Floating Solar Panels Market by Technology (Photovoltaic Solar Panels, Concentrated Solar Power Systems), by Location (Offshore, Onshore), by End-Use Industry (Energy Generation, Utilities); Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Floating Solar Panels Market was valued at USD 2.3 Billion 2023 and will surpass USD 11.9 Billion by 2030; growing at a CAGR of 26.3% during 2024 - 2030.

The floating solar panels market is gaining momentum as a sustainable solution for renewable energy generation. These systems, which are installed on water bodies such as lakes, reservoirs, and offshore areas, offer several advantages, including higher energy efficiency and reduced land use. As the demand for clean energy rises and space for traditional solar installations becomes limited, floating solar panels are being seen as an innovative and viable alternative. Floating solar panels not only contribute to renewable energy generation but also help mitigate water evaporation and improve the quality of water bodies. This market is evolving rapidly, with technological advancements and growing investments driving its expansion across different regions.

In the following sections, we will delve into key segments of the floating solar panels market, highlighting the largest or fastest-growing subsegments within each category, including technology, location, and end-use industry. These insights will provide a comprehensive view of the trends shaping the future of floating solar energy solutions.

Photovoltaic (PV) Solar Panels Technology is Largest Owing to Efficiency and Scalability

Photovoltaic (PV) solar panels dominate the floating solar panels market as the largest technology segment due to their proven efficiency, cost-effectiveness, and scalability. PV solar panels convert sunlight directly into electricity using semiconductor materials, making them highly efficient for energy production. Their widespread adoption in both land-based and floating applications is driven by the continued decrease in costs and improvements in energy conversion efficiency.

In floating solar applications, PV panels are often deployed on water bodies to capitalize on the cooling effect of water, which enhances their performance. The ability to scale PV solar systems for large and small projects alike makes them ideal for a wide range of floating solar installations, from small-scale projects on water reservoirs to large-scale offshore systems. As the demand for renewable energy increases, the PV technology segment continues to be the largest and most established within the floating solar panel market.

Offshore Location is Fastest Growing Owing to Expanding Potential for Energy Generation

Offshore floating solar installations are the fastest-growing segment in the floating solar panels market, driven by the increasing potential for energy generation in offshore environments. Offshore areas offer vast, underutilized spaces that can support large-scale solar projects. This location allows for the installation of floating solar systems in deeper waters, where space for traditional land-based solar farms is limited or unavailable. Additionally, the offshore location reduces land-use competition and environmental concerns, making it an attractive solution for renewable energy generation.

Offshore floating solar panels are especially effective in regions with high sunlight exposure and the availability of bodies of water like lakes or coastal areas. Moreover, they can be integrated with existing marine infrastructure, such as offshore wind farms, to create hybrid energy generation systems. This segment is expected to witness rapid growth as technological advances make offshore floating solar installations more feasible and cost-efficient, offering significant potential for large-scale energy production.

Energy Generation is Largest End-Use Industry Owing to Rising Renewable Energy Demand

Energy generation is the largest end-use industry for floating solar panels, driven by the growing demand for renewable and sustainable power sources worldwide. As governments and corporations pursue ambitious renewable energy targets and work towards decarbonization, floating solar panels are gaining traction as a key solution for meeting these goals. Floating solar systems can be installed on existing water bodies, such as reservoirs and lakes, making them an ideal choice for energy generation without taking up additional land space.

Floating solar installations provide an efficient and scalable solution for power generation, particularly in regions where land-based solar projects face challenges due to limited space or high land costs. As the technology matures, energy generation from floating solar panels is expected to play a significant role in the global energy mix, contributing to the shift towards cleaner, more sustainable power sources. The continued demand for renewable energy is expected to drive the growth of this segment in the floating solar panels market.

Asia-Pacific is Fastest Growing Region Owing to Government Initiatives and Energy Demand

The Asia-Pacific (APAC) region is the fastest-growing market for floating solar panels, driven by a combination of rapid industrialization, urbanization, and an increasing focus on renewable energy. Countries like China, India, and Japan are leading the way in floating solar projects, supported by government incentives and investments aimed at reducing carbon emissions and promoting sustainable energy. In particular, China has emerged as a global leader in floating solar technology, with significant installations on reservoirs and water bodies.

APAC is also home to several large bodies of water that are ideal for floating solar systems, offering significant potential for scaling up energy generation. The region’s strong commitment to expanding renewable energy infrastructure, along with the rapid adoption of floating solar technology, positions it as the fastest-growing region in this market. As renewable energy targets become more stringent, the demand for floating solar panels is expected to continue growing at a rapid pace in APAC.

Competitive Landscape and Leading Companies

The floating solar panels market is competitive, with several key players driving technological advancements, system integration, and large-scale project deployment. Leading companies in the market include First Solar, Trina Solar, and Suntech Power, which are at the forefront of PV solar technology. Other notable players include Ciel & Terre International, which specializes in floating solar panel systems and has been involved in several high-profile projects worldwide.

The competitive landscape is characterized by strong research and development efforts, as companies strive to improve the efficiency, cost-effectiveness, and scalability of floating solar systems. Partnerships between energy developers, government agencies, and technology providers are also common, as they enable the successful execution of large-scale floating solar projects. As the floating solar industry continues to mature, these companies are expected to play a significant role in shaping the market's future growth and adoption.

List of Leading Companies:

• Azure Power Global Limited
• Canadian Solar Inc.
• Enel Green Power
• First Solar, Inc.
• Floating Solar (Loy Yang) Pty Ltd
• Hanwha Q CELLS
• JinkoSolar Technology Co., Ltd.
• Kyocera Corporation
• LONGi Green Energy Technology Co., Ltd.
• Scatec Solar
• Sharp Corporation
• Solvay
• Sungrow Power Supply Co., Ltd.
• Sunseap Group
• Trina Solar Limited

Recent Developments:

• Sungrow Power Supply Co. announced the installation of a large floating solar farm in Southeast Asia, which is expected to increase the region's renewable energy capacity.
• Trina Solar Limited launched an innovative floating PV platform designed for high-efficiency solar power generation, targeting water bodies in both urban and rural locations.
• First Solar, Inc. has expanded its portfolio with the launch of a new floating solar product aimed at enhancing energy production in coastal and inland water bodies.
• Enel Green Power completed a major floating solar project in Italy, significantly increasing the country's renewable energy share from water-based solar systems.
• Sunseap Group entered a strategic partnership to develop a large-scale floating solar farm in Singapore, highlighting its commitment to sustainable urban energy solutions.

Report Scope: