What Is The Current and Historic Market Size Analysis Of The Floating Solar Panel Market?
The floating solar panel market has seen considerable growth due to a variety of factors.
• The floating solar panel market has expanded rapidly in recent years. It will grow from $3.94 billion in 2024 to $4.82 billion in 2025, at a compound annual growth rate (CAGR) of 22.2%.
This rapid growth is driven by government incentives, growing energy demand, partnerships with water utilities, corporate sustainability efforts, and environmental regulations.
What Are The Predictions for The Floating Solar Panel Market in the Coming Years?
The floating solar panel market is expected to maintain its strong growth trajectory in upcoming years.
• The floating solar panel market is expected to experience exponential growth, reaching $10.63 billion by 2029 at a CAGR of 21.9%.
The growth is driven by energy storage solutions, reduced solar technology costs, R&D, financial incentives, and renewable energy initiatives. Trends include water quality improvement, financing innovations, material innovations, public-private partnerships, and consumer demand.
Which Drivers Are Accelerating Growth In The Floating Solar Panel Market?
The floating solar panel market is set to grow as renewable energy generation gains traction. As environmental awareness increases and the need to reduce greenhouse gas emissions grows, floating solar panels offer an efficient way to harness solar energy without taking up valuable land. According to the UK’s Department of Energy Security and Net Zero, renewable electricity generation rose by 6.8% in 2023, further boosting the demand for renewable energy technologies like floating solar panels.
What Are The Core Segments Of The Global Floating Solar Panel Market?
The floating solar panel market covered in this report is segmented –
1) By Product: Stationary Floating Solar Panels, Tracking Floating Solar Panels
2) By Technology: Photovoltaic (PV), Concentrated Solar Power (CSP)
3) By Station Location: Onshore, Offshore
4) By Application: Utility, Residential
Subsegments
1) By Stationary Floating Solar Panels: Fixed Panel Systems, Non-tracking Systems
2) By Tracking Floating Solar Panels: Single-Axis Tracking Systems, Dual-Axis Tracking Systems
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Which Emerging Market Trends Are Altering The Floating Solar Panel Industry?
Companies in the floating solar panel market are focusing on developing advanced floating photovoltaic technology to improve energy efficiency and reduce costs. In November 2023, Masdar, a UAE-based renewable energy firm, partnered with Indonesia's PLN to launch the 145-megawatt Cirata floating solar plant, Southeast Asia's largest. This plant, situated on a 250-hectare water body in West Java, powers 50,000 homes and helps offset 214,000 metric tons of CO2 annually.
Who Are the Key Players In The Floating Solar Panel Market?
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
What Are The Regional Insights Into The Floating Solar Panel Market?
North America was the largest region in the floating solar panel market in 2024. 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.
