Europe Floating Power Plant Market Size, Segments, Outlook and Revenue Forecasts Report 2022-2027

DUBLIN, April 12, 2023 /PRNewswire/ -- The "Europe Floating Power Plant Market Size, Segments, Outlook and Revenue Forecast 2022-2027 by Power Source Type, Platform Type, Connectivity, By Capacity and Major Countries" report has been added to  ResearchAndMarkets.com's offering.

The floating power plant market in Europe is expected to grow at a rate of about 10% CAGR over the next five years (2022-2027) and reach US$ 740 Mn by 2027, due to the rising demand for clean energy sources, lack of power infrastructure, and need for secondary power sources.

Awareness of clean energy is increasing around the globe day by day and many countries want to become carbon neutral in the future. Europe is investing more to make its power sector carbon neutral. Floating power plants are mobile in nature so they can be transported to any remote location near the sea or ocean and can supply power.

Demand for power is increasing simultaneously with the shortage of power infrastructure. Floating Power Plants don't require that much infrastructure and it eliminates the risk of land acquisition. These reasons are driving the growth of the Floating Power Plant market in Europe. According to Eurostat, the production of electricity from Renewable energy and biogas sources in the EU increased from 0.94 million GWh in 2018 to 1.07 million GWh in 2021.

However Floating Power Plants involve high initial costs and as they float in the ocean and deep sea, they are uniquely vulnerable to certain weather phenomena, which is a major barrier for the Floating Power Plant market. For Instance, the Cost of a floating offshore wind project is 2X that of a fixed bottom offshore project and offshore wind turbines are significantly more expensive at 7.22 to 12.11 US$/KWh whereas onshore wind turbines range between 3.93 and 8.27 US$/KWh.

The ongoing COVID-19 pandemic has adversely impacted the renewable energy sector. One of the major problems was the disruption in the delivery of components and modules to the manufacturers. Unlike conventional power plants, floating power plant requires less infrastructure and less time to supply power as well as they are mobile and flexible.

Competitive Landscape

The Europe Floating Power Plant market is highly competitive with ~100 players which include globally diversified players, regional players as well as a large number of country-niche players Most of the country-niche players are floating structure manufacturers.

Large global players control about 60% of the market in terms of revenue, while regional players hold the second largest share. Some of the major players in the market include General Electric, Siemens, Ciel et Terre, Principle Power Inc., Man Energy Solutions SE, BW Ideol, SeaTwirl, Floating Power Plant A/S, Wartsila, Mitsubishi Heavy Industries, Caterpillar, Vestas and among others.

Recent Developments Related to Major Players

In June 2021, Siemens Gamesa and Siemens Energy have signed a Memorandum of Agreement (MoU) with Odfjell Oceanwind to collaborate on the development of Mobile Offshore Wind Units for uninterrupted power supply.

In May 2021, GE researchers unveiled that it is partnering with Glosten to design and develop advanced controls to support a 12 MW floating offshore wind turbine. This will lead the floating offshore wind industry toward becoming a commercially viable solution.

In Nov 2021, Ocean Winds (a joint venture between ENGIE and EDP Renewables) and Principle Power have entered into a collaboration to work on the design of the floating platforms for France's first commercial-scale floating wind tender.

In December 2021, Wison Offshore & Marine has signed a deal with MAN Energy Solutions to collaborate on power barge and floating LNG-to-power projects worldwide.

In May 2022, BW Ideol, JERA, and ADEME Investissement sign an investment agreement for financing the co-development of offshore wind projects using BW Ideol's patented Damping Pool technology over the next 5 years. This will lead to the development of many new floating offshore power plants in Europe.

In May 2019, Floating Power Plant A/S signed a memorandum of understanding with The Oceanic Platform of the Canary Islands (PLOCAN) to investigate and develop a potential deployment of Floating Power Plant's technology in the PLOCAN test facilities in Gran Canaria. This will demonstrate the commercial scale version of their hybrid floating wind and wave energy device.

Conclusion

Europe Floating Power Plant market will continue exponential growth during the forecast period primarily driven by rising demand for clean energy from all major industry sectors and countries to become carbon neutral and to solve the lack of power infrastructure issue. Though the market is highly competitive with ~100 participants, few global players control the dominant share and regional players also hold a significant share.

Key Topics Covered in the Report:

• Snapshot of Europe Floating Power Plant Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of Europe Floating Power Plant Market
• Historic Growth of Overall Europe Floating Power Plant Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter's 5 Forces Analysis of Europe Floating Power Plant Industry
• Overview, Product Offerings of Key Competitors
• Covid 19 Impact on Overall Europe Floating Power Plant Market
• Future Market Forecast and Growth Rates of Total Europe Floating Power Plant Market and by Segments
• Market Size of Application/End User Segments with Historical CAGR and Future Forecasts
• Analysis of Floating Power Plant Market in Major European Countries
• Major Production/Consumption Hubs in the Major European Countries
• Major Production/Supply and Consumption/Demand Hubs in Each Major Country
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Major Country

Major Companies Profiled in the Report

• General Electric
• Siemens
• Ciel et Terre International
• Principle Power Inc
• Man Energy Solutions SE
• BW Ideol
• SeaTwirl
• Floating Power Plant A/S
• Wartsila
• Mitsubishi Heavy Industries
• Caterpillar
• Vestas
• EWE AG
• HOCHTIEF Solutions
• Hydrosolar
• SSE plc
• Bretagne Ocean Power
• HelioRec
• Hexicon
• Flowocean AB
• Saitec Offshore
• Greenalia
• Floating Energy
• Floating Solar BV

Scope of the Report

By Power Source Type

• Renewable
• Floating Solar Panel
• Offshore Wind Turbines
• Non-Renewable
• Gas turbines
• IC engines

By Platform Type

• Floating Structures
• Power Barges
• Power Ships

By Connectivity

• On-grid
• Off-grid

By Capacity

• 1 MW- 5MW
• 5.1 MW- 20 MW
• 20.1 MW-100 MW
• 100.1 MW-250 MW
• Above 250 MW

By Country

• Germany
• U.K
• France
• Spain
• Sweden
• The Netherlands
• Rest of Europe
• Russia
• Denmark
• Italy
• Portugal
• Others

For more information about this report visit https://www.researchandmarkets.com/r/pjdfh9

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets