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NORTH AMERICA FLOATING POWER PLANT MARKET FORECAST 2023-2028

SCOPE OF THE REPORT

North America 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 North America floating power plant market is set to project with an 11.22% CAGR by the year 2028, and is anticipated to generate $3817.21 million during the estimated period 2023-2028

Several initiatives by the national and state governments to promote solar energy is majorly driving the growth of the North America floating power plant market. For instance, the Solar Powering America program is an interagency initiative between the United States Department of Energy (DOE), United States Department of Agriculture (USDA), United States Department of Housing and Urban Development (HUD), and the Environmental Protection Agency (EPA) to support greater deployment. 

Similarly, several solar energy programs in Canada include MicroFIT, FIT, Net Metering, and MicroGen. Furthermore, the Emerging Renewable Power Program (ERPP) offers up to $ 200 million to expand the commercially viable renewable energy sources available to provinces and territories to reduce GHG emissions from their electricity sectors. The carbon emission targets set by national and state governments are further supporting North America’s floating power plant market growth.

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The North America floating power plant market growth analysis entails the evaluation of Canada and the United States. The floating power plant sector holds significant potential due to the vast coastal areas available for leasing in the United States. In 2021, the country ranked second in total installed wind energy capacity, boasting 134.3 GW, which accounted for over 86% of North America’s total wind capacity. The net electricity from wind power reached 379.77 billion kilowatt-hours in 2021, comprising around 9% of the year’s total electricity output. Wind energy contributed over 20% of electricity production in ten states, including Kansas, Iowa, Oklahoma, North Dakota, South Dakota, Nebraska, Colorado, Minnesota, New Mexico, and Maine.

California hosts the largest floating solar farm in the United States on two ponds at Healdsburg’s wastewater treatment plant. The 4.8 MW installation comprises 11,600 solar panels, supplying 8% of Healdsburg’s annual electricity requirements covering approximately half of the ponds’ combined 15 acres. Additionally, the panels reduce water evaporation and inhibit algae growth. With a 25-year power purchase agreement, the floating solar farm will continue to provide electricity, contributing to the city’s goal of achieving 60% renewable energy generation by 2025.

Regarding offshore wind, various states have set nearly 45,000 MW of offshore wind procurement targets. About 10.3 GW of offshore wind energy is anticipated to come online by 2026 through 12 projects. The United States is an emerging floating offshore wind power market, though no existing ports can currently support commercial-scale floating wind projects. Nevertheless, developers and state bodies are investing in port infrastructure to accommodate the requirements of large-scale floating offshore wind projects using 15-MW turbine platforms.

The North America floating power plant market segmentation assessment entails capacity and source. Market by source includes renewable power source and non-renewable power source. 

The renewable power sources segment encompasses the market for power generation from renewable resources that are naturally replenished within a human timescale. These sources include solar, wind, hydroelectric, and biomass power. These energy sources are eco-friendly alternatives for power generation, as they produce energy from renewable resources with less environmental impact. Renewable energy-based floating power plants offer significant advantages over traditional land-based facilities, as they can be easily relocated, traded, and be provided with a secure power supply during natural disasters like earthquakes and floods.

Leading companies in the North America floating power plant market are Caterpillar Inc and General Electric.

General Electric (GE) operates globally across four primary segments: Aviation, Healthcare, Renewable Energy, and Power. The company’s offerings include commercial and military aircraft engines and systems, healthcare systems and pharmaceutical diagnostics, renewable energy generation equipment (including wind) and grid solutions, and gas, steam, nuclear, and other power generation equipment. GE maintains 71 manufacturing plants in Puerto Rico and 26 US states, alongside 130 manufacturing plants across 33 other countries. With its headquarters in Massachusetts, United States, GE serves customers in over 175 countries worldwide.

GE’s Haliade-X offshore wind turbines offer capacities of 14 MW, 13 MW, or 12 MW, featuring a 220-meter rotor, a 107-meter blade, and digital capabilities.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2038
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Source and Capacity
Countries AnalyzedThe United States and Canada
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. NORTH AMERICA
      1. MARKET SIZE & ESTIMATES
      2. NORTH AMERICA FLOATING POWER PLANT MARKET DRIVERS
      3. NORTH AMERICA FLOATING POWER PLANT MARKET CHALLENGES
      4. NORTH AMERICA FLOATING POWER PLANT MARKET REGULATORY FRAMEWORK
      5. KEY PLAYERS IN NORTH AMERICA FLOATING POWER PLANT MARKET
      6. COUNTRY ANALYSIS
        1. UNITED STATES
          1. UNITED STATES FLOATING POWER PLANT MARKET SIZE & OPPORTUNITIES
        2. CANADA
          1. CANADA 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: 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, 2023-2028 (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, 2023-2028 (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, 2023-2028 (IN $ MILLION)

TABLE 8: NORTH AMERICA 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 UNITED STATES

FIGURE 4: MARKET CONCENTRATION ANALYSIS

FIGURE 5: VALUE CHAIN ANALYSIS

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

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

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

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

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

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

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

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

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

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

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

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

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