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Floating Power Plant Global Market Report 2023
Major players in the floating power plant market are MAN Diesel & Turbo SE, Mitsubishi Corporation, General Electric Company, Siemens AG, Caterpillar Inc., Ciel & Terre International, Floating Power Plant A/S, Principle Power Inc.
New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Floating Power Plant Global Market Report 2023" - https://www.reportlinker.com/p06323463/?utm_source=GNW
, Upsolar Inc., Vikram Solar Ltd., SeaTwirl AB, Ideol, Wartsila, Yingli Solar, Equinor ASA, Kawasaki Heavy Industries Ltd., Karadeniz Holding, and Kyocera Corporation.
The global floating power plant market grew from $2.38 billion in 2022 to $2.59 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The floating power plant market is expected to grow to $3.47 billion in 2027 at a CAGR of 7.6%.
The floating power plant market consists of revenues earned by entities by providing solutions and services for power generation designing, installation, and maintenance to provide a stable, quickly accessible power supply to areas in acute need of electricity.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A floating power plant refers to a power generator plant based on marine technology on previously installed cargo ships.These can be relocated to some other location and do not require any large site for installation.
It also supplies electricity in case of floods and earthquakes. It is used to fulfill increasing power demand and supply electricity in low-infrastructure areas.
Europe was the largest region in the floating power plant market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the floating power plant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of floating power plant markets are floating solar power, floating wind, floating wind and wave power, floating nuclear power, and others.Floating solar power refers to the production of energy by using marine technology and renewable energy over the water bodies.
The various type of power sources include non-renewable power sources and renewable power sources, and have different capacities such as 1 MW–5 MW, 5.1 MW–20 MW, 20.1 MW–100 MW, 100.1 MW–250 MW, and above 250 MW.
The rising demand for energy across the globe is expected to propel the growth of the floating power plant market going forward.Energy refers to the energy derived from electrical potential energy or kinetic energy, which helps in the working of a machine.
Due to the increase in industrialization, there is an increase in demand for energy-floating power plants that help in managing the free flow of electricity in industries.For instance, according to the International Energy Agency (IEA), a France-based intergovernmental organization, in April 2021, the global electricity demand had increased by 1,000 terawatt hours (TWh), showing a global increase of 4%.
Therefore, increasing energy consumption is driving the growth of the floating power plant market.
Technological advancement is a key trend gaining popularity in the floating power plant market.Major companies operating in the floating power plant sector are focused on introducing new technologies to sustain their position.
For instance, in September 2021, Linxon, a Switzerland-based power generation company, launched advanced floating substation technology.This technology helps to minimize the carbonization of the electricity grid and can potentially generate electricity.
Also, this floating substation technology helps in generating renewable electricity.
In February 2020, Marubeni Corporation, a Japan-based company specializing in electrical industrial plant businesses, acquired Chenya Energy Co Ltd for an undisclosed amount.This acquisition helps Marubeni Corporation to increase its floating solar power business and renewable energy development capabilities.
Chenya Energy Co., Ltd. is a Taiwan-based company that operates in the fields of the development of floating solar power plants and construction.
The countries covered in the floating power plant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The floating power plant market research report is one of a series of new reports that provides floating power plant market statistics, including floating power plant industry global market size, regional shares, competitors with a floating power plant market share, detailed floating power plant market segments, market trends and opportunities, and any further data you may need to thrive in the floating power plant industry. This floating power plant market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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