Floating Power Plant Market to Grow at a Stunning CAGR of 11.4% During the Forecast Period 2022-2032
Floating Power Plants Market – Analysis, Outlook, Growth Trends and Forecasts
NEWARK, DELAWARE, UNITED STATES OF AMERICA, July 20, 2022 /EINPresswire.com/ — In 2022, the floating power plant market is expected to be worth US$10.5 billion. It is expected to grow at a staggering CAGR of 11.4% from 2022 to 2032, reaching an estimated value of US$17.3 billion. The coming years are expected to see an increase in sales of floating power plants due to rising energy efficiency standards and increased energy consumption.
The existence of floating power began with the introduction of large general purpose electric transportable barges during World War II. Floating power plant is also known as power barges. It is a specially designed vessel in which a real power station is installed to supply electricity to the areas required in the maritime sector. The term floating power station is used, because the power station floats together with the platform on water bodies. Usually, a floating power plant is an existing ship or a marine vessel on which a power plant is installed for the purpose of generating electricity.
Floating power stations are not self-propelled and are a ready-to-use electricity generating unit that can be plugged into the ship’s networks if required. Unpowered floating power plant vessels are known as power barges or barge mounted power plants and they have power plants installed on the deck barge. Floating power plants can be equipped with multiple or single gas turbines, gas and reciprocating diesel engines, nuclear reactors and boilers for power generation.
The adoption rate or scope of usage of the floating power station is expected to increase in the coming years due to factors such as it is mobile and can be moved from one place to another very easily, it is easier to relocate and sell/trade the floating plant, it can quickly supply power to areas with partial infrastructure, the system is not affected due to earthquakes or floods, it does not require a great site, among others.
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Floating Power Plant Market Dynamics:
The floating power plant market is expected to grow over the estimated period owing to the increase in demand for power generation in the global market. Floating power plants offer many advantages in the market. First, the floating power plant can be built at the shipyard or in a factory, eliminating the need to set up a special construction site for it. Moreover, a lot of costs can be saved for location analysis which includes the cost of field studies and its environment.
In addition, the floating power plant has a very low impact on the environment and the problem of dismantling is also eliminated because it can be carried out in the nearest shipyard or at a dedicated site. The oceanic environment nevertheless makes it essential to take into account a few factors, such as the need to ensure that under no circumstances do radioactive materials spill into the sea and access for personnel and equipment.
Some of the factors driving the global floating market are growing demand for electricity in addition to lack of power infrastructure, efficient power generation, high efficiency, growing demand for clean energy and advantages over conventional onshore power plants. These factors will propel the demand for floating power plants in the global market during the forecast period. Several countries around the world openly accept floating power plants, as the aforementioned advantages make them the most attractive tool for power generation in the global market.
For example, the world’s first floating nuclear power plant is being built by Russia in St. Petersburg at the Baltiysky Zavod shipyard. The site where the operation is taking place is also known as Akademik Lomonosov and contains two naval reactors (KLT-40C) with a capacity of 35 MW. They rode on a barge 30 meters wide and 144 meters long. The operation is scheduled for 2017 in the Chukotka district in northwestern Russia. Hence, the global floating power plant market is expected to grow with a significant CAGR during the forecast period.
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Floating power plant: regional outlook:
Asia-Pacific is estimated to account for the leading share of the floating power plant market owing to the rising production and demand for power generation in countries like China, Japan, countries in the of ASEAN and India by 2028. The floating power plant market in Europe and North America is assessed to grow owing to stringent safety standards and environmental control rules in these regions.
Population growth coupled with increasing disposable income in Latin America and MEA region is expected to be one of the major drivers for the floating power plant market in the near future. Endless demand for productive, reliable, cost-effective and efficient power generation systems such as floating power plant is estimated to propel the floating power plant market over the coming years.
Floating power plant: key players
• MAN Diesel & Turbo SE
• Burmeister & Wain Scandinavian Contractor A/S
• Siemens AG
• A/S floating power station
• Kyocera Corporation
• SeaTwirl AB
• Principle Power, Inc.
• Caterpillar, Inc.
• Vikram Solar Pvt., Ltd.
• Heaven & Earth International
• Solar Yingli
• General electricity company
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Floating Power Plants Market Segmentation:
• Gas turbines
• Integrated circuit motors
• Below 5.0MW
• 0MW to 20MW
• 0MW to 100MW
• 0MW to 250MW
• Above 250MW
• Others (Platforms. Etc.)
• North America
• Latin America
• Western Europe
• Eastern Europe
• Middle East and Africa
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