Floating Power Plant Market – Overview
The discovery of novel sources of energy has led to the discovert and adoption of floating sources of energy as land resources for such projects is becoming increasingly limited. Market focused reports linked with the energy and materials industry among others recently have been made available by Market Research Future which issues reports on this industry. The Floating Power Plant Market is projected to develop with a CAGR of 10.35% in the forecast period.
The struggle to develop enough number of sources for electricity needs of the population has increased the popularity and consequently demand for floating power plants. The task of connecting isolated islands or work sites with electricity lines due to geographical and climate challenges has fuelled the growth of the market further. Also, island power lines are separate from mainland grids in some cases. The practicality of floating power plants in a rapidly changing world is greater as it can be easily set up. The market is anticipated to develop considerably well due to the demand for uninterrupted electricity supply by end users in the forecast period.
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Global Floating Power Plant Market – Segmentation
The MRFR analysis is segmented into three key dynamics;
By Types : Comprises – Floating Solar Power, Floating Wind, Wave power, Floating Nuclear power and others (Coal, Diesel, Heavy Fuel Oils, and Natural Gas).
By Platform Types : Floating Structures, Power Barges, and Power Ships.
By Regions : North America, Europe, APAC, and the Rest-of-the World.
Global Floating Power Plant Market – Geographical Analysis
Globally, the Rest-of-the-World (RoW) is projected to dominate the market during the forecast period. Factors substantiating the market growth in the region include the augmenting demand for power due to the increasing population and industrialization along with the presence of the developing economies with major scarcity for land and increased commitment towards deploying renewable energy resources.
Furthermore, a remarkable growth is expected in the regions such as the Middle East and Africa, and North America owing to their rapidly increasing power generation capacity. Simultaneously, the technological advancements and favorable geographical locations & the coastal lines in these regions, are fostering the growth of the floating power plants market in these regions.
Global Competitive Analysis
The vital trends and players have established a positive tone for development. The opportunities for growth and innovation have increased at a rapid pace transforming the landscape of the market. Engaging and converting prospective opportunities is modifying the growth pace of the market considerably. The competitors in the market have been spurred to devise strategic road-maps that capitalize on the positive market cues. The momentum of the market’s growth has altered the competitive background of the market. By ensuring supply and demand are in balance the competitors can unlock new opportunities for growth. The key players and trends have created a positive tone for development.
The noteworthy competitors in the floating power plant market globally are Karadeniz Holding A.Ş. (Turkey), MAN Diesel & Turbo (Germany), Ciel& Terre International (France), Power Barge Corporation (U.S.), Waller Marine, Inc. (U.S.), Kyocera TCL Solar (Japan )Floating Power Plant A/S (Denmark), Principle Power, Inc.(U.S.), Vikram Solar Pvt. Ltd. (India), Wartsilä (Finland), and ROSATOM State Atomic Energy Corporation (Russia).
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Industry/ Innovation/ Related News
April, 2018 – Russia launched its first floating nuclear project – the Academik Lomonosov, the two-reactor 70-megawatt floating power plant. Owned by the state-run nuclear energy corporation Rosatom and claimed as the world’s first ever floating nuclear power plant had cost USD 232 Mn.
August, 2018 – Japan Asia Investment Co Ltd announced the completion of its 2.4-MW floating solar system. The photovoltaic (PV) array that was installed at a total cost of USD 7.8 Mn. has an estimated annual output of a little over 3 million kWh, enough to meet the annual consumption of some 680 local homes.
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