According to Technavio's latest market research report, the global floating power station market is expected to see a compound annual growth rate of nearly 4 percent over the 2018-2022 period.
The key factor driving market growth is demand for alternative power solutions.
Usually, electricity is obtained through the grid.
However, if the power plant fails or the power plant fails to meet the 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 areas or specific facilities that require power.
According to the report, hybrid floating solar power plants will become one of the major emerging trends of floating power plants worldwide.
While floating solar plants face intermittent problems, they can be solved by combining another renewable energy system with floating solar plants.
Therefore, hybrid floating solar power station came into being.
In 2017, the non-renewable market held the largest share, accounting for nearly 87 percent of the market share.
It is expected to dominate the global floating power market throughout the forecast period.
Regionally, EMEA in Europe, the Middle East and Africa led the global market in 2017 with a market share of nearly 45 percent, and its market share is expected to decline by nearly 2 percent in 2018-2022.
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