Floating Power Plant Market to be worth 1,440.1 Million US$ by 2022
According to a report by MarketsandMarkets, the floating power plant market is expected to grow from an estimated US$ 889.6 Million in 2017 to US$ 1,440.1 Million by 2022, at a CAGR of 10.11%, from 2017 to 2022.
The factors driving the market includes increasing demand for power, coupled with the lack of power infrastructure, benefits over land based power plants (majorly as it eliminates the land acquisition related problems), and energy efficiency mandates and demand for clean energy (renewable energy source).
Non-Renewable is the largest power source-based market segment
The report segments the floating power plant market on the basis of power sources into non-renewable and renewable. In 2016, the non-renewable segment held the largest market share of the global floating power plant market. This growth is majorly driven by the lack of power infrastructure, coupled with the upsurge in energy demand. The non-renewable power source market is segmented into key components, such as gas turbines and IC engines.
Above 250 MW is the largest capacity-based market segment
The report also segments the floating power plant market by capacity into 1 MW to5 MW, 5.1 MW to–20 MW, 20.1 MW to100 MW, 100.1MW to250 MW, and above 250 MW. The capacity segment above 250 MW is projected to dominate the floating power plant market till 2022. The market share of the above 250 MW segment, is maximum, as the floating power plants which generate this amount of capacity, fall under the non-renewable segment, thus accounting for a major share of the market in the capacity segment.
Asia-Pacific is a key potential market for floating power plants
The floating power plants market is segmented into North America, Asia-Pacific, Europe, and the rest of the world (South & Central America and the Middle East & Africa). The rest of the world dominated the floating power plant market in 2016, owing to the high demand from the Middle East and African countries, which was closely followed by the Asia-Pacific region. The Asia-Pacific region is projected to dominate the floating power plant market by 2022, owing to the rise in renewable floating power plants in countries such as Japan and China, and the non-renewable floating power plants in countries such as Indonesia and Myanmar, among others.
To provide an in-depth understanding of the competitive landscape, the report includes the profiles of companies, such as MAN Diesel & Turbo SE (Germany), Mitsubishi Corporation (Japan), Wartsila (Finland), General Electric Company (U.S.), Siemens AG (Germany), Caterpillar, Inc. (U.S.), Ciel & Terre International (France), Floating Power Plant A/S (Denmark), Ideol (France), Kyocera Corporation (Japan), Principle Power, Inc.(U.S.), Upsolar (Hong Kong), Vikram Solar Pvt., Ltd. (India), Yingli Solar (China), and SeaTwirl AB (Sweden), among others. The dominant players are trying to gain a foothold in developing economies and are adopting various methods to grab the market share.