The floating
power plant market is expected to grow from an estimated USD 889.6 Million
in 2017 to USD 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).
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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.
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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.
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