Floating Solar PV Market Analysis

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.