North America Floating Power Plant Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2035)
North America Floating Power Plant Market: by Type (Solar, Wind, Gas Turbine, Nuclear, Diesel, Hybrid), Application (Power Generation, Renewable Integration, Marine Power, Disaster Relief, Remote Power Supply, Others), Distribution Channels (Direct Sales, Distributors, EPC Contractors, Utilities, Government Procurement, Others), Technology (Photovoltaic, Wind Turbine, Combined Cycle, Nuclear, Internal Combustion Engine, Hybrid Systems), Organization Size (Small, Medium, Large) and By North America Historical & Forecast Period (2020-2035) Comprehensive Study 2025
Last Updated: 23-07-2025 | Format: PDF | Report ID:10592 | Author: Lena
North America Floating Power Plant Market Size, Share & Growth, 2025-2035 (USD Million)
The North America Floating Power Plant market is projected to witness robust growth between 2025 and 2035 due to increasing deployment of renewable energy sources, rising energy demand from remote and coastal regions, and advancements in floating plant technologies. Significant investments by key industry players and favorable government policies are accelerating this expansion. The market encompasses various types such as solar, wind, gas turbine, nuclear, diesel, and hybrid power plants, catering to applications including power generation, disaster relief, renewable integration, and marine operations. Leading market contributors include General Electric, Siemens AG, and Wartsila Corporation, leveraging innovation for sustainable and flexible energy solutions.
Latest Market Dynamics
Key Drivers
Rising demand for decentralized and renewable-based power generation due to grid limitations and energy transitions, with
launching new hybrid floating platforms in 2024 to address this demand.
Increasing incidence of natural disasters and emergencies in North America, such as hurricanes and wildfires, has driven rapid deployment of floating power plants, as demonstrated by Siemens AG’s quick-response deployments in 2024 across affected U.S. coastal regions.
Key Trends
Growth in hybrid floating power plants that integrate solar, wind, and battery storage systems for grid flexibility, with Wartsila Corporation expanding such solutions in Canada during 2024.
Expansion into off-grid and remote area electrification, with Principle Power Inc. deploying floating wind platforms in remote Alaskan and Canadian communities in 2024.
Key Opportunities
Government incentives and investments in renewable integration, especially under the U.S. Inflation Reduction Act, opening new project pipelines and funding – Trina Solar’s recent North American floating solar pilot projects exemplify this in 2024.
Technological advancements driving cost reduction and efficiency improvement in floating platforms, with Ciel & Terre rolling out new high-yield modular systems for inland water bodies in mid-2024.
Key Challenges
High initial investment costs and financing barriers, especially for large-scale floating nuclear and hybrid systems, highlighted by ongoing budget challenges faced by Mitsubishi Heavy Industries in 2024.
Complexities in permitting, maritime regulations, and cross-jurisdictional project execution, as observed in Kyocera’s delayed cross-border floating projects in North American lakes in 2024.
Key Restraints
Concerns over environmental impact on marine ecosystems and water quality, with increased scrutiny faced by Power Barge Corporation’s recent deployments in the Gulf of Mexico.
Technical limitations for grid connectivity and maintenance in harsh North American climates, as reported by ABB Ltd. after performance disruptions during 2024’s winter storms.
North America Floating Power Plant Market Share by Type, 2025 (%)
In 2025, the market share by type is characterized by strong dominance of solar- and wind-based floating power plants, accounting for 32% and 28% respectively, reflecting a clear shift towards renewables. Gas turbine-based platforms represent about 18%, serving flexible grid support needs, while nuclear, diesel, and hybrid systems together make up the remaining 22%, appealing to specialized applications such as emergency response and off-grid operations. The evident trend is a decline in diesel’s share due to environmental regulations and a rising preference for hybrid configurations, which enable grid stability and maximize renewable integration.
North America Floating Power Plant Market Share by Application, 2025 (%)
The floating power plant market in North America by application reveals that power generation dominates with 38%, closely followed by renewable integration at 25%, demonstrating utility-scale adoption and policy-driven installations. Marine power contributes 15%, providing key energy support for offshore and port operations. Disaster relief and remote power supply collectively account for 17%, underscoring the sector’s critical role in addressing grid outages and underserved regions. The ‘Others’ category, including pilot and research projects, comprises the remaining 5%. Strategic focus is expected to increase on hybrid systems for disaster-prone and remote communities.
