Floating Solar PV Market Size - By Capacity, By Product & Global Forecast, 2025 - 2034

Floating Solar PV Market Size

The floating solar PV market size was valued at USD 7.7 billion in 2024. The market is expected to grow from USD 7.8 billion in 2025 to USD 8.9 billion by 2034, at a CAGR of 1.5%, according to Global Market Insights, Inc.

• A floating solar PV system, is a solar power installation that is mounted on a body of water, such as a reservoir, lake, or ocean. Instead of placing the solar panels on land, they are installed on floating platforms or pontoons, allowing the system to generate electricity from sunlight while floating on the water's surface.
   
• Growing installation of floating solar PV systems installed on reservoirs linked to hydropower plants along with innovations in materials and design, including durable floating structures, and advances in mooring technology, will facilitate the adoption of floating solar PV systems.
   
• Increasing potential to reduce water evaporation and increase panel efficiency through cooling are key factors driving the adoption, particularly in regions prone to high temperatures and water scarcity including Middle East and Africa, will lead to market growth. Growing deployment in island nations and coastal areas where land resources are scarce but the demand for renewable energy is growing will strengthen the industry landscape.
   
• Modern floating platforms are being designed with more robust materials like high-density polyethylene (HDPE), which is UV-resistant, weatherproof, and resistant to corrosion and algae growth. These materials ensure the longevity and stability of the solar system, especially in harsh marine environments. Further, many floating solar systems use modular platforms that can easily be expanded allowing for scalable solutions that can grow with energy demand, making them ideal for both small-scale and large-scale projects driving the business scenario.
   
• Rising partnership between floating solar PV systems and hydropower plants is emerging as a highly complementary and efficient renewable energy solution will stimulate the industry statistics. This hybrid approach allows for the efficient use of existing hydropower infrastructure, leading to increased energy output and grid stability.
   
• Key advantages comprising the ability to leverage existing infrastructure, such as grid connections and substations will drive the industry scenario. Additionally, maintenance teams for hydropower plants can often manage both the hydropower and floating solar components, lowering operational costs by reducing the need for additional resources or personnel.
   

Floating Solar PV Market Trends

• Countries including China, India, Indonesia, and Thailand are at the forefront, driven by favorable geographic conditions and supportive government policies. In Europe and North America, the market is gradually expanding, with increasing interest in integrating FPV systems with existing hydropower infrastructure and exploring offshore applications.
   
• Floating solar systems offer a viable solution by utilizing water bodies such as lakes, reservoirs, and ponds, thereby conserving valuable land resources. This is particularly evident in densely populated regions where land competition is intense. For instance, in April 2024, Thailand had a 31 MW demonstration floating solar PV plant utilizing Trina Solar’s Vertex 670 W modules. It is further anticipated to cut CO₂ emissions by 41,000 tons and further has an average power generation of 46 million kWh, ensuring stable power supply for nearly 18,000 families each year. The power station comprises of four water surface photovoltaic arrays, integrating water-surface photovoltaics, a high-efficiency energy storage system, clean hydroelectricity, long with an intelligent energy management system.
   
• FPV systems benefit from the natural cooling effect of water, which helps maintain optimal operating temperatures for solar panels. This cooling effect can then lead to higher energy yields compared to land-based installations, especially in hot climates, leading to system adoption. The reduced need for land and the potential for increased efficiency make the systems an attractive option for regions seeking to maximize renewable energy output.
   
• Government support through policies and incentives is playing a crucial role in accelerating the adoption of FPV systems. Shifting focus of countries on the use of FPV to meet their renewable energy targets and are implementing frameworks to facilitate their deployment.
   
• The synergy of FPV plants with water reservoirs allows for the dual use of water bodies, optimizing energy production without additional land use. For example, Ocean Sun's collaboration with NHPC Limited in India to develop a 2 MW FPV demonstration project on a hydropower reservoir showcases the potential of combining solar and hydroelectric power generation.
   

Floating Solar PV Market Analysis

• Based on capacity, the market is segmented into 5 MW, 5-15 MW and >15 MW. The >15 MW segment is anticipated to reach more than USD 4 billion by 2034, driven by advancements in technology, large-scale project developments, and supportive policies.
   
• Rising demand for large floating systems in countries like China, India, and South Korea, to generate significant amounts of electricity and contribute meaningfully to national energy grids will foster the product adoption. Many large-scale floating solar projects are being installed on hydropower reservoirs, where the combination of solar and hydroelectric power enhances grid reliability and energy output. Moreover, large floating solar projects can take advantage of the existing grid infrastructure used by hydropower plants, reducing the cost of connecting to the power grid. This synergy makes projects more financially viable and attractive to investors.
   
