Onshore Floating Solar Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Component (PV Modules, Lightning Protection System, Anchoring System, Inverter, Others), By Type (Stationary, Tracking), By Application (Irrigation, Hydroelectric Dam, Water Treatment, Quarry and Mining), By Region, By Competition 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 3.99 Billion
CAGR (2026-2031)	32.56%
Fastest Growing Segment	Tracking
Largest Market	Asia Pacific
Market Size (2031)	USD 21.65 Billion

Market Overview

The Global Onshore Floating Solar Market will grow from USD 3.99 Billion in 2025 to USD 21.65 Billion by 2031 at a 32.56% CAGR. The Global Onshore Floating Solar Market comprises photovoltaic arrays installed on inland water surfaces, such as reservoirs, hydroelectric dams, and industrial ponds, rather than on terrestrial land. The fundamental drivers propelling this sector include the critical need to bypass land acquisition constraints, allowing energy generation without competing for agricultural or real estate space. Furthermore, the natural cooling provided by the water body improves the thermal performance of the photovoltaic modules, resulting in higher energy yields compared to ground-mounted alternatives.

Despite these advantages, the market encounters a substantial challenge regarding the high initial capital expenditure required for specialized anchoring and mooring solutions, which must withstand fluctuating water levels and environmental stress. Providing a quantitative perspective on the sector's scale, according to IEA PVPS Task 13, in early 2024, at least 7.8 GW of floating solar capacity was operational globally. This underscores the growing footprint of the technology despite the technical and financial barriers.

Key Market Drivers

Strategic Integration with Existing Hydropower Infrastructure acts as a primary catalyst for the Global Onshore Floating Solar Market, enabling developers to leverage established transmission networks and stabilize energy output. By co-locating floating photovoltaic arrays with hydroelectric dams, operators can utilize existing grid connections, significantly reducing capital expenditures associated with new transmission infrastructure. Furthermore, these hybrid systems offer a complementary generation profile; solar power peaks during dry, sunny periods when reservoir levels may be low, while hydropower can be dispatched during intervals of low solar irradiance. This synergy was highlighted when SJVN Green Energy, a subsidiary of a major Indian utility, commissioned a 90 MW capacity section of the Omkareshwar Floating Solar Park in August 2024, marking a significant milestone in one of the world's largest reservoir-based renewable energy projects.

The Increasing Scarcity of Suitable Land for Ground-Mounted Solar Projects further accelerates the adoption of floating solar technology, as nations seek to expand renewable capacity without encroaching on agricultural or urban real estate. Utilizing inland water bodies such as lakes and industrial reservoirs allows for massive scalability in regions where terrestrial land is premium or legally protected. The immense potential of this approach was quantified in a report covered by PV Magazine in June 2024, which cited a study by Bangor University estimating that floating solar arrays on lakes and reservoirs globally could generate up to 1,302 TWh of electricity annually. This drive to utilize non-terrestrial surfaces is critical in the broader context of the solar boom; according to SolarPower Europe, June 2024, the world installed 447 GW of new solar capacity in 2023, creating urgent pressure to find alternative surfaces like water bodies to sustain this rapid growth trajectory.

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Key Market Challenges

The requirement for specialized anchoring and mooring systems creates a significant financial barrier that directly impedes the expansion of the Global Onshore Floating Solar Market. These technical components are essential for stabilizing photovoltaic arrays against water currents and level variations, but they necessitate a higher upfront capital expenditure compared to standard ground-mounted installations. Consequently, potential investors often perceive these projects as carrying elevated financial risk, leading to slower adoption rates in regions where terrestrial land is still available at a lower development cost.

This cost disparity effectively limits the technology to a niche status despite its generation benefits. The economic friction caused by these structural requirements is evident when comparing installation volumes to traditional solar methods. According to SolarPower Europe, in 2024, floating solar represented less than 1 percent of the record 447 GW of global solar capacity installed in the preceding year. This distinct gap highlights how financial and structural complexities continue to restrict the broader scalability of floating photovoltaic solutions in the current renewable energy landscape.

Key Market Trends

The Widespread Adoption of Bifacial Photovoltaic Modules is fundamentally altering the technical landscape of the market by exploiting the reflective potential of water surfaces to amplify energy generation. Unlike traditional monofacial panels, bifacial systems are designed to capture direct sunlight from above and reflected light from the water below, leveraging the albedo effect to increase total power output. This technology creates a synergistic advantage when combined with the natural cooling properties of water, which mitigates the thermal losses often seen in ground-based bifacial setups. According to PV Magazine, September 2024, in the 'Optimizing bifacial solar panels for floating PV applications in tropical freshwater' article, experimental research demonstrated that the cooling effect of freshwater environments can achieve a 3.19 percent higher bifacial gain compared to conventional surfaces, significantly enhancing the return on investment for developers.