North America Floating Power Plant Market Revenue (USD Million) 2020-2035
The revenue of North America’s floating power plant market is projected to grow from $420 Million in 2020, reaching approximately $1,370 Million by 2030 and forecasted at $2,180 Million by 2035. This robust CAGR reflects major deployments of floating renewable and hybrid systems across the U.S., Canada, and Mexico. Growth is driven by policy initiatives, rapid technological adoption, and increased investments by leading utilities and EPC players. Notably, post-2025, the market is set to see accelerated growth as large-scale offshore wind and solar projects come online, closing the gap for clean, reliable, and flexible energy supply.
North America Floating Power Plant Market YOY (%) Growth, 2020-2035
Year-over-year (YOY) growth in the North American floating power plant market averaged 12% between 2020 and 2025, peaking at 16% in 2027 due to project commissioning. As the sector matures, YOY growth rates stabilize at 10% post-2030. The trend illustrates robust expansion in early years, led by a surge in renewable adoption and government contracts, and gradual normalization as the technology becomes mainstream. Notably, spikes in 2026 and 2031 align with policy pushes and completion of major transnational projects.
North America Floating Power Plant Market Share by Region, 2025 (%)
In 2025, the United States holds the lion’s share with 63% of North American floating power plant installations, attributed to large coastal projects and supportive policy frameworks. Canada follows with 22%, with strong growth in hybrid and remote area ventures, especially for First Nations communities. Mexico commands 15% of the market, leveraging floating power for off-grid applications and industrial parks. The regional distribution highlights the U.S. as the primary innovation and investment hub, while Canada and Mexico emerge as fast-growing markets for renewable integration through floating solutions.
North America Floating Power Plant Market Share by Players, 2025 (%)
General Electric leads the North American floating power plant landscape with a 19% share, driven by technological leadership and expansive project portfolio. Siemens AG ranks second with 15%, bolstered by rapid deployment solutions. Wartsila Corporation claims 12%, focusing on modular and hybrid power barges. Mitsubishi Heavy Industries and Principle Power Inc. round out the top five, reflecting a highly competitive and innovation-driven market. Other players, including ABB Ltd., Ciel & Terre, and Kyocera, collectively control 39%, indicating a vibrant field fostering advancements and strategic collaborations across the region.
North America Floating Power Plant Market Share by Buyer Type, 2025 (%)
Utilities constitute the largest buyer segment at 36%, followed by government procurement at 24%, highlighting policy-driven contracts for emergency and grid reliability projects. EPC contractors and direct sales combined account for another 28%, while distributors and others make up the remaining 12%. The distribution underscores strong institutional and project-driven demand, indicating the sector’s movement towards tailored solutions for large organizations and public sector initiatives, amid evolving energy transition mandates.
Study Coverage
Metrics
Details
Years
2020-2035
Base Year
2025
Market Size
Revenue (USD Million)
Regions
United States, Canada, Mexico
Segments
Type (Solar, Wind, Gas Turbine, Nuclear, Diesel, Hybrid), Application (Power Generation, Renewable Integration, Marine Power, Disaster Relief, Remote Power Supply, Others), Distribution Channels (Direct Sales, Distributors, EPC Contractors, Utilities, Government Procurement, Others), Technology (Photovoltaic, Wind Turbine, Combined Cycle, Nuclear, Internal Combustion Engine, Hybrid Systems), Organization Size (Small, Medium, Large)
June 2024: General Electric launched a new modular hybrid floating power plant platform tailored for rapid deployment in North America.
July 2024: Principle Power Inc. expanded its floating wind installation in Canada to power remote Alaskan communities.
August 2024: Trina Solar announced successful commissioning of its first large-scale floating photovoltaic pilot project in Texas.
August 2024: Ciel & Terre unveiled a high-yield modular floating solar product designed for North American inland water bodies.
September 2024: Siemens AG completed a fast-response floating diesel plant deployment in Florida post-hurricane season.
Frequently Asked Questions
About the Author
Lena
Senior Research Consultant
Lena is a Senior Research Consultant specializing in market research, industry analysis, and business consulting across Energy & Power. Lena brings a commercially grounded perspective to sectors shaped by changing demand, innovation, and competitive dynamics, helping turn complex market trends into clear strategic insights for business decision-makers. With 10+ years of experience across research, analytics, and strategic advisory roles, Lena has helped organizations translate data into actionable growth strategies.
Energy & PowerMarket ResearchIndustry AnalysisStrategic Consulting
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