Floating Power Plants Market Size - By Power Source, By Capacity, By Deployment, By Application, Growth Forecast, 2025 - 2034

Floating Power Plants Market Size

According to a recent study by Global Market Insights Inc., the floating power plants market was estimated at USD 3.9 billion in 2024. The market is expected to grow from USD 4.2 billion in 2025 to USD 8.6 billion in 2034, at a CAGR of 8.2%.

• The growing need for remote and offshore power generation coupled with rising demand for renewable energy solutions will drive the expansion of the industry landscape. Governments and utility providers are increasingly prioritizing investments in floating power plants to enhance energy access in remote and disaster-prone regions.
   
• Floating power plants are mobile, offshore, energy-generating facilities installed on vessels including barges, or ships, designed to supply electricity in regions with limited or no access to land-based power infrastructure. These plants typically house power generation equipment which can be deployed quickly to support emergency power needs, and grid stabilization.
   
• For reference, in 2024, the Asia Pacific region committed approximately USD 3.3 trillion toward power generation infrastructure over the next decade, with 25% earmarked specifically for solar energy initiatives. This strategic investment is expected to accelerate the deployment of renewable energy technologies, led by India and China, which are projected to contribute an additional 2 terawatts of new capacity.
   
• Continued advancements in operational reliability and efficiency are expected to accelerate the integration of energy storage systems and hybrid configurations, combining gas turbines with renewable energy sources to optimize performance and sustainability. These mobile energy solutions support grid stability and business continuity, particularly in underserved areas.
   
• The adoption of advanced energy solutions is expected to gain momentum fueled by rapid industrial expansion across emerging markets and increased capital allocation toward offshore wind projects. Moreover, the integration of offshore solar and wind technologies with energy storage systems is poised to enhance operational efficiency and strengthen the long-term growth outlook.
   
• For instance, in March 2025, Canada committed USD 147 million toward the development of Cedar LNG, a floating liquefied natural gas facility in Kitimat, British Columbia. This project, a joint venture between Pembina Pipeline and the Haisla Nation, marked a significant milestone underscoring the growing role of Indigenous partnerships in Canada’s energy sector.
   
• Supportive policies promoting renewable energy adoption coupled with the advancement of low-carbon sustainable energy initiatives will accelerate industry growth. Heightened focus on energy security and commitments to carbon neutrality are expected to drive increased investment in next-generation clean energy technologies.
   
• The floating power plants market was valued at USD 3.4 billion in 2021 and grew at a CAGR of over 6.5% through 2024. Advancements in energy storage technologies are set to significantly improve the efficiency and reliability of floating power plants, addressing the rising demand for off-grid electricity in remote and island regions.
   
• The rapid industrial expansion and a growing emphasis on resilient energy infrastructure are expected to accelerate electrification efforts across key emerging markets. Ongoing innovation in floating solar systems is expected to enhance operational performance and facilitate broader adoption across key geographies.
   
• The sector is experiencing rapid growth, fueled by increased government investments in off-grid energy solutions and renewable technologies. Continuous innovation in smart grid technologies combined with the integration of advanced digital monitoring systems will bolster the deployment of these power plants.
   

Floating Power Plants Market Trends

• The global power sector is undergoing rapid modernization to handle increasing electricity demand, variable energy sources, and aging infrastructure. The rising need for grid reliability, digital substation, and automated control systems are enabling real-time fault detection and rapid corrective action, reducing outage risks and improving operational efficiency.
   
• Continuous integration of smart sensors, advanced voltage and frequency monitoring systems to stabilize power quality along with advanced demand response mechanisms will foster industry dynamics. In addition, these solutions support grid flexibility and deliver reliable electricity where traditional transmission systems face limitations.
   
• For illustration, Canada has allocated USD 20.2 million in funding to Saitec Offshore and Waterford Energy Services for the development of a floating wind project. The initiative aims to retrofit mobile offshore drilling units with integrated renewable energy and storage systems, targeting a reduction in greenhouse gas emissions within the Newfoundland and Labrador offshore oil and gas sectors.
   
• The shift toward cleaner energy sources is pushing floating power plants to adopt hybrid configurations that combine multiple renewable technologies. In line with the global decarbonization goals, hybrid floating platforms integrating solar, wind, and wave energy enhance output reliability by reducing dependency on any single resource.
   
• The growing government incentives for renewable deployment, floating systems gain financial viability while aligning with sustainability policies. Moreover, these plants can be deployed closer to demand centers, reducing transmission losses and supporting decentralized energy production.
   
