All updated as on -
In 2022, the market for floating solar panels was estimated to be worth USD 0.8 billion. The market for floating solar panels is anticipated to expand from USD 0.9 billion in 2022 to USD 4.3 billion by 2030, with a compound annual growth rate (CAGR) of 25.40% over the five-year forecast period (2022– 2030). The primary market driver for the global market for solar floating panels is the rising demand for clean and renewable energy around the globe. Many countries are now relying on clean energy sources. Due to its large untapped potential and the availability of government subsidies and tax refunds for the installation of photovoltaic technology, floating solar is becoming more and more popular among the available sources.
A floating solar power plant, also known as a floating solar farm, is a collection of photovoltaic solar panels mounted on a structure that floats on a body of water, usually a lake or reservoir. Floating solar panels are those employed in the development of floating solar farms. Since floating solar panels are a brand-new, affordable, and trustworthy renewable option for using empty water surfaces of reservoirs or lakes to generate renewable solar electricity, their use has been growing.
One of the major factors propelling the market expansion for floating solar panels is the rising investments in renewable energy. Economic, social, and environmental development can only be attained by switching from fossil fuels to renewable energy sources like wind and solar. This can be attributable to technology advancements that lower the overall capital expenditure per MW of power generated and the comparatively low cost of manufacturing PV system components. Renewable energy is becoming the main energy source in an increasing number of nations. For instance, initiatives integrating renewable energy are expanding in Mindanao, Philippines. According to Jose Layug Jr., chairman of the Philippines' National Renewable Energy Board, 40% of Mindanao's energy mix is derived from renewable sources. Given that it is projected that the share of renewable energy will rise during the projection period, this combination is likely to continue to grow. This factor is hence boosting the market's CAGR.
The increasing conversion efficiency of solar PVs is a further major market trend for floating solar panels that is encouraging market expansion. Solar panels now have a very low conversion efficiency rate when compared to other renewable energy sources, which have more than 30% generation efficiencies. Businesses like SunPower place a strong emphasis on improving the performance of solar panels. According to the manufacturer, the highest conversion rate for its E-series panels is about 22.2%. The presence of the surrounding water protects the floating solar panels from overheating, which contributes to the system's high total conversion rate. Additionally, the price of building a full PV system is undoubtedly going to decrease as technology develops. Consequently, during the course of the projected period, rising conversion efficiency and declining PV system prices will have a favourable effect on the market.
Additionally, what drives the global market is the growing desire for renewable energy sources to meet the expanding global energy demand. One of the main drivers of the market's rise is the supportive government initiatives to promote the usage of solar panels. The need for floating solar panels, which may use water bodies like irrigation ponds, reservoirs, lakes, canals, and others to serve a range of energy needs, is also predicted to rise due to the scarcity of available land. For instance, the facilities in the mining and quarrying industries are positioned in remote areas with expensive and challenging electrical and water sources. As a result, floating solar panels offer a practical approach to meet these businesses' energy needs. As a result, it is projected that this factor will spur global market growth for floating solar panels.
The market for floating solar panels in North America is anticipated to expand significantly between 2022 and 2030. Due to variables including the ability of floating solar technology to reduce evaporation and land availability, the demand for floating solar in the region is anticipated to rise over the projected period. The installation of floating solar farms reduces the rate of evaporation in locations with high temperatures, such as the central regions of the United States, which helps to diminish the likelihood of drought. Additionally, the market for floating solar panels in the US had the biggest market share, while the market for floating solar panels in Canada had the quickest rate of expansion. Because of rules that support using solar energy to generate power, Europe's floating solar panel market has the second-fastest rising market share. The availability of land and solar technology's ability to float to lessen the effects of evaporation are further factors that are anticipated to boost product demand. Additionally, the market for floating solar panels in Germany had the biggest market share, and the market for floating solar panels in the UK had the quickest rate of expansion.
Report Coverage
Global Floating Solar Panels research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Floating Solar Panels report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Floating Solar Panels competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Floating Solar Panels market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Floating Solar Panels market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Floating Solar Panels market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
GEITS, Wuxi Suntech Power Co. Ltd., Yingli Solar, SPG Solar, Ciel & Terre, Kyocera Corporation and Japan Mega Solar Power Co.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Floating Solar Panels market based on the below-mentioned segments:
Global Floating Solar Panels Market, By Product
Stationary Floating Solar Panels
Tracking Floating Solar Panels
Global Floating Solar Panels market, By Location
Onshore
Offshore
Global Floating Solar Panels market, Regional Analysis
A floating solar power plant, also known as a floating solar farm, is a collection of photovoltaic solar panels mounted on a structure that floats on a body of water, usually a lake or reservoir. Floating solar panels are those employed in the development of floating solar farms. Since floating solar panels are a brand-new, affordable, and trustworthy renewable option for using empty water surfaces of reservoirs or lakes to generate renewable solar electricity, their use has been growing.
