WASHINGTON, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research analyses that the Floating Power Plant Market was valued at USD 1,147.5 Million in 2021 and is expected to reach USD 2,371.8 Million by 2028, registering a CAGR of 9.51% during the forecast period of 2022 to 2028.
Vantage Market Research has delivered key insights and presented a revised forecast analysis on market in its new research study titled Floating Power Plant Market. The report begins with an overview of the industrial environment, analysis of market size, by-products, regions, application forecasts, market competition with vendors and companies. The research analyzes the market share, demand, development patterns, and forecast in the coming years. The report features unique factors that may make a huge impact on the development of the Floating Power Plant market during the forecast period. A whole dashboard read of the market is illustrated, which helps the readers to look at in-depth data regarding the report. Floating Power Plant Market analysis and future prospect is segmented in various sections. Data and information included in this report aids businesses take superior decisions and improve return on investment. CAGR values mentioned in the report gives evaluations about the rise or fall of the product demand in the forecasted time period.
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List of Prominent Players in the Floating Power Plant Market:
- Unilever
- EcoWater
- Toray
- Culligan
- A.O. Smith
- Eureka Forbes, Kent
- Haier
- Kinetico
- Mitsubishi Cleansui
- Ozner
- Coway
- 3M
- Angel
- Midea
- Panasonic
- Doulton
What is Floating Power Plant? How Big is Floating Power Plant Market Size?
Market Overview:
A Rapid Transition Towards Renewable Energy
Over the next decade, the world is likely to go through a rapid transition in every aspect of energy systems and it will be driven by the immensely growing renewable energy sector. The rapidly falling cost of renewable energy technologies has stimulated the adoption of these technologies even in developing regions. For instance, the average contracted price of solar energy was 250 USD/MWh in 2010 as compared to 56 USD/MWh in 2018. Similarly, the prices for onshore wind energy declined during the same period to 48 USD/MWh in 2018 from 75 USD/MWh in 2010. Additionally, in 2019 and 2020 prices of clean energy further reduced reaching new record-low prices observed to date. Lowering prices combined with favorable government policies, the rising popularity of floating solar plants are expected to further propel the growth of the global floating power plant market during the forecast period.
Added Benefits of Floating Wind Farms over Land-based Wind Farms
Added benefits of the floating wind farms are the primary driver behind the growth of floating wind farm technologies. Offshore wind farms witness higher rotating speeds and a small increase in the wind speed results in a large increase in enrgy production. Moreover, offshore wind speeds are steadier hence steadier supply of wind leads to more reliable energy. Moreover, leading renewable energy markets like the U.S., and India are comprised of larger coastal lines and are expected to witness substantial growth for the floating power plants market during the upcoming year.
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Key Insights and Findings from the In-depth Report:
- The Non-renewable is projected to grow at a CAGR of over 6.2% over the forecast period. The high power density, high reliability, as well as fewer operating costs in the gas turbines or IC Engine based FPPs, driving the market growth. The manufacturers are focusing on overcoming the less power output capacity of the floating gas turbines.
- The high-power segment held a market share of around 58% in 2020. The segment held its dominant position during the forecast period driven by the rising demand in Asian economies, like India, China, Malaysia, and Singapore, at a large scale coupled with increasing population and development of the infrastructure in end-use industries, such as manufacturing, construction, and healthcare.
- Asia Pacific is expected to expand at a CAGR of over 7.28% from 2021 to 2028. The growth in this region is driven by the lack of power infrastructure and a higher adoption rate in renewable energy sources for power generation in countries, like India and China.
The report on Floating Power Plant Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Some of The Key Questions from Our Customers Are:
- Which are the top companies in the market?
- How will the market change in the next years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- Which area offers the most significant benefit for the world market?
- What are the threats to business and the impact of the current scenario on growth and market perception?
- What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?
The Asia Pacific to witness robust growth
The Asia Pacific has dominated the global floating power plant market with 39.81% of the share of the total market in 2020 and is likely to continue the same trend during the forecast period. This is accredited to the heavy investments in the renewable energy sector especially in the countries like China and India. National Thermal Power Corporation Renewable Energy Ltd. Announced the plan to commission India’s largest floating solar power plant in Telangana by May-June 2022. Moreover, in August 2021, Copenhagen Infrastructure Partners (CIP) and Amp Energy India Private Limited signed an investment agreement to invest more than USD 200 million across several renewable energy projects including floating power plants. Moreover, China dominated the global renewable energy sector in 2019 with invest of massive USD 83.9 billion in 2019. Moreover, governments in these countries have prioritized investing in renewable energy as it enables the massive reduction in air and water pollution.
Europe and North America are likely to witness substantial growth in the Floating Power Plant market during the forecast period. This is accredited to the rising number of floating power plants in countries like the U.S., Germany, France, and Italy.
Browse market data Tables and Figures spread through 180 Pages and in-depth TOC on Floating Power Plant Market Forecast Report (2022-2028).
Recent Developments in the Industry:
1. May 2021: Adani Green Energy Ltd. (AGEL), signed an agreement for the purchase of SB Energy India from SoftBank Group (SBG) and Bharti Group. This acquisition is likely to enhance the company's renewable energy portfolio worth 4,954 MW.
2. August 2021: Italy’s Falck Renewables SpA and Spain-based floating wind specialist BlueFloat Energy announced the plan to set up and install floating offshore wind farms off the Italian coast.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 1,147.5 Million |
| Revenue Forecast by 2028 | USD 2,371.8 Million |
| CAGR | 9.51% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Unilever, EcoWater, Toray, Culligan, A.O. Smith, Eureka Forbes, Kent, Haier, Kinetico, Mitsubishi Cleansui, Ozner, Coway, 3M, Angel, Midea, Panasonic, Doulton |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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