The floating power plant market size was valued at USD 11.05 Billion in 2023. The floating power plant industry is projected to grow from USD 12.10 Billion in 2024 to USD 22.85 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.27% during the forecast period (2024 - 2032). Increasing demand for clean electricity among end-use sectors, along with the lack of power infrastructure across several nations and rapid industrialization and urbanization, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market CAGR for floating power plants is driven by the increasing demand for energy. Rapid industrialization and urbanization are occurring globally, especially in emerging markets worldwide. New manufacturing and service industries are being set up across many major countries in every region of the globe. It has created sustained demand for energy. Apart from establishing new industries, there has been a complete change in lifestyles in the modern age. Home appliances such as television, smartphones, laptops, washing machines, and kitchen appliances have become commonplace in modern households. People today are leading more energy-dense lives than ever before. It has, therefore, led to increased energy consumption.
Additionally, the rising energy demand globally is expected to enhance the growth of the floating power plant market going forward. Energy guides to the energy emanated from electrical potential energy or kinetic energy, which assists in the working of a machine. Due to the expansion in industrialization, there is an expansion in demand for energy-floating power plants that help manage the free flow of electricity in industries. For instance, as per the International Energy Agency, a France-based intergovernmental organization, the electricity demand had enhanced by 1,000 terawatt hours (TWh) in April 2021, showing a increase of 4%. Therefore, growing energy consumption is driving the growth of the floating power plant market revenue.
Furthermore, the surge in energy demand globally coupled with a lack of power infrastructure and an increase in mandatory renewable energy targets. Floating power plant stops the threat of land acquisition, which further encourages the growth of this market. Floating power plant plays a critical role in electricity generation in remote areas where power generation is restricted owing to the scarcity of land mass and can be utilized as an emergency electric power source. Floating solar and wind systems have seen an expansion in installations, owing to their benefits over land-based solar plants and offshore wind farms. The floating solar energy source consists of major components, such as solar panels and floating structures.
Floating power plants are operated by using testing components and system solutions. They are constructed cost-effectively and rapidly in a well-controlled industrial setting. Floating power plants are hauled (towed) to the offshore site and connected to the grid of the fully functional plants. They also provide a fail-safe option even in remote locations and challenging environmental conditions. Floating Energy Centers (FEC) are constructed alongside floating power plants. The FECs integrate electrical generating technologies, driving the market growth.
The floating power plant market segmentation, based on platform type, includes floating structures, power barges, and power ships. The floating structures segment dominated the market, accounting for 35% of market revenue (3.87 Billion). In developing economies, category growth is driven by increasing demand for clean electricity among end-use sectors and the lack of power infrastructure across several nations. However, power ships are the fastest-growing category due to the increased volume of heavy cargo and the products transported through ships.
Figure 1: Floating Power Plant Market, by Platform Type, 2022 & 2032 (USD Billion)
Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
The floating power plant market segmentation, based on plant type, includes floating solar power, floating wind power, floating wind & wave power, floating nuclear power, and others. The floating nuclear power category generated the most income (70.4%) due to the increasing demand for clean electricity among end-use sectors and the lack of power infrastructure across several nations. However, floating solar power is the fastest-growing category owing to its high-power density, high reliability, and low operating costs.
By region, the study delivers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American floating power plant market will dominate this market, owing to the implementation of strict regulatory reforms focusing on cleaner power generation initiatives will boost the market growth in this region. Moreover, China’s floating power plant market held the largest market share, and the Indian floating power plant market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Floating Power Plant Market Share By Region 2022 (USD Billion)
Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
Europe's floating power plant market accounts for the second-largest market share as governments and organizations in this region are shifting towards cleaner and more sustainable energy sources. Floating power plants facilitate the integration of renewable power technologies, such as solar panels and wind turbines, which drives market growth. Further, the German floating power plant market held the most extensive market share, and the UK floating power plant market was the fastest-growing market in the European region.
The Asia-Pacific floating power plant market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the lack of power infrastructure and a higher adoption rate of renewable energy sources for power generation in countries like India and China. Moreover, China’s floating power plant market held the largest market share, and the Indian floating power plant market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the floating power plant market grow even more. Market participants are also undertaking numerous strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the floating power plant industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the floating power plant industry to benefit clients and increase the market sector. Major players in the floating power plant market, including MAN Diesel & Turbo, Karadeniz Holding A.Ş., Vikram Solar Pvt. Ltd., Ciel & Terre International, Waller Marine, Inc., Power Barge Corporation., Floating Power Plant A/S., Principle Power, Inc., and others, are attempting to increase market demand by investing in research and development operations.
Marubeni Corp is an integrated trading and investment business that operates through its domestic and overseas subsidiaries. The company provides various products and commodities such as marine products, chemicals, energy, metals and minerals, machinery, textiles, forest products and general merchandise, and pulp and paper. It also offers finance, logistics, development and construction services. The company explores transport, stores and markets natural resources. Marubeni provides insurance and reinsurance funds, Japan real estate investment trust management and property management services, and operates transportation infrastructure projects. In February 2020, Marubeni Corporation acquired Chenya Energy Co Ltd for an undisclosed amount. This acquisition assists Marubeni Corporation in enhancing its floating solar power industry and renewable energy consequence abilities. Chenya Energy Co., Ltd. is a Taiwan-based firm that operates in the development of floating solar power plants and construction.