• For citation, Mexico’s state-owned utility, CFE, secured a USD 161 million loan from the France’s AFD to support the development of the country’s first floating solar power project. The initiative is expected to add over 120 MW of renewable capacity, contributing to grid diversification and strengthening Mexico’s clean energy transition.
   
• The increasing complexity of modern power systems propelled by renewable energy integration and distributed generation, is making power quality a central focus for utilities and energy operators. This capability ensures early detection of irregularities, preventing them from escalating into large-scale outages or equipment failures.
   
• Additionally, energy storage integration allows floating platforms to inject or absorb power rapidly during fluctuations, supporting grid operators in balancing demand and supply under dynamic conditions. Together, these innovations make floating power plants a highly reliable solution for modern energy networks.
   

Floating Power Plants Market Analysis

• Based on power source, the industry is segmented into renewable and non-renewable. The renewable source segment holds a share of 96.3% in 2024 and is expected to grow at a CAGR of over 8% through 2034.
   
• The industry is witnessing robust growth propelled by the accelerating shift toward decentralized energy systems. Continued advancements in floating solar and offshore wind technologies, alongside improvements in energy storage capabilities will create a favorable environment for floating power plants market growth.
   
• For reference, in 2024, the U.S. EPA introduced stringent emission control standards for new gas-fired combustion turbines under Section 111(b) of the Clean Air Act. These regulations mandate the implementation of advanced carbon reduction technologies, including highly efficient turbine operations and carbon capture systems, to significantly curb greenhouse gas emissions.
   
• Favorable offshore wind energy policies paired with growing decarbonization commitments will drive business growth. Advancements in floating wind turbine technology together with declining offshore project costs will boost industry dynamics. Rising electricity demand across coastal regions paired with large untapped wind resources will fuel the deployment of these sources.
   
• Supportive policies toward renewable energy expansion in association with the development of low-carbon sustainable energy projects will escalate business growth. Rising demand for efficient land utilization, paired with increasing focus on water conservation will bolster the floating power plants market potential.
   
• For citation, in April 2025, DEG, Standard Chartered, and Proparco entered into a financing agreement to support the development, construction, and operation of the Saguling Floating Solar PV Plant under Indonesia’s JETP.
   
• In addition, the project mobilizes USD 60 million in funding, reinforcing Indonesia’s commitment to an inclusive and ambitious energy transition while expanding its renewable energy infrastructure.
   
• The non-renewable based floating power plants market was evaluated at USD 146.6 million in 2024. These power plants often depend on diesel and LNG fuel for auxiliary energy support, particularly in off-grid regions and areas impacted by natural disasters. This operational flexibility is contributing to increased industry adoption and driving business landscape.
   
• Rising global electricity demand coupled with increasing offshore energy projects will fortify the industry momentum. Growing adoption of LNG as a transition fuel in association with advancements in floating storage regasification units will proliferate the industry outlook.
• For citation, in June 2025, the Government of Mauritius has launched an international tender to attract investors for the rapid development of a 100 MW floating power plant, aimed at stabilizing the national energy supply by January 2026.
   
• Integration of hybrid IC engine systems with renewables along with energy transition efforts will strengthen business dynamics. Increasing electrification of remote industrial facilities paired with off-grid power needs will accelerate the industry growth. Advancements in emission control technologies coupled with stringent environmental regulations will amplify industry penetration.
   
• Based on application, the floating power plants market is segmented into natural water bodies and manmade water bodies. The manmade water bodies market will witness a growth rate of over 6.5% from 2025 to 2034. Growing urbanization in line with the increasing establishment of artificial lakes and reservoirs for industrial and municipal purposes will foster the deployment of floating power plants.
   
• For reference, in March 2023, Sungrow secured a contract for the development for Indonesia based floating solar project with a capacity of 192 MW Cirata initiative. The project showcases the adaptability of floating solar technology in complex environments, with water depths reaching 94 meters and fluctuations of up to 18 meters, reinforcing its viability for large-scale deployment in diverse geographic conditions.
   
• The natural water bodies market is set to reach over USD 2.5 billion by 2034. Rising power demand in association with remote and island communities relying on natural water bodies will fuel the business landscape. Expansion of offshore renewable projects together with the availability of large water surfaces will sway the deployment of floating power facilities on natural water bodies.
   

• Based on deployment, the floating power plants market is segmented into ships, barges, modular rafts, and others. The modular rafts segment dominates the market with 50.9% share in 2024 and is anticipated to grow at a CAGR of over 7.5% from 2025 to 2034.
   
