EUROPE FLOATING POWER PLANT MARKET FORECAST 2023-2028

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.