Floating Solar Panel Market Report 2026

The floating solar panel market size has grown exponentially in recent years. It will grow from $4.79 billion in 2025 to $5.83 billion in 2026 at a compound annual growth rate (CAGR) of 21.7%. The growth in the historic period can be attributed to growing demand for renewable energy, limited land availability for solar farms, government incentives for solar power, advancements in solar panel efficiency, increasing energy storage adoption.

The floating solar panel market size is expected to see exponential growth in the next few years. It will grow to $12.74 billion in 2030 at a compound annual growth rate (CAGR) of 21.6%. The growth in the forecast period can be attributed to expansion of offshore floating solar projects, integration with energy storage systems, technological improvements in tracking systems, supportive renewable energy policies, increasing focus on sustainability and carbon reduction. Major trends in the forecast period include deployment of stationary floating solar panels, implementation of tracking floating solar panels, integration of photovoltaic and concentrated solar power technologies, offshore and onshore floating solar power installations, expansion of utility-scale and residential floating solar applications.

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 January 2024, Glentra Capital P/S, a Denmark-based firm, acquired Third Pillar Solar Renewables for an undisclosed sum. This acquisition allows Glentra Capital to utilize Third Pillar Solar Renewables' expertise in developing floating solar projects on underused water bodies, thereby strengthening its renewable energy portfolio and promoting sustainable energy generation while reducing land usage and evaporation losses in water-scarce regions. Third Pillar Solar Renewables is a US-based developer and operator specializing in floating solar projects.

Major companies operating in the floating solar panel market are Ciel & Terre International, Sungrow Power Supply Co Ltd, Trina Solar Limited, JA Solar Technology Co Ltd, Hanwha Q CELLS, LONGi Green Energy Technology Co Ltd, JinkoSolar Holding Co Ltd, Kyocera Corporation, Sharp Corporation, Ocean Sun AS, Swimsol GmbH, BayWa r e renewable energy GmbH, REC Solar Holdings AS, Vikram Solar Limited, Pristine Sun LLC, SPG Solar Inc, Scotra Co Ltd, D3Energy Inc, Waaree Energies Ltd, Yellow Tropus Pvt Ltd.

North America was the largest region in the floating solar panel market in 2025. 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, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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