Floating Solar PV Market Size

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.