• Surging preference for lightweight modular raft platforms coupled with the need for rapid deployment power solutions will spur industry momentum. The adoption of scalable modular raft power system paired with grid-independent energy supply projects will accelerate business growth.
   
• For instance, in August 2024, SJVN commissioned the 90 MW Omkareshwar Floating Solar Project through its wholly owned subsidiary, SJVN Green Energy Limited (SGEL). Located in Khandwa district, Madhya Pradesh, the project is part of India’s largest floating solar park and marks SJVN’s strategic entry into the floating solar segment.
   
• The barges floating power plants market was valued at USD 1.4 billion in 2024. Deployment of barge-mounted power plants for peak load requirements in line with the need for flexible power generation capacity will create favorable business scenario. Increasing demand for cost-effective temporary power infrastructure along with rapid industrialization in island economies will drive the business outlook.
   
• The ship floating power plants market will exceed USD 700 million by 2034. Growing emphasis on offshore energy production coupled with the integration of hybrid power systems on ships will bolster industry growth. Integration of digital monitoring systems on power ships in association with advanced grid stabilization technologies will spur business potential.

• The U.S. dominated the floating power plants market in North America with USD 2.7 million in 2024. Growing emphasis on rapid deployment of energy infrastructure to meet peak electricity demand is fostering the adoption of floating power plants across coastal states.
   
• The North America floating power plants market will project at a CAGR of over 30% till 2034. Cross-border initiatives to enhance regional energy security are driving floating power projects in shared water bodies. Expansion of offshore oil & gas exploration activities is stimulating demand for floating power plants to support operational energy needs.
   
• For citation, in February 2025, Canada, in collaboration with the International Renewable Energy Agency (IRENA), committed USD 0.5 million to Phase 2 of the Global Initiative for Transitioning Remote Communities to Renewable Energy.
   
• The Europe floating power plants market was valued at USD 335.4 million in 2024. EU policies emphasizing clean energy transition in combination with flexible power solutions are boosting floating hybrid across the region. Rising focus on repurposing retired shipyards for constructing floating power platforms is fostering cost-effective manufacturing.
   
• The Asia Pacific floating power plants market held around 87.2% revenue share in 2024. Rapid urbanization and coastal industrialization are driving demand for floating power solutions. Continuous technological investments in high-efficiency IC engines tailored for tropical climates are enhancing regional market opportunities.
   
• For illustration, in June 2023, ILIOS Power awarded an EPC as well as operation and maintenance contract by BPCL for a 6.9 MW floating solar power project in Kerala. The company secured the contract with a bid of USD 5.5 million, bringing the total contract value, inclusive of GST, to USD 6.32 million.
   
• The Middle East & Africa floating power plants market will exceed USD 15 million by 2034. Growing electricity demand in remote mining and industrial operations is boosting modular floating power solutions. The adoption of gas-fired floating plants combined with the region’s abundant natural gas reserves to ensure reliable power supply will drive industry potential.
   
• The Latin America floating power plants market will witness a growth rate of over 2% through 2034. Increased focus on reducing reliance on land-based power plants is encouraging governments to support water-based energy infrastructure development, which will foster industry scenario. The collaboration between local utilities and global technology providers is accelerating the adoption of these power plants in the region.
   

Floating Power Plants Market Share

• The top 5 companies in the floating power plants industry are CGN New Energy Holdings, Tata Power, Ciel & Terre, SJVN Green Energy, and National Power Supply Public Company, contributing around 42% of the market in 2024. The market has shown moderate to high competition driven by technological advancements, increasing renewable integration, and the need for flexible power solutions.
   
• CGN New Energy Holdings competes through technological innovation and strategic alignment with national energy goals. Its strength lies in leveraging advanced solar technologies and government support to push boundaries in offshore and floating solar. The company faces competition from other state-backed entities and private firms, but maintains an edge through scale, R&D, and integration across the energy value chain.
   
• Tata Power operates in a highly competitive Indian market, where it differentiates itself through integrated energy solutions and strong execution capabilities. Its competition includes both public and private players, but Tata’s diversified portfolio and engineering expertise allow it to compete effectively in tenders and private contracts.
   
• Ciel & Terre faces global competition from emerging FPV technology providers and EPC firms. It maintains a competitive edge through specialization, proprietary technology, and international experience. The company competes by offering modular, scalable solutions and forming strategic partnerships, positioning itself as a go-to expert in floating solar across diverse geographies and regulatory environments.
   
• SJVN competes primarily in the public sector space, where its government backing and designation as a renewable energy implementing agency provide strategic advantages. It faces competition from other state-owned and private firms, but leverages policy alignment, funding access, and rapid capacity expansion to maintain its position. Its competitive nature is rooted in scale and execution speed.
   
