Floating Power Plant Market Definition and Overview
A Floating Power Plant (FPP) is a power generation unit that is located on a platform, floating on a water body. Mostly the remote power generator is located on an existing cargo ship. They are self-driven and can be connected to the grid, whenever required, so we end-users can use these as primary power sources as well as secondary power sources. However, there can be stationery floating platform power plants, which can be established in lakes or on shallow waters near seashores. And these floating power plants can be either solar energy or wind energy based. They are much more efficient than conventional on-shore power plants as they provide a fast supply of electricity to areas with limited infrastructure. An FPP requires much lower space and infrastructure so it can be beneficial for areas where sufficient infrastructure is not present.
Europe Floating Power Plant Market Outlook, Drivers, and Challenges
The floating power plant market in Europe is expected to grow at a rate of more than 10% CAGR over the next five years. In Europe, floating solar power systems are becoming more and more prevalent and have a plethora of potential. There have lately been constructed a number of new plants in the double-digit megawatt (MW) range. France and the UK have already installed massive floating solar plants.
Europe Floating Power Plant Market
The growth of floating power plants is driven by multiple factors. Due to the limited supply of wind sites, offshore wind facilities are migrating farther from the shore and into deeper seas, necessitating the use of floating foundations. With the increase in Population, the need for power is also increasing, but the landmass is remaining the same. So as an alternative to traditional on-shore power plants floating power plants are being used. These are much more potential than the traditional ones; as they are mobile, they can be transported to any area. These floating power plants are not only cost-effective in long term but also can supply power during peak loads. They can be used during emergencies during natural disasters like earthquakes and heavy floods so can ensure security. In European nations, the government’s policy for clean energy is another key driver in this industry. Floating power plants have minimal environmental effects so it can fulfill the demand for clean energy.
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Yet the floating power plant market is facing certain major challenges. High capital cost is associated with the transportation and logistics of power plants. The initial cost of construction of floating power plants is high compared to traditional power plants. Due to these reasons, it is still not affordable in low-income countries. They are also uniquely vulnerable to weather phenomena and natural disasters like tropical storms, tsunamis, cyclones and, rough seas.
Europe Floating Power Plant Market Value Chain Analysis
The raw material supplier is responsible for sourcing the raw materials used in the floating Power Plant, such as HDPE (High-Density Polyethylene), carbon fiber, FRP, medium density polyethylene (MDPE), Teflon polytetrafluoroethylene (PTFE), Ferrite, Ceramics, Permanent Magnets, and Ferro-cement and supplies to component manufacturers. The components or modules manufacturers then use such raw materials to create a variety of product parts, such as rotors & blades, nacelle & controls, generators, power electronics, solar panels, floaters, and more. These are then supplied to Floating Power Plant companies or manufacturers who assemble those parts and convert them into floating power plants by incorporating required operating & controlling technologies. These power plants are then managed by logistics and operations providers who transport and also support in their installation at desired location and handover to the end users such as public utilities and independent power producers.
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Europe Floating Power Plant Market Segmentation
The Europe market for Floating power plants market can be segmented based on their power source type like Renewable power plants (using Solar and Wind energy) and Non-renewable power plants (using Gas turbines and IC engines). Based on production capacity, it can be segmented into 1 MW–5 MW, 5.1 MW–20 MW, 20.1 MW–100 MW,100.1 MW–250 MW, and above 250 MW. On the basis of connectivity floating power plants can divided in to On-Grid and Off-Grid power plants. Based on the platform, it can be segmented as floating structures, Power barges, and Power Ships. Major countries in Europe are the U.K, Germany, France, Sweden, Netherland.
Europe Floating Power Plant Market Competitive Landscape of Major Competitors
Some key competitors in the Europe Floating Power Plant Market are General Electric, Caterpillar Inc., Siemens, Wärtsilä, MAN Energy Solutions SE, Floating Power Plant A/S, Ciel & Terre International and Equinor ASA among others.
Impact of Covid-19 on Europe Floating Power Plant market.
COVID-19 had an adverse impact on the renewable energy sector. One of the major problems was the disruptions in delivery of components and modules to the manufacturers. Due to the pandemic, the production and delivery of many clean energy technologies, such as solar panels, wind turbines, and batteries were disturbed. Also, the transportation of equipment was affected. As a result, renewable energy companies were unable to comply with deadlines for equipment installation. One of the major problems during the pandemic was the delivery of equipment to the manufacturers. 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, increases the supply-demand gap. However, the impact of pandemic on the medium and long-term growth of the global floating power plant market was low because governments are prioritizing investment in the energy sector to ensure energy security.
Key Segments Covered in Europe Floating Power Plant Market
Europe Floating Power Plant Market by Power Source Type
Renewable
Floating Solar Panel
Offshore Wind Turbines
Non-renewable
Gas turbines
IC engines
Europe Floating Power Plant Market By Platform Type
Floating Structures
Power Barges
Power Ships
Europe Floating Power Plant Market By Capacity
1 MW–5 MW
5.1 MW–20 MW
20.1 MW–100 MW
100.1 MW–250 MW
Above 250 MW
Europe Floating Power Plant Market By Connectivity
On-Grid
Off-Grid
Europe Floating Power Plant Market By Geography and Major Countries
Germany
UK
France
Spain
Sweden
Netherlands
Key Competitors in Europe Floating Power Plant Market
General Electric
Caterpillar Inc
Siemens
Wärtsilä
MAN Energy Solutions SE
Floating Power Plant A/S
Ciel & Terre International
Equinor ASA
Period Captured in the Report:
Historical Period: 2017-2021
Forecast Period: 2022-2027
Key Target Audience:
Floating Power Plant Manufacturers / Assemblers
Companies Manufacturing Components and Modules for Floating Power Plants
Renewable Energy Providers
Ministries of Energy and Power Generation
Ministries of Energy and Power Distribution
Environment Control and Emission Regulatory Organizations
Consulting companies in the energy and power sector
Electrical infrastructure providers
Electric utilities
Environmental and regional solar power associations
Gas turbine and IC engine manufacturers
Government and research organizations
Investment banks
Investors and financial community professionals
Public and private operators of power barges and power ships
Solar floating solution manufacturers
Solar panel manufacturers
Wind farm owners, operators, and developers
Wind sub-structure manufacturers
Wind turbine manufacturers
Renewable Energy Research Organizations
Investment Funds
Independent Power Producers (IPP)
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