Floating Solar PV Market Size - By Capacity (<5 MW, 5-15 MW, >15 MW), By Product (Stationary, Tracking), Regional Outlook & Forecast, 2024 – 2032

Floating Solar PV Market Size

The global floating solar PV market was valued at USD 7.6 billion in 2023 and is anticipated to grow at a CAGR of 1.4% from 2024 to 2032. A floating solar PV system, also known as a floating solar farm or floating photovoltaic system, is a solar power installation that is mounted on a body of water, such as a reservoir, lake, or ocean. Instead of placing the solar panels on land, they are installed on floating platforms or pontoons, allowing the system to generate electricity from sunlight while floating on the water's surface.
 

Growing installation of floating 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 industry landscape.
 

Modern floating platforms are being designed with more robust materials like high-density polyethylene (HDPE), which is UV-resistant, weatherproof, and resistant to corrosion and algae growth. These materials ensure the longevity and stability of the solar system, especially in harsh marine environments. Further, many floating solar systems use modular platforms that can easily be expanded allowing for scalable solutions that can grow with energy demand, making them ideal for both small-scale and large-scale projects driving the business scenario.
 

Floating Solar PV Market Trends

Rising partnership between floating solar PV systems and hydropower plants is emerging as a highly complementary and efficient renewable energy solution will stimulate the industry statistics. This hybrid approach allows for the efficient use of existing hydropower infrastructure, leading to increased energy output and grid stability. Key advantages comprising the ability to leverage existing infrastructure, such as grid connections and substations will drive the industry scenario. Additionally, maintenance teams for hydropower plants can often manage both the hydropower and floating solar components, lowering operational costs by reducing the need for additional resources or personnel
 

Floating Solar PV Market Analysis

Based on capacity, the >15 MW segment is anticipated to cross more than USD 3.5 billion by 2032, driven by advancements in technology, large-scale project developments, and supportive policies. Rising demand for large floating systems in countries like China, India, and South Korea, to generate significant amounts of electricity and contribute meaningfully to national energy grids will foster the product adoption. Many large-scale floating solar projects are being installed on hydropower reservoirs, where the combination of solar and hydroelectric power enhances grid reliability and energy output.
 

Moreover, large floating solar projects can take advantage of the existing grid infrastructure used by hydropower plants, reducing the cost of connecting to the power grid. This synergy makes projects more financially viable and attractive to investors.
 

Based on product, the tracking segment is anticipated to grow at 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. Furthermore, technological innovations in tracking systems are making them more suitable for floating solar applications.
 

Additionally, developers are creating hybrid systems that combine the benefits of floating solar PV and solar tracking, that are designed to be flexible and adaptable, with some using self-powered motors for adjusting the angle and position of panels which will augment the industry landscape. 
 

Asia Pacific floating solar PV market is set to reach more than USD 7 billion by 2032, driven by increasing energy demand, land scarcity, and government support for renewable energy. Many countries in the region are exploring hybrid floating solar and hydropower systems, where floating solar panels are installed on existing hydropower reservoirs will foster the industry outlook. Strong policy frameworks and lucrative energy markets are attracting private investment, particularly in China, India, and Southeast Asian countries will further contribute to market growth.
 

Additionally, countries including China, India, Vietnam, and Thailand are pioneering large-scale projects, with further market growth expected as more nations adopt floating solar to meet their energy demands and sustainability goals.
 

Floating Solar PV Market Share

The competitive landscape of the floating solar PV industry is evolving rapidly, driven by increasing global interest in renewable energy, technological innovations, and the growing need for land conservation. Key players in the industry include both established solar companies expanding into floating solar and specialized firms focused on floating PV solutions. As the market continues to grow, driven by government support, cost reductions, and technological advancements, competition will intensify, particularly in regions like Asia-Pacific, Europe, and emerging markets.
 

Floating Solar PV Market Companies

Eminent players operating in the Floating Solar PV industry are:

• China Three Gorges New Energy
• Ciel & Terre International
• Eni Energy Solutions
• Kyocera Corporation
• Longi Solar
• Sungrow Group
• Statkraft
• Bosch Mobility
• Swimsol
• Sharp Corporation
• Yingli Solar
   

Floating Solar PV Industry News

• In December 2023, China Three Gorges International successfully connected the largest single-unit floating PV power project to the grid in Fuyang, Anhui Province. This project is set to produce approximately 700 GWh of electricity each year, translating to a savings of 220,000 tonnes of standard coal and a reduction in carbon emissions by nearly 580,000 tonnes annually. Additionally, the project capitalizes on the idle water surfaces of a former coal mining area and integrates solar power generation with fisheries, enhancing its ecological advantages.
   
• 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.
   

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:

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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