Discover floating solar panel market insights from 2023-2030 by SPI Groups.

By Oliver Townsend Jun 29, 2024
Floating Solar Panel Market (2023-2030): Industry Insights, SWOT Analysis, Market Size, Share, and Key Growth Factors | SPI Groups SUNGROW Suzhou Talesun Solar Technology Co., Ltd.jpegOrginal image from:

The global floating solar panel market is projected to experience significant growth, with an anticipated CAGR of 24.5% during the forecast period from 2021 to 2027. One of the driving factors behind this growth is the increasing awareness among individuals and governments about the importance of renewable energy sources. Governments worldwide are taking proactive steps to reduce their reliance on fossil fuels and transition towards cleaner, greener energy alternatives.

Growing Government Initiatives

For example, the government of India aims to surpass its renewable energy capacity targets set by the Paris Agreement. By 2022, India plans to achieve 227 GW of renewable energy capacity, including substantial additions in solar and wind power. Additionally, the government has set ambitious goals to reach 523 GW of renewable energy capacity by 2030, further emphasizing the shift towards sustainable energy sources.

Regulatory Restrictions and Innovations

Furthermore, governments globally are implementing regulations to curtail the usage of fossil fuels. China, for instance, has been working towards reducing emission rates through various initiatives. These regulations promote the scalability, adaptability, and minimum equipment requirements for the manufacturing of solar panels, fostering innovation in the industry.

India’s Initiatives in Floating Solar Power

India has taken significant steps in the realm of floating solar power, exemplified by projects like the Kayamkulam floating solar power plant in Kerala and the 25 MW plant near Visakhapatnam. These initiatives highlight India’s commitment to expanding its renewable energy capacity through innovative projects that leverage floating solar technology.

Market Trends and Segmentation

The floating solar panel market encompasses various product types, capacities, connectivity options, and technologies. Segments such as stationary vs. tracking panels, different capacity ranges, grid connectivity, and panel technologies offer insights into the diverse landscape of the market. Understanding these trends and segments can help stakeholders navigate the market effectively.

Key Players and Competitive Landscape

Companies like SPI Groups, SUNGROW, Suzhou Talesun Solar Technology Co., Ltd, and others play a significant role in shaping the floating solar panel market. Their contributions, alongside technological advancements and market innovations, drive competition and growth within the industry.


The global floating solar panel market presents lucrative opportunities for sustainable energy solutions. With increasing government support, regulatory frameworks, and technological advancements, the market is poised for substantial growth. Stakeholders in the industry can capitalize on these trends by staying informed about market dynamics, innovation, and competitive landscapes to make informed decisions and drive progress in the floating solar panel market.

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