• The 5 MW floating solar PV systems will grow more than 2% CAGR through 2034, driven by their suitability for small-scale, decentralized applications. These compact systems are particularly advantageous for integration with the existing infrastructure including the wastewater treatment plants, reservoirs, and agricultural ponds. Growing adoption in regions including the southeast Asia equipped with abundant water bodies will augment the market landscape.
   
• The 5-15 MW systems captured about 8.1% market share in 2024 and will grow to over 10% share by 2034, on account of their suitability for medium-scale deployments on water bodies such as reservoirs, wastewater treatment facilities, and other municipal water sources. These mid-sized systems offer a balance between scalability and manageability, making them attractive to local governments and utilities seeking to enhance renewable energy capacity without extensive land use will drive the product penetration.
   

• Based on product, the floating solar PV market is segmented into tracking and stationary. The tracking segment is anticipated to register more than 5.8% CAGR through 2034. Growing focus on tracking technology to enhance the energy generation efficiency will augment the market growth.
   
• Rising interest in tracking floating solar systems, particularly in countries like Portugal and Spain, where maximizing solar efficiency is critical on account of land constraints and high demand for renewable energy will drive the business scenario. Moreover, technological innovations in these systems will make them more suitable for floating solar applications, accelerating the market landscape.
   
• Additionally, developers are creating hybrid systems that combine the benefits of floating solar PV and solar tracking, that are designed to be flexible and adaptable, with some using self-powered motors for adjusting the angle and position of panels which will augment the industry landscape.
   
• Stationary floating solar PV systems will reach more than USD 6.2 billion by 2034, owing to their ability to utilize water bodies such as reservoirs, lakes, and ponds, thereby conserving valuable land resources. Additionally, they help mitigate water evaporation, providing environmental benefits in regions facing water scarcity, thereby driving the product adoption.
   
• Modern technological advancements along with increasing innovations in floating platform materials, such as high-density polyethylene (HDPE), will enhance the durability and resistance to environmental factors, reducing the maintenance costs. In addition, growing integration of stationary systems with existing hydropower infrastructure providing economic advantages, and allowing for shared maintenance and grid connection will reduce operational expenses, leading to product penetration.
   

• The U.S. floating solar PV market recorded a valuation of USD 10 million in 2022, reached USD 14 million in 2023 and will reach to USD 16 million by 2024. North America accounted for 0.3% of the global market share in 2024.
   
• States comprising of New Jersey and California are actively promoting the floating solar installations through introduction of incentives and integration into broader renewable energy strategies. Manufacturers including Sungrow will develop floating solar modules personalized for North American climates, including snow load considerations. For instance, in August 2025, Third Pillar entered in an agreement with Diamond Infrastructure Solutions to develop 500 MW of utility floating solar in water reservoirs in the U.S.
   
• Europe floating solar PV market is set to reach USD 650 million by 2034, owing to introduction of multiple floating solar PV projects on reservoirs, contributing to the region’s renewable energy goals. Innovations in floating structures, mooring technologies, and panel efficiency will enhance the feasibility, thereby augmenting the product growth.
   
• For instance, in June 2025, Q ENERGY and Velto Renewables inaugurated the largest floating solar park, Les Ilots Blandin. The 74.3 MW park comprises more than 135,000 PV modules installed on state-of-the-art floating platforms developed in France. Additionally, it will prevent 18,000 tons of CO? emissions each year.
   
• Asia Pacific floating solar PV market is set to exceed USD 7.2 billion by 2034, driven by increasing energy demand, land scarcity, and government support for renewable energy. Many countries in the region are exploring hybrid floating solar and hydropower systems, where floating solar panels are installed on existing hydropower reservoirs will foster the industry outlook.
   
• Strong policy frameworks and lucrative energy markets are attracting private investment, particularly in China, India, and Southeast Asian countries will further contribute to market growth. Additionally, countries including China, India, Vietnam, and Thailand are pioneering large-scale projects, with further market growth expected as more nations adopt floating solar to meet their energy demands and sustainability goals.
   
• Latin America and Middle East & Africa represent rapidly growing markets with 2.3% and 1.9% market shares respectively driven, by the need for renewable energy solutions that optimize land use and integrate with existing infrastructure. Further, many countries are piloting small-scale floating solar systems, focusing on integrating these technologies with existing hydropower plants to improve energy reliability, augmenting the market growth.
   
• For instance, in August 2025, African Export-Import Bank announced the financing for a 1 GW hybrid floating solar PV plant in Zimbabwe. Under the proposal, the project is to be implemented in 2 phases, including a pilot phase with 500 MW capacity. Further, the consortium will secure the capacity at a cost-reflective tariff under a 20-year power purchase agreement (PPA). 
   

