Press release
Floating Solar Market Expansion Outlook: USD 4.8 Billion in 2024 to USD 40.5 Billion by 2035 - TMR Report
Floating Solar Market
The global floating solar market was valued at US$ 4.8 Bn in 2024. The industry is projected to expand at a CAGR of 21.4% from 2025 to 2035, reaching approximately US$ 40.5 Bn by 2035. Growing demand for renewable power, rising land scarcity for ground-mounted solar farms, and rapid evolution of water-based solar technologies are key factors fueling market growth.
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Industry Overview
Floating solar, also known as floatovoltaics, involves the installation of photovoltaic (PV) panels on floating platforms over water bodies such as reservoirs, lakes, and hydropower dams. This innovative technology maximizes land efficiency while delivering clean energy at scale. It also offers operational benefits such as reduced water evaporation and improved solar panel efficiency due to natural cooling from water surfaces.
Strong government support for renewable energy capacity expansion, supportive policy frameworks, and increasing need to reduce greenhouse gas emissions are accelerating adoption. Countries across Asia-Pacific, Europe, and Latin America are leading investment, supported by public-private partnerships and large-scale utility floating solar tenders.
As water-based clean power solutions evolve, utilities and energy developers are shifting toward hybrid models, particularly floating solar-hydropower integrated systems, providing grid stability and optimized infrastructure usage.
Major Players' Analysis in the Floating Solar Market
The floating solar market is led by companies focused on delivering durable, scalable, and innovative photovoltaic solutions on water surfaces. Ciel & Terre International is a prominent industry pioneer, offering specialized modular floating platforms engineered for large-scale deployment and long-term stability. Sungrow Power Supply Co., Ltd. provides fully integrated floating PV systems, combining robust power equipment with reliable water-based infrastructure to support utility-scale installations.
Trina Solar develops high-performance solar modules engineered for floating solar environments, ensuring durability, efficiency, and resistance to water-induced stress. Kyocera Corporation also plays a critical role, contributing long-lasting floating solar systems and participating in multiple landmark utility-scale projects across Japan and other global regions.
Additionally, companies such as Sharp Energy Solutions Corporation and JA Solar Technology Co., Ltd. strengthen the competitive landscape. These market participants continuously advance product efficiency, anchoring solutions, and integration techniques, contributing to a consolidated yet innovation-driven floating solar ecosystem.
Key Developments in the Floating Solar Market
• 2024 - Ciel & Terre Taiwan & HEXA Renewables
Ciel & Terre Taiwan and HEXA Renewables completed the expansion of one of Taiwan's largest near-shore floating solar projects, increasing capacity by 192 MWp. The Changbin floating solar farm now totals 440 MWp and features a reinforced floating platform and a new Pillar Anchoring Solution designed to withstand intertidal conditions, tidal fluctuations, and typhoons. The installation is expected to generate approximately 260 GWh annually, marking a significant leap in Taiwan's renewable generation capacity.
• 2022 - Trina Solar, Malaysia Floating Project
Trina Solar secured a 50 MW floating solar project at the Batang Ai Reservoir in Sarawak, Malaysia, integrated with existing hydropower infrastructure. The project utilized high-efficiency N-type bifacial modules along with upgraded inverters, medium-voltage systems, and full O&M services. This milestone highlights Trina's capability in delivering hybrid renewable systems, optimizing performance while lowering the levelized cost of energy (LCOE).
Key Player Strategies
• Technology Upgrades: High-efficiency bifacial modules, corrosion-resistant floats, and AI-enabled performance monitoring
• Hybrid Models: Integration with hydropower and aquatic agriculture systems
• Cost Optimization: Scaling manufacturing and supply chain efficiency
• Sustainability Initiatives: Environment-friendly materials and aquatic ecosystem-safe construction
• Geographic Expansion: Entering emerging markets with untapped water-based power potential
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Key Growth Drivers
1. Land Scarcity for Solar Installations
Floating solar enables utility-scale renewable generation without land usage conflicts.
2. Improved Energy Yield
Cooling effect of water enhances panel efficiency and reduces thermal losses.
3. Government Incentives & Clean Energy Goals
Policy support and renewable energy targets encourage large-scale deployment.
4. Water Conservation Benefits
Floating arrays reduce evaporation in reservoirs, supporting water management goals.
5. Hydropower Integration
Shared grid infrastructure and energy balancing from hybrid hydro-solar systems.
Market Restraints & Challenges
• Higher system installation and anchoring costs compared to land-based solar
• Technical challenges related to corrosion, humidity, and biofouling
• Limited standardization and long-term performance benchmarks
• Environmental restrictions in protected water ecosystems
Market Segmentation
By Component
• PV Modules
• Floating Structures
• Anchoring & Mooring Systems
• Inverters & Electrical Components
By Type
• Stationary Floating Solar
• Tracking Floating Solar
By Application
• Utility-scale Power Generation
• Industrial Reservoirs
• Hydropower Plant Reservoirs
• Irrigation & Agricultural Ponds
• Water Treatment & Industrial Sites
By Region
• Asia Pacific
• North America
• Europe
• Latin America
• Middle East & Africa
Market Trends & Innovations
• Adoption of bifacial modules and high-strength composite floats
• Deployment of AI-driven monitoring and predictive maintenance systems
• Growth in floating solar + storage project development
• Pilot projects for marine/nearshore floating solar in coastal regions
• Increased participation from oil & gas companies entering renewable power markets
Why Invest in This Market?
• Strong long-term growth driven by renewable energy demand
• Effective use of non-utilized water bodies for clean power generation
• Significant efficiency gains and operational benefits
• Strategic advantage in hybridizing with hydropower infrastructure
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Future Outlook
The floating solar market is poised for exponential expansion as nations accelerate clean energy commitments and prioritize efficient space utilization. Asia-Pacific continues to lead deployment, while Europe and North America are scaling up hybrid hydro-solar projects. Technology advancements, cost reductions, and improved durability will unlock widespread adoption across reservoirs, industrial water sites, and coastal areas.
By 2035, floating solar is expected to become a mainstream renewable power solution, contributing significantly to global energy transition efforts and sustainable water-energy ecosystems.
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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