DUBLIN--(BUSINESS WIRE)--The "Global Floating Power Plant Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global floating power plant market is evaluated at US$1,217.139 Million for the year 2020 growing at a CAGR of 10.03% reaching the market size of US$2,159.766 Million by the year 2026.
Floating power plant refers to the type of power plants that are built on ships or other floating platforms like barges. The concept is comparatively new and several projects are under development owing to the advantages posed by it. The one advantage due to which the concept is gaining a significant amount of traction is that developing a power plant on a ship or a floating platform would help save the operators a substantial amount of space on land.
Additionally, there would be lesser requirement to transport the components of a power plant by road as a floating power plant can be completely be assembled in a shipyard and can be transported on their floating foundations to anywhere using tugboats. A key factor driving the developments in the floating power plant sector is their ability to be transported to a remote coastlands if they have been hit by an earthquake or tsunami with electricity and water where getting either of them gets difficult given the destruction level. Furthermore, a floating power plant can also be use to offset the breakdown of an old power plant. The ease with which they can be moved to another place when their purpose finishes at a place is a key advantage of this concept. The market of floating power plants is expected to witness a significant growth during the forecast period owing to the increasing awareness amongst the operators about the benefits these type of establishments have over the plants that are built on land.
Additionally, with the companies offering various business plans for the operators, it has become easier for the customers to make use of a power plant for various purposes. For instance, Siemens Financial Services have come up with an interesting business model which will allow the customers to buy the floating power plant or if they need they can lend/lease it from them for the duration that they need it. Furthermore, for the cases where the business find the land prices too expensive can opt for the floating version which is expected to be more cost effective comparatively.
A key factor expected to restrict the growth of the market during the forecast period is ability of the floating power plant to tackle rough weather conditions like tsunami and cyclones which might disrupt the working conditions of the plant severely.
The advent of COVID-19 had an adverse impact on the global Floating power plant market since the pandemic brought the activities in power industry to a standstill globally which restricted the research & development activities that are required to be done. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that were required to be followed like the construction and the assembling of the floating power plant will be done with lesser capacity which will require less labour to come in contact and social distancing was required to be maintained in the premises as well. Moreover, the sales of the equipment required for the development of the plant in dipped during the initial months of the year owing to the lockdown which led to the shutting down of the sellers for a certain period initially and thus disrupting the supply chain. Countries across the globe were under lockdown in the year which led to a decline in the prices of several components of a floating power plant globally. With the industries recovering after the pandemic gradually, the ongoing and upcoming developments in the business are expected to operate in full capacity starting from the third and fourth quarters of 2020. This will further help in the recovery of the floating power plant market.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Floating Power Plant Market Analysis, by Source
6. Floating Power Plant Market Analysis, by Capacity
6.2. 0-50 MW
6.3. 6-20 MW
6.4. 21-100 MW
6.5. 101-250 MW
6.6. above 250 MW
7. Floating Power Plant Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Ciel & Terre international
9.2. Kawasaki Heavy Industries Ltd
9.3. Wartsila Oyj Abp
9.4. Siemens AG
9.5. General Electric Company
9.6. Karadeniz Holding
9.7. Equinor ASA
For more information about this report visit https://www.researchandmarkets.com/r/6wwjj4