United States Floating Solar Panels Market 2032 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

Global Floating Solar Panels Market size reached US$ 55.11 million in 2024 and is expected to reach US$ 84.90 million by 2032, growing with a CAGR of 5.55% during the forecast period 2025-2032.

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Key Development:

United States: Recent Industry Developments

✅ In January 2026, LADWP proposed the Encino Reservoir Floating Solar Pilot Project to install floating solar panels with BESS integration, aiming to test the technology's viability on water surface to boost renewable generation and offset 10,280 MWh of clean energy annually for local customers under environmental review.

✅ In December 2025, multiple U.S. solar developers reported accelerated deployment of gigawatt‐scale solar projects including floating PV pilots across water bodies, signaling renewed interest in maximizing reservoir surfaces for clean energy as part of broader solar capacity build‐outs.

✅ In December 2025, environmental assessment documents highlighted the potential of floating solar panels to serve thousands of homes and mitigate carbon emissions, reinforcing strategic support for floating PV innovation in America's renewable energy future.

✅ In November 2025, industry tracking showed continued capital flow into diverse solar initiatives including pilot floating solar projects tied to water utilities and municipal entities, reflecting growing utility‐scale interest in leveraging water surfaces for clean power generation.

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Japan: Recent Industry Developments

✅ In January 2026, Japan Semiconductor signed a virtual Power Purchase Agreement (vPPA) for output from the 7.8 MW Kunishitaike Mega Float floating solar plant in Kagawa Prefecture, which reached commercial operation in December 2025, supplying environmental value and supporting corporate emissions reduction goals.

✅ In December 2025, the 7.8 MW Kunishitaike floating solar project in Western Japan began supplying non‐fossil certificates under a strategic PPA with Japan Semiconductor, marking one of the nation's largest floating solar deployments entering commercial phase.

✅ In November 2025, Shikoku EPCO expanded its floating solar footprint by securing sites and seeking acquisitions for 500 kW+ reservoir‐based projects, accelerating utility‐scale floating PV development to support broader renewables capacity goals across Shikoku islands.

✅ In November 2025, Japanese energy stakeholders actively solicited proposals and advanced plans for additional floating solar power plant sites on reservoirs, as part of efforts to utilize water surfaces for clean energy generation amid land constraints.

Key Players:

=> Ciel & Terre International, Trina Solar Limited, JA Solar Technology Co., Ltd., Kyocera Corporation, Vikram Solar Limited, Hanwha Q CELLS Co., Ltd., LONGi Green Energy Technology Co., Ltd., Sharp Corporation, Suntech Power Holdings Co., Ltd., and First Solar, Inc.

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Key Segments:

By Product Type

Tracking Floating Solar Panels lead with 55% share, driven by higher efficiency, dynamic sun-tracking capabilities, and increased energy yield in floating solar installations. Stationary Floating Solar Panels account for 45%, supported by cost-effectiveness, simpler design, and widespread adoption in small to medium-scale floating solar projects.

By Location

Onshore Water Bodies dominate with 65% share, fueled by widespread availability of lakes, reservoirs, and ponds for floating solar deployment and easier grid integration. Offshore Water Bodies hold 35%, reflecting growing adoption in coastal regions, harbors, and open-water bodies with larger-scale projects, despite higher installation complexity and costs.

By Technology

Photovoltaic (PV) leads with 70% share, driven by proven technology, declining module costs, and rapid adoption in commercial and utility-scale floating solar projects. Concentrated Solar Power (CSP) accounts for 10%, supported by niche high-temperature energy generation applications. Concentrator Photovoltaics (CPV) holds 8%, fueled by research-driven adoption in high-solar-radiation regions. Other technologies make up 12%, including hybrid systems, bifacial modules, and emerging solar solutions.

By Region

Asia Pacific - 40% Share
Asia Pacific leads with 40%, driven by rapid renewable energy adoption, large-scale floating solar projects in China, India, Japan, and Southeast Asia, and supportive government policies.

Europe - 25% Share
Europe holds 25%, supported by sustainability initiatives, offshore solar pilot projects, and renewable energy targets in Germany, France, U.K., Italy, Spain, and surrounding countries.

North America - 20% Share
North America accounts for 20%, fueled by floating solar adoption in reservoirs, research initiatives, and utility-scale renewable energy integration in the U.S. and Canada.

Middle East & Africa - 10% Share
The Middle East & Africa represent 10%, supported by solar resource potential, desert water bodies, and renewable energy investment in GCC countries, South Africa, and surrounding regions.

Latin America - 5% Share
Latin America holds 5%, driven by government renewable initiatives, hydro reservoir integration, and pilot floating solar projects in Brazil, Mexico, and neighboring countries.

FAQ

What is the current size of the Floating Solar Panels Market?

A: In 2024, the Floating Solar Panels Market was valued at US$ 55.11 million, reflecting its strong industry presence.

Q2: How large is the Floating Solar Panels Market expected to be by 2032?

A: By 2032, industry forecasts suggest the Floating Solar Panels Market will grow to around US$ 84.90 million, demonstrating significant expansion.

Q3: What is the growth rate of the Floating Solar Panels Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 5.55% during the forecast period from 2025 to 2032.

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