The global floating solar panels market size was estimated at USD 50.82 million in 2024 and is projected to grow at a CAGR of 23.0% from 2025 to 2030. Increasing focus on clean fuel power generation energy sources coupled with insufficiency of land area will boost the global market size during the projection period. Regulatory boards across the world are setting up several targets related to clean energy, which will help to control the pollution level. The technical aspect of floating solar technology is projected to observe substantial growth over the estimated period owed to the growing demand for dependable renewable sources of energy for power generation.
The market is experiencing rapid growth, driven by the increasing demand for renewable energy and innovative solutions to land scarcity. Floating solar, also known as "floatovoltaics," has become a viable alternative to traditional land-based installations, especially in regions where land costs are high, or space is limited. This trend is particularly strong in countries like Japan, China, and India, where bodies of water, such as reservoirs and lakes, are used to deploy floating solar farms. In addition, the integration of floating solar with other sustainable practices, like hydropower or water management systems, is gaining traction, further boosting the adoption of this technology.
Product Type Insights
The stationery floating solar panels segment led the market with the largest revenue share of 80.51% in 2024.Stationary floating solar panels can be deployed easily on a body of water such as a reservoir or a lake. Stationary floating solar panels also double as shades for the water body which reduce evaporation of water. Due to the use of low-cost, high-strength elastic in the construction of the panels, the cost of installing a stationary floating solar panel is cheaper than that of installing a tracking floating solar panel. Growing expenditures in the manufacturing and installation of solar panels in developing countries are expected to enhance demand in the coming years due to the stable, lasting, and dependable nature of solar tracking technology with lower maintenance costs. Tracking solar panels are very competitive due to their ability to follow the sun, increasing the system's operating output.
Due to its higher operational productivity, tracking solar technology is projected to gain traction in floating solar farms, which will have a beneficial impact on demand. However, due to its moving elements, tracking solar panels requires more maintenance than fixed floating solar panel farms, which is expected to slow segment growth in the coming years.
The tracking floating solar panels segment is anticipated to grow at a substantial CAGR over the forecast period. Solar tracking technology is more efficient as compared to its counterpart; stationery panels are preferred over solar tracking panels owing to the high cost associated with the product. However, the growing research & development investments by the panel manufacturers are expected to bring down the maintenance cost, which in turn is expected to drive market growth over the next nine years. The solar tracking technology is expected to grow faster as compared to its counterpart in developed economies on account of high-performance efficiency.
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Regional Insights
The floating solar panels market in North America is anticipated to grow at a CAGR during the forecast period. The growing focus on sustainability and decarbonization is a key driver for the market. Many states and provinces are setting aggressive renewable energy goals, creating opportunities for floating solar to be integrated into existing energy grids. This is particularly appealing in regions with agricultural and water management challenges, where floating solar can reduce water evaporation and improve water quality.
Key Floating Solar Panels Company Insights
The market is highly competitive, with several key players dominating the landscape. Major companies include KYOCERA Corporation; Trina Solar, Yellow Tropus Pvt. Ltd; Wuxi Suntech Power Co., Ltd.; Yingli Solar; Ciel & Terre international; LONGi Solar; JA SOLAR Technology Co. Ltd.; Hanwha Group; Vikram Solar Limited; GCL-SI; Talesun; Pristine Sun Corp; Sharp Corporation. The market is characterized by a competitive landscape with several key players driving innovation and market growth. Major companies in this sector are investing heavily in research and development to enhance the performance, cost-effectiveness, and sustainability of their product.
Key Floating Solar Panels Companies:
The following are the leading companies in the floating solar panels market. These companies collectively hold the largest market share and dictate industry trends.
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