Solar Floating Panel Market Research Report 2024
Solar Floating Panel Market Global Industry Analysis and Forecast (2024-2032) By Type (Stationary Floating Solar Panels, Tracking Floating Solar Panels), Panel Type (Monocrystalline, Poly-crystalline, thin film), Capacity (Up to 500KW, 500kw to 1MW, 1mw to 3MW, Greater than 3MW), Connectivity (On Grid, Off Grid), Location (Onshore, Offshore), Technology (Photovoltaic, Concentrated Solar Power (CSP), Concentrator Photovoltaics (CPV), And Region
Solar Floating Panel Market Synopsis
Solar Floating Panel Market Size Was Valued at USD 53.13 Million in 2023 and is Projected to Reach USD 677.92 million by 2032, Growing at a CAGR of 32.7% From 2024-2032.
Floating solar, also known as floating photovoltaics or photovoltaics, are solar panels installed on a floating platform above water bodies like reservoirs or lakes, including drinking water reservoirs, quarry lakes, irrigation canals, and remediation and ponds.Solar floating panels can provide energy for irrigation systems, reducing reliance on fossil fuels and decreasing carbon emissions in farming practices. Water Treatment Plants where these panels can supply power to water treatment facilities, providing clean water and sanitation for communities.Solar floating panels can provide energy for fish farms and aquaculture, helping to promote sustainable and environmentally friendly practices in aquaculture.
Solar floating panels can be added to scenic reservoirs, lakes, and water bodies in recreational areas, offering a sustainable and environmentally friendly solution. Hydroelectric power plants can be enhanced by these panels, which will boost their energy production and lessen their environmental impact.Solar Floating panels in Eco-Tourism can aid in eco-tourism efforts by supplying clean energy to tourist facilities and encouraging sustainable tourism practices. Research and monitoring stations can be powered by these panels, allowing scientists to observe and safeguard aquatic ecosystems.Solar Floating panels can generate power for flood control systems, aiding in the prevention of floods and the reduction of their effects on communities. Solar Floating Panels are used in Water Pumping Systems and can operate water pumping systems, providing clean water for various purposes such as drinking and irrigation.Solar Floating panels in marine conservation can aid in powering tools and facilities for safeguarding marine ecosystems and wildlife. Rural communities can benefit economically and socially from these panels by gaining access to energy through rural electrification.
Top Active Players Involved Are:
“Ciel & Terre International (France), Hanwha Group (South Korea), JA SOLAR Technology Co. Ltd. (China), KYOCERA Corporation (Japan), LONGi Solar (China), Trina Solar (China), Vikram Solar Ltd. (India), Wuxi Suntech Power Co., Ltd. (China), Yellow Tropus Pvt. Ltd. (India), Yingli Solar (China), Sharp Corporation (Japan), Sunseap Group (Singapore), Solaris Synergy (Israel), Pristine Sun LLC (USA), Ocean Sun (Norway), Solarpond Technologies (India), Adtech Systems (India), Waaree Energies Ltd. (India), Photowatt (France), Voltalia (France), Sungrow Power Supply Co., Ltd. (China), Risen Energy Co., Ltd. (China), Tata Power Solar Systems Ltd. (India), BayWa r.e. (Germany), TotalEnergies (France) and Other Active Players.”
Solar Floating Panel Market Trend Analysis
Increasing Demand for Clean and Renewable Energy
- The growing need for sustainable energy is a major factor in the rising popularity of floating solar panels. As the world moves towards a future that prioritizes sustainability and environmental awareness, there is an increasing urgency for alternative energy sources. Governments, companies, and people are realizing the significance of decreasing their carbon footprint and shifting from fossil fuels.
- The public is increasingly calling for cleaner alternatives as the environmental consequences of traditional energy sources, like air and water pollution, become more evident. Renewable energy sources, such as solar power, are becoming increasingly popular due to being a cleaner and more sustainable alternative.
- The popularity of floating solar panels is increasing because they offer a distinct way to capture solar energy on bodies of water. This method enables the effective production of renewable energy, while also conserving land and protecting ecosystems.
- The increasing need for renewable energy is fueling advancements and financial support in the floating solar panel sector. Governments are establishing ambitious renewable energy goals, and businesses are allocating significant resources to research and development to achieve them.
- The world moves towards a more sustainable future, and the need for clean and renewable energy is expected to increase. This will promote the use of floating solar panels and other renewable energy technologies, ultimately decreasing our dependence on fossil fuels and lessening the environmental effects of climate change. Hence, in this way Increasing Demand for Clean and Renewable Energy acts as the Driver in the Floating Solar Panel Industry.
Improved Panel Efficiency
- Enhanced panel performance presents a notable chance in the floating solar panel industry. With technological advancements, solar panels are becoming increasingly efficient in converting sunlight into electricity. The growing efficiency is resulting in increased energy production per unit of space, making floating solar panels an increasingly feasible choice for generating energy.
