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Report
North America Floating Power Plant Market Forecast 2024-2032
Market Report I 2024-07-16 I 161 Pages I Inkwood Research
KEY FINDINGS
The North America floating power plant market is estimated to develop with a CAGR of 10.69% over the forecast period 2024-2032. It is set to reach a revenue of $5247.81 million by 2032.
MARKET INSIGHTS
The North America floating power plant market is experiencing substantial growth escalated by the region's increasing demand for sustainable and resilient energy solutions. Floating power plants offer unique advantages in terms of flexibility, mobility, and quick deployment, making them suitable for various energy generation needs across North America. These plants typically utilize various fuel sources such as natural gas, diesel, or renewable sources like solar and wind, depending on regional energy policies and environmental considerations.
REGIONAL ANALYSIS
The North America floating power plant market growth evaluation entails the assessment of the United States and Canada.
The North America energy landscape is shaped by a growing emphasis on clean energy transitions and the integration of renewable sources into the grid. Floating power plants contribute to this transition by providing additional capacity in regions where land-based infrastructure may be limited. They also serve as temporary power supply solutions during emergencies or construction projects.
Moreover, the flexibility of floating power plants makes them ideal for addressing energy demand peaks or grid stability challenges, especially in coastal regions prone to extreme weather events. This resilience factor is increasingly crucial as North America faces more frequent and severe climate-related disruptions, highlighting the importance of adaptable energy infrastructure.
Technological advancements in floating power plant designs have also improved their efficiency and environmental footprint. Innovations in floating solar photovoltaic (PV) and offshore wind technologies, for instance, have enabled these plants to harness renewable energy sources more effectively, reducing greenhouse gas emissions and supporting sustainability goals across the continent.
The regulatory environment in North America is fundamental in shaping the growth trajectory of floating power plants. Policies that incentivize renewable energy adoption, such as tax credits and subsidies for offshore wind projects, have encouraged investment in floating power plant technologies. Additionally, stringent environmental regulations and permitting processes ensure that these plants meet safety standards and mitigate potential impacts on marine ecosystems.
Investing in infrastructure and modernizing the grid are pivotal for facilitating the growth of floating power plants across North America. Integrating these facilities into current energy networks can bolster energy security, minimize transmission losses, and optimize resource allocation. This integration promises a more dependable and robust energy system, crucial as the region addresses the intricacies of energy transition and climate resilience. Hence, floating power plants are well-positioned to meet sustainable energy demands and effectively tackle future challenges in the energy sector.
SEGMENTATION ANALYSIS
The North America floating power plant market segmentation includes the market by source and capacity. The source segment is further expanded into renewable power source and non-renewable power source.
Renewable power sources encompass solar, wind, hydro, and biomass energy, emphasizing sustainability and reduced environmental impact. These floating platforms harness natural elements such as wind currents, solar radiation, and water flows to generate electricity. They offer flexibility in deployment, catering to varying regional energy needs and optimizing resource utilization.
On the other hand, non-renewable power sources include traditional fuels like natural gas and diesel, ensuring reliability and consistent energy supply. These floating power plants often serve as interim solutions during grid upgrades or emergencies, providing essential electricity to remote areas or enhancing grid stability in times of high demand. Their versatility in fuel choice allows adaptation to specific geographical and operational conditions, ensuring robust energy delivery across North America.
As the region advances towards sustainable energy practices and resilience against climate challenges, both renewable and non-renewable floating power plants play crucial roles. They contribute to diversifying the energy mix, enhancing energy security, and mitigating environmental impact. This dual approach aligns with North America's commitment to a balanced energy strategy, blending renewable resources with reliable non-renewable options to meet evolving energy demands efficiently.
COMPETITIVE INSIGHTS
Some of the leading players in the North America floating power plant market include General Electric, Ciel & Terre International, Floating Power Plant A/S, etc.
