The global 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 floating power plant 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).
The report segments the floating power plant market, by power source, into renewable and non-renewable power sources. The non-renewable power segment holds a major share, and this is majorly due to the lack of power infrastructure, coupled with the upsurge in energy demand. The renewable power source segment is estimated to be the fastest growing segment, due to the increasing demand for energy efficiency mandates and demand for clean energy (renewable energy source).
Floating solar and wind have seen a rise in installations, owing to its benefits over the land based solar plants and the offshore wind farms. The floating solar energy source consists of key components, such as solar panel and floating structures.
Demand for Clean Energy to Drive Renewable Floating Power Plant Market
Increasing Demand for Power, Coupled With the Lack of Power Infrastructure
Benefits Over Land Based Power Plants
High Capital Cost Associated With Transportation, Logistics, & Accessibility Issues
Developments in Floating Wind Farms
R&D in Floating Power Plants
Growth in Distributed Energy Generation Affecting the Non-Renewable Generation