One of the major factors propelling the market expansion for floating solar panels is the rising investments in renewable energy. Economic, social, and environmental development can only be attained by switching from fossil fuels to renewable energy sources like wind and solar. This can be attributable to technology advancements that lower the overall capital expenditure per MW of power generated and the comparatively low cost of manufacturing PV system components. Renewable energy is becoming the main energy source in an increasing number of nations. For instance, initiatives integrating renewable energy are expanding in Mindanao, Philippines. According to Jose Layug Jr., chairman of the Philippines' National Renewable Energy Board, 40% of Mindanao's energy mix is derived from renewable sources. Given that it is projected that the share of renewable energy will rise during the projection period, this combination is likely to continue to grow. This factor is hence boosting the market's CAGR.
The increasing conversion efficiency of solar PVs is a further major market trend for floating solar panels that is encouraging market expansion. Solar panels now have a very low conversion efficiency rate when compared to other renewable energy sources, which have more than 30% generation efficiencies. Businesses like SunPower place a strong emphasis on improving the performance of solar panels. According to the manufacturer, the highest conversion rate for its E-series panels is about 22.2%. The presence of the surrounding water protects the floating solar panels from overheating, which contributes to the system's high total conversion rate. Additionally, the price of building a full PV system is undoubtedly going to decrease as technology develops. Consequently, during the course of the projected period, rising conversion efficiency and declining PV system prices will have a favourable effect on the market.
Additionally, what drives the global market is the growing desire for renewable energy sources to meet the expanding global energy demand. One of the main drivers of the market's rise is the supportive government initiatives to promote the usage of solar panels. The need for floating solar panels, which may use water bodies like irrigation ponds, reservoirs, lakes, canals, and others to serve a range of energy needs, is also predicted to rise due to the scarcity of available land. For instance, the facilities in the mining and quarrying industries are positioned in remote areas with expensive and challenging electrical and water sources. As a result, floating solar panels offer a practical approach to meet these businesses' energy needs. As a result, it is projected that this factor will spur global market growth for floating solar panels.
The market for floating solar panels in North America is anticipated to expand significantly between 2022 and 2030. Due to variables including the ability of floating solar technology to reduce evaporation and land availability, the demand for floating solar in the region is anticipated to rise over the projected period. The installation of floating solar farms reduces the rate of evaporation in locations with high temperatures, such as the central regions of the United States, which helps to diminish the likelihood of drought. Additionally, the market for floating solar panels in the US had the biggest market share, while the market for floating solar panels in Canada had the quickest rate of expansion. Because of rules that support using solar energy to generate power, Europe's floating solar panel market has the second-fastest rising market share. The availability of land and solar technology's ability to float to lessen the effects of evaporation are further factors that are anticipated to boost product demand. Additionally, the market for floating solar panels in Germany had the biggest market share, and the market for floating solar panels in the UK had the quickest rate of expansion.
Report Coverage
Global Floating Solar Panels research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Floating Solar Panels report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Floating Solar Panels competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Floating Solar Panels market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | GEITS, Wuxi Suntech Power Co. Ltd., Yingli Solar, SPG Solar, Ciel & Terre, Kyocera Corporation and Japan Mega Solar Power Co. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Floating Solar Panels Market from 2021 to 2030.
- Market Forecast for Floating Solar Panels Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Floating Solar Panels competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Floating Solar Panels
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Floating Solar Panels market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Floating Solar Panels market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
GEITS, Wuxi Suntech Power Co. Ltd., Yingli Solar, SPG Solar, Ciel & Terre, Kyocera Corporation and Japan Mega Solar Power Co.
Primary Target Market
- Market Players of Floating Solar Panels
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Floating Solar Panels market based on the below-mentioned segments:
Global Floating Solar Panels Market, By Product
Stationary Floating Solar Panels
Tracking Floating Solar Panels
Global Floating Solar Panels market, By Location
Onshore
Offshore
Global Floating Solar Panels market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive floating solar panels market market research and competitor analysis for your business to help you develop more profound insights into the floating solar panels market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the floating solar panels market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.