General Electric (GE) operates globally across four key segments: Aviation, Healthcare, Renewable Energy, and Power. GE manufactures gas, steam, nuclear, and other power generation equipment. The company manages its operations through 71 manufacturing plants in Puerto Rico and 26 states within the United States, along with 130 manufacturing facilities in 33 other countries worldwide. Headquartered in Massachusetts, USA, GE serves a diverse customer base in over 175 countries.
TABLE OF CONTENTS
1. RESEARCH SCOPE & METHODOLOGY
1.1. STUDY OBJECTIVES
1.2. METHODOLOGY
1.3. ASSUMPTIONS & LIMITATIONS
2. EXECUTIVE SUMMARY
2.1. MARKET SIZE & ESTIMATES
2.2. MARKET OVERVIEW
2.3. SCOPE OF STUDY
2.4. CRISIS SCENARIO ANALYSIS
2.4.1. IMPACT OF COVID-19 ON THE NORTH AMERICA FLOATING POWER PLANT MARKET
2.5. MAJOR MARKET FINDINGS
2.5.1. GROWING NUMBER OF RENEWABLE ENERGY PROJECTS
2.5.2. RISE IN TREND FOR OFFSHORE WIND PROJECT
2.5.3. NON-RENEWABLE ENERGY SOURCES ARE THE PREDOMINANT TYPE USED IN FLOATING POWER PLANTS
2.5.4. CAPACITY RANGE OF 20.1 MW TO 100 MW IS EXPERIENCING THE FASTEST GROWTH
3. MARKET DYNAMICS
3.1. KEY DRIVERS
3.1.1. SURGING DEMAND FOR CLEAN ENERGY
3.1.2. GOVERNMENT INVESTMENTS IN THE ENERGY INDUSTRY
3.2. KEY RESTRAINTS
3.2.1. HIGH PROJECT COSTS
3.2.2. TECHNICAL CHALLENGES INVOLVED IN FLOATING POWER PLANTS
4. KEY ANALYTICS
4.1. KEY MARKET TRENDS
4.1.1. POPULARITY OF INTERNAL COMBUSTION (IC) ENGINE-BASED FLOATING POWER PLANTS
4.1.2. RISE IN THE INSTALLATION OF NEW POWER PLANTS
4.1.3. TECHNOLOGICAL ADVANCEMENTS AND INNOVATIONS
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1. BUYERS POWER
4.2.2. SUPPLIERS POWER
4.2.3. SUBSTITUTION
4.2.4. NEW ENTRANTS
4.2.5. INDUSTRY RIVALRY
4.3. GROWTH PROSPECT MAPPING
4.4. MARKET MATURITY ANALYSIS
4.5. MARKET CONCENTRATION ANALYSIS
4.6. VALUE CHAIN ANALYSIS
4.6.1. RAW MATERIALS & COMPONENT SUPPLIERS
4.6.2. ORIGINAL EQUIPMENT MANUFACTURERS (OEMS)
4.6.3. ENGINEERING, PROCUREMENT, AND CONSTRUCTION (EPC) COMPANIES & DEVELOPERS
4.7. KEY BUYING CRITERIA
4.7.1. TECHNOLOGICAL RELIABILITY AND EFFICIENCY
4.7.2. COST-EFFECTIVENESS
4.7.3. EASE OF INSTALLATION AND DEPLOYMENT
4.7.4. REPUTATION AND TRACK RECORD OF THE SUPPLIER OR MANUFACTURER
5. MARKET BY SOURCE
5.1. RENEWABLE POWER SOURCE
5.1.1. MARKET FORECAST FIGURE
5.1.2. SEGMENT ANALYSIS
5.2. NON-RENEWABLE POWER SOURCE
5.2.1. MARKET FORECAST FIGURE
5.2.2. SEGMENT ANALYSIS
6. MARKET BY CAPACITY
6.1. 0 MW - 5 MW
6.1.1. MARKET FORECAST FIGURE
6.1.2. SEGMENT ANALYSIS
6.2. 5.1 MW - 20 MW
6.2.1. MARKET FORECAST FIGURE
