Floating Solar Panels Industry Overview:
The study documents by MRFR state that the Floating Solar Panels Market Research Report Information by Location, Product, and Region – Forecast Till 2030, the Floating Solar Panels market is predicted to expand substantially during the evaluation era from 2022 to 2030 at a sizable CAGR of closely 24.40%.
The study documents suggest projections related to the global market’s mounting revenue data, which will likely attain a market of USD 4.3 billion by the end of 2032.
As per the reports, the market was priced at almost USD 0.8 billion in 2022. The Floating Solar Panels market has recently advanced. The main feature causing a rise in market performance is the growing demand for clean and renewable energy around the world. Furthermore, several nations are turning to clean energy sources. Because of its substantial untapped potential, floating solar is becoming more popular among the available sources, with the availability of government incentives and tax refunds over the deployment of photovoltaic technology.
Competitive Analysis
- GEITS
- Kyocera Corporation
- Wuxi Suntech Power Ltd.
- Japan Mega Solar Power Co.
- Yingli Solar
- Suntech Power Holdings Co. Ltd.
- SPG Solar
- Solaris Synergy
- Ciel & Terre
- Sharp Corporation
- Trina Solar Limited
Market Drivers
The Floating Solar Panels market has recently advanced. The main feature causing a rise in market performance is the growing demand for clean and renewable energy around the world. Furthermore, several nations are turning to clean energy sources. Because of its substantial untapped potential, floating solar is becoming more popular among the available sources, with the availability of government incentives and tax refunds over the deployment of photovoltaic technology.
Market Restraints
On the contrary, various aspects may harm expanding the global market for Floating Solar Panels. One of the main restraints in advancing the market’s growth is the elevated prices allied with raw materials.
Segment Analysis
The global market for Floating Solar Panels has been segregated into various segments based on location, product, and region.
Based on the product, the global market for Floating Solar Panels is divided into tracking floating solar panels and stationary floating solar panels.
Based on the location, the global market for Floating Solar Panels is divided into offshore and onshore.
Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The Asia-Pacific Region ensured the prime position across the Floating Solar Panels market in 2022, with the largest contribution of nearly USD 0.3 billion. The regional market is anticipated to grow substantially during the assessment period at a healthy growth rate of around 42.80%. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Floating Solar Panels market is the absence of suitable land and a steady supply of fossil fuels. To meet the rising demand need for electricity while minimizing environmental harm, the government has approved a wide variety of designs and constructions for floating solar panels.
The North American region is estimated to grow at the highest pace across the Floating Solar Panels market over the assessment era. The area is recognized for dynamic development contributors such as Mexico, Canada, and the US. The primary aspect boosting the development of the regional Floating Solar Panels market is the capacity of floating solar technology to lower evaporation and land availability. In regions with high temperatures, like the central regions of the United States, the deployment of floating solar farms reduces the rate of evaporation, which assists in lessening the likelihood of drought.
The European Region will grow substantially across the Floating Solar Panels market from 2023 to 2032. The area is recognized for dynamic development contributors such as Germany, France, and the UK. The primary aspect boosting the development of the regional Floating Solar Panels market is the laws that favor the use of solar energy for generating electricity. Furthermore, land availability and solar technology’s capacity to float to lower the impact of evaporation are anticipated to increase product demand.
Floating Solar Panels Market Future Scope
Floating solar panels, also known as floating photovoltaic (FPV) systems, are solar panels mounted on floating structures on water bodies such as lakes, reservoirs, and ponds. Some factors contributing to the future scope of the floating solar panels market include:
- Land Scarcity: In densely populated areas where land availability is limited, floating solar panels offer a viable alternative, utilizing water bodies for solar power generation without taking up valuable land.
- Increased Efficiency: Floating solar panels can potentially be more efficient than traditional solar installations due to the cooling effect of water, which helps reduce the risk of overheating and improves the overall efficiency of solar panels.
- Water Conservation: Floating solar panels can help reduce evaporation in water bodies, making them a sustainable solution for regions facing water scarcity issues.
- Technological Advancements: Ongoing technological advancements are expected to improve the design, materials, and efficiency of floating solar panels, making them more attractive and cost-effective.
- Government Incentives and Policies: Supportive government policies, incentives, and subsidies for renewable energy projects, including floating solar, can drive market growth. Many countries are increasingly recognizing the potential of floating solar as part of their renewable energy strategies.
- Environmental Benefits: Floating solar panels can have positive environmental impacts, such as reducing water evaporation, algae growth, and providing habitat for aquatic life. These environmental benefits may make them more appealing to both investors and regulatory bodies.
- Economic Viability: As the technology matures and economies of scale come into play, the cost of manufacturing and installing floating solar panels is expected to decrease, making them more economically viable.
- Global Expansion: The market for floating solar panels is likely to expand globally, with an increasing number of countries exploring and adopting this technology.
It’s crucial to stay updated on the latest market trends, technological developments, and policy changes to have a comprehensive understanding of the current and future scope of the floating solar panels market. Please refer to more recent sources for the latest information and market dynamics.
