North America Floating Power Plant Market 2023-2028

North America Floating Power Plant Market 2023-2028

MARKET OUTLOOK

Triton Market Research’s report represents that the floating power plants market in North America is envisioned to garner a compound annual growth rate of 11.22% over the forecasted years from 2023 to 2030. Canada and the United States are examined in the region.

Canada’s large geographical location and abundance of water bodies have increased the potential of floating power plants. However, the technology hasn’t grown in recent years owing to higher cost than onshore solar plants, limited sunlight at northern latitudes, and concerns over ice coverage over reservoirs. This may negatively impact the expansion of floating plants. Nevertheless, the rising investments in renewables might generate opportunities for the studied market.

On the other hand, the US has established around 45,000 MW of offshore wind procurement targets. Several new projects are underway, which are expected to create opportunities for players in the country. Further, developers and state bodies are investing heavily in port infrastructure to accommodate the need for large-scale floating wind projects. Such initiatives thus create ample opportunities for the floating power plant market’s expansion.

COMPETITIVE OUTLOOK

The major companies listed in the floating power plant market consist of SeaTwirl AB, Upsolar Group Co Ltd, Kyocera Corporation, and Mitsubishi Corporation.