- Developers can produce the same amount of energy with fewer more efficient panels, which results in lower overall system costs. This, in contrast, makes floating solar panels more competitive compared to traditional power generation methods that rely on fossil fuels.
- The enhanced panel effectiveness is enabling the expansion of bigger, more potent floating solar panel installations. These systems have the potential to be utilized in bigger bodies of water, such as lakes and reservoirs, opening up new locations for generating energy.
- The improved effectiveness of solar panels is also fueling creativity in the development and utilization of floating solar panel systems. Developing new system architectures and materials to utilize enhanced panel performance, resulting in lower costs and higher energy yields.
- The ongoing improvement in panel efficiency, the floating solar panel market is anticipated to see increased adoption and deployment. This will result in decreased greenhouse gas emissions, enhanced energy security, and a more sustainable future. Hence, in this way, Improved Panel Efficiency acts as an opportunity in the Solar Floating Panel Market.
Solar Floating Panel Market Segment Analysis:
The Solar Floating Panel market is segmented on the basis of Type, Panel Type, Capacity, Connectivity, Location, And Technology.
By Type, Tracking Floating Solar Panels Segment Is Expected to Dominate the Market During the Forecast Period
- The Tracking floating solar panel to maximize energy output segment is in a position to take over the floating solar panel market. Tracking floating solar panels differs from fixed-tilt systems as they are designed to change their angle and direction to track the sun's movements, maximizing energy production. This new technology allows the panels to capture additional sunlight all day long, leading to higher power output and improved efficiency.
- The Floating solar panels are more appropriate to address the difficulties related to setting up solar panels on water. The panels' dynamic movement decreases shading and reflection losses. This leads to an increased capacity factor, which makes tracking floating solar panels more appealing for investors and project developers.
- The floating solar panels can reduce the effects of water-related problems, like algae growth and water evaporation. By continuously changing their location, the panels are less likely to experience these issues, leading to a longer lifespan and lower maintenance expenses.
- Tracking floating solar panels is highly prevalent in the market due to their ability to create new possibilities for solar energy production. Utilizing water sources like lakes, reservoirs, and oceans allows for the installation of floating solar panels in locations where traditional solar farms are impractical, thus increasing the worldwide solar energy capacity.
- The improved effectiveness of solar panels is leading to advancements in the creation and implementation of floating solar panel systems. Developing new system designs and materials aims to optimize panel performance, ultimately cutting costs and boosting energy output. Hence, in this way By Type, the Tracking Floating Solar Panels Segment Is Expected to Dominate the Floating Solar Panel Market.
By Location, Onshore Segment Held the Largest Share In 2023
- The onshore sector controlled the floating solar panel market because of its extensive use in different areas. On inland water bodies like lakes, reservoirs, and rivers, onshore floating solar panels are set up, offering a large space for installation. These sites provide a more regulated setting in comparison to offshore locations, simplifying the process of setting up and upkeeping the solar panels.
- Floating solar panels on land are especially favored in areas with little available land, where standard solar farms cannot be installed. In these regions, floating solar panels on land offer a feasible option for producing renewable energy. The quiet characteristics of lakes and rivers also decrease the likelihood of being affected by severe weather, enhancing the reliability of onshore facilities.
- The integration of onshore floating solar panels with current infrastructure like irrigation systems and water treatment plants adds to their practicality. The closeness to urban areas and industrial zones makes it easier to transmit and distribute the electricity produced.
- The onshore segment's superiority is also due to the cost savings in installation compared to offshore installations. The increased availability of inland water sources decreases the difficulties and expenses related to moving and setting up solar panels, which makes onshore floating solar panels a more financially feasible choice. Hence, in this way By Location, Onshore Segment Held the Largest in the Solar Floating Panel Market.
Solar Floating Panel Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast Period
- The floating solar panel market in the Asia Pacific region has various factors Rapid urbanization and industrialization in the region are major contributing factors to the significant rise in energy consumption. The governments in the area are actively looking to switch to renewable energy sources to decrease their dependence on fossil fuels and lessen the environmental consequences of their development.
- Many countries in the Asia Pacific region have plenty of water resources like lakes, rivers, and reservoirs, making them perfect for installing floating solar panels. The tropical climate of the area, coupled with abundant solar energy, makes it perfect for generating solar power.
- The countries in the area have established ambitious goals for renewable energy and are providing incentives and policies to promote the use of clean energy technologies. Governments are making significant investments in infrastructure projects, such as building new water treatment facilities and irrigation systems, that can easily incorporate floating solar panels.
- The region's dominance is also boosted by major economies like China, Japan, and India, which are leading in the renewable energy sector. These nations boast a robust manufacturing foundation and house numerous top solar panel producers, giving them a competitive edge in cost and technology. Hence, in this way, Asia Pacific is Expected to Dominate the Solar Floating Panel Market.
- The Asia Pacific region dominated the demand for floating solar (FVP) energy installations in 2023, accounting for 94 percent of the global market share. That year Europe held five percent of the global demand for FVP power.
