1 Global Floating Solar PV Market Insight Analysis
The global floating solar PV market is valued at USD 764.52 million in 2024, with a CAGR of 20.94% from 2024 to 2033.
Floating solar PV refers to the installation of solar photovoltaic systems on floating structures over water bodies. This technology leverages the reflective properties of water to enhance the efficiency of solar panels and reduces the need for valuable land resources. Additionally, the cooler environment provided by water can help maintain optimal operating temperatures for the panels, further improving their performance.
Figure Global Floating Solar PV Market Size (M USD) and CAGR (2024-2033)
2 Floating Solar PV Market Growth Drivers and Restraints
Land resource advantage: For countries with high land costs or limited land resources, floating solar photovoltaic has obvious advantages. Traditional large-scale photovoltaic power stations require a lot of land to generate electricity, while some countries have a high population density and a low proportion of flat land. The scarcity of land resources limits the development of the conventional solar energy market. Floating solar photovoltaics use water space, such as installation in hydropower dam reservoirs, which effectively solves the land problem and promotes its global promotion and application.
Increased investment in renewable energy: In order to cope with environmental pollution and global warming caused by traditional energy generation, governments of various countries actively promote clean energy power generation projects and increase investment in renewable energy. As an important part of renewable energy, floating solar photovoltaics has benefited from this trend and has obtained more financial support and development opportunities, thereby promoting the continuous development of the market.
Asia-Pacific region promotion: Asia-Pacific has become the world’s largest solar power production region, thanks to the government’s strong support for renewable energy. The region’s rapid population growth, urban expansion, tight land resources, increasing demand for cheap electricity, and many countries with abundant water resources have jointly promoted the rise of floating solar photovoltaic projects and become an important driver of global market growth.
Technical and cost challenges: The floating solar photovoltaic market faces many technical and cost issues. There is currently a lack of reliable project records, uncertainty in costs, complex design and construction technologies, and difficulty in water operations. These issues increase the risks of project development and operation, making investors more cautious when entering the market and limiting the rapid development of the market.
Subsidy policy adjustment: The photovoltaic industry relies on national fiscal subsidies, and the government’s macro-control policies on photovoltaic installed capacity, subsidy scale and intensity directly affect the production and operation of enterprises and investment enthusiasm. For example, China’s “5.31 Policy” in 2018 reduced the subsidy amount, which led to a setback in the investment enthusiasm of the photovoltaic industry and also had a certain negative impact on the development of the floating solar photovoltaic market.
3 Technological Innovations in the Floating Solar PV Market
Product performance improvement: Many companies are committed to improving the performance of floating solar photovoltaic products. For example, the Hi-MO 4m module launched by Longi Green Energy is based on M6 (166mm) standard monocrystalline silicon wafers and PERC technology. It has the characteristics of high efficiency, light weight, and large size.
It is suitable for a variety of application scenarios and has been widely recognized in the global distributed power generation market. Risen Energy’s 500W module uses G12 monocrystalline silicon wafers, and the module efficiency is as high as 20.8%, which effectively reduces the cost per kilowatt-hour and system balance cost, and increases the output power of a single production line.
System design optimization: Ciel & Terre International’s HYDRELIO® technology is a patented water photovoltaic system with a modular “Lego-style” floating body design that can be assembled into rows. It is made of recyclable HDPE material and can effectively resist long-term environmental hazards such as wind, rain, and snow, providing a guarantee for the stable operation of floating solar photovoltaic systems.
Expanding business areas: Hanwha Q Cells acquires Growing Energy Labs, Inc. (Geli) to expand its business in the field of integrated energy storage solutions. Geli’s end-to-end software platform can simplify the energy storage development process and provide leading solutions for the design, automation and management of battery energy storage systems, which will help Hanwha Q Cells occupy a more advantageous market position in the field of energy storage and achieve business diversification.
Expanding production scale: LONGi Green Energy plans to build a 20GW monocrystalline silicon wafer plant in Chuxiong, Yunnan, and further expand production capacity to 40GW. This move will help meet the market demand for monocrystalline silicon wafers, enhance LONGi Green Energy’s competitiveness in the upstream of the photovoltaic industry chain, and consolidate its leading position in the global photovoltaic market. At the same time, it may also trigger other companies in the industry to follow up and expand production, intensifying market competition.
4 Global Floating Solar PV Market Size by Type
Crystalline silicon floating solar PV is the dominant type in the market, accounting for the majority of the revenue. In 2024, this segment is projected to generate a revenue of 676.59 million USD. Crystalline silicon solar panels are highly efficient and widely used due to their proven performance and reliability. They are made from high-purity silicon and are known for their durability and efficiency in converting sunlight into electricity. This type of floating solar PV is particularly popular in regions with high solar irradiance and limited land availability.
