentation
Global Floating Power Plant Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
By Type  : Comprises - Floating Solar Power, Floating Wind, Wave power, Floating Nuclear power and others (Coal, Diesel, Heavy Fuel Oils, and Natural Gas).
By Platform Type         : Floating Structures, Power Barges and Power Ships.
By Regions   : North America, Europe, APAC and Rest of the World.

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Worldwide Floating Power Plant Market   - Regional Analysis
Based on regions, RoW is projected to dominate the market during the forecast period. The major factors driving the growth of the market here are the increasing demand for energy from growing population, developing economies with major scarcity for land and increased commitment towards deploying renewable energy resources. Moreover, substantial growth is expected in regions such as, North America, Middle East and Africa, as these region are rapidly increasing their power generation capacity. Technological advancements and favourable geographic areas & coast lines in these region, are further driving the market for floating power plants in the region.
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