The annual compound growth rate of floating power plants in the world from 2018 to 2022 is close to 4%

According to Technavio's latest market research report, the global floating power station market is expected to grow at a CAGR of nearly 4% during the period 2018-2022.

The key factor driving the growth of the market is the demand for alternative power solutions. Usually, electricity is obtained through the grid. However, if a power plant fails or a power plant is unable to meet its full load, it could affect the operation of critical facilities such as hospitals, schools and businesses. In this case, the floating power station will be used to supply power to the affected area, or to a specific facility that needs power.

According to the report, hybrid floating solar power plants will become one of the main emerging trends of floating power plants in the world. While floating solar plants face intermittency problems, they can be solved by combining another renewable energy system with a floating solar plant. Therefore, the hybrid floating solar power station came into being.

In 2017, the non-renewable market accounted for the largest market share, accounting for nearly 87% of the market share. The segment is expected to dominate the global floating power station market throughout the forecast period. From a regional perspective, EMEA led the global market in 2017 with a market share of nearly 45%, and its market share is expected to decline by nearly 2% in 2018-2022.

"Most companies around the world are following this trend by combining hybrid floating solar plants with wind turbines or hydroelectric dam power generation facilities. In addition, the operating costs of hybrid floating solar power plants are lower than traditional solar power generation technologies, "said a senior analyst at Technavio.