Global Floating Solar Panels Market Size, Trends and Growth Opportunity, By Product Type (Tracking Floating Solar Panels, Stationary Floating Solar Panels), By Capacity (Up to 500KW, 500kw to 1MW, 1mw to 3MW, Greater than 3MW), By Connectivity (On Grid, Off Grid), By Location (Onshore, Offshore), By Technology (Photovoltaic, Concentrated Solar Power (CSP), Concentrator Photovoltaics (CPV)), By Panel Type (Monocrystalline, Poly-crystalline, thin film), By Region and forecast till 2030.
Global Floating Solar Panels Market
Global Floating Solar Panels Market was valued at USD 39.97 million in 2022 and is slated to reach USD 381.59 million by 2030 at a CAGR of 32.59% from 2023-2030.
An array of photovoltaic solar panels mounted on a structure that floats on a body of water—typically a lake or reservoir—is known as a floating solar power plant. The popularity of floating solar panels is because they offer a creative, cost-effective, and reliable renewable alternative for using reservoirs' or lakes' newly formed water surfaces to generate solar energy. On the water, including irrigation ponds, reservoirs, lakes, canals, and the ocean, floating solar panels are mounted. It is an innovative way to use the water surface of dams, reservoirs, and other bodies of water to generate solar energy.
Market Drivers
The device offers shade to shield the water from direct sunshine and can cut evaporation losses by up to 70%. A new study on the possibility of floating solar photovoltaics in sizable reservoirs was published in the international journal for innovative research in Science and Technology. A reservoir's yearly water evaporation losses can be reduced by an average of 1250 million litres per square kilometre, or roughly 4 million gallons per acre, by installing floating solar panels. Floating solar systems also help to improve water quality by blocking sunlight, which is essential for photosynthesis and encourages the growth of algae in the water. As a result, shading reservoirs reduces the growth of algae. As a consequence of this, the cost of labour and accompanying medical care is reduced, and demand for floating solar panels increases. Through the expansion of the stationary floating solar panel industry, the size of the market for floating solar panels is anticipated to rise. On the water's surface, stationary floating solar PV systems are installed. Several wires, aluminium solar panel frames, and innovators make up the overall system. In a fixed floating solar system, the tilt angle of the panels is fixed. The efficiency of fixed panels only requires sporadic examination and minor upkeep. Stationary systems are typically more affordable than moving or tracking solar panels. The industry for floating solar panels has a bright future thanks to several large-scale projects that have been suggested. The total cost of ownership and operating solar tracking floating and stationary panels differ. The availability of stationary panels has raised the market for these panels, benefiting the producers who make the panels as well.
Market Restraints
Installation of floating solar panels or a floating solar system requires the use of special floaters that are secured to the reservoir's bottom to prevent the panels from moving in the wind. It's still the early days for tracking technologies. The cost of a project is impacted by the fact that mobile technology normally costs more than fixed equipment. The expensive installation of the panel or system is a key impediment to the global market for floating solar panels. High investment costs also limit market growth by endangering the system's profitability and causing apprehension about project expenditure. Additionally, the market cannot expand because of consumer ignorance of sustainable products.
Impact of COVID-19 Delivery of floating solar panel parts and equipment has been delayed as a result of the pandemic's disruption of global supply lines. The limitations on movement and travel have also had an impact on installation and maintenance tasks. In some locations, the market for floating solar panels has slowed considerably due to these concerns. The demand for renewable energy sources, such as solar energy, has surged as a result of the pandemic, however. Floating solar panels are gaining appeal as nations strive to decrease their carbon footprint and switch to cleaner energy sources because they have many advantages over conventional solar panels, including the utilisation of water bodies for installation and the reduction of land use. Additionally, the pandemic has opened up the new commercial potential for floating solar panel technology. Floating solar panels, for instance, are a significant component of the trend where many nations are undertaking economic stimulus plans that concentrate on the development of renewable energy sources. The increasing investment in research and development that has resulted from the growing demand for renewable energy sources is another factor that is likely to spur innovation and raise the effectiveness of floating solar panel technology.
Market Segmentation
Global Floating Solar Panels Market is segmented into Product Type, Capacity, Connectivity, Location, Technology, and Panel Type. By Product Type such as Tracking Floating Solar Panels, Stationary Floating Solar Panels. By Capacity such as Up to 500KW, 500kw to 1MW, 1mw to 3MW, and Greater than 3MW. By Connectivity such as On-Grid, and Off-Grid. By Location such as Onshore, offshore. By Technology such as Photovoltaic, Concentrated Solar Power (CSP), and Concentrator Photovoltaics (CPV). By Panel Types such as Mono- crystalline, Poly-crystalline, and thin film.
Regional Analysis
Global Floating Solar Panels Market is segmented into five regions Americas, Europe, Asia-Pacific, and the Middle East & Africa. The market is currently dominated by Asia-Pacific, and this trend of dominance will flourish during the projection period. Significant government assistance, steadily rising energy prices, and growing awareness of the advantages of solar energy use in this region are the main causes of the regional dominance in India, China, and Japan. The region's numerous regulations, including quota requirements, production incentives, and trading systems, will account for the region's highest growth rate during the projection period. Furthermore, the cost of building plants is substantially greater, especially in the Netherlands where land is expensive; as a result, access to electrical infrastructure for floating solar is simple and results in less expensive grid connections.
