Floating Solar PV Market Size & Share, by Site Environment (Inland Freshwater, Coastal/Brackish, Offshore); Mounting/Structure; Product Type; Application; Power Purchase Model; Capacity - Global Supply & Demand Analysis, Growth Forecasts, Statistical Report 2026-2035

Floating Solar PV Market - Regional Analysis

APAC Market Insights

The Asia Pacific floating solar PV market is anticipated to garner the highest share of 52.4% by the end of 2035. The market’s upliftment in the region is highly attributed to reservoir co-location, robust utility decarbonization targets, and land scarcity, particularly across Southeast Asia, South Korea, Japan, India, and China. According to an article published by PV Tech Organization in July 2025, A Malaysia-based utility organization, Tenaga Nasional Berhad, has officially unveiled a floating solar pilot project, which is projected to assist in unlocking 2.2 GW of generation capacity. This particular floating solar pilot constitutes a capacity of 100 kW and readily spans an area of 1,085 m2, along with 220 solar PV modules. Additionally, it aims to demonstrate the country’s largest lake, which covers 36,900 hectares, and can readily be utilized for a massive floating solar project.

The floating solar PV market in China is growing significantly due to industrial integration, policy and scale continuity, and the presence of state-owned enterprises significantly commissioning and piloting complex projects. As per official statistics published by the CNESA Organization in July 2025, the completely seawater-driven floating photovoltaic project by Sinopec Qingdao Refining and Chemical Co., Ltd. successfully generated 16.7 million kilowatt-hours of green electricity yearly. This has been extremely suitable for reducing carbon dioxide emissions by 14,000 tons, which is equivalent to planting 750,000 additional trees. This particular project offers a crucial demonstration for promoting floating PV in shallow and coastal sea locations under seawater conditions. Moreover, this readily maximizes the cooling effect of seawater, optimizing the power generation efficiency by 5% to 8%.

The floating solar PV market in Malaysia is also growing, owing to supportive tendering, clear project pipelines, and reservoir hybridization, along with suitable organizational contributions. For instance, in December 2025, Masdar, which is an international clean energy leader, significantly declared its first-ever project in the country, and deliberately signed a power purchase deal to create a 200 MW floating solar photovoltaic project at the Chereh Dam in Pahang State. This particular plant is expected to emerge as the largest floating solar project in the whole of Southeast Asia. Additionally, by occupying an estimated 950 acres, the plant is expected to comprise a generation capacity of over 300 MWp, which is suitable to power the equivalent of more than 100,000 homes. Further, the project valuation is estimated at over RM 850 million (USD 208 million), leading to a huge growth opportunity for the overall market.

North America Market Insights

North America floating solar PV market is expected to emerge as the fastest-growing region during the forecast period. The market’s development in the region is highly propelled by an increase in industrial demand, water-constrained siting, and utility decarbonization mandates. Based on government data published by the NREL Government in January 2025, reservoirs in the U.S. have the capability to host generous floating solar panels and generate almost 1,476 terawatt hours of energy to power an estimated 100 million homes every year. Besides, the 2026 Nature Conservancy Organization article has estimated that it is crucial to increase the renewable energy amount in the U.S. by 400%, develop 1.5 times the present long-lasting power lines to deliver clean energy, and ensure rapid timelines for the newest clean energy projects by 50%, all of which positively impact the market growth.

The floating solar PV market in the U.S. is gaining increased traction due to federal reservoir potential, chemical industry and clean energy funding, EPA green chemistry programs, and industrial decarbonization. As per an article published by the Department of Energy in February 2022, the administrative body issued two notices for providing USD 2.9 billion to bolster the production of innovative batteries. These are extremely essential to rapidly growing clean energy sectors in the near future, including energy storage and electric vehicles. In addition, the Bipartisan Infrastructure Law has allocated almost USD 7 billion to expand the domestic battery supply chain, which comprises recycling and producing minerals without new mining and extraction, along with sourcing materials for localized manufacturing, thereby making it suitable for uplifting the market.

The floating solar PV market in Canada is also developing, owing to provincial clean energy mandates, federal budget support, water utility integration, and sustainability, along with ESG alignment. As per government data put forth by the Government of Canada in August 2025, for the upcoming 5 years, the country’s clean energy gross domestic product (GDP) is expected to reach USD 107 billion, readily driven by USD 58 billion in yearly investments by the end of 2030, eventually leading to over 600,000 employment opportunities. Besides, the electricity sector is continuously transforming and expanding, with 140 GW to 190 GW of additional clean electricity generating capacity predicted to be required by the end of 2050. Moreover, the country’s Clean Electricity Regulations have allocated USD 60 billion to significantly decarbonize the electricity system, which is part of the Clean Economy Plan, thus bolstering the market’s growth.

Clean Electricity Generation in Canada (2024)

Source: Government of Canada

Europe Market Insights

Europe floating solar PV market is projected to witness considerable growth by the end of the stipulated timeline. The market’s growth in the region is highly driven by utility decarbonization targets, reservoir co-location, and land-utilization constraints. According to official statistics published by the Milken Institute Organization in October 2024, the region is considered the second-most crucial region in fueling growth in solar capacity, gradually deriving 15.2% of its electricity capacity from solar. In this regard, 59.9% of the region’s capacity is carbon-free, readily deriving a huge share of electricity from hydropower. Besides, the Netherlands ranks third in the global solar share of electric capacity, accounting for 39.6%. Additionally, the Dutch government offers suitable subsidies for rooftop solar, which has been installed on more than 2.6 million homes in the middle of 2023, thereby denoting a positive outlook for the market.

The floating solar PV market in Germany is gaining increased exposure due to robust clean-tech manufacturing ecosystems, reservoir hybridization with hydropower, and industrial decarbonization. As stated in an article published by Heinrich Böll Stiftung in March 2023, the country’s government has developed the national Climate Action Plan 2050, detailing the goal of achieving a 55% reduction in greenhouse gas emissions by the end of 2030 and almost becoming carbon neutral by the end of 2050. Moreover, it has been projected that 61% to 62% reduction in emissions from the energy industry needs to be gained by 2030. Besides, the objective for the industrial field is to diminish emissions by 49% to 51% by 2030, majorly through energy efficiency measures as well as waste heat recovery for power generation, thus creating an optimistic outlook for the market’s welfare.

The floating solar PV market in the Netherlands is also growing, owing to the rapid adoption of reservoir-based projects, strong water management infrastructure, and acute land constraints. As per a data report published by the Central Joint Organization in July 2024, the GDP per capita amounts to USD 58, along with 451 km of total coastline, 6,500 per km2 of the highest density, and 529 per km2 of average density. In addition, almost 17% of the country’s present land area amounts to 7,000 km2, which has been significantly reclaimed from swamps, lakes, marshes, and seas. Besides, the Delta Programme in the country is deliberately financed with the strong Delta Fund and is grounded under the Delta Act, with the provision of a EUR 27.4 billion budget till 2050. This is suitable for focusing on climate adaptation, water security, and fresh water availability, thus suitable for uplifting the market’s demand.