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

Floating Power Plants Market Size

The global floating power plants market was valued at USD 13.6 billion in 2024. The market is expected to reach USD 33.2 billion in 2034, at a CAGR of 9.2%. The need for offshore and remote power generation, along with the expanding demand for renewable energy solutions, will propel industry landscape.
 

Governments and utility companies are focusing on investment toward deployment of floating power plants, these plants assist in providing consistent electricity for remote and disaster-prone areas, thereby driving business growth. Ongoing improvements in reliability and efficiency will foster the installation of energy storage systems along with hybrid configurations combining gas turbines with renewables.
 

In 2024, the Asia Pacific region allocated USD 3.3 trillion for the development of power generation over the next decade, with a quarter set aside for solar energy. It is anticipated that this investment will accelerate the adoption of renewable energy technologies spearheaded by India and China, who are expected to add 2 TW of new capacity.
 

The adoption of these solutions will be accelerated by the surge in industrial development in emerging economies and the increased funding in offshore wind farms. Furthermore, integration of offshore solar and wind turbines with energy storage systems will improve industry prospects.
 

Supportive policies toward renewable energy expansion in association with the development of low-carbon sustainable energy projects will escalate the business growth. Growing concerns in energy security and achieving carbon neutrality will influence new investments in advanced clean energy technologies.
 

For reference, in March 2025, Canada invested USD 147 million for the construction of Cedar LNG, a floating LNG facility located in Kitimat of British Columbia. This facility is a joint venture of Pembina Pipeline and the Haisla Nation, which is now coming into prominence as Canada’s largest Indigenous-majority energy infrastructure.
 

Floating Power Plants Market Trends

The advancement of energy storage systems is poised to enhance the efficiency and dependability of floating power plants, meeting the increasing need for off-grid electricity in isolated and island areas. Growing expansion of industries in tandem with increasing focus toward dependable energy systems will bolster the electrification initiatives in key emerging economies.
 

The floating power plants market is observing exponential growth driven by increasing government investment in off-grid solutions and renewables. Additionally, the growing innovations in off-grid floating solar solutions will improve the performance of these systems and allow for better adoption in primary geographical regions.
 

For instance, Canada provided funding accounted USD 20.2 million to Saitec Offshore and Waterford Energy Services for the development of a floating wind project. This project focuses on retrofitting mobile offshore drilling units to include renewable power and storage. The goal of the project is to lower greenhouse gas emissions within the Newfoundland and Labrador offshore oil and gas industry.
 

Continuous innovation of smart grid technologies along with integration of advanced digital monitoring systems will accelerate the adoption of these power plants. Furthermore, supportive government policies to encourage offshore renewable energy thereby strengthening the business outlook.
 

The introduction of broad tariffs by the Trump administration marks a shift in the United States’ approach to global commerce. Floating power plants are groundbreaking in pursuing energy in areas with little land as well as remote regions were getting to land can be difficult. The tariffs are expected to considerably impact on the cost of these FPP projects.
 

Surging need for rapid restoration of power in disaster-stricken regions will drive the demand for mobile and scalable floating power solutions. Increasing development in modular architecture and integration of hybrid energy system will fortify the industry momentum.
 

For instance, Mexico's state-owned utility company, CFE, received a USD161 million loan from France’s AFD to complete the country’s first floating solar project. The project is expected to release over 120 MW of added capacity with renewables which will aid in diversifying the grid.
 

Floating Power Plants Market Analysis

• The floating power plants market was valued at USD 10.5, 12, and 13.6 billion in 2022, 2023 and 2024 respectively. Based on power source, the industry is segmented into renewable and non-renewable. The development of advanced power grids with integrated renewable energy resources and associated dynamic demand-response systems will improve the industry outlook.
   
• The renewable floating power plants market will grow at a CAGR of over 9% by 2034. The industry is experiencing a substantial surge fueled by the growing shift toward decentralized power systems. Continuous advancements in floating solar and offshore wind technologies in association with improvements in energy storage will create a favorable business scenario.
   
• In 2024, the EPA established emission control policies for new gas-fired combustion turbines, setting formidable requirements for reducing the emission of pollutants from the engine. These policies allow the operators of power plants to formulate and implement efficient control systems for carbon dioxide that will meet the most current requirements related to the environment.
   
