Market Scenario
The global Floating Power Plant Market is predicted to demonstrate 10.35% CAGR during the forecast period (2017-2023) owing to the shortage of electricity, asserts Market Research Future (MRFR). Floating power plants can be referred to as the integration of marine technology with power generation and provide benefits such as de-centralized and flexible power generation. Such power plants can run both on single cycle mode as well as combined cycle mode. To develop floating power plants, the design of the traditional land-based generating technologies is applied on to the marine environment. These floating power plants are generally based on tested components and system solutions and are constructed swiftly in a controlled industrial setting.
Competitive Dashboard
The prominent players operating the global floating power plant market are Ciel & Terre International (France), ROSATOM State Atomic Energy Corporation (Russia), Kyocera TCL Solar (Japan), Floating Power Plant A/S (Denmark), Wartsilä (Finland), MAN Diesel & Turbo (Germany), Waller Marine Inc. (U.S.), Power Barge Corporation (U.S.), Karadeniz Holding A.Ş. (Turkey), Vikram Solar Pvt. Ltd. (India), and Principle Power Inc. (U.S.).
Industry Updates
January 15, 2019: NTPC, Indian state-run utility, has recently issued a tender for 20MW of floating solar PV at Rajasthan. The tender comprises engineering, design, supply, manufacturing, transportation, packing and forwarding, storage, unloading, commissioning and installation of the grid-connected solar system.
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Floating Structures are Expected to Grow at the Fastest Rate:
Based on the power plant platform type, the floating structures market is expected to grow the fastest during the forecast period. The rapid development in solar panel technology, wind technology and wind & wave technology coupled with government incentives for renewable energy power is expected to drive this segment. A major advantage of the floating structure is the compact design and high strength, which helps them withstand in various water levels in all conditions. Floating Structures accounted for the largest market share of 67.14% in 2016 and is projected to grow at the highest rate during the forecast period.
Drivers and Constraints Impacting the Market
With the augmenting need for uninterrupted electricity supply due to accelerating global population, rapid industrialization, and increasing income level, the global floating power plant market is considered to flourish during the anticipated period. As a large area of land is required for constructing wind, coal, and solar power plants, which might be a problem in several countries, the market for floating power plant is presumed to expand. Floating power plants are capable of meeting the rising demand for power in less time compared to land-based power plants, thereby triggering its demand globally.
Floating power plants are considered a replica of the land-based traditional gas turbine power generation concept. Such structures are supported by the barge structures which are designed to permit the flow of forces in the barges hull; thereby not overstressing the components. The hull girder further offers thermal gradients and differential weight distribution, thereby reducing the chance of mechanical damage. Such power plants can also economically supply electricity to a district that uses electricity from a land-based source and can also reduce the limitations caused by environmental regulations. Moreover, floating power plant systems can be relocated to any location where power is required. This enables electricity to be cheaper, which further results in its strong growth.
On the flip side, the high capital cost associated with the implementation of floating power plant coupled with the high level of complexity involved to design such systems are some of the major concerns considered to pose a threat to the market growth in the coming years.
Global Floating Power Plant Market: Segmental Analysis
The global Floating Power Plant Market has been segmented on the basis of power plant type and by platform type.
By mode of power plant type, the global floating power plant market has been segmented into the floating wind, floating solar power, floating nuclear power, and others.
By mode of platform type, the global floating power plant market has been segmented into power barges, floating structures, and power ships. Among these, the floating structures market is anticipated to experience the fastest growth rate during the appraisal period. The growth in this segment is credited to the rapid development in the solar panel technology, wind & wave technology, and wind technology. Moreover, incentives from the government for renewable energy power is expected to propel the segment growth.
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