Floating Solar PV Market Size - By Capacity (<5 MW, 5-15 MW, >15 MW), By Product (Stationary, Tracking), & Global Forecast, 2025 – 2034

Floating Solar PV Market Size

The floating solar PV market size was valued USD 7.7 billion in 2024 and is anticipated to grow at CAGR of 1.5% from 2025 to 2034. Growing installation of solar PV systems installed on reservoirs linked to hydropower plants along with innovations in materials and design, such as more durable floating structures, and advances in mooring technology, are facilitating the broader adoption of floating solar PV systems.
 

Increasing potential to reduce water evaporation and increase panel efficiency through cooling are key factors driving the adoption, particularly in regions prone to high temperatures and water scarcity including Middle East and Africa. Growing deployment in island nations and coastal areas where land resources are scarce but the demand for renewable energy is growing will strengthen the floating solar PV market landscape. Ongoing establishment of frameworks to install floating photovoltaic systems on state owned reservoirs, introduction of pilot and demonstration plants and implementation of policies will encourage the product adoption.
 

Key features including lesser environmental footprint, reduced greenhouse gas emissions by displacing fossil fuel-based electricity generation and higher yield per panel will augment the business landscape. Floating solar systems are ideal for deployment in water bodies comprising reservoirs, dams, or lakes that are otherwise underutilized. In July 2024, SolarDuck and RWE started the construction of a 0.5 MW offshore FPV plant in the Netherlands.

Floating Solar PV Market Trends

The incorporation of new floating platforms made of durable materials such as HDPE which are resistant to weathering, UV radiation, corrosion, and algal blooms will boost business growth. For citation, in 2024, Canopy Power and Ocean Sun installed a new floating photovoltaic system in the Maldives to be completed by 2025.
 

The anticipated synergy enhancement between the floating Solar PV systems and Hydropower Plants is anticipated to improve industry figures as an economically viable renewable energy option. An example of this would be the signing of the memorandum of understanding by Ocean Sun with NHPC limited on May 2024 where the construction of a 2MW demonstration project to be built in an NHPC reservoir is slated for 2024.
 

Key advantages comprising the ability to leverage existing infrastructure, such as grid connections and substations will drive the floating solar PV market scenario. In addition, hydropower plants can often control the solar components because their maintenance teams are able to manage the maintenance of the floating solar and hydropower plants, which reduces the operating costs because less resources or staff are needed. Moreover, many floating solar systems are built using easily expandable modular platforms, thus serving both small and large scale projects which helps to accelerate the business situation and meet the growing energy demand.
 

Floating Solar PV Market Analysis

• Based on capacity, the market is segmented into 5 MW, 5-15 MW and >15 MW. The market accounted for USD 5.4 billion, USD 7.6 billion and USD 7.7 billion for 2022, 2023 and 2024 respectively. The >15 MW segment is anticipated to reach more than USD 4 billion by 2034, driven by advancements in technology, large-scale project developments, and supportive policies.
   
• Economies comprising China, India, and South Korea are striving to produce an immense amount of electricity to add value to their energy grids, driving the need for extensive floating systems, therefore boosting the product use.  For instance, in 2023, Hartek Solar was awarded an EPC contract by SJVN Energy for 15 MW FPV project in Himachal Pradesh.
   
• 5 MW floating solar PV systems will grow owing to increasing requirement for decentralized energy generation, shifting focus toward renewable energy resources and limited land availability. These are less capital intensive projects which are attractive for municipalities, local utilities, and private developers. Further, the adoption of smaller projects will increase as technology improves particularly in regions with abundant water resources but limited land.
   
• Innovations in FPV technology have led to more efficient and cost-effective systems ranging from >5 MW to 15 MW. They have been incorporated with operational hydropower plants, making use of existing grid connections and infrastructure. As an example, in March of 2024, Bihar tendered a 10 MW floating solar project to try to test the technology’s potential in India.
   

• Based on product, the floating solar PV market is segmented into tracking and stationary. The stationary segment accounted for over 82% of revenue in 2024 owing to favorable regulatory environment to enhance the technology share.
   
• The combination of advanced technology, supportive regulations, possible large energy production and eco-friendly impacts will add to the business growth fact. For example, In May of 2024, Madhav Infra Projects Limited has signed a contract with NTPC-SAIL Power Company for the construction of 15 MW floating solar PV in Maroda Reservoir-I, in Bhilai, Chhattisgarh.
   
• The tracking segment is anticipated to register at a 5.5% CAGR through 2032. Increasing integration of tracking technology to increase energy generation efficiency is set to augment product adoption. Growing interest in tracking floating solar systems, particularly in countries like Portugal and Spain, where maximizing solar efficiency is critical due to land constraints and high demand for renewable energy will drive the product demand.  
   
• Moreover, advancements in technological innovations of tracking systems are increasing their suitability for the application of floating solar. Developers are also designing flexible and adaptable hybrid systems that integrate floating solar PV and solar tracking, some of which employ self-powered motors to adjust the angle and position of the panels, which will enhance the industry's landscape.
   

