Asia-Pacific Floating Solar Panels Market - 2025-2032

Asia-Pacific Floating Solar Panels Market reached US$ 33.01 million in 2024 and is expected to reach US$ 313.59 million by 2032, growing with a CAGR of 32.50% during the forecast period 2025-2032.

Asia-Pacific Floating Solar Panels Market is experiencing significant growth, driven by various favorable factors. The region's increasing demand for renewable energy, coupled with the scarcity of land for traditional solar farms, has made floating solar a viable and attractive alternative. Countries like China, India, Japan, South Korea and Indonesia are heavily investing in floating photovoltaic (FPV) projects to enhance their clean energy capacity.

For instance, currently, nine of the world's top 10 FPV projects by size are in China, with the only exception being the Cirata FPV project in West Java, Indonesia, which was commissioned in November 2023. The project boasts capacity of 145 megawatts-alternating-current (MWac), setting an example that will be followed as more FPV projects enter the fold. With ongoing research, innovation and increasing electricity demand, Asia-Pacific floating solar market is poised for long-term expansion, ensuring a sustainable and efficient energy future for the region.

Market Dynamics

Driver - Increasing Private and Public Investments

Governments, private investors and international organizations are increasingly funding floating solar projects. The Asian Development Bank (ADB), World Bank and other financial institutions have been actively supporting floating solar developments in countries like Vietnam, Indonesia and the Philippines.

For instance, in 2024, Indonesia is advancing clean energy with the Floating Solar Power Plant (PLTS) Cirata in West Java, showcasing its climate commitment. Developed in partnership between PLN and UAE's Masdar, the $145 million project highlights strong international collaboration in renewable energy expansion.

Restraint - High Installation Costs

High installation costs significantly restrain the floating solar market by increasing project expenses and limiting adoption, especially in developing regions. The need for specialized floating structures, anchoring systems and durable materials raises upfront costs compared to land-based solar. For instance, in India, several planned floating solar projects have faced delays due to financial feasibility concerns.

Market Segment Analysis

The offshore water bodies segment is driving the floating solar market by unlocking vast, underutilized marine spaces for large-scale renewable energy projects. Unlike inland reservoirs, offshore installations offer higher scalability and reduced land competition, making them attractive for countries with limited land availability.

For instance, China's 1 GW offshore solar project in Dongying, Shandong, led by CHN Energy, demonstrates how large-scale offshore solar farms can significantly boost clean energy generation. Similarly, South Korea is investing in offshore floating solar as part of its carbon neutrality goals, with projects integrated into its coastal energy grid. Thus, above factors helps to boost the market growth.

Market Geographical Share

Vietnam is actively boosting the floating solar market by leveraging its abundant water resources and integrating solar power with existing hydropower infrastructure. The government's strong focus on renewable energy policies, favorable tariffs and foreign investments has accelerated floating solar adoption.

For instance, as part of a US$ 37 million loan agreement, the Asian Development Bank (ADB) is collaborating with Da Nhim-Ham Thuan-Da Mi Hydro Power Joint Stock Company (DHD) to develop a 47.5 MW floating solar project on the Da Mi hydropower plant reservoir, marking Vietnam's first large-scale floating solar PV installation and Southeast Asia's largest. Such hybrid projects maximize energy output while utilizing existing infrastructure, reducing costs and improving grid stability. Thus, above factors helps to boost the market growth.

Major Companies

Major companies driving the Asia-Pacific Floating Solar Panels Market include Ciel & Terre International, Sungrow, LG CNS, LS Industrial Systems (LSIS) and Xiamen Mibet New Energy, which provide advanced floating PV technologies and solutions. Firms like Sumitomo Mitsui Construction (SMCC), Kyoraku, Scotra, Ocean Sun and Swimsol are also expanding their presence through innovative floating structures and large-scale project deployments across the region.

Key Developments

In 2025, Singapore-based Canopy Power and Norway's Ocean Sun have formed a strategic partnership to deploy floating solar technology in Australia, aiming to accelerate renewable energy solutions while addressing land and water scarcity challenges.

In 2023, Blueleaf Energy and SunAsia Energy Inc. have secured contracts from the Philippine government to build and operate the world's largest floating solar project in the Philippines, which has a cumulative capacity of 610.5 megawatts (MW).

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