How Has the Floating Solar Market Evolved Historically and What is its Current Size?
The floating solar market has seen considerable growth due to a variety of factors.
• Recently, there has been a dramatic expansion in the floating solar market. This market, estimated to grow from $4.72 $ billion in 2024 to $5.97 $ billion in 2025, registers a compound annual growth rate (CAGR) of 26.5%.
Factors such as rising urbanization, growing knowledge of renewable energy benefits, heightened climate change awareness, enhanced adherence to clean electricity practices, and increased funding towards solar energy projects have contributed to this historic growth.
What Is The Projected Growth Of The Floating Solar Template Market?
The floating solar market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the size of the floating solar market is predicted to experience rapid expansion. It is anticipated to surge to $15.08 billion by 2029, boasting a compound annual growth rate (CAGR) of 26.1%.
This projected growth in the forecast period can be related to increasing investments in renewable energy, escalating energy costs, growing demand for land for agriculture and urban development, rising energy needs, and heightened necessity for electric power in a manner that reduces ecological damage. Key trends during this forecast period include technology enhancements, hybrid systems, integration with smart grids, anchoring systems, and systems for monitoring water quality.
What Are The Key Drivers Fueling Growth In The Floating Solar Market?
The escalating attention towards energy generation from clean fuel is likely to fuel the expansion of the floating solar market. Derived from renewable sources, clean fuel energy minimizes or eliminates the production of greenhouse gases, thereby fostering a sustainable energy future. This shifting focus towards clean fuel energy generation can primarily be attributed to environmental issues, the demand for energy security, and the backing of government policies. Floating solar systems have a crucial part to play in generating energy from clean fuel, as they offer a potent, renewable source of power, reduce land use, and impart more environmental benefits. For example, the International Energy Agency, a French intergovernmental organization, reported in May 2023 that the overall investment in clean energy witnessed a growth from 1,617 billion in 2022 to 1,740 billion in 2023. Consequently, the enhanced focus on energy generation from clean fuel is a significant factor propelling the floating solar market.
What Are The Principal Market Segments In The Global Floating Solar Industry?
The floating solarmarket covered in this report is segmented –
1) By Type: Stationary Floating Solar Panels, Tracking Floating Solar Panels
2) By Capacity: Below 5MW, 5MW To 50MW, Above 50MW
3) By Connectivity: On Grid, Off Grid
Subsegments:
1) By Stationary Floating Solar Panels: Fixed-Angle Floating Solar Systems, Fixed Ground-Mounted Floating Platforms, Shallow Water Stationary Floating Systems, Low-Cost Stationary Panel Arrays, Offshore Stationary Floating Solar Arrays
2) By Tracking Floating Solar Panels: Single-Axis Tracking Floating Solar Panels, Dual-Axis Tracking Floating Solar Panels, Automatic And Adaptive Tracking Systems, Integrated Hybrid Solar Panels With Tracking Systems, High-Efficiency Tracking Floating Solar Arrays
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How Are Emerging Trends Reshaping The Dynamics Of The Floating Solar Market?
Leading businesses in the floating solar market are prioritizing the evolution of creative solutions and expansive installations, including floating solar schemes, to boost power generation, improve efficiency, and fully utilize water surfaces for a resurgence in clean energy production. The term floating solar projects refers to solar panel systems positioned on floaters or structures that are set on water bodies like lakes, basins, and ponds. For example, Noria Energy, a renewable energy business based in the US, inaugurated Aquasol floating solar initiatives in June 2023, the most extensive floating solar venture in South America located at the Urrá Dam in Colombia. This ambitious venture boasts numerous solar panels placed on state-of-the-art floating structures built to increase energy productivity while lessening land exploitation. The cooling effect naturally provided by the water enriches the effectiveness and functionality of the PV panels. The project coexists effortlessly with the existing hydroelectric framework of the Urrá Dam, enhancing total power production and promoting a sustainable and dependable energy delivery system.
Who Are the Key Players In The Floating Solar Market?
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
What Are The Regional Insights Into The Floating Solar Market?
Asia-Pacific was the largest region in the floating solar market in 2024. 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.
