The solar floating system is in a blowout state in renewable energy market, whose appearance has solved the requirement for a large area of land, and conforms to the government's policies and initiatives. Due to these factors, the floating solar panel market generated revenue of 685.2 million US dollars in 2019, and is expected to increase to 2.301 billion US dollars by 2026.
 
The main driving force for the development of the floating solar panel market is that there is no need to expropriate land. As usual, large-scale conventional photovoltaic power plants need a lot of land to generate commercially feasible power. This land can be used for agricultural and urban development purposes, which has been limiting the growth of global solar market. Therefore, in order to make the land freely used for other potential applications, floating photovoltaic technology is being promoted globally.
 
Asia-Pacific (APAC) is the largest floating solar panel market at present, and it is expected to remain so by 2025. Due to the government's strong support for renewable energy, the Asia-Pacific region has become the largest solar power generator in the world. In addition, strict emission control laws and regulations, the huge demand for land for various purposes and the increasing demand for cheap electricity are driving the installation of photovoltaic panels in regional water bodies. In most countries in the Asia-Pacific region, due to the rapid population growth and urban expansion, there is very little land available for being idle.