Floating Solar Panel Market Size, Share, Growth Analysis, By Type(Photovoltaic (PV) Panels and Concentrated Solar Power (CSP)), By Application(Utility and Residential), By Region - Industry Forecast 2024-2031

Global Floating Solar Panel Market size was valued at USD 31.40 Billion in 2022 and is poised to grow from USD 38.50 Billion in 2023 to USD 196.49 Billion by 2031, at a CAGR of 22.60% during the forecast period (2024-2031).

Floating solar panels are becoming an increasingly popular method of generating renewable energy. This technology involves installing solar panels on floating platforms in bodies of water such as reservoirs, lakes, and oceans. The capacity to produce energy without using up any land, a higher energy efficiency due to the cooling effect of water, and less water evaporation are all advantages of floating solar panels. Considering the numerous benefits of this cutting-edge technology and the rising need for renewable energy, the global market for floating solar panels is anticipated to expand significantly. Due to the growing emphasis on clean fuel power generation and the scarcity of land, the global market is anticipated to expand during the projected period. Governments worldwide are implementing regulations to promote the use of clean energy, which will aid in reducing pollution levels. The demand for reliable renewable energy sources for power generation is driving the significant growth of floating solar technology. The United States market is anticipated to grow substantially in the forecast period due to federal schemes promoting green electricity and solar investment tax credits. Stringent regulations to limit greenhouse gas emissions will also contribute to global market growth. China has set targets to reduce emission levels under its 13th 5-year plan. Solar energy is a rapidly growing renewable energy source that offers easy installation, scalability, adaptability, and low equipment requirements. The advantages of floating panel installations are expected to fuel market growth.

US Floating Solar Panel Market is poised to grow at a sustainable CAGR for the next forecast year.