• The U.S. floating solar PV market size crossed USD 10 million, USD 14 million and USD 16 million in 2022, 2023 and 2024 respectively. North America accounted for 0.3% of the overall markets share in 2024 owing to shifting focus toward onshore floating technology, growing need for land conservation and higher energy production efficiency.
   
• Europe market will grow on account of large scale adoption across Netherlands, setting up ambitious targets for integration of renewable energy into existing infrastructure and shifting focus of the domestic PV developers toward the technology. For instance, the Netherlands government set a target for offshore floating PV of 3 GW by the year 2030.
   
• The Asia Pacific floating solar PV market is predicted to hit USD 7.3 billion by 2034, on account of limited land availability, rising energy needs, and enhanced interest in renewable resources. Several nations in the region are incorporating hybrid systems that utilize floating solar panels perched on existing hydropower reservoirs which will positively impact the industry forecast.
   
• The presence of investment friendly energy policies coupled with strong energy markets will help accelerate private investment into the region’s energy sector which is already progressing in China, India, and other Southeast Asian countries. Moreover, China, India, Vietnam, and Thailand are leading the globe in the development of new solar projects with more nations expected to increase their use of floating solar to satisfy their energy and economic goals, thus further increasing market growth.
   

Floating Solar PV Market Share

• The Top 5 players operating in the market include China Three Gorges New Energy, Ciel & Terre International, Yingli Solar, Longi Solar and Sungrow. The key players in the industry include both established solar companies expanding into floating solar and specialized firms focused on the development, manufacturing, and deployment of floating solar technologies.
   
• The floating solar PV market has started to grow due to the global shift towards using more renewable resources of energy. Further, new technologies are being developed for better the extraction of energy to minimize land use. As government funding increases and technology improves, many more regions will be entering the market, and the competition will be stronger than what it currently is in the Asia Pacific, Europe and other economies.
   

Floating Solar PV Market Companies

• In the floating solar PV industry, China Three Gorges New Energy holds a noteworthy share owing to its rapid and high quality development. Further, the company commissioned 3.48 GW of new solar capacity including 650 MW of floating solar power in Anhui province.
   
• Ciel & Terre International is the leader in the floating solar industry, known for its Hydrelio floating solar platform. The company has pioneered several large-scale floating solar projects around the world. Recently, it designed and developed 119 MW of floating PV plant with total of 219,270 modules.
   
• Eni Energy Solutions substantially aid the advancement of the floating solar PV market through their services and products offered. The company’s total revenue stands at USD 67.8 billion for the first 9 months of 2024. Furthermore, in order to expand the renewable energy portfolio, the company also commissioned a floating solar PV project in Italy with a capacity of 2.2 MW.
   
• Sungrow develops FPV systems and has commissioned various solar projects globally. The company showcased its solutions at the ENERGY EXPO in Romania. It will further display the customized solution designed especially for the Romanian market offering improved efficiency, stability and easy maintenance.
   

Eminent players operating in the floating solar PV market are:

• China Three Gorges New Energy
• Ciel & Terre International
• Eni Energy Solutions
• FOST
• Isifloating
• Kyocera Corporation
• Longi Solar
• Ocean Sun AS
• SolarDuck
• SolarisFloat
• Sungrow Group
• Swimsol
• Yingli Solar
• ZIMMERMANN PV-Floating B.V.
   

Floating Solar PV Industry News

• In November 2024, Hexa Renewables completed the largest offshore floating solar PV plant in Taiwan. The 440 MW solar array covers nearly 347 hectares of government-leased surface area. The project is capable of supplying energy to approximately 74,000 households. Further, the government has set targets of achieving 20 GW of renewable energy capacity by 2030 and reaching net zero emissions by 2050.
   
• In December 2023, the Fuyang Floating PV Power Plant began operating, which provided China Three Gorges International the ability to complete its largest singularly owned floating solar installation in Anhui Province. The projected annual production is around 700 GWh year, which is like the emissions of greenhouse gasses from burning 220,000 tons of coal, while still achieving a reduction of 580,000 tons of carbon emissions every year. Further improving its ecological value, the project also includes a decommissioned coal mine site’s fallow aquaculture.
   
• In July 2022, Ciel & Terre India successfully engineered, supplied, and installed the floats, anchoring and mooring systems for a 73.4 MW floating solar plant at the National Thermal Power Corporation in Kerala. This marks India's inaugural floating solar installation in the backwaters. Notably, all floats were manufactured in India, which expedited delivery and facilitated a record installation time.
   
• In January 2021, Longi Solar supplied the high efficiency solar PV modules for the floating solar PV projects located in Vietnam. The company supplied 74,469 panels of 470 Wp power for these landmark projects. Both the projects commissioned in 2020, are the largest floating solar PV projects in South east Asia.
   

This floating solar PV market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Capacity

• 5 MW
• 5-15 MW
• >15 MW

Market, By Product

• Stationary
• Tracking

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

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Netherlands
  • Italy
  • Norway
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
• Middle East & Africa
  • Morocco
  • UAE
• Latin America
  • Brazil
  • Laos