What Does the Historical and Current Floating Power Plant Market Size Trend Indicate?
The floating power plant market has seen considerable growth due to a variety of factors.
• The market for floating power plants has seen substantial growth in past years. The market stood at $2.72 billion in 2024, and it's projected to expand to $2.89 billion in 2025, marking a compound annual growth rate (CAGR) of 6.3%.
This growth trend during the historical period is largely due to the increasing demands for energy, opportunities in offshore wind energy and hydropower, heightened renewable energy objectives, and scarce land resources.
How Will the Floating Power Plant Market Size Evolve over the Forecast Period?
The floating power plant market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of floating power plants is anticipated to witness robust growth in the upcoming years, escalating to a value of $3.75 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 6.7%.
Various factors driving this growth over the predicted period are the boost in offshore wind capacity, expansion of wave and tidal energy, emerging market opportunities, production of green hydrogen, and governmental assistance and investments. The forecast period is also projected to see key trends like advancements in floating solar technology, combined renewable systems, energy export and grid networking, minimization of impact on aquatic ecology, and widespread energy production.
What Factors Are Driving Growth In The Floating Power Plant Market?
The escalating global need for energy is projected to drive the expansion of the floating power plant market. Energy, in this sense, refers to the power obtained from electrical potential or kinetic energy, essential for machine operation. Industrialization's rise has led to a heightened demand for energy from floating power plants, which facilitate efficient electricity management in industries. For example, the International Energy Agency (IEA), an intergovernmental organization based in France, predicted in July 2024 that global electricity demand would see a growth of approximately 4% in 2024, an increase from the 2.5% growth rate of 2023. Therefore, the overall rise in energy use is a major factor propelling the floating power plant market's growth.
What Are The Main Segments Of The Global Floating Power Plant Market?
The floating power plant market covered in this report is segmented –
1) By Type: Floating Solar Power, Floating Wind, Floating Wind and Wave Power, Floating Nuclear Power, Other Types
2) By Type of Power Source: Non-Renewable Power Sources, Renewable Power Sources
3) By Capacity: 1 MW–5 MW, 5.1 MW–20 MW, 20.1 MW–100 MW, 100.1 MW–250 MW, Above 250 MW
Subsegments:
1) By Floating Solar Power: Fixed Tilt Systems, Single-Axis Tracking Systems
2) By Floating Wind: Spar-Buoy Systems, Tension Leg Platforms (TLP), Semi-Submersible Platforms
3) By Floating Wind and Wave Power: Hybrid Systems (Combining Wind and Wave Technologies)
4) By Floating Nuclear Power: Small Modular Reactors (SMR), Floating Nuclear Power Stations
5) By Other Types: Hybrid Renewable Systems, Experimental And Emerging Technologies
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What Emerging Trends Are Influencing The Growth Of The Floating Power Plant Market?
Leading firms in the floating power plant market are focusing on advancements in product innovation, such as the 50 MW Captive Floating Solar Power Plant. This product merges the benefits of renewable energy production, space efficiency, and environmental stewardship. For example, in July 2023, Shyam Metalics and Energy (SMEL), a metal production company hailing from India, introduced a 50 MW Captive Floating Solar Power Plant in Sambalpur, Odisha. This endeavor signifies a milestone in the effort to decrease the carbon emissions from the metal manufacturing sector in the area, establishing SMEL as the foremost metal production company in Odisha to embark on such an initiative.
Who Are the Key Players in the Floating Power Plant Market?
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
What Is The Most Dominant Region In The Floating Power Plant Market?
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 include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