• The non-renewable floating power plants market was valued at USD 800 million in 2024. These power plants primarily rely on LNG and diesel fuel for auxiliary energy support, especially in off-grid locations or areas affected by natural disasters, which in turn will proliferate the industry growth.

• Based on deployment, the floating power plants market is segmented into ships, barges, modular rafts, and others. The ships floating power plants hold a market share of 47% in 2024. Increasing investments from private and government sectors in mobile energy infrastructure will augment demand for these systems.
   
• The barges floating power plants market will grow at a CAGR of over 9% by 2034. These energy facilities are cheaper and more flexible than land-based power facilities, especially in isolated coastal and inland areas. Continuous advancements in modular building, better fuel use, and optimally connecting energy systems from renewables will boost the business growth.
   
• For instance, in 2024, the Biden-Harris Administration noted the recovery of national manufacturing as a result of the CHIPS and Science Act, the Bipartisan Infrastructure Law, and the Inflation Reduction Act. In these efforts, Challenge Grant programs have allocated approximately USD 20 million for advanced manufacturing purposes in clean energy technologies which aid in fortifying industrial growth and economic resilience throughout the nation.
   
• The modular raft floating power plants market was valued at USD 2 billion in 2024. Ongoing improvements in modular construction and advanced energy storage technologies will foster the product adoption. Supportive policies toward encouraging distributed energy systems will amplify the industry expansion.
   
• Based on application, the market is segmented into manmade water bodies and natural water bodies. The manmade water body floating power plant market will exceed USD 17.5 billion by 2034. Growing industrial facilities in line with collaborative efforts from government with independent power producers to develop floating power plants will positively sway the business scenario.
   
• In 2024, Canada put in place the Clean Electricity Regulations in a bid to reach a net-zero emission electricity sector by 2035. The regulations also set emission performance standards to cap power generation from fossil fuels in alignment with Canada’s net-zero emission target for 2050.
   
• The natural water bodies floating power plants market will project at a faster rate of over 9% by 2034. The industry is gaining momentum driven by the combination of solar, wind, and energy storage technologies into hybrid floating solutions which provide grid stability and reliability.

• U.S. floating power plants market was estimated at USD 1.4, 1.6, and 1.8 billion in 2022, 2023 and 2024 respectively. The country will project over USD 4 billion by 2034. Increasing reliance on LNG plants for temporary and emergency power supply will augment the business expansion. Moreover, rapid advancements in fuel economy, emissions control technologies, and hybridization with energy storage are strengthening business dynamics.
   
• North America floating power plants market will witness at a CAGR of 9% in 2034. Encouraging policies including tax breaks and renewable energy requirements will propel the deployment projects across both inland and coastal water bodies enabling catalyzing the industry development.
   
• For reference, in February 2025, Canada in collaboration with the IRENA, announced USD 0.5 million toward Phase 2 of the Global Initiative for Transitioning Remote Communities to Renewable Energy. This initiative focus on stimulating the uptake of renewable energy in remote regions through the creation of innovative business model case studies, country-level renewables potential assessments, and technical workshops.
   
• The Asia Pacific floating power plants market is set to reach over USD 12 billion by 2034. The region is experiencing notable growth fueled by increasing investment in urbanization development. Governments across the region is shifting focus toward investment in energy systems to fulfil rising energy needs, strengthening industry expansion.
   
• For instance, Government of Sri Lanka sanctioned the development of a 100 MW floating solar power project on the Maduru Oya reservoir in the Mahaweli Economic Zone. This project is a partnership with the Canadian Solar Institute where the Canadian government intends to execute the project along with the necessary energy storage components.
   
• The Europe floating power plants market is poised to grow at a CAGR of over 9% in 2034. The region is implementing supportive policies to reduce emissions and widespread adoption of clean energy, which in turn will fuel the business outlook. Execution of more strict policies and regulations toward the substitution of coal by more efficient turbines as the principal energy source will sway the industry growth.
   
• For instance, in 2023, Ferrovial obtained a contract for a floating solar plant in Torrelaguna, Madrid, which includes an investment of around USD 2.3 million, thus escalating the renewable energy efforts of Spain with the 1.7 MWp floating solar plant.
   
• The Middle East & Africa floating power plants has a market share of 8%. The increasing adoption of LNG and hybrid power plants along with the growing focus on improved energy efficiency and sustainability will propel the business outlook. In addition, the advancing of modular power plant designs paired with the persistent policy frameworks supporting clean energy will enhance product deployment.
   
