Floating Solar Market Report 2024

This Floating Solar market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The floating solar market size has grown exponentially in recent years. It will grow from $3.74 billion in 2023 to $4.72 billion in 2024 at a compound annual growth rate (CAGR) of 26%. The growth during the historic period can be attributed to rising urbanization, growing awareness of the benefits of renewable energy, heightened awareness of climate change, increased compliance with clean electricity standards, and a rise in investment in solar-based energy.

The floating solar market size is expected to see exponential growth in the next few years. It will grow to $11.97 billion in 2028 at a compound annual growth rate (CAGR) of 26.2%. The growth projected for the forecast period can be attributed to rising investment in renewable energy, increasing energy costs, greater demand for land for agriculture and urban development, growing energy demand, and the need for electricity while minimizing environmental impact. Key trends anticipated during this period include technological advancements, hybrid systems, smart grid integration, improved anchoring systems, and water quality monitoring systems.

The growing emphasis on clean-fuel energy generation is expected to drive the expansion of the floating solar market. Clean-fuel energy comes from renewable sources that produce minimal or no greenhouse gas emissions, supporting a sustainable energy future. This focus on clean energy is driven by factors such as environmental concerns, the need for energy security, and supportive government policies. Floating solar systems are pivotal in clean-fuel energy generation by offering an efficient, renewable source of electricity while minimizing land use and providing additional environmental benefits. For example, in May 2023, the International Energy Agency, a France-based intergovernmental organization, reported that overall investment in clean energy increased from $1.61 trillion in 2022 to $1.74 trillion in 2023. Thus, the growing focus on clean-fuel energy significantly boosts the floating solar market.

Leading companies in the floating solar market are concentrating on developing innovative technologies and large-scale installations, such as floating solar projects, to optimize energy generation, enhance efficiency, and make full use of water surfaces for renewable energy production. Floating solar projects involve installing solar power systems on floating platforms or structures placed on bodies of water, including lakes, reservoirs, and ponds. For instance, in June 2023, Noria Energy, a US-based renewable energy company, launched Aquasol floating solar projects, South America's largest floating solar initiative, at Colombia's Urrá Dam. This project features numerous solar panels mounted on advanced floating platforms designed to maximize energy output while reducing land use. The system benefits from the water's natural cooling effect, which enhances the efficiency and performance of the PV panels. The project integrates with the existing hydropower infrastructure of the Urrá Dam, optimizing overall energy generation and contributing to a more sustainable and reliable power supply.

In January 2024, Glentra Capital A/S, a Denmark-based energy transition infrastructure investment firm, acquired Third Pillar Solar Renewables LLC for an undisclosed amount. This acquisition aims to bolster Glentra's position in the renewable energy sector by expanding its portfolio of solar energy assets and utilizing Third Pillar Solar Renewables' expertise to drive growth and innovation in solar energy solutions. Third Pillar Solar Renewables LLC, based in the US, specializes in developing floating solar projects.

Major companies operating in the floating solar market are Sharp Corporation, LONGi Green Energy Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Kyocera Corporation, Trina Solar Limited, JA SOLAR Technology Co. Ltd., Canadian Solar Inc., Sungrow Power Supply Co. Ltd., Risen Energy Co. Ltd., First Solar Inc., GCL-Poly Energy Holdings Limited, SunPower Corporation, Tata Power Solar Systems Limited, Cleantech Solar, Vikram Solar Limited, REC Solar Holdings AS, Greenyellow, Seraphim Solar System Co. Ltd., Adtech Systems Limited, Pristine Sun Corporation, Mecasolar, Ciel & Terre International, Yingli Green Energy Holding Company Limited, Solaris Synergy, Swimsol GmbH.

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

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

Floating solar refers to solar power systems installed on water bodies such as lakes, reservoirs, or ponds, rather than on land. This innovative approach offers a unique solution for expanding renewable energy capacity while conserving land and providing additional environmental benefits. Floating solar systems support sustainable energy generation and address the increasing demand for clean power by utilizing water surfaces.

The primary types of floating solar systems include stationary floating solar panels and tracking floating solar panels. Stationary floating solar panels are fixed in place on the water's surface and do not follow the sun's movement. They are simpler to install and maintain compared to tracking systems, often being selected for their lower cost and reliability. Capacities for floating solar systems range from below 5 MW, 5 MW to 50 MW, and above 50 MW, with connectivity options including both on-grid and off-grid systems.

The floating solar market research report is one of a series of new reports that provides floating solar market statistics, including floating solar industry global market size, regional shares, competitors with a floating solar market share, detailed floating solar market segments, market trends and opportunities, and any further data you may need to thrive in the floating solar industry. This floating solar 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 market consists of sales of floating solar panels, floating platforms, mounting systems, and electrical infrastructure. 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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