Instead of installing photovoltaic (PV) panels on land, as is the case with traditional solar farms, these systems are mounted on buoyant structures that rest atop lakes, ponds, reservoirs, canals, and even calm seas. Floating solar farms, also called floatovoltaics (PV), are innovative solar power systems that float on the surface of water bodies. The technology enables energy companies to expand solar power without taking up more land. In 2021, the installed capacity worldwide was significantly above two gigawatts and counting, according to the Fraunhofer. Market Explosion Driven by Efficiency Gains: The floating solar market is experiencing unprecedented growth with a 34. 2% CAGR through 2030, primarily due to the 5-15% efficiency improvement from water cooling effects and the ability to utilize otherwise unproductive water surfaces without competing. The advantages of floating solar panels over the ground-mounted systems include; higher power production, cheaper to install and lower evaporation rates.