Asia-pacific Floating Power Plant Market 2023-2028

Asia-pacific Floating Power Plant Market 2023-2028

MARKET OUTLOOK

Triton’s research report on the Asia-Pacific floating power plant market states that the market is set to observe growth at a CAGR of 11.41% during the forecasted years of 2023-2028. The region’s report assesses Australia & New Zealand, India, China, Japan, South Korea, ASEAN countries, and the Rest of Asia-Pacific.

The demand for the floating power plant in South Korea is fueled by its potential for offshore wind power. The government has implemented laws and plans to boost renewable energy competitiveness and develop offshore wind supply chain expertise. For instance, the government has set ambitious goals to increase renewable energy use, particularly offshore wind, in order to raise the share of renewable power to 20% by 2030 and 30-35% by 2040. This focus on expanding offshore wind energy capacity drives the market for floating power plants.

Furthermore, Japan’s market experiences strong growth due to its favorable conditions for offshore wind installations. With offshore wind turbines generating five times more electricity than their onshore counterparts, Japan benefits from ample favorable locations for harnessing this renewable energy source. Anticipating land constraints for onshore wind farms, the government is actively promoting offshore projects. Supportive laws and measures to reduce operator risks contribute to a thriving market. Besides, the nation’s ambitious goal of achieving net-zero emissions by 2050 further propels the development of offshore wind capacity, positioning the floating power plant market for significant growth.

COMPETITIVE OUTLOOK

The notable players in the floating power plant market comprise Floating Power Plant A/S, Caterpillar Inc, Siemens AG, SeaTwirl AB, and Upsolar Group Co Ltd.