• National Power Supply Public Company competes in Southeast Asia’s industrial energy market, where floating solar is gaining traction. Its competition includes regional utilities and renewable startups. NPS differentiates itself through hybrid energy models and vertical integration, offering tailored solutions for industrial zones. The company’s competitive nature is shaped by its ability to deliver reliable, clean energy in high-demand environments.
   
• Over the past 3 years, competition has intensified as established players expanded portfolios to include hybrid and modular solutions, while new entrants introduced cost-efficient and scalable designs. Strategic collaborations between equipment manufacturers, EPC contractors, and utility providers have increased, enabling faster deployments and reducing project risks.
   

Floating Power Plants Market Companies

• In quarter 3 FY 2025, Siemens Energy reported robust financial performance in the third quarter, with revenue rising by 13.5% on a comparable basis to USD 11.3 billion, reflecting sustained double-digit growth. The company achieved a Profit before Special Items of USD 577.4 million, a significant improvement from USD 56.9 million in quarter 3 FY 2024, resulting in a margin of 5.1%.
   
• In the first half of 2025, GE Vernova reported revenue of USD 17.1 billion. Adjusted EBITDA reached USD 1.2 billion, with an Adjusted EBITDA margin of 7.2%. These figures represent year-over-year increases of USD 0.5 billion and 2.5 percentage points, respectively.
• Kawasaki Heavy Industries reported revenue of USD 3.3 billion for the first quarter of 2025. Gross profit for the period stood at USD 621.3 million, while profit before tax amounted to USD 113.9 million.
   

Major players operating in the floating power plants market are:

• BW Ideol
• CGN New Energy Holdings
• CHN Energy
• Ciel & Terre
• Electricity Generating Authority of Thailand
• Equinor
• Floating Power Plant
• GE Vernova
• HEXA Renewables
• Karadeniz Holding
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsubishi Heavy Industries
• National Power Supply Public Company
• Ørsted
• RWE
• Siemens Energy
• SJVN Green Energy
• Sterling & Wilson Renewable Energy
• Swimsol
• Tata Power
• Vestas
• Wärtsilä
   

Floating Power Plants Industry News

• In May 2025, Ciel & Terre commissioned one of India’s largest floating solar projects a 120 MWp installation at Omkareshwar Dam in Madhya Pradesh in collaboration with L&T and SJVN Green Energy for RUMSL. Spanning 210 acres, the project featured 14 floating islands and over 407,000 Hydrelio floats, integrating innovative solutions such as rock bolt anchoring and the world’s first FRP-based floating inverter barge. The plant was designed to enhance energy efficiency and offset over 113,000 tons of CO₂ emissions annually.
   
• In March 2025, Siemens Energy secured a USD 1.6 billion contract to supply advanced technologies for the Nairyah 2 and Rumah 2 power plants in Saudi Arabia. Executed in collaboration with EPC contractor Harbin Electric, the project aimed to add 3.6 GW of capacity to the kingdom’s national grid, supporting its growing energy demands.
   
• In February 2025, Wärtsilä delivered a 37 MW power plant to Consorcio Energético de Punta Cana in the Dominican Republic, as part of an extension to the facility originally commissioned in 2018 under a full EPC contract. The expansion reinforced Wärtsilä’s commitment to delivering innovative and sustainable energy solutions tailored to the region’s growing power demands.
   
• In November 2024, RWE, in collaboration with Fraunhofer ISE and BTU Cottbus-Senftenberg, launched the PV2Float pilot project by installing over 190 floating solar modules on the Mortkasee artificial lake in Saxony. The 90 kW research facility tested three different systems over a planned three-year period to assess technical refinement, environmental compatibility, and public acceptance. Supported by Germany’s Federal Ministry of Economic Affairs and Climate Action, the initiative aimed to repurpose former lignite mine lakes for sustainable power generation.
   

The floating power plants market research reports include in-depth coverage of the industry with estimates & forecast in terms of volume (MW) & revenue (USD Million) from 2021 to 2034, for the following segments:

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Market, By Power Source

• Renewable
  • Solar
  • Wind
• Non-renewable
  • Gas turbine
  • IC engines

Market, By Capacity

• > 1 – 5 MW
• > 5 – 20 MW
• > 20 – 100 MW
• > 100 MW

Market, By Deployment

• Ships
• Barges
• Modular rafts
• Others

Market, By Application

• Manmade water bodies
• Natural water bodies

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Middle East & Africa
  • UAE
  • Saudi Arabia
• Latin America
  • Brazil
  • Argentina