Pune, India, Sept. 26, 2018 (GLOBE NEWSWIRE) -- The global floating power plant market is projected to experience a CAGR of 10.35% from 2017 to 2023 (forecast period), according to a new report by Market Research Future (MRFR). Factors driving the market demand include rising population, rapid urbanization, rising demand for uninterrupted power supply, and lack of adequate lands for construction of renewable energy plants. But high construction costs may act as a growth deterrent. Moreover, new mandates outlining the demand for clean energy sources and implementation of energy efficiency standards in industries are likely to elicit the floating power plant market demand over the forecast period. The market size can touch USD 1,769.7 million by 2023.
The demand for energy and electricity in remote areas have found a solution in the form of floating power plants. Floating power plants, also known as power barges, are ships which have been modified to function as source of energy. The first instance of these was known via a project, “Power of Friendship”, which can provide 2,010 megawatt (MW) of electricity to energy-deficit countries.
Island nations find it difficult to build power plants owing to lack of adequate lands. The prospect of renewable sources of energy production seem lucrative but seem a far-away dream owing to the lack of connectivity between islands. Floating power plants seem the best viable and feasible option in this scenario. For instance, Rosatom, the Russian federal nuclear company, has built a floating power plant to tackle fluctuating power supply problems for regions relying solely on wind and solar energy. The reactors can generate 70 MW of electricity monthly. Seeing Russia’s success, China and France are also planning to construct power plants within the next two years.
The Seafloat team of Siemens are developing ideas to create a floating power plant. Unpredictability of natural calamities such as tsunamis and typhoons can disrupt the power supply of island nations, but these power plants can resurge these economies till they become financially active again.
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Key Players and Competition Analysis
Prominent floating power plant market players include ROSATOM State Atomic Energy Corporation, Principle Power, Inc., Vikram Solar Pvt. Ltd., Ciel & Terre International, Floating Power Plant A/S, Kyocera TCL Solar, Power Barge Corporation, MAN Diesel & Turbo, Wartsilä, Waller Marine, Inc., and Karadeniz Holding A.Ş.
The global Floating Power Plant Market is segmented by power plant type and platform type.
By power plant type, the market is segmented into floating solar power, floating wind power, floating wind and wave power, floating nuclear power, and others. ‘Others’ include coal, diesel, heavy fuel oils, and natural gas. The floating solar power segment is expected to expand at a 9.50% CAGR over the forecast period. It accounted for close to a quarter of the market share in 2016. The floating wind power segment is the second-largest after floating solar in the same year. But the floating nuclear power segment is anticipated to grow at a rapid clip with a CAGR of 11.47% throughout the forecast period.
By platform type, the market is segmented into power ships, power barges, and floating structures. The floating structures segment accounted for 67.14% share in 2016. Development of technologies to support the production of renewable sources of energy is likely to drive segment demand over the forecast period. In addition, incentives offered by nations to construct renewable power plants to reduce their carbon footprint coupled with rapid upgrades in wind & wave technology, wind technology, and solar panel technology are factors expected to attract interested investors.
Browse the market data and information spread across 135 pages with 38 data tables and 29 figures of the report “Floating Power Plant Market Research Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/floating-power-plant-market-3788
Regions taken under consideration with respect to the floating power plant market include North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
The RoW had dominated the floating power plant market with a 40.90% share in 2016. It is projected to grow at a CAGR of 7.48% during the forecast period. This can be credited to nations undergoing development in the Middle East, Africa, and Latin America. For instance, Lebanon received its third floating power plant from Turkish firm, Karadeniz, to take care of its energy demands.
The APAC region was the second-largest in 2016 and predicted to grow at a 11.78% CAGR over the forecast period. But the Europe region can surprise the market with a 12.03% CAGR thanks to sustainable energy policies mandated by the European Union.
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