According to MarkNtel Advisors study the Global Floating Solar Market size in terms of installed capacity is valued at around 5.9 GW in 2023. Along with this, the market is estimated to grow at a CAGR of around 34.2% during the forecast period, i.e., 2024-30.

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Key Findings of the Study: Floating Solar market

Global Floating Solar Market Driver:

Rising Inclination Towards Renewable Energy Generation to Propel Floating Solar Market Growth – The rising emission rates from fossil fuel combustion across the globe have necessitated the need for clean energy solutions. With emerging emission rates, and prevailing issues like global warming, ozone layer depletion, etc., the demand for renewable energy sources such as solar, hydro, etc., has been surging significantly. Moreover, the depletion of fossil fuels due to their finite nature is creating the demand for clean-energy solutions across the globe. As a result, there is a surging inclination toward renewable modes of energy generation driven by their abundance and reliability. For instance,

• In 2023, as per the International Energy Agency, the renewable electricity capacity additions reached around 507 GW which was almost 50% higher than in 2022.

Solar energy generation holds a significant share of the total renewable energy generation across the globe. According to the International Energy Agency, in 2023, solar PV accounted for three-quarters of renewable capacity additions worldwide. Thus, with the increasing growth of renewable energy generation, the demand and establishment of solar power are also surging. Countries with water surroundings and limited land capacities for solar power plants are increasingly adopting floating solar solutions which is increasing their demand and augmenting the size & volume of the Global Floating Solar Market.

Global Floating Solar Market Challenge:

High Maintenance & Operational Cost Associated with Floating Solar Plants to Impede Market Growth & Expansion – The deployment of floating solar plants incurs additional costs as compared to traditional and stationary solar panels owing to their transportation, maintenance, and installation.  Floating solar panels are established away from the urban areas in water bodies like seas, oceans, lakes, etc. This requires the transportation & deployment of all parts and equipment to those sites, thereby surging the transportation cost of overall products. Moreover, the problems in maintaining the quality and stability of costly parts while transporting them across farther locations & remote areas further require stringent measures and care, adding an extra layer of expense to the overall project. The installation and maintenance tasks of these solar panels on huge water currents and unstable surfaces require skilled individuals and technologically advanced tools, which increases the costs. The requirements of stabilizing the entire solar panels while maintaining them can lead to higher engineering and construction costs compared to traditional solar power plants.

Additionally, the unpredictable harsh environmental conditions in bodies of water, such as waves and wind, increase maintenance costs due to wear and tear issues. These factors project that floating solar power plants are less cost-effective compared to traditional solar panels, particularly in regions where the cost of manufacturing, installation, and maintenance of energy is low. Thus, floating solar photovoltaic power plants can be near to 15-30 percent costlier than traditional land-based ones. This increased cost makes it difficult for businesses to remain competitive and profitable, making it less appealing to end users, thereby hindering the widespread adoption and hampering the growth of the Global Floating Solar Market.

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Scope of the Report and Floating Solar Market Segmentation:

By Type

• Pure- Market Size & Forecast 2019-2030, USD Million
• Metallic- Market Size & Forecast 2019-2030, USD Million
• Membrane- Market Size & Forecast 2019-2030, USD Million

By Waterbody

• Inland- Market Size & Forecast 2019-2030, MW
  • Lakes/Ponds/Rivers- Market Size & Forecast 2019-2030, MW
  • Dams/Reservoirs- Market Size & Forecast 2019-2030, MW
  • Water Treatment Plants- Market Size & Forecast 2019-2030, MW
• Marine- Market Size & Forecast 2019-2030, MW

By Component

• Service- Market Size & Forecast 2019-2030, USD Million
  • Construction- Market Size & Forecast 2019-2030, USD Million
  • Consultancy- Market Size & Forecast 2019-2030, USD Million
  • Maintenance- Market Size & Forecast 2019-2030, USD Million
• Equipment- Market Size & Forecast 2019-2030, USD Million

By Capacity

• Upto 10 MW- Market Size & Forecast 2019-2030, Number of Projects
• 1 MW to 50 MW- Market Size & Forecast 2019-2030, Number of Projects
• 1 MW to 100 MW- Market Size & Forecast 2019-2030, Number of Projects
• >100 MW- Market Size & Forecast 2019-2030, Number of Projects

Floating solar farms with a capacity of 10.1 to 50 MW have been dominating the market over the historical years.

Floating Solar Market Competitive Landscape

• Iberdrola
• Ciel & Terre International
• RWE
• Tractebel
• Pristine Sun LLC
• Enel Spa
• SolarDuck
• BayWa r.e.
• Ocean Sun AS
• Quant Solar
• ABL Group
• NRG Energia srl
• Sterling and Wilson Renewable Energy Limited
• Sungrow
• Scotra Co. Ltd.
• EnBW
• Others

Floating Solar Market Development:

• In 2023: Iberdrola installed its first floating solar PV power plant in Brazil with around 940 panels.
• In 2022: EnBW, an energy company announced its plans to develop a 100 MW floating solar project in Germany's Saarland region.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Asia-Pacific region is expected to capture a substantial share of the Global Floating Solar Market, owing to high renewable energy generation potential and rich hydro and solar resources.

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