Solar Floating Panel Market Active Players
- Ciel & Terre International (France)
- Hanwha Group (South Korea)
- Ja Solar Technology Co. Ltd. (China)
- Kyocera Corporation (Japan)
- Longi Solar (China)
- Trina Solar (China)
- Vikram Solar Ltd. (India)
- Wuxi Suntech Power Co., Ltd. (China)
- Yellow Tropus Pvt. Ltd. (India)
- Yingli Solar (China)
- Sharp Corporation (Japan)
- Sunseap Group (Singapore)
- Solaris Synergy (Israel)
- Pristine Sun LLC (USA)
- Ocean Sun (Norway)
- Solarpond Technologies (India)
- Adtech Systems (India)
- Waaree Energies Ltd. (India)
- Photowatt (France)
- Voltalia (France)
- Sungrow Power Supply Co., Ltd. (China)
- Risen Energy Co., Ltd. (China)
- Tata Power Solar Systems Ltd. (India)
- Baywa R.E. (Germany)
- Totalenergies (France) and Other Active Players
Key Industry Developments in the Solar Floating Panel Market:
- In February 2024, Ciel & Terre, a pioneer in floating solar power, launched the construction of the First Float Solar Power Plant a brand-new project, located in Saint-Savin, south-east of Lyon, France. The Saint-Savin photovoltaic project will be installed on a quarry lake, more precisely a gravel pit, which is to be upgraded through the production of renewable energies. The aiR Optim version facilitates the operation of the power plant thanks to a new float design that makes it easier to operate on, manage wires, and install junction boxes and/or string inverters.
- In December 2023, Indonesia Launched Its First floating solar Power Plant in Cirata Reservoir, in Purwakarta Regency, West Java it is the largest in Southeast Asia. It serves as evidence of the government's commitment to addressing climate change through clean energy initiatives. This Floating Solar Panel has 192 Megawatt-peak capacity.
|
Solar Floating Panel Market |
|||
|
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 53.13 Mn. |
|
Forecast Period 2024-32 CAGR: |
32.7 % |
Market Size in 2032: |
USD 677.92 Mn. |
|
Segments Covered: |
By Type |
|
|
|
By Panel Type |
|
||
|
By Capacity |
|
||
|
By Connectivity |
|
||
|
By Location |
|
||
|
By Technology |
|
||
|
By Region |
|
||
|
Key Market Drivers: |
|
||
|
Key Market Restraints: |
|
||
|
Key Opportunities: |
|
||
|
Companies Covered in the report: |
|
||
Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Solar Floating Panel Market by By Type
4.1 Solar Floating Panel Market Snapshot and Growth Engine
4.2 Solar Floating Panel Market Overview
4.3 Stationary Floating Solar Panels
4.3.1 Introduction and Market Overview
Frequently Asked Questions
What would be the forecast period in the Solar Floating Panel Market research report?
The forecast period in the Solar Floating Panel Market research report is 2024-2032.
Who are the key players in the Solar Floating Panel Market?
Ciel & Terre International (France), Hanwha Group (South Korea), JA SOLAR Technology Co. Ltd. (China), KYOCERA Corporation (Japan), LONGi Solar (China), Trina Solar (China), Vikram Solar Ltd. (India), Wuxi Suntech Power Co., Ltd. (China), Yellow Tropus Pvt. Ltd. (India), Yingli Solar (China), Sharp Corporation (Japan), Sunseap Group (Singapore), Solaris Synergy (Israel), Pristine Sun LLC (USA), Ocean Sun (Norway), Solarpond Technologies (India), Adtech Systems (India), Waaree Energies Ltd. (India), Photowatt (France), Voltalia (France), Sungrow Power Supply Co., Ltd. (China), Risen Energy Co., Ltd. (China), Tata Power Solar Systems Ltd. (India), BayWa r.e. (Germany), TotalEnergies (France) and Other Active Players.
What are the segments of the Solar Floating Panel Market?
The Solar Floating Panel Market is segmented into Type, Panel Type, Capacity, Connectivity, Location, Technology, and region. By Type, the market is categorized into Stationary Floating Solar Panels and tracking Floating Solar Panels. By Panel Type, the market is categorized into mono-crystalline, Poly-crystalline, and thin film. By Capacity, the market is categorized into Up to 500KW, 500KW to 1MW, 1MW to 3MW, Greater than 3MW. By Connectivity, the market is categorized into On Grid and Off Grid. By Location, The Market Is Categorized into Onshore and offshore. By Technology, the market is categorized into Photovoltaic, Concentrated Solar Power (CSP), and Concentrator Photovoltaics (CPV). By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Solar Floating Panel Market?
Floating solar, also known as floating photovoltaics or photovoltaics, are solar panels installed on a floating platform above water bodies.
How big is the Solar Floating Panel Market?
Solar Floating Panel Market Size Was Valued at USD 53.13 Million in 2023 and is Projected to Reach USD 677.92 million by 2032, Growing at a CAGR of 32.7% From 2024-2032.