The “Other Floating Solar PV” category includes various alternative technologies and materials used in floating solar installations. In 2024, this segment is expected to generate a revenue of 87.93 million USD. These alternative technologies may include thin-film solar panels, which are lighter and more flexible than crystalline silicon panels, and emerging technologies such as perovskite solar cells. While these technologies may not yet match the efficiency and market penetration of crystalline silicon, they offer potential advantages in terms of cost, flexibility, and adaptability to different environments.
Table Global Floating Solar PV Market Size by Type in 2024
Type | Market Size (M USD) 2024 |
|---|---|
Crystalline Silicon Floating Solar PV | 676.59 |
Other Floating Solar PV | 87.93 |
5 Global Floating Solar PV Market Size by Application
The global floating solar PV market has witnessed remarkable growth in recent years, and its revenue can be segmented by different applications, mainly inland and marine. According to the data in the report, in 2024, the global floating solar PV market revenue from inland applications is forecasted to reach $551.55 million. This significant figure reflects the wide – spread use of floating solar PV systems in inland water bodies such as reservoirs, lakes, and irrigation canals. Inland applications benefit from the large number of suitable water areas in many countries.
For example, in Asia – Pacific, countries like China and India have a vast number of inland water resources. These regions have been actively promoting the construction of floating solar PV projects in inland areas to meet the growing electricity demand. The relatively stable environment of inland waters reduces the complexity of installation and maintenance to some extent, making it an attractive option for investors.
In the same year, the marine application segment is expected to generate a market revenue of $212.97 million. Although the revenue from marine applications is lower than that of inland applications, it still shows great potential. Marine floating solar PV projects are mainly located in coastal areas and offshore waters. They face more complex environmental challenges, such as saltwater corrosion, stronger winds, and higher waves.
However, with the continuous improvement of technology, companies are developing more durable and stable floating solar PV systems for marine use. For instance, GCL System Integration’s patented dual – glass solar modules are specifically designed for marine applications and can withstand over 30 years of constant salt spray. These modules have been used in projects like the floating solar power plant off the coast of Nurai Island in the UAE, demonstrating the feasibility and potential of marine floating solar PV applications.
Table Global Floating Solar PV Market Size by Application in 2024
Application | Market Size (M USD) 2024 |
|---|---|
Inland | 551.55 |
Marine | 212.97 |
6 Global Floating Solar PV Market Size by Region
In 2024, the Asia – Pacific region is projected to be the largest revenue – generating region, with an estimated market revenue of $536.04 million. This dominant position is mainly due to the region’s strong economic growth, high demand for electricity, and abundant water resources. China, in particular, has been a major driver of the floating solar PV market in Asia – Pacific. In 2024, China’s floating solar PV projects are expected to continue to expand. The country has been investing heavily in renewable energy, and floating solar PV is an important part of its clean – energy strategy.
For example, large – scale floating solar PV power stations have been built in Anhui and other provinces, which not only meet the local electricity demand but also contribute to reducing carbon emissions. In addition, countries like India and Japan are also actively promoting the development of floating solar PV. India has a large population and a growing energy demand, and floating solar PV provides a solution to the problem of limited land resources for solar power plants. Japan, with its advanced technology and strong environmental awareness, has been exploring innovative applications of floating solar PV in various water bodies.
Europe is the second – largest market, with a projected market revenue of $105.51 million in 2024. European countries have a long – standing commitment to renewable energy development. Germany, the UK, France, and Italy are among the leading countries in the European floating solar PV market. Germany has a well – developed solar energy industry, and its floating solar PV projects benefit from advanced technology and a supportive policy environment.
The UK has also been increasing its investment in floating solar PV, especially in inland water bodies and coastal areas. France has been promoting large – scale floating solar PV projects through tenders, such as the “O’MEGA 1” PV project developed by Akuo Energy with Trina Solar’s modules. These projects not only help Europe achieve its renewable energy targets but also contribute to the region’s economic development and environmental protection.
North America is expected to have a market revenue of $50.46 million in 2024. The United States and Canada are the main contributors to the floating solar PV market in this region. The US has a large territory and rich water resources, and in recent years, it has gradually increased its investment in floating solar PV. Some states, such as California, have favorable policies for promoting renewable energy, which has stimulated the development of the floating solar PV market.
Canada also has potential in this field, especially in areas with large – scale water bodies. Although the market revenue in North America is currently lower than that in Asia – Pacific and Europe, with the continuous improvement of technology and the increase of government support, the floating solar PV market in North America is expected to grow steadily.
South America is forecasted to have a market revenue of $51.29 million in 2024. Brazil, as the largest economy in South America, plays a crucial role in the development of the floating solar PV market. Brazil has a large number of rivers and reservoirs, providing a good foundation for the construction of floating solar PV projects. In recent years, Brazil has been gradually increasing its investment in renewable energy, and floating solar PV is one of the important areas of development. The government has introduced a series of policies to encourage the development of the floating solar PV industry, which has attracted many companies to invest in this field.