• For instance, in 2023, Saudi Arabia renewed its interest in solar and wind investments after committing an investment accounted USD 50 billion. These initiatives also seek to diversify the Kingdom’s energy resources under the NREP to propel economic growth in the long run, foster geopolitical stability, and assist in achieving decarbonization objectives.
   
• The Latin America floating power plants market was valued at over USD 900 million in 2024. increasing investments in natural gas infrastructure and the expansion of power generation projects will boost the industry scenario. The region’s abundant natural gas reserves, integrated with supportive government policies configured to decrease reliance on imported fuels, thereby augmenting business penetration.
   

Floating Power Plants Market Share

• The top 5 players including Ciel & Terre, RWE, Wärtsilä, Siemens Energy, and Ørsted together holds share of about 40% in the floating power plants industry. GE Vernova dominates the market fueled by its vast corporate partnerships and strategic alliances with different countries.
   
• GE Vernova is one of the industry leaders which has an extensive portfolio of floating power plants. It utilizes high efficiency turbines along with mobile platforms to provide reliable electricity in remote and developing regions. The company’s engineering excellence coupled with modern floating infrastructure continues to support global energy transition by adaptable, high-performance power solutions.
   
• Mitsubishi Heavy Industries is well known for pioneering the construction of a floating power plant blending high-energy engineering with modern engineering efficiency. The firm designs various types of floating power plants featuring cutting edge engineering for the far-flung areas, offshore industries, and even for remote power needs.
   

Floating Power Plants Market Companies

Major players operating in the floating power plants industry are:

• BW Ideol
• CHN Energy
• Ciel & Terre
• Equinor
• Floating Power Plant
• GE Vernova
• HEXA Renewables
• Karadeniz Holding
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsubishi Heavy Industries
• Ørsted
• RWE
• Siemens Energy
• Sterling and Wilson Renewable Energy
• Swimsol
• Vestas
• Wärtsilä
   
• Revenue for GE Vernova reached USD 34.9 billion in 2024, marking a steady increase of 5% YoY. Net Income grew to USD 2 billion with a 4.5% margin, increasing by USD 1.6 billion. The company also reported an adjusted EBITDA of USD 2 billion at a 5.8% margin.
   
• Siemens Energy reported a remarkable order intake of USD 54.1 billion within fiscal year 2024, which clearly shows strong market demand along with an improved margin mix. The company also recorded revenues of USD 37.2 billion which is an expansion of 12.8% year on year and exceeded expectations, marking stronger growth and dominance globally.
   
• Mitsubishi Heavy Industries disclosed their revenue at USD 24.2 billion in the first three quarters of FY 2024. This reflects an increase of 8.8% compared to the previous year. The firm also reported an increase of 10.5% in year-over-year order intake for the same duration.
   

Floating Power Plants Industry News

• In February 2025, Wartsila delivered a 37 MW power plant for Consorcio Energetico de Punta Cana in the Dominican Republic. In 2018, a Wartsila power plant was commissioned to serve as a Punta Cana power plant, owing this portion to a full EPC contract. This order toward the further extension of the power plant previously commissioned which has made the effort by the company’s provided innovative and sustainable solutions.
   
• In March 2025, Siemens Energy secured a contract to furnish technologies for the Rumah 2 and Nairyah 2 power plants in Saudi Arabia. The contract was valued at USD 1.6 billion. Along with Harbin Electric serving as the EPC contractor for the project, which will further augment the national grid by 3.6 GW.
   
• In August 2024, Karpowership received 48 dual-fuel engines for their power plant vessel fleet from MAN Energy Solutions after signing a multi-million-dollar agreement. This agreement leveraged Karpowership’s fleet by an additional 1,000 MW. From each 18V51/60DF engine, MAN Energy Solutions will furnish 20.7 MW of mechanical power together with critical control equipment and electromechanical parts necessary for smooth and overall functional operation. 
   
• In March 2023, GE Vernova made an investment of over USD 450 million in the U.S. manufacturing sector by upgrading equipment, facilities, and workforce capabilities. The company further devoted USD 117 million toward the expansion of production facility.
   

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

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Market, By Power Source

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

Market, By Capacity

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

Market, By Deployment

• Ships
• Barges
• Modular raft
• 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