Simultaneously, the Expansion into Quarry Lakes and Mining Voids represents a strategic pivot toward repurposing industrial brownfields into productive renewable energy assets. This trend focuses on the rehabilitation of exhausted mining sites, transforming deep, artificial water bodies that are unsuitable for recreation or agriculture into large-scale power plants. Utilizing these voids allows operators to deploy massive capacity without facing the environmental or social opposition often associated with natural lakes or reservoirs. This approach is gaining rapid traction in regions with heavy extractive industries; according to Germany Trade & Invest, October 2024, in the 'Germany Inaugurates Country's Largest Floating PV Unit' article, a newly commissioned 15 MW floating facility on the Philippsee gravel lake is projected to generate 16 million kilowatt-hours of electricity annually, proving the viability of converting former extraction sites into sustainable energy hubs.

Segmental Insights

The Tracking segment currently stands as the fastest-growing category within the Global Onshore Floating Solar Market. This accelerated expansion is primarily driven by the imperative to maximize energy yield from limited water surface areas, as tracking systems adjust photovoltaic panels to follow the sun's trajectory throughout the day. Although these installations often incur higher initial engineering and construction costs compared to stationary counterparts, the resulting increase in power generation efficiency offers a superior levelized cost of electricity. Furthermore, advancements in buoyant structural stability and durable, lightweight materials have significantly improved the reliability of these dynamic systems for utility-scale deployment.

Regional Insights

Based on industry analysis, Asia Pacific holds a dominant position in the Global Onshore Floating Solar Market, primarily driven by acute land scarcity and high population density in major economies like China, India, and Japan. Regional governments have prioritized floating photovoltaics to utilize inland water bodies, thereby circumventing conflicts with agricultural land use while meeting ambitious renewable energy mandates. Additionally, the widespread integration of floating solar arrays with existing hydropower reservoirs allows for cost-effective hybridization and shared transmission infrastructure. These geographic constraints and supportive policy frameworks collectively establish the region as the primary driver of global market expansion.

Recent Developments

• In November 2024, Tata Power Renewable Energy Limited commissioned a significant 126 MW floating solar project in Madhya Pradesh, India. The ₹596 crore installation, located between two hydroelectric reservoirs, became one of the largest of its kind in the country. The project utilized over 200,000 bifacial glass-to-glass modules and featured advanced engineering solutions, including a robust mooring system and wave breakers, to withstand challenges such as high winds and fluctuating water levels. The facility was expected to generate substantial clean energy annually while conserving water by reducing evaporation, demonstrating the company's capability in executing large-scale onshore floating solar infrastructure.
• In September 2024, Ameresco, Inc., in collaboration with floating PV specialist D3Energy, commissioned a new floating solar array in Utah, United States. Installed on a holding pond at a water treatment facility, this 587.5 kW system marked the first floating solar project in the state. The installation was designed to supply electricity directly to the treatment plant, significantly offsetting its grid energy consumption. Supported by a $400,000 grant from a regional utility program, the project exemplified the dual benefits of generating renewable energy and utilizing existing water infrastructure without impacting land resources.
• In June 2024, Sungrow FPV officially launched a flexible floating PV system solution at a major industry exhibition in Europe. The company engineered this new product to address specific market demands for high efficiency and flexibility, incorporating features such as an adjustable snow load capacity to suit diverse climatic conditions. The system also included an ergonomically optimized maintenance walkway to ensure the safety and convenience of operational personnel. This launch demonstrated the company's dedication to technological advancement in the global onshore floating solar market, aiming to provide reliable and ecologically friendly system solutions.
• In January 2024, Ciel & Terre commenced the construction of an 11 MW floating solar power plant in Saint-Savin, France. This initiative marked the first commercial deployment of the company's "aiR Optim" technology, a new version of its floating structure designed to support larger modules and simplify maintenance operations. Developed on a quarry lake, the project was engineered to coexist with ongoing quarry activities, featuring a turnkey solution that included a customized anchoring system. This development highlighted the company's strategy to introduce innovative product designs that enhance the feasibility and efficiency of onshore floating solar applications.

Key Market Players

• Ciel & Terre International
• Kyocera Corporation
• Wärtsilä Corporation
• Infratech Industries
• Floating Power Plant A/S
• Statkraft
• SPG Solar
• Swimsol GmbH
• Ocean Sun AS
• Principle Power, Inc.

By Component	By Type	By Application	By Region
PV Modules Lightning Protection System Anchoring System Inverter Others	Stationary Tracking	Irrigation Hydroelectric Dam Water Treatment Quarry and Mining	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Onshore Floating Solar Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Onshore Floating Solar Market, By Component:

• PV Modules
• Lightning Protection System
• Anchoring System
• Inverter
• Others

• Onshore Floating Solar Market, By Type:

• Stationary
• Tracking

• Onshore Floating Solar Market, By Application:

• Irrigation
• Hydroelectric Dam
• Water Treatment
• Quarry and Mining

• Onshore Floating Solar Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE