The floating power plant market 2020 can presumably attain a growth rate of 10.35% between 2017 and 2023, confirms Market Research Future (MRFR) in its new study. We will provide covid-19 impact analysis with the report. The report offers an detailed evaluation of the market following the coronavirus disease outbreak.
Top Boosters and Key Deterrents
The impact analysis on COVID-19 has been carried out by MRFR, which reveals that the energy and power industry can be profoundly affected by the plummeting demand and the crashing prices of power across regions. Keeping in mind the long-term impact of COVID-19, most of the leading companies are presently working on bringing down the costs of protecting their assets, and are also putting in efforts to ensure uninterrupted operations to control the revenue loss. While the world is busy trying to achieve a COVID-19 breakthrough, the lockdown situation has managed to restrain the movement of materials across energy and power plants. The short term impact has resulted in a significant decline in the investment capacity along with a drop in power prices in the face of political turbulence, reveals the COVID-19 analysis by MRFR.
Despite the SARS-CoV-2 outbreak, the market can remain strong as floating power plants (FFP) are expected to fulfill the rampant demand for power in shorter period compared to land-based power plants. FPPs are extensively used in locations with limited infrastructure to meet the power demand and also help maintain uninterrupted power in areas prone to earthquakes and floods.
Escalating demand for clean energy has led to increasing establishment of renewable floating power plants that use energy sources such as solar, wind and water. The rapid expansion of worldwide population and the consequent surge in the power demand paired with limited infrastructure can also promote growth of the floating power plant market.
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The market for floating power plant has been considered for power source and capacity.
Power sources covered in the study include renewable as well as non-renewable. The growth of the non-renewable segment can be more striking than its counterpart, on account of the scarcity of efficient infrastructure and the high interest of countries in non-renewable or conventional energy sources. That said, the fastest growth rate can be procured by the renewable segment, due to the mounting concerns regarding the environment and the resultant rise in the demand for clean energy.
The capacity ranges reviewed in the report are 6 MW to 20 MW, 1 MW to 5 MW, 101 MW to 250 MW, 21 MW to 100 MW, as well as above 250 MW. The capacity range of above 250MW can lead the worldwide market, while the 21 MW to 100MW range-based segment can gain at the fastest rate owing to the rising installation of floating wind and solar projects across the globe.
Asia Pacific (APAC), North America, Europe along with Rest of the World (RoW) has been considered while extensively covering the latest market trends and growth prospects during the review timeline.
In 2017, the RoW market, consisting of the Middle East and Africa or MEA along with South America, can emerge as the most lucrative market. The number of floating power plants has skyrocketed in the Middle East, with several projects underway. Limited availability of land and the rapidly expanding population are some other growth boosters in the regional market. The COVID-19 impact analysis conducted by MRFR also confirms that MEA can witness sustainable growth between 2017 and 2023.
With maximum offshore wind potential across the globe, Europe can observe the fastest expansion in the following years. Europe is economically strong and therefore, has significant capacity to install high number of FPPs for generation of clean energy. Moreover, with the increasing prevalence of carbon tax as well as regulations to reduce greenhouse gas emissions, the regional market can make excellent progress during the appraisal period. The APAC market can also advance quite rapidly, thanks to the increasing installation of renewable floating power plants in China and Japan. The regional market can remain steady despite the economic turbulence caused by the COVID-19 pandemic.
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Leading contenders that are working on boosting their profits and get a better position in the floating power plant industry include
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