PUBLISHER: Inkwood Research | PRODUCT CODE: 1260745
PUBLISHER: Inkwood Research | PRODUCT CODE: 1260745
The China floating power plant market is expected to increase with an 11.67% CAGR by the forecast period 2023-2028. China's market is driven by ongoing construction projects, innovative wind farm designs, and ambitious capacity targets set by various provinces.
In May 2022, China National Offshore Oil Corporation (CNOOC) initiated the construction of an extensive offshore floating wind power platform in Hainan Province. Further, upcoming projects like this are expected to propel China's floating offshore wind energy market during the forecast period. In November 2021, China Three Gorges Corporation (CTG) commissioned the Yangjiang Shapa Phase 2 offshore wind farm in Guangdong Province, boasting a 400 MW capacity. The project will supply electricity to the Guangdong-Hong Kong-Macao Greater Bay Area and generate approximately 1.088 TWh annually. The wind farm also features the world's first floating wind turbine connected to a fixed-bottom turbine for electricity transmission.
Several Chinese provinces have set targets to expand floating power plants. Guangdong aims to construct 30 GW of offshore wind power, including floating offshore wind power, by 2030, followed by Jiangsu (15 GW), Zhejiang (6.5 GW), and Fujian (5 GW). Other provinces have also established targets and offshore wind development plans, likely driving the floating offshore wind energy sector during the forecast period.
Key market players include: Mitsubishi Corporation, Kyocera Corporation, Upsolar Global Co Ltd, etc.