What are the latest figures on the floating solar market’s size and projected CAGR?
The floating solar market size has grown exponentially in recent years. It will grow from $4.72 $ billion in 2024 to $5.97 $ billion in 2025 at a compound annual growth rate (CAGR) of 26.5%. The growth in the historic period can be attributed to increasing urbanization, increasing awareness about the advantages of renewable energy, increasing awareness of climate change, increasing compliance for clean electricity, and a rise in investment in solar-based energy.
The floating solar market size is expected to see exponential growth in the next few years. It will grow to $15.08 $ billion in 2029 at a compound annual growth rate (CAGR) of 26.1%. The growth in the forecast period can be attributed to increasing investment in renewable energy, increasing energy costs, increasing demand for land for agriculture and urban development, rising energy demand, and growing need for electricity while minimizing environmental harm. Major trends in the forecast period include technological advancements, hybrid systems, smart grid integration, anchoring systems, and water quality monitoring systems.
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Which Market drivers have played a significant role in driving the floating solar market?
The growing focus on clean-fuel energy generation is expected to propel the growth of the floating solar market. Clean fuel energy is derived from renewable sources that produce minimal or no greenhouse gas emissions, contributing to a sustainable energy future. The focus on clean fuel energy generation is driven by several key factors, including environmental concerns, the need for energy security, and supportive government policies. Floating solar systems play a significant role in clean-fuel energy generation by providing an efficient, renewable source of electricity while minimizing land use and offering additional environmental benefits. For instance, in May 2023, according to the International Energy Agency, a France-based intergovernmental organization, the amount invested overall in clean energy grew from 1,617 billion in 2022 to 1,740 billion in 2023. Therefore, the increasing emphasis on clean fuel energy generation significantly drives the floating solar market.
What are the key segments within the floating solar market?
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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Which key players are shaping 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
Which transformative trends will shape the floating solar market landscape?
Major companies operating in the floating solar market are focused on developing innovative technologies and large-scale installations, such as floating solar projects, to optimize energy generation, enhance efficiency, and maximize the use of water surfaces for renewable energy production. Floating solar projects refer to solar power systems installed on floating platforms or structures placed on bodies of water, such as lakes, reservoirs, and ponds. For instance, in June 2023, Noria Energy, a US-based renewable energy company, launched Aquasol floating solar projects, South America’s largest floating solar project at Colombia’s Urrá Dam. This ambitious project features many solar panels mounted on innovative floating platforms designed to maximize energy production while minimizing land use. The floating solar system benefits from the water’s natural cooling effect, enhancing the PV panels’ efficiency and performance. The project integrates seamlessly with the existing hydropower infrastructure of the Urrá Dam, optimizing overall energy generation and contributing to a more sustainable and reliable power supply.
How do regional factors impact the floating solar market, and which region is the largest contributor?
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.
What Does The Floating Solar Market Report 2025 Offer?
The floating solar market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Floating solar refers to solar power systems installed on bodies of water, such as lakes, reservoirs, or ponds, instead of on land. This system provides a unique and innovative solution to expanding renewable energy capacity while conserving land and offering additional environmental benefits. Floating solar systems contribute to sustainable energy generation and help address the growing demand for clean power By harnessing the surfaces of water bodies.
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