Floating Power Plant (FPP) Market share will expand till 2025

Floating power plants are integration of marine technology with power generation. They offer benefits such as flexible and de-centralized power generation. These power plants have the flexibility to run both on single (simple) cycle mode and combined cycle mode. The conceptual design of the traditional land-based generating technologies is applied to the marine environment in order to develop floating power plants.

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The floating power plants are based on tested components and system solutions. They are constructed cost effectively and swiftly in a well-controlled industrial setting. The FPP’s are hauled (Towed)  to the offshore site and connected to the grid of the fully functional plants. They also provide a fail-safe option even in remote locations and challenging environmental conditions. Floating Energy Centers (FEC) are constructed alongside the floating power plants. The FECs integrate electrical generating technologies with other commodities such as  liquefied natural gas, fresh water, hydrogen-based generation, and the simultaneous production of synthesis gas and chemicals.

Floating Power Plant Market: Dynamics and Trends

Floating power plants are forecasted to be capable to meet the increase in demand for power in a shorter time as compared to the land-based power plants. The floating power plants are essentially a replica of the traditional land-based gas turbine power generation concept. The turbine structures and foundations are supported by the barge structures that are designed to support and permit the flow of forces in the barges hull. This does not overstress the components. The hull girder of the barge provides differential weight distribution and thermal gradients. Thus, the turbine is isolated from the influences of the barge structure. This reduces the chance of mechanical damage to the barge structure.

Floating power plants can economically supply electricity to a district or to a facility that uses electricity from a land-based source. They can also minimize limitations caused by environmental regulations. Furthermore, they also function as an emergency power source. The design of floating power plants is the amalgamation of engineering protocols of marine power generation industries. However, they are constrained in their motion and can move only along the vertical axis; rotational motion is not possible. One of the key advantages of the floating power plants is that they can be supplied with dual cooling alternatives such as seawater and roof-top radiators. Moreover, they are mobile, versatile, and adaptable that put low risk on the operation and power generation costs to the provider.

Floating Power Plant Market Segmentation

Based on the source of power, the floating power plant market can be segmented into: renewable (wind energy, solar energy, geothermal energy, and others), and non-renewable (gas turbine power plant, IC engine power plant, and others). Based on capacity, the floating power plant market can be classified up to 10 MW, 11-75 MW, 76-150, 151-300 MW, and above 300 MW. In terms of geography, the global floating power plant market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Floating Power Plant Market: Key Players

Key players operating in the global Floating Power Plant market include General Electric (GE) Ltd., Caterpillar, Inc., Floating Power Plant A/S, and Wartsila.

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Yogesh

Yogesh Sengar is an experienced digital marketing professional. He tracks the latest trends and happenings in the digital marketing landscape, also offering his opinion on their impact on businesses. He has experience in both B2C and B2B markets. His hobbies include reading books and travelling.