Wartsila Corp is an engineering company. It offers sophisticated lifecycle solutions and smart technologies for the marine and energy industries. Through its sustainable initiatives, efficiency and data analytics, the company harnesses the environmental and economic performance of the vessels and power plants. Wartsila's offerings include pumps and valves, automation systems, shaft line solutions, low and medium-speed engines, ship design and ballast water treatment systems. It also offers power solutions for all onshore and offshore oil and gas exploration, transportation, and production phases. In October 2020, Wärtsilä and JB Corporation signed a nine-year optimized maintenance agreement to ensure the operational reliability of the South Korea-based power plant. The agreement covers three Wärtsilä 34SG engine generating sets delivering electricity and hot water for consumers served by the JB power plant in Chengdu.
September 2021:Linxon launched advanced floating substation technology. This technology minimizes the carbonization of the electricity grid and can generate electricity. Also, this floating substation technology assists in generating renewable electricity.
May 2021:Adani Green Energy Ltd. (AGEL) signed an agreement to purchase SB Energy India from SoftBank Group (SBG) and Bharti Group. This acquisition is likely to enhance the company's renewable energy portfolio worth 4,954 MW.
May 2020:ROSATOM announced that the Akademik Lomonosov had started full commercial operation. After construction, the floating nuclear power station was towed from Murmansk in western Russia to the eastern town of Pevek, where it was deployed on a special barge. The floating nuclear power plant is to provide electricity and heating for residents in remote areas along with mining operations in the far east.
In April 2023, Wartsila, Hoegh LNG, IFE, University of South-East Norway, Sustainable Energy, and BASF SE secured around EUR 5.9 million in funding from the Norwegian Government.
April 2023 saw Wärtsilä renew its Operation & Maintenance agreement with Geradora de Energia do Amazonas (Gera Amazonas), an independent energy producer based in Brazil.
Falck Renewables SpA from Italy and floating wind specialist BlueFloat Energy from Spain in August 2021 jointly unveiled their plan to setup and deploy floating offshore wind farms along the Italian coast.
Wärtsilä and JB Corporation entered into a nine-year optimized maintenance agreement in October 2020 to ensure the operational reliability of a power plant located in South Korea.
NTPC announced that its 1MW grid connected floating solar power plant is nearing completion by March 2019 in Gujrat. This power plant has been under construction for the last half a year-long period. In April this year, Debashish Das, who is NTPC Director, said during his commissioning remarks that it would be commissioned at the same time.
In February 2019, the Electricity Generating Authority of Thailand rolled out blueprints for floating solar plants across all eight dams. Siam Cement Group hopes to land itself Thailand’s first contract for a 45MW solar farm at Sirindhron Dam.
Greenam Energy wholly owned subsidiary of Singapore based AM International Holdings put up its first floating solar power plant at Tutricon in April 2019. It has capacity equal to 24MW. The company built it specifically for industrial usage so as optimize energy production from these plants.
CECEP along with Ciel & Terre the Chinese state corporation connected the 70 MWp floating photovoltaic power plant in Anhui province, China to the national grid in March 2019. The plants were built using LONGi Solar monocrystalline PV modules and Ciel & Terre Hydrelio floats for commercialization of floatovoltaic technology.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 11.05 Billion |
| Market Size 2024 | USD 12.10 Billion |
| Market Size 2032 | USD 22.85 Billion |
| Compound Annual Growth Rate (CAGR) | 8.27% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Growth Factors, Market Competitive Landscape, and Trends |
| Segments Covered | Platform Type, Plant Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | MAN Diesel & Turbo, Karadeniz Holding A.Ş., Vikram Solar Pvt. Ltd., Ciel & Terre International, Waller Marine, Inc., Power Barge Corporation., Floating Power Plant A/S., Principle Power, Inc., Wärtsilä Corporation., Kyocera Corporation, and Rosatom State Atomic Energy Corporation (USA) |
| Key Market Opportunities | Increasing demand for clean electricity among end-use sectors along with the lack of power infrastructure. |
| Key Market Dynamics | Rapid industrialization and urbanization |
Floating Power Plant Market Highlights:
Frequently Asked Questions (FAQ) :
The global floating power plant market size was valued at USD 11.05 Billion in 2023.
The global floating power plant market is projected to grow at a CAGR of 8.27% during the forecast period 2024-2032.
North America had the largest share in the global floating power plant market.
The key players in the market are MAN Diesel & Turbo, Karadeniz Holding A.Ş., Vikram Solar Pvt. Ltd., Ciel & Terre International, Waller Marine, Inc., Power Barge Corporation., and Floating Power Plant A/S.
The floating structures category dominated the market in 2022.
Floating solar power had the largest share in the global market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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