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CHINA FLOATING POWER PLANT MARKET FORECAST 2023-2028

SCOPE OF THE REPORT

China 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


MARKET OVERVIEW

The China floating power plant market is predicted to record an 11.67% CAGR by the end of 2028, and is set to be valued at $2814.68 million during the assessment period 2023-2028

With a coastline spanning approximately 18,000 km, China has a technical potential for over 1,000 GW of offshore wind at a hub height of 90 meters. Although no long-term national offshore wind target exists, coastal provinces have set ambitious goals. In 2021, global offshore wind power capacity tripled, primarily due to China’s rapid expansion in the sector. The Global Wind Energy Council (GWEC) predicts that by 2030, China will host more than a fifth of the world’s offshore wind turbines, amounting to around 52 GW. In May 2022, China launched its largest floating wind turbine as part of a project to advance the technology and showcase floating wind power generation capabilities.

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Additionally, in May 2022, China National Offshore Oil Corporation (CNOOC) began construction on a far-reaching offshore floating wind power platform in Hainan Province. Similar projects, such as the November 2021 commissioning of the Yangjiang Shapa Phase 2 offshore wind farm by China Three Gorges Corporation (CTG), are expected to drive China’s floating offshore wind energy market during the forecast period. The Guangdong Province-based project has a 400 MW installed capacity and is anticipated to generate about 1.088 TWh annually.

The China floating power plant market segmentation analysis includes source and capacity. Market by source includes non-renewable power source and renewable power source. 

The non-renewable power source segment encompasses the market for energy generated from thermal, natural gas, nuclear, and fossil fuel sources, such as petroleum and coal. Gas turbines, IC engines, and other technologies are primarily utilized for power generation using these sources. Gas turbines offer high efficiency and improved emission performance for various gaseous and liquid fuels, making them suitable for offshore platforms in the oil and gas industry. By leveraging non-renewable energy sources like nuclear power, floating power plants provide significant advantages, including a secure power supply during natural disasters and ease of trade or relocation. Although this segment is expected to experience robust growth in the coming years, the market may decelerate towards the end of the forecast period.

In 2022, European regulators proposed including nuclear power and natural gas in a select group of energy sources alongside renewables, such as wind and solar power, to help reduce greenhouse gas emissions. This initiative aligns with the EU’s commitment to multilateral climate diplomacy and the 2019 announcement of the Green Deal, which aims to make the EU economy carbon-neutral by 2050. The European Commission (EC) seeks to facilitate new gas and nuclear investments for a challenging transition period until mid-century, during which coal burning must be phased out, and electricity demand may significantly increase.

As a result of these initiatives, nuclear-floating power plants are anticipated to exhibit steady growth throughout the forecast period. The European Commission’s support for new gas and nuclear power investments highlights the potential for growth in the non-renewable power source segment. Despite the eventual slowdown towards the end of the forecast period, including nuclear power and natural gas alongside renewable energy sources suggests continued relevance for non-renewable power in the transition to a more sustainable energy landscape.

Prominent players operating in the China floating power plant market include Upsolar Global Co Ltd, Kyocera Corporation, Mitsubishi Corporation, etc. 

Upsolar Global Co Ltd was incorporated in 2006 and is headquartered in Hong Kong, China. The company develops, manufactures, and commercializes solar photovoltaic (PV) modules for residential, commercial, and utility-scale solar installations in China and internationally. Furthermore, Upsolar System Italia SRL, Upsolar Global Co Ltd subsidiary company, provides floating solar PV services to Europe. The company operates in Europe, Latin America, and North America.

UP-M375-395MH from Upsolar Global increases the panel’s exposure and efficiency in converting sunlight into energy, reduces power loss for solar modules operating in high-temperature climates, and is designed to minimize cell degradation in an extreme environment.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2028
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Source and Capacity
Countries AnalyzedChina
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. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. SCOPE OF STUDY
    5. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19 ON FLOATING POWER PLANT MARKET 
    6. 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. MARKET CONCENTRATION ANALYSIS
    5. 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. 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: CHINA FLOATING POWER PLANT MARKET, BY SOURCE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: CHINA FLOATING POWER PLANT MARKET, BY SOURCE, FORECAST YEARS, 2023-2028 (IN $ MILLION)

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

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

TABLE 6: LIST OF MERGERS & ACQUISITIONS

TABLE 7: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 8: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 9: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: MARKET CONCENTRATION ANALYSIS

FIGURE 4: VALUE CHAIN ANALYSIS

FIGURE 5: CHINA FLOATING POWER PLANT MARKET, GROWTH POTENTIAL, BY SOURCE, IN 2022

FIGURE 6: CHINA FLOATING POWER PLANT MARKET, BY RENEWABLE POWER SOURCE, 2023-2028 (IN $ MILLION)

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

FIGURE 8: CHINA FLOATING POWER PLANT MARKET, GROWTH POTENTIAL, BY CAPACITY, IN 2022

FIGURE 9: CHINA FLOATING POWER PLANT MARKET, BY 0 MW- 5 MW, 2023-2028 (IN $ MILLION)

FIGURE 10: CHINA FLOATING POWER PLANT MARKET, BY 5.1 MW- 20 MW, 2023-2028 (IN $ MILLION)

FIGURE 11: CHINA FLOATING POWER PLANT MARKET, BY 20.1 MW- 100 MW, 2023-2028 (IN $ MILLION)

FIGURE 12: CHINA FLOATING POWER PLANT MARKET, BY 100.1 MW- 250 MW, 2023-2028 (IN $ MILLION)

FIGURE 13: CHINA FLOATING POWER PLANT MARKET, BY ABOVE 250 MW, 2023-2028 (IN $ MILLION)

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