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ASIA-PACIFIC FLOATING POWER PLANT MARKET FORECAST 2023-2028

SCOPE OF THE REPORT

Asia-Pacific Floating Power Plant Market by Source (Renewable Power Source, Non-renewable Power Source) Market by Capacity (0 MW – 5 MW, 5.1 MW – 20 MW, 20.1 MW – 100 MW, 100.1 MW – 250 MW, Above 250 MW) by Geography


MARKET OVERVIEW

The Asia-Pacific floating power plant market is anticipated to generate $8323.76 million by 2028, surging at an 11.41% CAGR during the estimated years between 2023 and 2028.

The Asia-Pacific region has numerous development projects, including floating power plants. With an extensive coastline of approximately 18,000 km, China’s technical potential for offshore wind at a hub height of 90 meters exceeds 1,000 GW. Although China lacks a long-term national offshore wind goal, coastal provinces have established ambitious targets. Asia-Pacific currently leads the burgeoning floating solar PV (FPV) market, and this position is expected to strengthen as more countries participate, and costs decrease. Key emerging markets in the Asia-Pacific floating power plant market include Indonesia, Vietnam, Thailand, and Malaysia.

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The Asia-Pacific floating power plant market growth analysis includes the assessment of Australia & New Zealand, Japan, South Korea, Vietnam, India, China, and Rest of Asia-Pacific. Japan, an island nation, offers numerous suitable locations for offshore wind power installations. Offshore wind turbines can generate five times more electricity than their onshore counterparts, and land constraints may limit onshore development. 

Consequently, the government promotes offshore projects by introducing supportive legislation to encourage market entry and reduce operational risks. Japan’s offshore floating wind power sector is expected to grow during the forecast period, with the government targeting 10 GW of offshore wind capacity by 2030 and 30-45 GW by 2040, including floating wind, to achieve net-zero emissions by 2050. 

The Asia Wind Energy Association estimates Japan’s offshore wind capacity potential at 608 GW. To reach its 10 GW goal by 2030, including 820 MW of offshore wind farm projects, Japan has set the Feed-in-Tariff rate for floating offshore wind power at JPY 36/kWh, the highest among renewable energy other wind power forms.

The Asia-Pacific floating power plant market segmentation evaluation entails capacity and source. Market by capacity covers above 250 MW, 100.1 MW-250 MW, 20.1 MW-100 MW, 5.1 MW-20 MW, and 0 MW-5 MW.

The 0 MW-5 MW capacity segment includes gas turbines, IC engines, and other technologies that generate energy from natural gas, fossil fuels (non-renewable), solar, wind, and other renewables. These smaller floating power plants require less space, serve as distributed energy providers, and offer critical benefits such as a secure power supply during natural disasters and easy relocation or trade potential.

On the other hand, the 5.1 MW-20 MW capacity segment encompasses gas turbines, IC engines, and other technologies that produce energy ranging from 5.1 MW to 20 MW, utilizing sources such as natural gas, fossil fuels (non-renewable), the solar, wind, and other renewables. These medium-capacity floating power plants provide crucial benefits, including a secure power supply during natural disasters and ease of trade or relocation. Requiring less space for installation, they serve as distributed energy generators and deliver rapid electricity supply to regions with limited infrastructure.

Leading players in the Asia-Pacific floating power plant market entail Upsolar Group Co Ltd, Vikram Solar Limited, etc.

Vikram Solar Limited, previously known as Vikram Solar Pvt Ltd, is a provider of solar power systems that focuses on the production of high-efficiency solar panel systems and offers a wide range of EPC solutions for photovoltaic (PV) solar energy needs. The company’s product lineup includes Paradea, Somera, Prexos, Eldora, and Solivo, which cater to utility-scale, commercial and industrial, and residential applications. With a demonstrated history of over 1.42 GW of solar capacity in India as of December 2021, the company operates in 32 countries, enabling it to leverage cross-selling opportunities and explore new and existing markets. Vikram Solar primarily conducts business in the Asia-Pacific, the United States, and Europe, with its headquarters situated in West Bengal, India.

Paradea from Vikram Solar Limited is a bifacial glass-glass multi-busbar photovoltaic (PV) module preferred for utility-scale projects.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2028
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Source and Capacity
Countries AnalyzedChina, Japan, India, South Korea, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific
Companies AnalyzedSeaTwirl AB, Floating Power Plant A/S, Upsolar Group Co Ltd, Caterpillar Inc, Kyocera Corporation, Mitsubishi Corporation, Vikram Solar Limited, Ciel & Terre International, Siemens AG, Man Energy Solutions SE, BW Ideol, General Electric, Wärtsilä Corporation, Karpowership

