Floating Power Plants Market Size Worth $24 Billion By 2032 | CAGR: 9.20%

The global floating power plants market size is expected to reach USD 24.00 billion by 2032, according to a new study by Polaris Market Research. The report “Floating Power Plants Market Share, Size, Trends, Industry Analysis Report, By Power Source (Non-renewable and Renewable); By Power Rating; By Platform Type; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increasing global energy demand, particularly in off-grid and remote areas, and several environmental benefits associated with the floating solar and wind power plants, such as lower environmental impacts and reduction of carbon emissions, are primary factors influencing the market growth. In addition, the growing incorporation of digital technologies and other advancements that enable real-time monitoring, data-driven optimization, and predictive maintenance, coupled with the rising investments toward the development of new floating solar plant projects, will likely bode well for market growth in the near future.  

For instance, in August 2022, the Renewable Energy Department India announced that a floating solar power plant was going to be constructed in Madhya Pradesh. It is likely to be the world’s largest floating solar plant, with an estimate of generating 600 MW of power by 2022-23.

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The rising number of innovations in solar panel design and materials, including bifacial solar panels, floating photovoltaic systems, and anti-reflective coatings, have led to increased or enhanced efficiency and reduced costs for floating solar power plants and growing developments of floating solar plants worldwide by both government and private organizations, the market for FPPs is drastically increasing.

For instance, in June 2023, EDF Group announced the launch of its new Lazer floating solar power plant, 1st facility in France and also the 1st to combine photovoltaic & hydroelectric power generation at a single site.

Furthermore, the growing adoption of modular construction methods for the creating floating power plants that allow for easier assembly, transportation, and deployment of floating power plants and make them more adaptable to different water bodies and scalable to various energy demands is likely to have a positive impact on the market over the coming years.

Floating Power Plants Market Report Highlights

• The non-renewable segment accounted for the largest market share, mainly due to its low operating costs, better reliability, and high-power density.
• The high-power segment led the market with a considerable share on account of its significant adoption in large-scale power-requiring projects or applications.
• The power barges segment will grow at the highest pace, which is accelerated by its numerous advantageous characteristics, including easy deployment and higher flexibility.
• Asia Pacific dominated the global market, owing to higher demand for energy from various sectors and widespread adoption of renewable energy sources.
• The key market players include Mitsubishi Corporation, Ciel & Terre International, Caterpillar Inc., General Electric Company, and MAN Diesel & Turbo.

Polaris Market Research has segmented the floating power plants market report based on power source, power rating, platform type, and region:

Floating Power Plants, Power Source Outlook (Revenue - USD Billion, 2023 - 2032)

• Non-renewable
• Renewable

Floating Power Plants, Power Rating Outlook (Revenue - USD Billion, 2023 - 2032)

• High
• Medium
• Low

Floating Power Plants, Platform Type Outlook (Revenue - USD Billion, 2023 - 2032)

• Floating Structures
• Power Barges
• Power Ships

Floating Power Plants, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Floating Power Plants Market Report Scope