A floating power plant is a power generator on an existing cargo ship. Floating power plants are self-driven and can go overseas and connect to the national grid, wherever required. Floating power plant can serve as a potential alternative for land-based power plants, as these kinds of power plants can cater to increasing power demand, especially in remote and rural areas. Moreover, it exhibits various advantages, such as fast supply of electricity to areas with limited infrastructure, requires lesser space as compared to land-based power plants, can be relocated to the areas where the electricity is needed, and provides secure power supply in case of earth quakes & floods.   

Market scope and structure analysis

COVID-19 impact analysis

Many companies across different sectors globally have ceased and are looking to cut down costs to survive in the market, and the energy sector is no exception. COVID-19 is having an adverse impact on the renewable energy sector. One of the major problems relates to the delivery of equipment to power plants. China is one of the countries, which is severely affected by the coronavirus, as is the prominent producer of many clean energy technologies, such as solar panels, wind turbines, and batteries. Since coronavirus has delayed deliveries from China, renewable energy companies are unable to comply with deadlines for equipment installation. This is attributed to the lockdown implemented across various countries, which has hampered national and international transport, thereby significantly impacting  the supply chain of numerous industries across the globe, which, in turn, increase the supply–demand gap. Thus, due to restrictions on imports and exports, raw material replenishment took longer than usual, which further reduced the production volume.

Top impacting factors: market scenario analysis, trends, and drivers 

The factors that drive the growth of this market includes surge in energy demand across the globe coupled with lack of lack of power infrastructure and increase in target of mandatory renewable energy targets. Floating power plant eliminates the risk of land acquisition, which further promotes the growth of this market. Floating power plant plays a crucial role in electricity generation at remote areas where power generation is restricted due to scarcity of land mass and can be used as an emergency electric power source.

Floating solar and wind systems have seen a rise in installations, owing to their 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.

However, deployment of floating plant incurs additional cost of transportation. The resources need to be transported at remote places that further increases the overall cost of transportation, thereby restraining the growth of this market. On the contrary, development in overall floating wind farms and ongoing research & development activities to commercially exploit this segment are anticipated to offer profitable growth opportunities over the coming years.     

Key segments covered

Key benefits of the report

• This study presents the analytical depiction of the global floating power plant market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global floating power plant market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global floating power plant market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.