Floating Power Plant Global Market Report 2024

A floating power plant denotes a power generation facility utilizing marine technology installed on repurposed cargo ships. These plants offer the advantage of mobility, allowing relocation to different sites without the need for extensive installation infrastructure. Moreover, they serve as reliable sources of electricity during events like floods and earthquakes. This innovative approach addresses the escalating demand for power and facilitates energy supply in regions with limited infrastructure.

The primary segments within the floating power plant market encompass floating solar power, floating wind, floating wind and wave power, floating nuclear power, and other emerging categories. Floating solar power involves the generation of energy through marine technology and renewable resources positioned above water bodies. Diverse power sources, including both non-renewable and renewable options, are available, each with varying capacities such as 1 MW–5 MW, 5.1 MW–20 MW, 20.1 MW–100 MW, 100.1 MW–250 MW, and exceeding 250 MW.

The floating power plant market research report is one of a series of new reports that provides floating power plant market statistics, including floating power plant industry global market size, regional shares, competitors with a floating power plant market share, detailed floating power plant market segments, market trends and opportunities, and any further data you may need to thrive in the floating power plant industry. This floating power plant market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The floating power plant market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The expansion observed in the historical period can be accredited to several factors, including the rising demand for energy and accessibility, advancements in offshore wind energy, opportunities within hydropower, heightened targets for renewable energy, and constraints associated with limited land resources.

The floating power plant market size is expected to see strong growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The projected growth in the upcoming period can be linked to various factors, notably the amplification of offshore wind capacity, the burgeoning expansion of wave and tidal energy, emerging opportunities in markets, the rise in green hydrogen production, and substantial governmental backing and financial support. Key trends anticipated in this forecast period encompass advancements in floating solar technologies, the integration of hybrid renewable systems, energy export and grid connectivity initiatives, efforts to mitigate aquatic environmental impact, and the increased prevalence of decentralized energy generation.

The growing global demand for energy is anticipated to drive the expansion of the floating power plant market in the foreseeable future. Energy, derived from either electrical potential energy or kinetic energy, plays a pivotal role in machine operations. The surge in industrialization has led to an escalated need for energy, and floating power plants have emerged as a solution to efficiently manage the seamless flow of electricity in industrial settings. According to the International Energy Agency (IEA), a France-based intergovernmental organization, global electricity demand witnessed a substantial increase of 1,000 terawatt hours (TWh) in April 2021, reflecting a notable 4% global upswing. Consequently, the escalating demand for energy consumption acts as a catalyst for the growth of the floating power plant market.

The rising appetite for solar energy is poised to be a driving force behind the expansion of the floating power plant market. Solar energy, characterized as a renewable and sustainable power source harnessed from the sun's radiation, is increasingly sought after. Floating power plants leverage solar panels to capture sunlight and convert it into electricity. For instance, data from the International Energy Agency, a Paris-based intergovernmental organization, revealed a significant uptick in solar photovoltaics (PV) energy generation, reaching nearly 1300 terawatt-hours (TWh) in 2022, marking a substantial 26% increase with 270 terawatt-hours (TWh) added. This surge underscores the escalating demand for solar energy, propelling the growth of the floating power plant market.

Technological advancement stands out as a prominent trend gaining traction in the floating power plant market. Key players in the sector are strategically focusing on introducing innovative technologies to fortify their market presence. In September 2021, Linxon, a Switzerland-based power generation company, unveiled advanced floating substation technology. This cutting-edge technology not only aids in minimizing the carbon footprint of the electricity grid but also holds the potential to generate renewable electricity. The introduction of such floating substation technology signifies a significant step toward generating electricity sustainably in the floating power plant market.

Prominent companies within the floating power plant market are strategically focusing on product innovation, particularly in the realm of transformers, to deliver reliable services to their customers. Transformers play a crucial role in supporting floating wind power initiatives in deeper waters, where conventional bottom-fixed structures are impractical. An exemplar of this commitment to innovation is demonstrated by Hitachi Energy Ltd., a Switzerland-based energy industry company, which introduced new-generation transformers in June 2021. These transformers are specifically tailored for offshore floating applications, encompassing collector step-up transformers, earthing transformers, and shunt reactors for floating substations, along with wind turbine transformers designed for floating wind turbines. Engineered to navigate the challenging offshore environment, these transformers exhibit resilience to the physically demanding conditions encountered by floating wind turbines and substations.

In a strategic move in December 2022, Shell Overseas International B.V., a subsidiary of a UK-based oil and gas company with a growing presence in floating solar power plants, acquired Daystar Power Group for an undisclosed amount. This acquisition aligns with Shell Overseas International B.V.'s objective to expand its renewables portfolio and diversify its activities into the exploration, extraction, and processing of gas, oil, and other products. Daystar Power Group, based in Ghana, specializes in providing solar floating plants and hybrid power solutions integrated with battery storage. The acquisition positions Shell Overseas International B.V. to further explore and invest in renewable energy, strengthening its foothold in the evolving landscape of floating power solutions.

Major companies operating in the floating power plant market include MAN Energy Solutions SE, Mitsubishi Corporation, General Electric Company, Siemens AG, Caterpillar Inc., Ciel et Terre International Company, Floating Power Plant A/S, Principle Power Inc., Upsolar Group Co. Ltd., Vikram Solar Limited, SeaTwirl AB, BW Ideol, Wartsila Corp., Yingli Green Energy Holding Company Limited, Equinor ASA, Kawasaki Heavy Industries Ltd., Karadeniz Holding AS, Kyocera Corporation, Power Barge Corporation, Power Construction Corporation of China, PT Pembangkitan Jawa Bali Services, Power Machines JSC, Rosatom State Atomic Energy Corporation, Baltic Seaplane GmbH, TSK Flagsol Engineering GmbH, Wison Group, Ocean Sun AS, Ocean Power Technologies Inc., GWave, IFP Energies Nouvelles

Europe was the largest region in the floating power plant market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating power plant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the floating power plant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The floating power plant market consists of revenues earned by entities by providing solutions and services for power generation designing, installation, and maintenance to provide a stable, quickly accessible power supply to areas in acute need of electricity. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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