Floating Solar Market Report 2026

The floating solar market size has grown exponentially in recent years. It will grow from $5.97 billion in 2025 to $7.54 billion in 2026 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to limitations of land availability for solar projects, expansion of utility-scale solar deployment, early adoption of floating platforms in water-rich regions, increasing electricity demand, government renewable energy targets.

The floating solar market size is expected to see exponential growth in the next few years. It will grow to $18.99 billion in 2030 at a compound annual growth rate (CAGR) of 26%. The growth in the forecast period can be attributed to increasing investments in large-scale floating solar plants, rising demand for hybrid hydro-solar projects, advancements in floating platform durability, expansion of grid-connected floating solar systems, growing focus on maximizing renewable energy density. Major trends in the forecast period include expansion of floating solar installations on reservoirs, rising adoption of tracking floating solar systems, growing integration with hydropower infrastructure, increased use of modular floating platforms, enhanced focus on water-efficient energy generation.

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 2025. 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, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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