WASHINGTON, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The global Floating Power Plant Market size is expected to reach USD 2,371.8 million by 2028, exhibiting a CAGR of 9.5% during the forecast period. This is accredited to the rising demand for power, the rising popularity of floating solar power plants, the benefits of floating power plants over land-based power plants, and advancing technology in floating wind farms. states Vantage Market Research, in a report, titled “Floating Power Plant Market, by Power Source (Renewable (Solar Panels, Solar Floating Structure, Wind Turbines, Wind Substructure), Non-Renewable (Gas Turbines, IC Engines)), By Capacity (1 MW–5 MW, 5.1 MW–20 MW, 20.1 MW–100 MW, 100.1 MW–250 MW, and Above 250 MW): Global Market Assessment, 2021 - 2028 The global floating power plant market was USD 1,147.5 million.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. The widespread of COVID-19 has delayed the installation and construction of several new projects across the globe. Small and medium-scale companies are the backbone of technology providers in the renewable energy sector and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The report on Floating Power Plant Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
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In-depth Industry Analysis, Introduction, Overview, and COVID-19 Pandemic Outbreak.
Impact Analysis 180 Pages Research Report (Including latest research)
Provide chapter-wise guidance on request 2020 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
Updated Report Includes major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using VMR research methodology.
A Rapid Transition Towards Renewable Energy
Over the next decade, the world is likely to go through a rapid transition in every aspect of energy systems and it will be driven by the immensely growing renewable energy sector. The rapidly falling cost of renewable energy technologies has stimulated the adoption of these technologies even in developing regions. For instance, the average contracted price of solar energy was 250 USD/MWh in 2010 as compared to 56 USD/MWh in 2018. Similarly, the prices for onshore wind energy declined during the same period to 48 USD/MWh in 2018 from 75 USD/MWh in 2010. Additionally, in 2019 and 2020 prices of clean energy further reduced reaching new record-low prices observed to date. Lowering prices combined with favorable government policies, the rising popularity of floating solar plants are expected to further propel the growth of the global floating power plant market during the forecast period.
Added Benefits of Floating Wind Farms over Land-based Wind Farms
Added benefits of the floating wind farms are the primary driver behind the growth of floating wind farm technologies. Offshore wind farms witness higher rotating speeds and a small increase in the wind speed results in a large increase in enrgy production. Moreover, offshore wind speeds are steadier hence steadier supply of wind leads to more reliable energy. Moreover, leading renewable energy markets like the U.S., and India are comprised of larger coastal lines and are expected to witness substantial growth for the floating power plants market during the upcoming year.
Browse 330 market data Tables and 31 Figures spread through Pages and in-depth TOC on "Floating Power Plant Market Market by () by () , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" Report at https://www.vantagemarketresearch.com/industry-report/floating-power-plant-market-market-0972/inquiry-before-buying
The Asia Pacific to witness robust growth
The Asia Pacific has dominated the global floating power plant market with 39.81% of the share of the total market in 2020 and is likely to continue the same trend during the forecast period. This is accredited to the heavy investments in the renewable energy sector especially in the countries like China and India. National Thermal Power Corporation Renewable Energy Ltd. Announced the plan to commission India’s largest floating solar power plant in Telangana by May-June 2022. Moreover, in August 2021, Copenhagen Infrastructure Partners (CIP) and Amp Energy India Private Limited signed an investment agreement to invest more than USD 200 million across several renewable energy projects including floating power plants. Moreover, China dominated the global renewable energy sector in 2019 with invest of massive USD 83.9 billion in 2019. Moreover, governments in these countries have prioritized investing in renewable energy as it enables the massive reduction in air and water pollution.
To get to know more about the short-term and long-term impacts of COVID-19 on this market, Please visit: https://www.vantagemarketresearch.com/industry-report/floating-power-plant-market-market-0972
Europe and North America are likely to witness substantial growth in the Floating Power Plant market during the forecast period. This is accredited to the rising number of floating power plants in countries like the U.S., Germany, France, and Italy.
List Of Prominent Players in the Floating Power Plant Market:
General Electric Company
Ciel & Terre International
Floating Power Plant A/S
Important questions answered in this report:
What is the estimated market size and growth rate of the Floating Power Plant market?
Which segments are included in the Floating Power Plant market?
Which top companies are active in the Floating Power Plant market?
What are the major driving factors for the growth of the Floating Power Plant market?
How can I get free sample reports or study of Floating Power Plant market?
Recent Developments in the Industry:
1. May 2021: Adani Green Energy Ltd. (AGEL), signed an agreement for the purchase of SB Energy India from SoftBank Group (SBG) and Bharti Group. This acquisition is likely to enhance the company's renewable energy portfolio worth 4,954 MW.
2. August 2021: Italy’s Falck Renewables SpA and Spain-based floating wind specialist BlueFloat Energy announced the plan to set up and install floating offshore wind farms off the Italian coast.
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This market titled “Floating Power Plant Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
2028 Value Projection
USD 2,371.8 million
Forecast Period 2021 to 2028 CAGR
2016 - 2019
2021 - 2028
Power Source: Renewable (Solar Panels, Solar
Quantitative Data - Units
Revenue in USD Million/Billion
North America, Europe, Asia Pacific, Latin America,
U.S., Canada, Mexico, U.K., Germany, France, Italy,
Market growth drivers, restraints, opportunities, Porter’s
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