Floating Solar Panels Market

Floating Solar Panels Market Size, Share, Trends, Growth, and Industry Analysis, By Capacity (Up to 500 kW, 500 kW to 1 MW, 1 MW to 3 MW, Greater than 3 MW), By Type (Stationary Floating Solar Panel, Tracking Floating Solar Panel), By Panel Type (Mono-crystalline, Poly-crystalline, Thin Film), Regional Insights and Forecast to 2031

Energy & Power | December 2021 | Report ID: EMR0043 | Pages: 185

The global floating solar panels market was valued at $2.95 billion in 2022 and is expected to reach $11.09 billion by 2031, growing at a compound annual growth rate (CAGR) of 19.5% between 2023 and 2031.


Floating Solar panel technology has been coming under the spotlight as a favourable and cost-effective alternative to land-based photovoltaic systems. It is a new method of using the water surface available on dams, reservoirs, and other water bodies for the generation of solar energy. Floating solar panels consist of panels that are installed on water bodies such as irrigation ponds, reservoirs, lakes, canals, and the ocean. It is a new method of utilizing the water surface available on dams, reservoirs, and other water bodies for the generation of solar energy. These panels are on water bodies, which helps to maintain the temperature of the silicon panels by upholding their efficiency. These systems have various benefits over traditional power generation systems, such as safe and noiseless power generation. A floating solar panel plant or farm is an arrangement of photovoltaic solar panels on a structure that floats on a water body, which is generally a lake or reservoir. Solar panels used in the construction of floating solar farms are known as floating solar panels. Floating solar panels and plants help conserve water through the reduction of evaporation, and increase power generation due to the cooling effect of the solar panels.

Growth Factors

The floating solar panels attached to a structure that floats on a body of water, usually a reservoir or lake, are known as floating solar or floating photovoltaics. The fundamental benefit of floating photovoltaic plants is that they do not require any land, with the exception of the small areas required for the electric cabinet and grid connections. Their cost is equivalent to that of land-based plants, but they offer a smart option to avoid using the land.

The floating solar panels have been highlighted as a viable and cost-effective alternative to land-based photovoltaic systems. It's a novel way to generate solar energy by utilizing the available water surface on dams, reservoirs, and other water resources. Solar panels that float on water, such as irrigation ponds, reservoirs, lakes, canals, and the ocean, are known as floating solar panels. It's a novel way of generating solar energy by utilizing the available water surface on dams, reservoirs, and other sources of water. These panels, which are located near bodies of water, serve to keep the temperature of the silicon panels consistent, increasing efficiency.

The Companies in the floating solar sector are upbeat about the global expansion of large-scale projects. Utility-scale floating solar plants are receiving increased attention, which would cut the imports of fossil fuels while saving nations money in foreign currency. Site selection is essential when building floating solar plants, though. Businesses should therefore get completely knowledgeable about the waterbed's geography and its appropriateness for anchoring floats. By distributing the loads produced by the wind and waves, anchoring lowers the possibility that the solar island may run afoul of the banks or be blown away during storms.

Floating Solar Panels Market REPORT SCOPE & SEGMENTATION

Report Attribute


Projected Market Value (2031)

$11.09 billion

Estimated Market Value (2022)

$2.95 billion

Base Year


Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Capacity, By Type, By Panel type, & Region

Segments Covered

By Capacity, By Type, By Panel type, & Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.


Floating solar producing projects are becoming a crucial component due to their inherent advantages over on-land installations, which need enormous contiguous stretches of non-farming and non-forested land. Additionally, floating solar reduces temperature-related losses because to the cooling effect of the water they float on. In addition to being low-maintenance, floating solar power installations aid in reducing the rate of evaporation of water bodies. As people become more aware of the advantages of renewable energy, businesses in the floating solar sector are seeing value-grab potential. In order to plan and implement floating solar producing projects that are commercially viable, businesses are stepping up their research and development activities.

Region Insights

Asia-Pacific dominated the floating solar market in 2022. Due to a lack of available land and a fixed supply of fossil fuels, the Asia-Pacific region has a high level of penetration in the market for floating solar panels. As a result, the government has approved many designs and structures for floating solar panels to accommodate rising electricity demand while causing less ecological damage.

North America, on the other hand, is expected to develop at the fastest rate during the forecast period (2023–2031). The variables, such as the ability to float solar technology to reduce evaporation and land availability, are projected to raise the demand for floating solar in the region over the projection period.

Floating Solar Panels Market: Competition Landscape

The global market is highly competitive due to the presence of major industries across the region, as these companies are fairly concentrated and highly competitive. Ciel & Terre is one of the biggest installers in the market. The company operates in almost all parts of the world and has a well-established track record of over 180 floating solar PV farms. The company has installed more than fifty percent of the total number of floating solar panel farms present across the world. Also, the company is the most active participant in the industry and has up-to-date technology solutions. Some of the prominent players operating in the global floating solar panels market are:

  • Trina Solar
  • Sharp Energy Solutions Corporation (Sharp Corporation)
  • KYOCERA Corporation
  • JA SOLAR Technology Co., Ltd.
  • Yingli Solar
  • Ciel & Terre International
  • GreenYellow (Thailand) Limited
  • Cleantech Solar
  • Solarvest Holdings Berhad
  • Pristine Sun Corp


  • In April 2021: KYOCERA Corporation and AVX Corporation established a new integrated brand “KYOCERA AVX” to be used for the KYOCERA Group’s electronic components business. The brand-new structure is expected to boost its electronic components business worldwide.
  • In February 2021: GreenYellow (Thailand) Limited, a subsidiary of GreenYellow, installed a 2 MW floating solar power plant at the facilities of SPM Group in Thailand. The 6,000 solar panels used for the project occupy a 1.6-hectare area on a 4.3-hectare pond. The plant would produce 2.8 GWh of low-carbon electricity per year, covering up to 20% of the site's annual energy consumption.




By Capacity

  • Up to 500 kW
  • 500 kW to 1 MW
  • 1 MW to 3 MW
  • Greater than 3 MW

By Type

  • Stationary Floating Solar Panel
  • Tracking Floating Solar Panel

By Panel Type

  • Mono-crystalline
  • Poly-crystalline
  • Thin Film

By Geography

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)


Customization Scope

  • Available upon request


  • Available upon request

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In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

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