Europe floating power plant market size and growth, market

Floating Power Plant Market Definition and Overview
A floating power plant (FPP) is a power generating unit located on a platform, floating on a body of water. Most of the time, the remote generator set is located on an existing freighter. They are self-contained and can be connected to the grid, if necessary, so that we, the end users, can use them as primary power sources as well as secondary power sources. However, there may be stationary floating platform power plants, which may be established in lakes or on shallow waters near the coasts. And these floating power plants can be based on solar energy or wind energy. They are much more efficient than conventional onshore power stations as they provide a rapid supply of electricity to areas with limited infrastructure. An FPP requires much less 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 CAGR of over 10% over the next five years. In Europe, floating solar systems are increasingly widespread and have a plethora of potential. Recently, a number of new power plants have been built in the double-digit megawatt (MW) range. France and the United Kingdom have already installed huge floating solar power plants.

The growth of floating power plants is driven by multiple factors. Due to the limited supply of wind sites, offshore wind installations are migrating further from shore and into deeper seas, requiring the use of floating foundations. With the increase in population, the need for electricity also increases, but the landmass remains the same. Thus, as an alternative to traditional land-based power stations, floating power stations are used. These have 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 profitable in the long term, but can also provide electricity during peak loads. They can be used in emergencies during natural disasters such as earthquakes and heavy floods to ensure safety. In European countries, government policy on clean energy is another key driver of this industry. Floating power plants have minimal effects on the environment and can therefore meet the demand for clean energy.

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Yet, the floating power plant market faces major challenges. A high investment cost is associated with the transportation and logistics of power plants. The initial construction cost of floating power plants is high compared to traditional power plants. For these reasons, it is still not affordable in low-income countries. They are also particularly vulnerable to weather phenomena and natural disasters such as 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, ferro-cement and supplies to component manufacturers. Component or module manufacturers then use these raw materials to create a variety of product parts, such as rotors and blades, nacelles and controls, generators, power electronics, solar panels, floats, etc. These are then supplied to companies or manufacturers of floating power plants who assemble these parts and convert them into floating power plants by incorporating the required operating and control technologies. These power plants are then managed by logistics and operations providers who also transport and support their installation at the desired location and handover to end users such as utilities and independent power producers.

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Segmentation of the floating power plant market in Europe
The European floating power plant market can be segmented based on their type of energy source, such as renewable power plants (using solar and wind energy) and non-renewable power plants (using gas turbines and motors combustion). Based on generation capacity, it can be segmented into 1MW-5MW, 5.1MW-20MW, 20.1MW-100MW, 100.1MW-250MW and over 250MW. Based on connectivity, floating power stations can be divided into on-grid and off-grid power stations. Based on the platform, it can be segmented into floating structures, electric barges and electric vessels. The main countries in Europe are the United Kingdom, Germany, France, Sweden and the Netherlands.

Europe Floating Power Station Market Competitive Landscape of Key Competitors
Some key competitors in the European 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.

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Impact of Covid-19 on the European floating power plant market.
COVID-19 has had a negative impact on the renewable energy sector. One of the major issues was disruptions in the delivery of components and modules to manufacturers. Due to the pandemic, the production and delivery of many clean energy technologies, such as solar panels, wind turbines and batteries, have been disrupted. In addition, the transport of equipment has been affected. As a result, renewable energy companies have been unable to meet equipment installation deadlines. One of the major issues during the pandemic has been delivering equipment to manufacturers. This is attributed to the lockdowns put in place in various countries, which has hampered domestic and international transportation, thereby significantly affecting the supply chain of many industries across the globe, which, in turn, is increasing the gap between supply and demand. However, the impact of the pandemic on the medium to long-term growth of the global floating power plant market has been small as governments prioritize investments in the energy sector to ensure energy security.

Key segments covered in the Europe floating power plant market
Europe Floating Power Plant Market by Power Source Type
floating solar panel
offshore wind turbines
Gas turbines
Heat engines

Europe Floating Power Plant Market by Platform Type
Floating structures
Electric barges
Motor ships

Europe Floating Power Plant Market by Capacity
Above 250MW

Europe Floating Power Plant Market by Connectivity
on the grid
off grid

Europe Floating Power Plant Market by Geography and Major Countries

Main competitors in the floating power plant market in Europe
General Electric
Caterpillar Inc.
MAN Energy Solutions SE
A/S Floating Power Station
Heaven & Earth International
Equinor ASA

Period entered in the report:
Historical period: 2017-2021
Forecast period: 2022-2027

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Key target audience –
Organizations and entities that may benefit from subscribing to this report:-
Manufacturers / Assemblers of floating power plants
Companies manufacturing components and modules for floating power plants
Renewable energy providers
Ministries of Energy and Power Generation
Ministries of Energy and Electricity Distribution
Renewable Energy Research Organizations
Investment Funds
Independent Power Producers (IPPs)
Environmental Control and Emissions Regulatory Agencies
Consulting companies in the energy and electricity sector
Electrical infrastructure providers
Electric utilities
Environmental and Regional Solar Energy Associations
Manufacturers of gas turbines and heat engines
Government and research organizations
Investment banks
Investors and professionals from the financial community
Public and private operators of barges and motor vessels
Manufacturers of floating solar solutions
Solar panel manufacturers
Wind farm owners, operators and developers
Manufacturers of wind turbine substructures
Wind turbine manufacturers

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Ankur Gupta, Marketing and Communications Manager

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Ken Research is a research-based management consulting firm. We provide strategic advice to help clients on critical business insights: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers and acquisitions, and sustainability across all industries and geographies.

This press release was published on openPR.

Mary I. Bruner