Key Players
This report includes a list of numerous Key Players, namely Ciel et Terre International (France), Hanwha Group (South Korea), JA SOLAR Technology Co., Ltd. (China), KYOCERA Corporation (Japan), LONGi (China), Trina Solar (China), VIKRAM SOLAR LTD. (U.S.), Wuxi Suntech Power Co., Ltd. (China), Yingli Solar (China), Satkar Softwares Solutions Pvt. Ltd (India).
Market Taxonomy
By Product Type
• Tracking Floating Solar Panels
• Stationary Floating Solar Panels
By Capacity
• Up to 500KW
• 500kw to 1MW
• 1mw to 3MW
• Greater than 3MW
By Connectivity
• On-Grid
• Off Grid
By Location
• Onshore
• Offshore
By Technology
• Photovoltaic
• Concentrated Solar Power (CSP)
• Concentrator Photovoltaics (CPV)
By Panel Type
• Monocrystalline
• Poly-crystalline
• Thin film
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa.
Global Floating Solar Panels Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Floating Solar Panels Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing economic downturn
4.2.6 Post covid-19 world Supply& Demand conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Floating Solar Panels Market, By Product Type
5.1 Y-o-Y Growth Comparison, By Product Type
5.2 Global Floating Solar Panels Market Share Analysis, By Product Type
5.3 Global Floating Solar Panels Market Size and Forecast, By Product Type
5.3.1 Tracking Floating Solar Panels
5.3.2 Stationary Floating Solar Panels
6 Global Floating Solar Panels Market, By Capacity
6.1 Y-o-Y Growth Comparison, By Capacity
6.2 Global Floating Solar Panels Market Share Analysis, By Capacity
6.3 Global Floating Solar Panels Market Size and Forecast, By Capacity
6.3.1 Up to 500KW
6.3.2 500kw to 1MW
6.3.3 1mw to 3MW
6.3.4 Greater than 3MW
7 Global Floating Solar Panels Market, By Connectivity
7.1 Y-o-Y Growth Comparison, By Connectivity
7.2 Global Floating Solar Panels Market Share Analysis, By Connectivity
7.3 Global Floating Solar Panels Market Size and Forecast, By Connectivity
7.3.1 On-Grid
7.3.2 Off Grid
8 Global Floating Solar Panels Market, By Location
8.1 Y-O-Y Growth Comparison, By Location
8.2 Global Floating Solar Panels Market Share Analysis, By Location
8.3 Global Floating Solar Panels Market Size and Forecast, By Location
8.3.1 Onshore
8.3.2 Offshore
9 Global Floating Solar Panels Market, By Technology
9.1 Y-O-Y Growth Comparison, By Technology
9.2 Global Floating Solar Panels Market Share Analysis, By Technology
9.3 Global Floating Solar Panels Market Size and Forecast, By Technology
9.3.1 Photovoltaic
9.3.2 Concentrated Solar Power (CSP)
9.3.3 Concentrator Photovoltaics (CPV)
10 Global Floating Solar Panels Market, By Panel Type
10.1 Y-O-Y Growth Comparison, By Panel Type
10.2 Global Floating Solar Panels Market Share Analysis, By Panel Type
10.3 Global Floating Solar Panels Market Size and Forecast, By Panel Type
10.3.1 Monocrystalline
10.3.2 Poly-crystalline
10.3.3 Thin film
11 Global Floating Solar Panels Market, By Region
11.1 Global Floating Solar Panels Market Share Analysis, By Region
11.2 Global Floating Solar Panels Market Share Analysis, By Region
11.3 Global Floating Solar Panels Market Size and Forecast, By Region
12 North America Floating Solar Panels Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 North America Floating Solar Panels Market Share Analysis, By Product Type
