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EUROPE FLOATING POWER PLANT MARKET FORECAST 2023-2028

SCOPE OF THE REPORT

Europe 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 Europe floating power plant market is estimated to accelerate with an 11.17% CAGR by 2028, and is expected to be valued at $6172.09 million between the forecasted period, 2023-2028

Europe is home to advanced technology, startups, and engineering firms investing in floating power plants. Nearly all major European governments offer frameworks for subsidies and tax incentives to companies innovating in clean energy, encompassing offshore power initiatives. Countries like Spain provide 25-year concessions for floating solar endeavors. Strict rules and regulations govern carbon emissions in many European nations, with potential fines for non-compliance. Geopolitical crises and volatile oil prices drive governments and businesses to opt for renewable energy sources.

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The Europe floating power plant market growth evaluation entails a thorough study of Spain, France, Germany, Italy, the United Kingdom, and Rest of Europe. In 2022, the United Kingdom unveiled its most extensive clean energy subsidies, including funding for 10 onshore wind projects, revitalizing a sector that has faced restrictions in recent years. The subsidies also support 7 gigawatts of offshore wind and innovative technologies like floating wind and tidal energy. Government data reveals that offshore wind has become the United Kingdom’s most cost-effective renewable energy type, surpassing solar and onshore wind.

If all proposed projects are completed, the subsidies will back 11 GW of power, equivalent to the current capacity of the United Kingdom’s operational offshore wind farms. Additionally, onshore wind projects are anticipated to contribute nearly 900 MW. RenewableUK, the clean energy trade association, estimates the approved projects will attract around $22.08 billion in investment. In line with its net-zero plan, the Scottish government aims to achieve 11 GW of offshore wind capacity by 2030, supporting Scotland’s commitment to net-zero emissions by 2045.

The Europe floating power plant market segmentation assessment includes source and capacity. Market by capacity covers above 250 MW, 0 MW-5 MW, 100.1 MW-250 MW, 5.1 MW-20 MW, and 20.1 MW-100 MW.

The 20.1 MW-100 MW capacity segment includes gas turbines, IC engines, and other technologies that generate energy from 20.1 MW to 100 MW using natural gas, fossil fuels (non-renewable), solar, wind, and other sources of renewables. This capacity range for floating power plants predominantly relies on renewable energy sources like solar and wind. These plants offer benefits like clean energy production, easy relocation, and secure power supply during natural disasters, including earthquakes and floods. The growing number of solar and wind resource-based floating power plant projects is expected to drive the segment’s growth during the forecast period.

In contrast, the 100.1 MW-250 MW capacity segment includes gas turbines, IC engines, and other technologies that generate energy from 100.1 MW to 250 MW, utilizing sources such as thermal, nuclear, natural gas, fossil fuels (non-renewable), the solar, wind, and other renewables. These power plants are employed for distributed energy generation, delivering rapid electricity supply to areas with limited infrastructure. Additionally, they serve as mobile assets that can be relocated or traded, ensuring a secure power supply during natural disasters like earthquakes and floods.

Currently, around 5,800 offshore wind turbines are installed in Europe. The French government plans to develop a 250 MW floating wind park in the Gulf of Lion by 2030, supplying energy to over 400,000 people. Another similar-sized floating wind park is planned near Marseille. The growth of public-private partnerships for floating power plant development, driven by clean energy benefits, is expected to expand the segment.

Major companies operating in the Europe floating power plant market include Floating Power Plant A/S, Ciel & Terre International, etc.

Founded in 2004, Floating Power Plant (FPP) is a clean-tech firm specializing in designing, developing, and providing an innovative, patented floating platform that harnesses wind and wave energy. FPP maintains offices in the United Kingdom, Norway, and Denmark, collaborating with strategic and operational partners worldwide. The company’s headquarters are situated in Bandholm, Denmark.

FPP’s Power-2-X Solution platform can store up to 300 MWh of electricity as hydrogen, ensuring that the company’s Power-2-X solution delivers dependable, continuous power.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2028
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Source and Capacity
Countries AnalyzedThe United Kingdom, Germany, France, Italy, Spain, and Rest of Europe
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. EUROPE
      1. MARKET SIZE & ESTIMATES
      2. EUROPE FLOATING POWER PLANT MARKET DRIVERS
      3. EUROPE FLOATING POWER PLANT MARKET CHALLENGES
      4. EUROPE FLOATING POWER PLANT REGULATORY FRAMEWORK
      5. KEY PLAYERS IN EUROPE FLOATING POWER PLANT MARKET
      6. COUNTRY ANALYSIS
        1. UNITED KINGDOM
          1. UNITED KINGDOM FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        2. GERMANY
          1. GERMANY FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        3. FRANCE
          1. FRANCE FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        4. SPAIN
          1. SPAIN FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        5. ITALY
          1. ITALY FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        6. REST OF EUROPE
          1. REST OF EUROPE 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: EUROPE FLOATING POWER PLANT MARKET, BY SOURCE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

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

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

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

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

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

TABLE 8: EUROPE FLOATING POWER PLANT MARKET REGULATORY FRAMEWORK

TABLE 9: KEY PLAYERS OPERATING IN EUROPE 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 GERMANY

FIGURE 4: MARKET CONCENTRATION ANALYSIS

FIGURE 5: VALUE CHAIN ANALYSIS

FIGURE 6: EUROPE FLOATING POWER PLANT MARKET, GROWTH POTENTIAL, BY SOURCE, IN 2022

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

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

FIGURE 9: EUROPE FLOATING POWER PLANT MARKET, GROWTH POTENTIAL, BY CAPACITY, IN 2022

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

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

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

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

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

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

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

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

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

FIGURE 19: FRANCE’S HYDROELECTRIC CAPACITY, BY REGION

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

FIGURE 21: ITALY FLOATING POWER PLANT MARKET, 2023-2028 (IN $ MILLION)

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

FAQ’s