Floating Solar PV Market Share

• The top five players operating in the industry include Sungrow Power Supply, Ciel & Terre, Zimmermann, Scotra and Floatex Solar by increasing global interest in renewable energy, technological innovations, and the growing need for conservation. Key players in the industry include both established solar companies expanding into floating solar and specialized firms focused on floating PV solutions. As the market continues to grow, driven by government support, cost reductions, and technological advancements, competition will intensify, particularly in regions like Asia-Pacific, Europe, and emerging markets.
   
• Ciel & Terre International is recognized for its Hydrelio floating platform and the company has been instrumental in deploying the large-scale FPV projects globally. It operates in more than 30 countries with partners across Asia, North America and Europe. Further, it has initiated over 250 floating photovoltaic projects, totaling to 1.2 GW of installed capacity by 2025.
   
• Canadian Solar operates production facilities in multiple countries, including the United States, Canada, China, Indonesia, Vietnam, and Brazil manufacturing modules and solar cells. Through its subsidiary Recurrent Energy, the company has developed and connected over 10 GW of solar power projects and 3.3 GWh of battery energy storage projects globally.
   

Floating Solar PV Market Companies

Eminent players operating in the floating solar PV industry are:

• Amoy Solar Tech
• China Three Gorges New Energy
• Ciel & Terre International
• Eni Energy Solutions
• First Solar
• Floatex Solar
• Intech Clean Energy
• Jinko Solar
• Kyocera Corporation
• Longi Solar
• Ocean Sun
• Scotra
• SolarDeck
• Sungrow Group
• Statkraft
• Swimsol
• Sharp Corporation
• Vikram Solar
• Yingli Solar
• Zimmermann PV
   
• Sungrow Power Supply is involved in several FPV projects, particularly in Southeast Asia and China, focusing on integrating its inverters with floating platforms. The company recorded revenues of USD 10.8 Billion in 2024. Moreover, it is also exploring energy storage solutions tailor-made for FPV applications.
   
• LONGi is one of the world's largest manufacturers of monocrystalline silicon solar modules. The company’s 2024 revenue amounted to USD 11.4 billion and has further been exploring the floating solar market, particularly in regions with limited land availability. Moreover, it is focusing on integrating its high-efficiency modules with floating platforms to enhance energy yield.
   
• Trina Solar is a global provider of smart solar solutions and a leading manufacturer of photovoltaic modules. The company has been actively involved in the floating solar market, particularly in Asia-Pacific and European regions. In 2024, it further recorded revenues of USD 11.15 billion. In addition, it has been involved in several large-scale FPV projects, including a 500 MW battery energy storage system in Victoria, Australia.
   
• Kyocera Corporation is a diversified technology company with a strong presence in the solar energy sector. The company recorded revenues of USD 13.83 Billion in 2024. It further has been involved in several FPV projects in Japan, focusing on integrating its solar modules with floating platforms.
   

Floating Solar PV Industry News

• In October 2025, Perusahaan Listrik Negara (PLN), Indonesia's state utility firm started the construction of a 92 MW floating solar power plant in the West Java province. This will support the country’s renewable energy drive. Moreover, the economy plans to add 42.6 GW of renewable energy by 2034, with solar anticipated to be around 17.1 GW of the total.
   
• In June 2024, the largest solar PV project in the Bui reservoir in Ghana was introduced, marking the continent’s largest power plant. The 5 MW innovative project underscores the country’s commitment to sustainable solutions and marks a shift in renewable energy deployment. It will further improve the living standards and position Ghana as a leader in clean energy innovation on the continent.
   
• In December 2023, China Three Gorges International successfully connected the largest single-unit floating PV power project to the grid in Fuyang, Anhui Province. This project is set to produce approximately 700 GWh of electricity each year, translating to a savings of 220,000 tonnes of standard coal and a reduction in carbon emissions by nearly 580,000 tonnes annually. Additionally, the project capitalizes on the idle water surfaces of a former coal mining area and integrates solar power generation with fisheries, enhancing its ecological advantages.
   
• In July 2022, Ciel & Terre India successfully engineered, supplied, and installed the floats, anchoring and mooring systems for a 73.4 MW floating solar plant at the National Thermal Power Corporation in Kerala. This marks India's inaugural floating solar installation in the backwaters. Notably, all floats were manufactured in India, which expedited delivery and facilitated a record installation time.
   

This floating solar PV market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2034, for the following segments:

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Market, By Capacity

• 5 MW
• 5-15 MW
• >15 MW

Market, By Product

• Stationary
• Tracking

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Netherlands
  • Italy
  • Norway
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
• Middle East & Africa
  • Morocco
  • UAE
• Latin America
  • Brazil
  • Laos