Global Floating Solar Panel Market – Industry Trends and Forecast to 2030

Floating Solar Panel Market Analysis and Size  

Floating solar panels or Floating Photovoltaics (FPV), which are also known as floatovoltaics, are solar panels that are mounted on a structure floating on a water body, typically a lake or a reservoir. The floating use of solar panels as an advantageous and affordable replacement for photovoltaic systems installed on land has recently gained attention.

Data Bridge Market Research analyzes that the global floating solar panel market, which was USD   35.08 million in 2022, would rocket up to USD 215.90 million by 2030, and is expected to undergo a CAGR of 25.50% during the forecast period.

The advantages related to setting up FPV panel plants in comparison with traditional plants are anticipated to boost the market growth. The ‘Tracking Floating Solar Panels” segment is expected to remain the dominating segment due to shifting preference towards renewable energy resources such as solar and wind for power generation. In addition, a rise in investments in renewable resources energy and various government initiatives to encourage solar energy are the prime factors driving the market growth.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Floating Solar Panel Market Scope and Segmentation

Market Definition

A floating solar power plant is a collection of photovoltaic solar panels made on a structure that floats on a water body, generally a lake or reservoir. Floating solar panels have grown because they are a novel, affordable, and dependable renewable solution for utilizing the new water surface of reservoirs or lakes to produce renewable solar power. They are installed on bodies of water such as irrigation ponds, reservoirs, lakes, canals, and the ocean. It is a novel method for harnessing the water surface in reservoirs, dams, and other bodies of water to produce solar energy.

Global Floating Solar Panel Market Dynamics

Drivers

• Water savings boost market growth for floating solar panels from a reduction in evaporation loss

The system can reduce evaporation losses by up to 70% and provide shade to protect the water from direct sunlight. The International Journal for Innovative Research in Science and Technology recently published a study on the potential of floating solar photovoltaics in large reservoirs. Installing floating solar panels in a reservoir can reduce annual water evaporation losses by an average of 1,250 million liters per square km, or about 4 million gallons per acre. By obstructing sunlight, which is necessary for photosynthesis and promotes the growth of algae in the water, floating solar systems also aid in improving water quality.  As a result, shading the water in reservoirs slows algae growth. This lowers the expense of labor and related medical care and creates growth in floating solar panel demand.

• Manufacturers will benefit from the high demand for stationary floating solar panels

The market size for floating solar panels is expected to increase through the growth of the stationary floating solar panel market. Static floating solar PV systems are set up on the surface of the water. The entire system is made up of several cables, aluminum solar panel frames, and inventors. The tilt angle of the panels in a stationary floating solar system is fixed. The efficiency of stationary panels only needs periodic inspection and minimal maintenance.  Compared to mobile or tracking solar panels, stationary systems are generally less expensive. Numerous large-scale projects have been proposed to guarantee the market for floating solar panels has a promising future. Solar tracking floating and stationary solar panels have different total capital and operating costs. The availability of stationary panels has increased demand for these panels, which has further benefited the manufacturers to create the panels.

Opportunities

• Producing high demand for renewable energy sources creates demand in the market

In light of the depletion of natural resources such as crude oil, coal, and natural gas, and the adverse environmental effects of fossil fuels, there has been an increase in the demand for renewable energy. Solar energy is so readily available, so it is regarded as a renewable energy source. Compared to their land-based counterparts, floating solar panels offer several benefits. Thus, it is expected to increase demand for floating solar panels, particularly in areas with a high density of water bodies. Investor confidence is rising due to government policies and the availability of skilled labor. Renewable energy sources are becoming more popular in nations experiencing a power crisis. Over solar power plants on land, floating solar panels offer an efficient solution. Tracking floating solar systems could be a significant development. To extend the time that panels are exposed to the sun, a solar tracker follows the sun's path and rotates the panel on one or both axes. In addition, it enhances the system's overall effectiveness.

• Attractive advantages that present promising opportunities for floating solar panels

Using floating solar panels reduces the need to collect solar energy on expensive land areas, particularly farm land close to any situation. This frees up land for other uses and reduces solar energy production. Profitable opportunities will result from this in this market. In general, installing solar panels on water bodies avoids land use conflicts. It does not necessitate extensive site preparations, such as leveling or foundation laying, which are necessary for land-based solar installations. A new frontier in the global expansion of renewable energy, the deployment of floating solar is well positioned to grow faster as the technologies mature.

Restraints/Challenges

• The market will be constrained by the high installation costs of floating solar plants

To install floating solar panels or a floating solar system, special floaters anchored to the reservoir's bottom are needed to stop the panels from moving in the wind. The tracking technology is still in its infancy. Technology generally costs more than stationary technology, which impacts project costs. A significant barrier to the global market for floating solar panels is the high installation cost associated with the panel or system. In addition, high investment costs jeopardize the system's profitability and cause uncertainty regarding project investment, constraining market expansion. Also, unawareness of sustainable products has restricted the market from growth.

Recent Developments

• In 2021, KYOCERA Corporation and AVX Corporation merged to form KYOCERA AVX, a new integrated brand to be used for the electronic component division of the KYOCERA group. The new structure is expected to increase the company's electrical components division
• In 2021, at SPM group sites in Thailand, Green Yellow Limited, a division of Green Yellow, constructed a 2MW floating solar power plant

Global Floating Solar Panel Market Scope

The global floating solar panels market is segmented into five segments based on product type, capacity, connectivity, location, and technology. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Tracking Floating Solar Panels
• Stationary Floating Solar Panels

Capacity

• Up to 500KW
• 500kw to 1MW
• 1mw to 3MW
• Greater than 3MW

Location

• 0nshore
• Offshore

Technology

• Photovoltaic
• Concentrated Solar Power (CSP)
• Concentrator Photovoltaics (CPV

Panel Type

• Mono-Crystalline
• Poly-Crystalline
• Thin Film

Global Floating Solar Panel Market Regional Analysis/Insights

The global floating solar panel market is analyzed, and market size insights and trends are product type, capacity, location, technology and panel type, as referenced above.

The countries covered in this market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, Israel, South Africa, and Rest of Middle East and Africa.

Asia Pacific is expected to dominate the global floating solar panel market due to the significant factors attributable to the regional dominance in India, China, and Japan are increasing government support, persistently increasing energy costs, and rising awareness related to benefits related to the use of solar energy within this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Floating Solar Panel Market Share Analysis

The global floating solar panel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the company’s focus related to the market.

Some of the major players operating in the global floating solar panel market are:

• 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)
• Baroda Polyform Pvt Ltd. (India)
• ADTECH Systems (India)
• Waaree Energies Ltd. (India)
• Jain Irrigation Systems Ltd. (India)
• SHARP CORPORATION (Japan)

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