The Global Floating Solar Photovoltaics (FPV) Market is analyzed in this report across type, location, capacity, end use, and region, highlighting major trends and growth forecasts for each segment.

Introduction:

Floating Solar Photovoltaics (FPV) are rapidly gaining prominence as a high impact solution in the global clean energy landscape. By addressing critical issues such as land scarcity, water conservation, and energy efficiency, FPV systems are proving especially valuable in densely populated regions with abundant water resources. These installations utilize underused water surfaces such as reservoirs, lakes, and dams to generate electricity while significantly reducing water evaporation. Their modular design, compatibility with hydropower assets, and lower land acquisition requirements are accelerating their deployment across both developed and emerging markets.

The global FPV market is expanding at a strong pace and is projected to reach USD 14.5 billion by 2030. Growth is being driven by ambitious renewable energy targets, favorable policy frameworks, and rising investment in sustainable energy infrastructure. Valued at USD 6.8 billion in 2024, the market is expected to grow at a compound annual growth rate (CAGR) of 14% through the forecast period, fueled by increasing demand for clean power and rapid advancements in floating solar technologies.

Market Dynamics:

The Floating Solar Photovoltaics (FPV) market is establishing itself as a key enabler of the global energy transition. Its rapid adoption is underpinned by rising clean power demand, constrained land availability, and the strategic use of existing water bodies for solar deployment. FPV systems offer clear advantages: higher energy efficiency from natural water cooling, reduced evaporation from reservoirs, and integration with hydropower infrastructure. These benefits are attracting both governments and utilities seeking scalable, cost effective renewable solutions. Falling PV module prices, supportive policy environments, and incentives for hybrid systems are further propelling FPV adoption.

Significant market opportunities are emerging across a range of geographies and applications. Large scale FPV projects on hydropower reservoirs, industrial ponds, and agricultural water bodies are gaining traction. Offshore floating solar farms are beginning to take shape, pushing the market into new frontiers. Asia Pacific remains the epicenter of innovation, particularly where land use constraints and high energy demand intersect. Meanwhile, advancements in modular platforms, corrosion resistant materials, and anchoring technologies are enabling durable, scalable deployment across both freshwater and marine settings.

Several trends are shaping the future trajectory of the FPV sector. Hybrid systems that combine floating solar with hydropower and energy storage are boosting grid stability and renewable output. AI powered monitoring tools are improving performance diagnostics and predictive maintenance. Simultaneously, the industry is moving toward more eco friendly and recyclable floatation materials. Landmark projects signal this evolution: NTPC Limited’s 56 MW FPV plant in Jharkhand, paired with a 240 MWh battery system, reflects the rise of hybrid models, while Ocean Sun AS’s offshore pilot in Brazil, backed by a NOK 4 million grant, showcases the expansion into coastal applications. Rising offshore FPV activity particularly in Europe and East Asia highlights growing interest in tapping ocean based solar resources. As the technology matures and scales, FPV is positioned to become a critical component of global renewable strategies, leveraging underutilized water surfaces to advance sustainability goals.

Segment Highlights and Performance Overview:

By Type:

Stationary floating solar systems dominate the type segment, accounting for roughly 85% of market share. Their widespread use is driven by cost effectiveness, simplicity of design, and ease of deployment. Compared to tracking systems, stationary platforms offer a lower maintenance, structurally robust solution well suited for various inland water bodies. Their appeal is particularly strong in cost sensitive regions where straightforward implementation and long term durability are key decision factors.

By Location:

Onshore floating solar installations hold an estimated 95% of the location segment. Their dominance stems from the broad availability of inland water bodies such as reservoirs, lakes, and canals, which present fewer engineering challenges than offshore environments. More stable regulatory pathways and existing infrastructure have made onshore FPV systems especially viable in Asia Pacific and Europe, where deployment at scale is accelerating.

By Capacity:

Projects in the 10 MW to 50 MW range represent the largest share of the capacity segment, contributing approximately 50% to 55% of market volume. This capacity range offers the optimal balance between scalability and capital efficiency, making it ideal for utility scale installations. These systems are often sited on public reservoirs or co-located with hydropower facilities, providing a cost effective route to expand renewable generation capacity.

By End Use:

The utility segment leads the end use category, accounting for around 70% to 75% of the market. This dominance reflects the strategic integration of floating solar into national energy plans. Utilities and government backed entities are deploying FPV systems to boost hydropower output and reduce reservoir evaporation, reinforcing FPV’s role as a dual benefit solution for clean energy and water conservation.

Geographical Analysis:

The Global Floating Solar Photovoltaics (FPV) Market is examined across key regions, including North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa.

Asia Pacific is the clear leader in the global floating solar PV market, representing approximately 65% of total deployment. The region’s dominance is fueled by high population density, limited land availability for traditional solar installations, and robust government support for renewables. Countries such as China, India, Japan, and South Korea are at the forefront of utility scale FPV development, particularly on hydropower reservoirs and other large water bodies.

The Middle East & Africa (MEA) region is expected to post the fastest growth, with a projected CAGR of 28% to 32%. This surge is driven by the region’s exceptional solar resources, growing focus on water conservation, and national sustainability agendas. Countries including the UAE, Saudi Arabia, and South Africa are actively developing hybrid FPV projects that combine solar generation with environmental resilience, positioning MEA as a rising hub for floating solar expansion.

Competition Landscape:

The global FPV market is shaped by a dynamic mix of solar developers, engineering firms, and floating technology specialists. Leading players are focusing on innovations in platform design, enhancing structural durability, and forming strategic alliances to expand their global footprint. These efforts are aimed at securing utility scale projects, particularly in high growth regions.

Key companies profiled include:

Ciel & Terre International, Sungrow Power Supply Co., Ltd., BayWa r.e., Ocean Sun AS, Hanwha Q CELLS, Tata Power Solar, NTPC Limited, Trina Solar, LONGi Solar, Solaris Synergy, Swimsol, and JinkoSolar. These firms are at the forefront of product innovation, turnkey project execution, and cross market expansion.

Recent Developments:

May 9, 2025 – Sungrow Power Supply Co., Ltd. unveiled its next generation FPV system solutions at Intersolar Europe 2025. The latest designs enhance energy yield, reduce lifecycle costs, and improve the environmental performance of large scale FPV installations marking a major step in the global rollout of advanced floating solar technologies.

February 27, 2025 – Tata Power Solar secured a ₹455 Cr contract from Maharashtra State Power Generation Company to supply 300 MWp of ALMM compliant modules. This deal supports India’s domestic solar manufacturing push and strengthens the supply chain for FPV projects. It also reflects rising investor confidence and government backing for floating solar infrastructure at scale.

Segmentation included in the report:

By Type:

• Stationary
• Solar Tracking

By Location:

• Onshore
• Offshore

By Capacity:

• Up to 10 MW
• 10 MW – 50 MW
• Above 50 MW

By End Use:

• Utility
• Industrial
• Commercial
• Residential

Companies:

• Ciel & Terre International
• Sungrow Power Supply Co., Ltd.
• BayWa r.e
• Ocean Sun AS
• Hanwha Q CELLS 
• Tata Power Solar
• NTPC Limited
• Trina Solar 
• LONGi Solar
• Solaris Synergy
• Swimsol
• JinkoSolar