Market Trends of Floating Power Plant Industry
This section covers the major market trends shaping the Floating Power Plant Market according to our research experts:
Renewable Segment Expected to Dominate the Market
- Floating renewable energy installations majorly includes solar and wind technology to generate electricity. These technologies are mounted on platforms that float on water. Most solar installations are done in stagnant waters such as lake or pond, while wind installations are generally done offshore in the sea or ocean.
- Water bodies cover 71% of the world's surface area, and the remaining 29% is cover by land. For the places or countries which have a limited amount of land and increasing populations, these floating renewable energy farms are very beneficial as they are movable, thus being capable of being transported to the place where energy requirement is high and also do not pollute the surrounding air or water in the process.
- As of 2019, the global offshore wind installation was 28,308 megawatts (MW), which was higher than the worldwide installation of 23,629 megawatts (MW) in 2018. The increase in the floating power plant has attracted many global investors who see this as a great and unique opportunity for renewable power generation.
- In 2018, a floating solar photovoltaic (PV) plant was completed by Constructor China Energy Conservation Solar Technology Co., Ltd., and the EPC China Energy Engineering Group Shanxi Electric Power Design Institute Co., Ltd in the Suzhou city in China. The plant has an installed capacity of 70 megawatts (MW), and the solar technology provided in the project is from Ciel & Terre.
- Hence, owing to the above points, the renewable segment is likely to dominate the floating power plant market during the forecast period.
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Europe Expected to Dominate the Market
- European countries from several years have concentrated their focus on various new methods to generate electricity because of the limited land; the countries in the region have a significant amount of investments in the floating power plant market.
- Countries in the region agreed to the targets of the European Union for cleaner energy generation and installations to decrease the dependency of nations on fossil fuels, which directly or indirectly harms the environment. This is beneficial for several energy sources such as solar, and wind.
- Total S.A, a French oil major, in April 2019, signed an agreement with the developer Simply Blue Energy and acquired it 80% share of the United Kingdom's floating wind project Erebus located in the Celtic Sea, in Wales. The floating wind farm is expected to have an installed capacity of 96 megawatts (MW).
- Hence, owing to the above points, Europe is expected to dominate the floating power plant market during the forecast period.
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