Latin America Floating Power Plant Market 2023-2028

Latin America Floating Power Plant Market 2023-2028

MARKET OUTLOOK

Triton Market Research’s report estimates that the floating power plant market in Latin America is set to advance with a compound annual growth rate of 4.49% during the forecast period 2023-2028. Brazil, Chile, and Rest of Latin America are evaluated in the region’s market.

Chile has emerged as one of the major wind energy developers. Due to a significant decline in technological cost, the nation’s prospects for leveraging its vast potential wind energy have increased in recent years. This has led the country to aim to generate at least 60% of its electricity through renewable sources by 2035. Moreover, the government set an objective to generate around 70% of the energy via solar thermal, PV, or wind sources by 2050. This is under its decarbonization plan. Hence, these factors significantly widen the scope and growth of the floating power plant market.

In Argentina, several floating power plant projects have been developed or are in progress. For instance, in 2014, Rusatom Overseas signed an agreement with Corporación América for cooperation in future projects. Further, Peru has commenced construction of these plants. For example, CSF Continua Chachani Solar PV Park is expected to commence in 2023, with expected operation in 2024. Therefore, such projects create new avenues for the floating power plant market.

COMPETITIVE OUTLOOK

The well-known companies in the floating power plant market include Vikram Solar Limited, SeaTwirl AB, Upsolar Group Co Ltd, Kyocera Corporation, Caterpillar Inc, and Mitsubishi Corporation.