The Middle East and Africa region is expected to generate a market revenue of $21.22 million in 2024. In the Middle East, countries like the UAE have been actively exploring the application of floating solar PV. The UAE has rich oil resources but also attaches great importance to the development of renewable energy.
Floating solar PV projects in the UAE can make use of its large – scale desalination plants’ water surfaces, achieving the dual goals of power generation and water desalination. In Africa, although the market is still in the initial stage of development, with the continuous improvement of the economic level and the increase of energy demand, the floating solar PV market has great potential. Some countries are gradually promoting small – scale floating solar PV projects to meet the electricity needs of local communities.
Figure Global Floating Solar PV Market Size (M USD) by Region in 2024
7 Global Floating Solar PV Market Analysis by Major Players
Hanwha Q Cells
Company Profile
Hanwha Q Cells is a leading global manufacturer of photovoltaic (PV) cells and modules, headquartered in South Korea. Established in 1999, the company has grown to become one of the largest and most recognized names in the solar industry. Hanwha Q Cells operates worldwide, with a strong presence in North America, Europe, Asia-Pacific, and other key regions. The company is known for its commitment to innovation and sustainability, driving the development of advanced solar technologies.
Business Overview
Hanwha Q Cells specializes in the production of high-efficiency solar cells and modules, leveraging cutting-edge technology to ensure optimal performance and reliability. The company’s product portfolio includes a range of monocrystalline and polycrystalline solar panels designed for residential, commercial, and utility-scale applications. Hanwha Q Cells also engages in downstream development and engineering, procurement, and construction (EPC) services, providing comprehensive solutions for solar projects worldwide.
Product Offered
Hanwha Q Cells offers a diverse range of solar products, including the Q.PEAK series, which features high-efficiency monocrystalline solar panels with advanced cell technology. The company’s products are designed to maximize energy output and minimize environmental impact. Hanwha Q Cells also provides floating solar PV solutions, such as the 80MW rotating floating solar project in South Korea, which is set to be the largest of its kind globally. These projects showcase the company’s expertise in innovative and sustainable energy solutions.
LONGi Solar
Company Profile
LONGi Solar, headquartered in China, is a world-leading solar technology company. Established in 2000, LONGi Solar has rapidly become a major player in the global solar market. The company is renowned for its commitment to research and development, driving advancements in monocrystalline silicon technology. LONGi Solar operates globally, with a strong presence in Asia, Europe, and North America.
Business Overview
LONGi Solar specializes in the production of high-efficiency solar wafers, cells, and modules. The company’s innovative approach to monocrystalline silicon technology has set new standards in the industry, offering superior efficiency and performance. LONGi Solar’s product portfolio includes a range of high-efficiency solar panels designed for various applications, from residential rooftops to large-scale utility projects. The company also provides comprehensive EPC services, ensuring seamless integration and deployment of solar projects.
Product Offered
LONGi Solar’s product offerings include the Hi-MO series, which features high-efficiency monocrystalline solar panels with advanced PERC (Passivated Emitter and Rear Cell) technology. These panels are designed to maximize energy output and durability, making them ideal for floating solar PV installations. LONGi Solar has also supplied modules for the world’s largest floating PV power station in Anhui, China, which generates approximately 150 million kWh of clean energy annually. The company’s commitment to innovation ensures that its products remain at the forefront of solar technology.
Kyocera
Company Profile
Kyocera Corporation, headquartered in Japan, is a multinational electronics manufacturer with a strong focus on solar energy solutions. Established in 1959, Kyocera has a long history of innovation and excellence in the electronics industry. The company’s diverse product portfolio includes telecommunications equipment, information devices, and solar products. Kyocera operates globally, with a significant presence in Asia, Europe, and North America.
Business Overview
Kyocera’s solar division specializes in the production of high-quality solar panels and modules. The company leverages its expertise in electronics and materials science to develop advanced solar technologies that offer high efficiency and reliability. Kyocera’s product portfolio includes a range of monocrystalline and polycrystalline solar panels designed for residential, commercial, and utility-scale applications. The company also provides comprehensive EPC services, ensuring seamless integration and deployment of solar projects.
Product Offered
Kyocera offers a variety of solar products, including the TCL Solar series, which features high-efficiency solar panels with advanced cell technology. These panels are designed to maximize energy output and durability, making them ideal for floating solar PV installations. Kyocera has completed several notable floating solar projects, such as the 13.7MW floating PV plant on the Yamakura Dam reservoir in Japan. This project, which covers 44 acres and generates approximately 16,170 MWh per year, showcases Kyocera’s expertise in large-scale floating solar solutions. The company’s commitment to innovation and sustainability ensures that its products remain competitive in the global market.