MARKET OUTLOOK
The North America floating power plant market is expected to grow at a CAGR of 9.99% during the forecast period 2019-2027.
The rising temperature, stringent regulations by agencies such as EPA for promoting renewable energy sources and the increasing demand for clean energy & power requirements are driving this market in the North American region. Also, lack of land mass for construction of power plants is further driving the floating power plant market. Presently, 13% of US annual power production comes from renewable energy and 10% from nuclear energy. The power requirements are going to increase during the forecast duration and hence promising market potential for the floating power plant market in the region. However, technological limitations for construction of the nuclear plant in water, and structural integrity during weather unrest are creating hurdles in the growth of the floating power plant market. The floating power plant market is segmented on the basis of capacity and source. The capacity segment is further classified into range, 0MW-5MW, 5.1MW-20MW, 20.1MW-100MW, 100.1MW-250MW and above 250MW. The source type includes renewable power and non-renewable power.
COMPETITIVE OUTLOOK
The key players in the floating power plant market are Mitsubishi Corporation, Kyocera Corporation, General Electric, SeaTwirl AB, Ideol S.A., Principle Power, Inc., Ciel & Terre International, Siemens AG, Floating Power Plant, Man Diesel & Turbo SE, Yingli Green Energy Holding Company Limited, Upsolar North America Co., Ltd., Caterpillar Inc., Vikram Solar Pvt. Ltd. and Wartsila Corporation.