Floating Power Plant Market Report 2025

The floating power plant market size has grown strongly in recent years. It will grow from $2.72 billion in 2024 to $2.89 billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to energy demand and access, offshore wind energy, hydropower opportunities, increased renewable energy targets, limited land resources.

The floating power plant market size is expected to see strong growth in the next few years. It will grow to $3.75 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increased offshore wind capacity, wave and tidal energy expansion, emerging market opportunities, green hydrogen production, government support and funding. Major trends in the forecast period include advancements in floating solar, hybrid renewable systems, energy export and grid connection, aquatic environmental impact mitigation, decentralized energy generation.

The growing global demand for energy is anticipated to drive the expansion of the floating power plant market in the future. Energy refers to the electrical potential or kinetic energy utilized in the operation of machines. With rising industrialization, the need for energy is increasing, leading to a demand for floating power plants that facilitate the efficient distribution of electricity in industries. For example, in July 2024, the International Energy Agency (IEA), a France-based intergovernmental organization, projected that global electricity demand would increase by approximately 4% in 2024, compared to a growth rate of 2.5% in 2023. Consequently, the rising energy consumption is propelling 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.

Leading companies in the floating power plant market are developing innovative products, such as the 50 MW Captive Floating Solar Power Plant, which integrates renewable energy generation with space efficiency and environmental sustainability. For example, in July 2023, Shyam Metalics and Energy (SMEL), an India-based metal production company, launched a 50 MW Captive Floating Solar Power Plant in Sambalpur, Odisha. This initiative represents a significant advancement in reducing the carbon footprint linked to metal production in the area, establishing SMEL as the first metal-producing company in Odisha to undertake such a project.

Major companies in the floating power plant market are developing innovative products, such as the aiR Optim technology, which increases renewable energy capacity while reducing land use and environmental impact. The aiR Optim technology is an advanced solution aimed at optimizing the operation and efficiency of renewable energy systems. For instance, in July 2023, Ciel & Terre, a France-based developer of large-scale floating photovoltaic (PV) plants, launched an 11 MW floating solar project in Saint-Savin, located southeast of Lyon, France. This project will be installed on an operational gravel pit lake, demonstrating the feasibility of integrating floating solar with ongoing industrial activities. It marks the first floating solar power plant in France to utilize aiR Optim technology. The floating solar platform will feature a single island structure in the middle of the lake, designed to maximize renewable energy production while adhering to environmental considerations.

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.

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.

Europe was the largest region in the floating power plant market in 2024. 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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