6.2.2. SEGMENT ANALYSIS
6.3. 20.1 MW - 100 MW
6.3.1. MARKET FORECAST FIGURE
6.3.2. SEGMENT ANALYSIS
6.4. 100.1 MW - 250 MW
6.4.1. MARKET FORECAST FIGURE
6.4.2. SEGMENT ANALYSIS
6.5. ABOVE 250 MW
6.5.1. MARKET FORECAST FIGURE
6.5.2. SEGMENT ANALYSIS
7. GEOGRAPHICAL ANALYSIS
7.1. NORTH AMERICA
7.1.1. MARKET SIZE & ESTIMATES
7.1.2. NORTH AMERICA FLOATING POWER PLANT MARKET DRIVERS
7.1.3. NORTH AMERICA FLOATING POWER PLANT MARKET CHALLENGES
7.1.4. NORTH AMERICA FLOATING POWER PLANT MARKET REGULATORY FRAMEWORK
7.1.5. KEY PLAYERS IN NORTH AMERICA FLOATING POWER PLANT MARKET
7.1.6. COUNTRY ANALYSIS
7.1.6.1. UNITED STATES
7.1.6.1.1. UNITED STATES FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
7.1.6.2. CANADA
7.1.6.2.1. CANADA FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
8. COMPETITIVE LANDSCAPE
8.1. KEY STRATEGIC DEVELOPMENTS
8.1.1. MERGERS & ACQUISITIONS
8.1.2. PRODUCT LAUNCHES & DEVELOPMENTS
8.1.3. PARTNERSHIPS & AGREEMENTS
8.1.4. BUSINESS EXPANSIONS & DIVESTITURES
8.2. COMPANY PROFILES
8.2.1. BW IDEOL
8.2.1.1. COMPANY OVERVIEW
8.2.1.2. PRODUCTS LIST
8.2.1.3. STRENGTHS & CHALLENGES
8.2.2. CIEL & TERRE INTERNATIONAL
8.2.2.1. COMPANY OVERVIEW
8.2.2.2. PRODUCTS LIST
8.2.2.3. STRENGTHS & CHALLENGES
8.2.3. FLOATING POWER PLANT A/S
8.2.3.1. COMPANY OVERVIEW
8.2.3.2. PRODUCTS LIST
8.2.3.3. STRENGTHS & CHALLENGES
8.2.4. GENERAL ELECTRIC
8.2.4.1. COMPANY OVERVIEW
8.2.4.2. PRODUCTS LIST
8.2.4.3. STRENGTHS & CHALLENGES
8.2.5. KARPOWERSHIP
8.2.5.1. COMPANY OVERVIEW
8.2.5.2. PRODUCTS LIST
8.2.5.3. STRENGTHS & CHALLENGES
8.2.6. KYOCERA CORPORATION
8.2.6.1. COMPANY OVERVIEW
8.2.6.2. PRODUCTS LIST
8.2.6.3. STRENGTHS & CHALLENGES
8.2.7. MAN ENERGY SOLUTIONS SE
8.2.7.1. COMPANY OVERVIEW
8.2.7.2. PRODUCTS LIST
8.2.7.3. STRENGTHS & CHALLENGES
8.2.8. MITSUBISHI CORPORATION
8.2.8.1. COMPANY OVERVIEW
8.2.8.2. PRODUCTS LIST
8.2.8.3. STRENGTHS & CHALLENGES
8.2.9. OCEAN SUN
8.2.9.1. COMPANY OVERVIEW
8.2.9.2. PRODUCTS LIST
8.2.9.3. STRENGTHS & CHALLENGES
8.2.10. SEATWIRL AB
8.2.10.1. COMPANY OVERVIEW
8.2.10.2. PRODUCTS LIST
8.2.10.3. STRENGTHS & CHALLENGES
8.2.11. SIEMENS AG
8.2.11.1. COMPANY OVERVIEW
8.2.11.2. PRODUCTS LIST
8.2.11.3. STRENGTHS & CHALLENGES
8.2.12. UPSOLAR GROUP CO LTD
8.2.12.1. COMPANY OVERVIEW
8.2.12.2. PRODUCTS LIST
8.2.12.3. STRENGTHS & CHALLENGES
8.2.13. VIKRAM SOLAR LIMITED
8.2.13.1. COMPANY OVERVIEW
8.2.13.2. PRODUCTS LIST
8.2.13.3. STRENGTHS & CHALLENGES
8.2.14. WARTSILA CORPORATION
8.2.14.1. COMPANY OVERVIEW
8.2.14.2. PRODUCTS LIST
8.2.14.3. STRENGTHS & CHALLENGES