12.3 North America Floating Solar Panels Market Size and Forecast, By Capacity
12.4 North America Floating Solar Panels Market Size and Forecast, By Connectivity
12.5 North America Floating Solar Panels Market Size and Forecast, By Location
12.6 North America Floating Solar Panels Market Size and Forecast, By Technology
12.7 North America Floating Solar Panels Market Size and Forecast, By Panel Type
12.8 North America Floating Solar Panels Market Size and Forecast, By Country
12.8.1 U.S.
12.8.2 Canada
12.8.3 Mexico
13 Europe Floating Solar Panels Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Europe Floating Solar Panels Market Share Analysis, By Product Type
13.3 Europe Floating Solar Panels Market Size and Forecast, By Capacity
13.4 Europe Floating Solar Panels Market Size and Forecast, By Connectivity
13.5 Europe Floating Solar Panels Market Size and Forecast, By Location
13.6 Europe Floating Solar Panels Market Size and Forecast, By Technology
13.7 Europe Floating Solar Panels Market Size and Forecast, By Panel Type
13.8 Europe Floating Solar Panels Market Size and Forecast, By Country
13.8.1 Germany
13.8.2 France
13.8.3 UK
13.8.4. Rest of Europe
14 Asia Pacific Floating Solar Panels Market Analysis and Forecast (2023-2030)
14.1 Introduction
14.2 Asia Pacific Floating Solar Panels Market Share Analysis, By Product Type
14.3 Asia Pacific Floating Solar Panels Market Size and Forecast, By Capacity
14.4 Asia Pacific Floating Solar Panels Market Size and Forecast, By Connectivity
14.5 Asia Pacific Floating Solar Panels Market Size and Forecast, By Location
14.6 Asia Pacific Floating Solar Panels Market Size and Forecast, By Technology
14.7 Asia Pacific Floating Solar Panels Market Size and Forecast, By Panel Type
14.8 Asia Pacific Floating Solar Panels Market Size and Forecast, By Country
14.8.1 China
14.8.2 Japan
14.8.3 India
14.8.4. Rest of Asia Pacific
15 Latin America Floating Solar Panels Market Analysis and Forecast (2023-2030)
15.1 Introduction
15.2 Latin America Floating Solar Panels Market Share Analysis, By Product Type
15.3 Latin America Floating Solar Panels Market Size and Forecast, By Capacity
15.4 Latin America Floating Solar Panels Market Size and Forecast, By Connectivity
15.5 Latin America Floating Solar Panels Market Size and Forecast, By Location
15.6 Latin America Floating Solar Panels Market Size and Forecast, By Technology
15.7 Latin America Floating Solar Panels Market Size and Forecast, By Panel Type
15.8 Latin America Floating Solar Panels Market Size and Forecast, Country
15.8.1. Brazil
15.8.2. Rest of Latin America
16 Middle East Floating Solar Panels Market Analysis and Forecast (2023-2030)
16.1 Introduction
16.2 Middle East Floating Solar Panels Market Share Analysis, By Product Type
16.3 Middle East Floating Solar Panels Market Size and Forecast, By Capacity
16.4 Middle East Floating Solar Panels Market Size and Forecast, By Connectivity
16.5 Middle East Floating Solar Panels Market Size and Forecast, By Location
16.6 Middle East Floating Solar Panels Market Size and Forecast, By Technology
16.7 Middle East Floating Solar Panels Market Size and Forecast, By Panel Type
16.8 Middle East Floating Solar Panels Market Size and Forecast, By Country
16.8.1. Saudi Arabia
16.8.2. UAE
16.8.3. Egypt
16.8.4. Kuwait
16.8.5. South Africa
17 Competitive Analysis
17.1 Competition Dashboard
17.2 Market share Analysis of Top Vendors
17.3 Key Development Strategies
17 Company Profiles
17.1 Ciel et Terre International (France)
17.1.1 Overview
17.1.2 Offerings
17.1.3 Key Financials
17.1.4 Business Segment & Geographic Overview
17.1.5 Key Market Developments
17.1.6 Key Strategies
17.2. Hanwha Group (South Korea)
17.2.1 Overview
17.2.2 Offerings
17.2.3 Key Financials
17.2.4 Business Segment & Geographic Overview
17.2.5 Key Market Developments
17.2.6 Key Strategies
17.3. JA SOLAR Technology Co., Ltd. (China)
17.3.1 Overview
17.3.2 Offerings
17.3.3 Key Financials
17.3.4 Business Segment & Geographic Overview
17.3.5 Key Market Developments
17.3.6 Key Strategies
17.4 KYOCERA Corporation (Japan)
17.4.1 Overview
17.4.2 Offerings
17.4.3 Key Financials
17.4.4 Business Segment & Geographic Overview
17.4.5 Key Market Developments
17.4.6 Key Strategies
17.5 LONGi (China)
17.5.1 Overview
17.5.2 Offerings
17.5.3 Key Financials
17.5.4 Business Segment & Geographic Overview
17.5.5 Key Market Developments
17.5.6 Key Strategies
17.6 Trina Solar (China)
17.6.1 Overview
17.6.2 Offerings
17.6.3 Key Financials
17.6.4 Business Segment & Geographic Overview
17.6.5 Key Market Developments
17.6.6 Key Strategies
17.7 VIKRAM SOLAR LTD. (U.S.)
17.7.1 Overview
17.7.2 Offerings
17.7.3 Key Financials
17.7.4 Business Segment & Geographic Overview
17.7.5 Key Market Developments
17.7.6 Key Strategies
17.8 Wuxi Suntech Power Co., Ltd. (China)
17.8.1 Overview
17.8.2 Offerings
17.8.3 Key Financials
17.8.4 Business Segment & Geographic Overview
17.8.5 Key Market Developments
17.8.6 Key Strategies
17.9 Yingli Solar (China)
17.9.1 Overview
17.9.2 Offerings
17.9.3 Key Financials
17.9.4 Business Segment & Geographic Overview
17.9.5 Key Market Developments
17.9.6 Key Strategies
17.10 Satkar Softwares Solutions Pvt. Ltd (India)
17.10.1 Overview
17.10.2 Offerings
17.10.3 Key Financials
17.10.4 Business Segment & Geographic Overview
17.10.5 Key Market Developments
17.10.6 Key Strategies
