Floating Solar Panels Market to Reach USD 5.87 Billion by 2030

◆ Floating Solar Panels Market to Surge to USD 5.87 Billion by 2030, Driven by Land Scarcity and Renewable Energy Demand

The global floating solar panels market is projected to grow from USD 2.09 billion in 2023 to USD 5.87 billion by 2030, exhibiting a robust CAGR of 15.9% during the forecast period. This growth is fueled by the increasing need for efficient land use, rising demand for renewable energy, and technological advancements in floating photovoltaic (FPV) systems. ​

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◆ Floating Solar Panels Market Competitive Landscape and Regional Demand

Key players in the floating solar panels market include Ciel & Terre International, Sungrow Power Supply Co., Ltd., Kyocera Corporation, Sharp Corporation, Trina Solar, BayWa r.e., and DNV GL. These companies are actively engaged in research and development, strategic partnerships, and mergers and acquisitions to strengthen their market position. ​

The Asia-Pacific region, particularly countries like China, Japan, and South Korea, has emerged as the highest demand region for floating solar panels. This is attributed to high population density, land scarcity, and supportive government policies promoting renewable energy adoption. ​

Opportunities in Vietnam

Vietnam has witnessed rapid growth in solar energy, with total installed capacity reaching approximately 19,400 MWp by July 2021. The government's favorable policies, including generous feed-in tariffs and tax exemptions, have attracted significant investments in solar projects, including floating solar installations. ​

Growth Trends in Thailand

Thailand is exploring floating solar technology to diversify its renewable energy portfolio. The country has initiated several pilot projects on reservoirs and is considering large-scale deployments to meet its clean energy targets. Collaborations between local and international firms are expected to drive the growth of floating solar in Thailand.​

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Technological Advancements in Japan

Japan is a pioneer in floating solar technology, with over 90% of cumulative installations globally. Companies like Kyocera Corporation and Sharp Corporation have developed innovative FPV systems to maximize energy production in limited land areas. Japan's commitment to renewable energy and technological innovation continues to propel the floating solar market. ​

Market Expansion in South Korea

South Korea's floating solar panels market generated USD 0.8 million in revenue in 2022 and is projected to reach USD 3.8 million by 2030, growing at a CAGR of 21.4%. The stationary floating solar panels segment is the largest revenue-generating product, driven by government incentives and technological advancements. ​
Grand View Research

Innovation Opportunities in Singapore

Singapore is leveraging its water bodies for floating solar installations to overcome land constraints. The country aims to achieve 2 gigawatt-peak of solar capacity by 2030, with significant contributions from floating solar projects like the 60 MW Tengeh Reservoir plant. Innovations in energy storage systems are also being explored to complement solar energy generation. ​

Investment Trends in the United States

The U.S. floating solar panels market is gaining momentum, with companies like Octopus Energy entering the market through acquisitions. In 2024, Octopus Energy acquired two solar farms in Ohio and Pennsylvania, marking its entry into the U.S. renewables market and planning a $2 billion investment by 2030. ​

◆ Consolidation in China's Solar Industry

China continues to lead in floating solar installations, with projects like the 40 MW Sungrow Huainan Solar Farm setting benchmarks. However, the industry is witnessing consolidation, with companies like Tongwei acquiring stakes in rivals to streamline operations and enhance competitiveness amid an oversupplied market. ​

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Sustainable Initiatives in Europe

Europe is embracing floating solar technology to meet its renewable energy goals. Countries like the Netherlands are leading in FPV installations, while companies like BayWa r.e. and Statkraft are investing in large-scale projects. The region's focus on sustainability and innovation is driving the adoption of floating solar panels. ​

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◆ Floating Solar Panels Market Segmentation:

by Product

Stationary
Solar Tracking

Product Type: Stationary and Solar Tracking. Stationary category led the market in 2023 and is predicted to hold the highest Floating Solar Panels Market share during the forecast period. Floating solar panels, also known as floating photovoltaic (FPV) systems, are solar panels attached on a structure that floats on the water's surface, such as a lake, pond, reservoir, or other body of water. These systems provide various benefits, including effective land use, less water evaporation, and the possibility of higher energy production due to the chilling impact of the water.

by Location

On-Shore
Off-Shore

by Technology

Photovoltaic
Concentrated Solar Power (CSP)
Concentrator Photovoltaic (CPV)

The market is divided into three segments based on technology: photovoltaic, concentrated solar power (CSP), and concentrator photovoltaic. Photovoltaic segment dominated the market in 2023 and is expected to hold the largest Floating Solar Panels Market share over the forecast period. The Photovoltaic (PV) sector utilizes photovoltaic technology to generate electricity from sunshine on floating constructions. Photovoltaic technology is the direct conversion of sunlight into electricity via semiconductor materials, commonly silicon-based solar cells. PV technology is used to collect solar energy in floating solar panels, which are fixed on platforms that float on bodies of water such as lakes, ponds, reservoirs, or other water surfaces. In this sector, solar panels consist of PV cells that convert sunlight into direct current.

by Capacity

Small-scale (10MW)

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