Global Floating Solar PV Market by Technology (Photovoltaic Solar Panels, Concentrated Solar Power), by Application (Power Generation, Water Treatment Plants, Agricultural Land Use), by End-User Industry (Utility Sector, Commercial Sector, Residential Sector); Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Floating Solar PV Market was valued at USD 1.7 Billion in 2024-e and will surpass USD 8.3 Billion by 2030; growing at a CAGR of 30.6% during 2025 - 2030.

The floating solar photovoltaic (PV) market is emerging as an innovative solution to harness solar energy by placing solar panels on water bodies such as reservoirs, lakes, and coastal areas. This technology provides a sustainable way to generate electricity while minimizing land usage, which is especially valuable in regions with limited available land for traditional ground-mounted solar installations. Floating solar PV systems are gaining traction due to their ability to increase the efficiency of solar power generation by benefiting from the cooling effect of water, which enhances the performance of solar panels.

The market is experiencing significant growth, driven by the global demand for renewable energy sources, environmental sustainability, and the growing need to optimize land use. Floating solar PV systems are being increasingly adopted for various applications, including power generation, agricultural use, and water treatment plants. As the technology continues to advance and gain more commercial viability, the floating solar PV market is expected to play a key role in global energy transformation.

Photovoltaic Solar Panels Segment Is Largest Owing To Widespread Adoption and Efficiency

The photovoltaic (PV) solar panels segment is the largest in the floating solar PV market, driven by their widespread adoption and high efficiency in converting sunlight into electricity. Photovoltaic solar panels are the most commonly used technology for floating solar installations due to their well-established reliability, performance, and cost-effectiveness. PV systems are capable of being scaled to meet the energy needs of both small- and large-scale installations, making them versatile for various applications, including power generation, water treatment, and agricultural land use.

The PV solar panel segment is favored due to its ability to integrate well with existing solar infrastructure and its proven track record in renewable energy generation. The ongoing advancements in solar panel efficiency, alongside cost reductions in production and installation, continue to drive the growth of this segment within the floating solar PV market. As demand for clean energy and sustainable solutions increases globally, photovoltaic solar panels are expected to remain the dominant technology in the market.

Power Generation Segment Is Largest Application Owing To Increasing Energy Demand

The power generation segment is the largest application in the floating solar PV market, driven by the growing need for clean, renewable energy sources to meet global electricity demands. Floating solar installations offer an attractive solution for generating power, especially in areas where land is scarce or already used for other purposes. By utilizing bodies of water such as lakes, reservoirs, and coastal regions, floating solar power plants are able to generate significant amounts of electricity while minimizing land-use conflicts.

In addition to reducing land use, floating solar PV systems benefit from the cooling effect of water, which improves the efficiency of solar panels, making them more effective in generating electricity compared to land-based solar systems. This advantage, combined with the increasing focus on renewable energy, is driving the expansion of floating solar projects for power generation across the globe. As governments and businesses strive to achieve sustainability goals and reduce carbon emissions, the power generation segment will continue to dominate the floating solar PV market.

Utility Sector Segment Is Largest End-User Industry Owing To Large-Scale Installations

The utility sector is the largest end-user industry in the floating solar PV market, primarily due to the large-scale installations of floating solar power plants. Utilities are increasingly turning to floating solar PV systems as part of their strategy to meet renewable energy targets, diversify energy sources, and reduce dependence on fossil fuels. Floating solar systems offer a unique opportunity to harness solar energy on water bodies, which are often available in large areas and can support high-capacity installations.

The utility sector benefits from the scalability and efficiency of floating solar systems, which can be deployed in various regions with access to water bodies, including areas with limited land availability. As utilities seek to expand their renewable energy portfolios and meet regulatory requirements, the demand for floating solar PV systems in this sector is expected to continue growing. The utility sector’s large-scale implementation of floating solar technology is a major driver of the market's expansion.

Asia-Pacific Region Is Fastest Growing Region Owing To Government Support and Ideal Climate

The Asia-Pacific region is the fastest growing market for floating solar PV systems, driven by favorable government policies, increasing energy demand, and ideal climatic conditions for solar power generation. Countries such as China, Japan, and India are leading the way in floating solar installations, leveraging their abundant water resources and vast land constraints to deploy large-scale floating solar projects. The region's governments are offering incentives and subsidies to encourage the adoption of renewable energy, which is accelerating the growth of floating solar PV technologies.

Asia-Pacific’s rapid urbanization and industrialization, coupled with its commitment to clean energy transition, make it a key market for floating solar PV systems. The region’s vast coastlines, reservoirs, and lakes offer optimal locations for deploying floating solar power plants, and many countries are investing in grid integration to maximize the potential of these systems. As a result, the Asia-Pacific region is expected to maintain its leadership in the floating solar PV market and continue to grow at an accelerated pace.

Competitive Landscape and Key Players

The floating solar PV market is competitive, with several key players developing innovative solutions to meet the growing demand for renewable energy systems. Leading companies in this market include Trina Solar, Sungrow Power Supply, First Solar, Hanwha Q CELLS, and JinkoSolar. These companies are focused on advancing photovoltaic technologies, improving efficiency, and expanding their presence in floating solar PV markets globally.

The competitive landscape is characterized by strategic partnerships, joint ventures, and collaborations aimed at enhancing technological capabilities and achieving large-scale deployments. Additionally, as the demand for floating solar systems grows, companies are increasingly focusing on research and development to reduce installation costs, increase energy yield, and improve system reliability. The market's competitive dynamics will continue to evolve as countries invest in floating solar solutions to address energy needs and sustainability goals.

List of Leading Companies:

• Trina Solar Limited
• JinkoSolar Holding Co., Ltd.
• First Solar, Inc.
• Canadian Solar Inc.
• Yingli Green Energy Holding Company
• Sungrow Power Supply Co., Ltd.
• Longi Solar Technology Co. Ltd.
• Engie SA
• Floating Solar Solutions
• BayWa r.e. Renewable Energy GmbH
• Ciel & Terre International
• Hanwha Q Cells
• RWE AG
• TotalEnergies SE
• Mitsui & Co., Ltd.

Recent Developments:

• Trina Solar Limited announced the launch of its next-generation floating solar PV technology, designed to maximize power generation efficiency and durability in water-based environments.
• First Solar, Inc. partnered with a water utility company to deploy a large-scale floating solar farm, targeting energy generation for water treatment and distribution needs.
• Sungrow Power Supply Co., Ltd. introduced a floating solar PV inverter solution aimed at optimizing performance for large-scale, offshore solar projects in Asia Pacific regions.
• Ciel & Terre International secured a major contract for installing floating solar panels in Europe, enhancing the renewable energy generation capacity for utility customers.
• TotalEnergies SE expanded its floating solar PV portfolio by initiating a project in Southeast Asia to provide clean energy solutions for industrial and residential clients.

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