Floating power plants are fully integrated power plants, which are installed on floating structures, and act as a source for power generation. Floating power plants are segmented into non-renewable (power barges & power ships) and renewable power sources. The market covers major components and types of floating structures. The type of components and floating structure used, depends upon the type of power sources used to produce electricity. Non-renewable floating power plants are power plants, which generate electricity by burning fossil fuel, such as oil and natural gas. These type of floating power plants are constructed upon floating structures, such as power barges or power ships. IC engines and gas turbines have been considered as key components in non-renewable floating power plants. Renewable floating power plants are power generating plants, which use solar and wind energy to produce electricity. These renewable floating power plants have a floating structure, which keeps the solar panels and wind turbines afloat, when placed over water bodies. Solar panels, wind turbines, floating solar foundations, and floating wind sub-structures are considered as key components in renewable floating power plants.

The floating power plant market is very competitive with the presence of a few major global leading players. This segment highlights the key growth strategies adopted by them in recent years. The market players adopted various strategies to expand their regional presence and to increase their market shares. Contracts & agreements, partnerships, collaborations, alliances, and joint ventures were the most popular strategies adopted by them to achieve growth in the floating power plant market.

Market leaders who fall into this category, generally receive high scores for most evaluation criteria. They have strong and established service portfolio and have a very strong market presence. They should provide mature and reputable floating power plant services and solutions. They also have strong business strategies. These companies established themselves as key players in this market by having an extensive range of products for wind, solar, LNG, and diesel floating power plants. They also received contracts globally, to supply floating power plant components.

They are established vendors with very strong business strategies. However, they are low in service portfolio. They generally focus on a specific type of technology related to the product.

Innovators in the competitive leadership mapping are vendors that have demonstrated substantial service innovations as compared to their competitors. They should have very focused product or service portfolio. However, they do not have a very strong growth strategy for their overall business.

They are the vendors with niche product offering and are starting to gain their position in the market. They might be new entrants in the market and require some more time before getting significant traction in the market. However, these companies are providing unique solutions for the floating power plant market. The floating power plant market in this report has been classified based on power generation sources, such as renewable sources and non-renewable sources. Renewable sources covered in this report includes solar and wind energy, whereas non-renewable sources are classified based on key components, such as gas turbines and IC engines. The development of floating power plants in renewable sources is generally cost effective and offer significant environmental and economic benefits. Non-renewable power generation sources are generally cheaper than renewable sources. However, they emit carbon dioxide which contributed to the climate change and pollution. Therefore, the countries around the globe are taking initiatives to increase their renewable energy consumption. Countries, such as China, the U.S., and Japan, among others are shifting their electricity generation focus to renewable sources. For instance, the population in Japan increased its renewable consumption because of the Fukushima nuclear plant disaster. Solar energy is one of the important renewable based power generation source for the floating power plant market. Earlier, solar farms were installed only on land. However, at present, there are countries such as Japan, and the U.S., among others that have lack of space to install large scale ground-mount solar systems. Roof top solar systems cater to the needs of the housing industry. However, to increase the contribution of solar energy in the total energy mix, large scale solar systems are necessary. An array of solar panels of the floating structure is placed to generate electricity. There are various advantages of floating solar plant, such as preventing almost 70% of evaporation of water in canals and river bodies during summers. Keeping in mind, that land acquisition in countries like India and the U.S. are facing challenges due to strict regulations and increasing population that uses land to earn livelihood, floating solar becomes a safer and easier option. Floating offshore wind energy plays a key role in renewable power generation sources. Offshore wind turbines are being used worldwide by many countries to harness the energy of strong wind over the oceans. The power generated through offshore wind is much higher compared to the onshore wind farms because offshore winds blow more uniformly compared to the wind on land. Thus, due to high speed of the wind, larger amount of electricity can be produced through offshore wind turbines compared to onshore ones. Floating wind power plants are generally located in deep water locations. Since, it is difficult to install a monopile type of wind foundation in deep water areas, the floating foundation is one type of the substructures that is used to construct wind turbines in this depth.