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT - FLOATING POWER PLANT
TABLE 2: NORTH AMERICA FLOATING POWER PLANT MARKET, BY SOURCE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 3: NORTH AMERICA FLOATING POWER PLANT MARKET, BY SOURCE, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 4: NORTH AMERICA FLOATING POWER PLANT MARKET, BY CAPACITY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 5: NORTH AMERICA FLOATING POWER PLANT MARKET, BY CAPACITY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 6: NORTH AMERICA FLOATING POWER PLANT MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 7: NORTH AMERICA FLOATING POWER PLANT MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 8: NORTH AMERICA FLOATING POWER PLANT MARKET REGULATORY FRAMEWORK
TABLE 9: KEY PLAYERS OPERATING IN NORTH AMERICA FLOATING POWER PLANT MARKET
TABLE 10: LIST OF MERGERS & ACQUISITIONS
TABLE 11: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
TABLE 12: LIST OF PARTNERSHIPS & AGREEMENTS
TABLE 13: LIST OF BUSINESS EXPANSIONS & DIVESTITURES
LIST OF FIGURES
FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER'S FIVE FORCES ANALYSIS
FIGURE 3: GROWTH PROSPECT MAPPING FOR NORTH AMERICA
FIGURE 4: MARKET MATURITY ANALYSIS
FIGURE 5: MARKET CONCENTRATION ANALYSIS
FIGURE 6: VALUE CHAIN ANALYSIS
FIGURE 7: KEY BUYING CRITERIA
FIGURE 8: NORTH AMERICA FLOATING POWER PLANT MARKET, GROWTH POTENTIAL, BY SOURCE, IN 2023
FIGURE 9: NORTH AMERICA FLOATING POWER PLANT MARKET, BY RENEWABLE POWER SOURCE, 2024-2032 (IN $ MILLION)
FIGURE 10: NORTH AMERICA FLOATING POWER PLANT MARKET, BY NON-RENEWABLE POWER SOURCE, 2024-2032 (IN $ MILLION)
FIGURE 11: NORTH AMERICA FLOATING POWER PLANT MARKET, GROWTH POTENTIAL, BY CAPACITY, IN 2023
FIGURE 12: NORTH AMERICA FLOATING POWER PLANT MARKET, BY 0 MW - 5 MW, 2024-2032 (IN $ MILLION)
FIGURE 13: NORTH AMERICA FLOATING POWER PLANT MARKET, BY 5.1 MW - 20 MW, 2024-2032 (IN $ MILLION)
FIGURE 14: NORTH AMERICA FLOATING POWER PLANT MARKET, BY 20.1 MW - 100 MW, 2024-2032 (IN $ MILLION)
FIGURE 15: NORTH AMERICA FLOATING POWER PLANT MARKET, BY 100.1 MW - 250 MW, 2024-2032 (IN $ MILLION)
FIGURE 16: NORTH AMERICA FLOATING POWER PLANT MARKET, BY ABOVE 250 MW, 2024-2032 (IN $ MILLION)
FIGURE 17: NORTH AMERICA FLOATING POWER PLANT MARKET, COUNTRY OUTLOOK, 2023 & 2032 (IN %)
FIGURE 18: UNITED STATES FLOATING POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
FIGURE 19: CANADA FLOATING POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
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