Floating Solar Panel Market Report 2024

The floating solar panel market size has grown exponentially in recent years. It will grow from $3.24 billion in 2023 to $3.94 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth during the historic period can be attributed to several factors, increasing government incentives, rising energy demand, partnerships with water utilities, corporate sustainability goals, and stringent environmental regulations.

The floating solar panel market size is expected to see exponential growth in the next few years. It will grow to $8.73 billion in 2028 at a compound annual growth rate (CAGR) of 22%. The anticipated growth during the forecast period can be attributed to several factors, advancements in energy storage solutions, decreasing costs of solar technology, increased research and development, availability of financial incentives and grants, and global initiatives promoting renewable energy. Key trends expected in this period include improvements in water quality, developments in insurance and financing options, innovations in materials, formation of public-private partnerships, and rising consumer demand.

The growing preference for renewable energy sources is projected to drive the expansion of the floating solar panel market. This shift towards renewable energy is largely motivated by increased environmental awareness and the urgency to cut greenhouse gas emissions. Floating solar panels contribute to renewable energy generation by using water surfaces for solar installations, which enhances efficiency through cooling effects and preserves land resources. This makes floating solar panels particularly advantageous in regions with limited land availability. For example, the Department of Energy Security and Net Zero, a UK government agency, reported in June 2024 that renewable electricity generation reached 30.1 terawatt hours (TWh) in the third quarter of 2023, reflecting a 6.8% increase from the same period in 2022. Consequently, the growing focus on renewable energy is boosting the floating solar panel market.

Leading companies in the floating solar panel market are concentrating on developing advanced floating photovoltaic technology to improve energy efficiency, lower costs, and enhance durability. Floating photovoltaic technology involves placing solar panels on floating platforms or water bodies, which boosts efficiency by cooling the panels and reducing land use. This is particularly useful in areas where land is scarce. For instance, in November 2023, Masdar, a UAE-based renewable energy firm, teamed up with PLN, an Indonesian utility company, to inaugurate the 145-megawatt Cirata floating solar plant in Indonesia. This plant, the largest in Southeast Asia, is situated on a 250-hectare site in West Java. It is Masdar’s first floating photovoltaic project and aims to supply power to 50,000 homes while reducing carbon dioxide emissions by 214,000 metric tons annually. Floating solar installations such as Cirata are especially advantageous for countries with limited land, offering enhanced efficiency through the cooling effects of water.

In October 2021, Reliance Industries Ltd., an India-based solar energy firm, acquired REC Solar Holdings AS for $771 million. This acquisition is intended to bolster Reliance's global presence and technological expertise in the solar energy sector. REC Solar Holdings AS, based in Singapore, specializes in solar cell technologies and floating solar panels.

Major companies operating in the floating solar panel market are Mitsubishi Electric Corporation, Sharp Corporation, LONGi Solar, JinkoSolar Holding Co. Ltd., Kyocera Corporation, Trina Solar Limited, JA Solar Technology Co. Ltd., Sungrow Power Supply Co. Ltd., Tata Power Solar Systems Ltd., Risen Energy Co. Ltd., SunPower Corporation, Adani Green Energy Ltd, Akuo Energy, SPI Energy Co., Ltd., Hanwha Q CELLS, BayWa r.e. renewable energy GmbH, Adtech Systems, LS Electric Co., Ltd., Pristine Sun Corporation, Sinovoltaics Group, Ciel & Terre International, Yingli Green Energy Holding Company Limited, Solaris Synergy.

North America was the largest region in the floating solar panel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating solar panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the floating solar panel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Floating solar panels are solar power systems installed on floating structures on bodies of water such as lakes, reservoirs, and ponds. These panels convert sunlight into electrical energy while floating on the water's surface, offering a renewable energy source that also conserves land resources. Additionally, the cooling effect of the water can enhance the efficiency of the panels.

The main types of floating solar panels are stationary floating solar panels and tracking floating solar panels. Stationary floating solar panels are mounted on fixed platforms that do not move and are designed to capture sunlight and generate electricity from a stable position. The technologies used include photovoltaic (PV) and concentrated solar power (CSP). Floating solar panels can be situated either onshore or offshore, with applications in both utility-scale and residential settings.

The floating solar panel market research report is one of a series of new reports that provides floating solar panel market statistics, including floating solar panel industry global market size, regional shares, competitors with an floating solar panel market share, detailed floating solar panel market segments, market trends, and opportunities, and any further data you may need to thrive in the floating solar panel industry. This floating solar panel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The floating solar panel market consists of sales of floating platforms, solar panels, inverters, mooring systems, and anchoring solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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