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. SCOPE OF STUDY
    4. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19
    5. MAJOR MARKET FINDINGS
      1. GROWING NUMBER OF RENEWABLE ENERGY PROJECTS 
      2. RISE IN TREND FOR OFFSHORE WIND PROJECT
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. SURGING DEMAND FOR CLEAN ENERGY
      2. GOVERNMENT INVESTMENTS IN THE ENERGY INDUSTRY
    2. KEY RESTRAINTS
      1. HIGH PROJECT COSTS
      2. TECHNICAL CHALLENGES INVOLVED IN FLOATING POWER PLANTS
  4. KEY ANALYTICS
    1. ASSESSMENT OF SHIP-BASED FLOATING POWER PLANTS
      1. DEVELOPMENTS RELATED TO SHIP-BASED FLOATING POWER PLANTS
    2. KEY MARKET TRENDS
    3. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    4. GROWTH PROSPECT MAPPING
    5. MARKET MATURITY ANALYSIS
    6. MARKET CONCENTRATION ANALYSIS
    7. VALUE CHAIN ANALYSIS
      1. RAW MATERIALS & COMPONENT SUPPLIERS
      2. OEMS
      3. EPC COMPANIES & DEVELOPERS
  5. MARKET BY SOURCE
    1. RENEWABLE POWER SOURCE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. NON-RENEWABLE POWER SOURCE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY CAPACITY
    1. 0 MW- 5 MW
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. 5.1 MW- 20 MW
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. 20.1 MW- 100 MW
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. 100.1 MW- 250 MW
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    5. ABOVE 250 MW
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  7. GEOGRAPHICAL ANALYSIS
    1. ASIA-PACIFIC
      1. MARKET SIZE & ESTIMATES
      2. ASIA-PACIFIC FLOATING POWER PLANT MARKET DRIVERS
      3. ASIA-PACIFIC FLOATING POWER PLANT MARKET CHALLENGES
      4. ASIA-PACIFIC FLOATING POWER PLANT MARKET REGULATORY FRAMEWORK
      5. KEY PLAYERS IN ASIA-PACIFIC FLOATING POWER PLANT MARKET
      6. COUNTRY ANALYSIS
        1. CHINA
          1. CHINA FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        2. JAPAN
          1. JAPAN FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        3. INDIA
          1. INDIA FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        4. SOUTH KOREA
          1. SOUTH KOREA FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        5. VIETNAM
          1. VIETNAM FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        6. AUSTRALIA & NEW ZEALAND
          1. AUSTRALIA & NEW ZEALAND FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        7. REST OF ASIA-PACIFIC
          1. REST OF ASIA-PACIFIC FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
  8. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
      4. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. BW IDEOL
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      2. CATERPILLAR INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      3. CIEL & TERRE INTERNATIONAL
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      4. FLOATING POWER PLANT A/S
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      5. GENERAL ELECTRIC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      6. KARPOWERSHIP
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      7. KYOCERA CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      8. MAN ENERGY SOLUTIONS SE
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      9. MITSUBISHI CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      10. SEATWIRL AB
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      11. SIEMENS AG
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      12. UPSOLAR GROUP CO LTD
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      13. VIKRAM SOLAR LIMITED
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      14. WARTSILA CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – FLOATING POWER PLANT

TABLE 2: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY SOURCE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY SOURCE, c (IN $ MILLION)

TABLE 4: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY CAPACITY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY CAPACITY, FORECAST YEARS, 2023-2028 (IN $ MILLION)

TABLE 6: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 7: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY COUNTRY, FORECAST YEARS, 2023-2028 (IN $ MILLION)

TABLE 8: ASIA-PACIFIC FLOATING POWER PLANT MARKET REGULATORY FRAMEWORK

TABLE 9: KEY PLAYERS OPERATING IN ASIA-PACIFIC 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 CHINA

FIGURE 4: MARKET CONCENTRATION ANALYSIS

FIGURE 5: VALUE CHAIN ANALYSIS

FIGURE 6: ASIA-PACIFIC FLOATING POWER PLANT MARKET, GROWTH POTENTIAL, BY SOURCE, IN 2022

FIGURE 7: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY RENEWABLE POWER SOURCE, 2023-2028 (IN $ MILLION)

FIGURE 8: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY NON-RENEWABLE POWER SOURCE, 2023-2028 (IN $ MILLION)

FIGURE 9: ASIA-PACIFIC FLOATING POWER PLANT MARKET, GROWTH POTENTIAL, BY CAPACITY, IN 2022

FIGURE 10: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY 0 MW- 5 MW, 2023-2028 (IN $ MILLION)

FIGURE 11: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY 5.1 MW- 20 MW, 2023-2028 (IN $ MILLION)

FIGURE 12: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY 20.1 MW- 100 MW, 2023-2028 (IN $ MILLION)

FIGURE 13: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY 100.1 MW- 250 MW, 2023-2028 (IN $ MILLION)

FIGURE 14: ASIA-PACIFIC FLOATING POWER PLANT MARKET, BY ABOVE 250 MW, 2023-2028 (IN $ MILLION)

FIGURE 15: ASIA-PACIFIC FLOATING POWER PLANT MARKET, COUNTRY OUTLOOK, 2022 & 2028 (IN%)

FIGURE 16: CHINA FLOATING POWER PLANT MARKET, 2023-2028 (IN $ MILLION)

FIGURE 17: JAPAN FLOATING POWER PLANT MARKET, 2023-2028 (IN $ MILLION)

FIGURE 18: INDIA FLOATING POWER PLANT MARKET, 2023-2028 (IN $ MILLION)

FIGURE 19: SOUTH KOREA FLOATING POWER PLANT MARKET, 2023-2028 (IN $ MILLION)

FIGURE 20: VIETNAM FLOATING POWER PLANT MARKET, 2023-2028 (IN $ MILLION)

FIGURE 21: AUSTRALIA & NEW ZEALAND FLOATING POWER PLANT MARKET, 2023-2028 (IN $ MILLION)

FIGURE 22: REST OF ASIA-PACIFIC FLOATING POWER PLANT MARKET, 2023-2028 (IN $ MILLION)

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