Supply Chain Ecosystem Analysis now part of DBMR Reports
Market Size in USD Billion
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2023 –2030 |
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USD 35.08 Million |
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USD 215.90 Million |
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Global Floating Solar Panel Market, By Product Type (Tracking Floating Solar Panels, Stationary Floating Solar Panels), 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)), Panel Type (Mono-crystalline, Poly-crystalline, Thin film) - Industry Trends and Forecast to 2030.
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.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Tons
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Segments Covered
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By Product Type (Tracking Floating Solar Panels, Stationary Floating Solar Panels), 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)), Panel Type (Mono-Crystalline, Poly-Crystalline, Thin Film)
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Countries Covered
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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
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Market Players Covered
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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), and SHARP CORPORATION (Japan) among others
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Market Opportunities
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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.
Drivers
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.
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
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
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
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
Capacity
Location
Technology
Panel Type
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.
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:
SKU-
To support market growth and help clients navigate the impact of geopolitical shifts, DBMR has integrated in-depth supply chain analysis into its Global Floating Solar Panel Market research reports. This addition empowers clients to respond effectively to global changes affecting their industries. The supply chain analysis section includes detailed insights such as Global Floating Solar Panel Market consumption and production by country, price trend analysis, the impact of tariffs and geopolitical developments, and import and export trends by country and HSN code. It also highlights major suppliers with data on production capacity and company profiles, as well as key importers and exporters. In addition to research, DBMR offers specialized supply chain consulting services backed by over a decade of experience, providing solutions like supplier discovery, supplier risk assessment, price trend analysis, impact evaluation of inflation and trade route changes, and comprehensive market trend analysis.
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.
The market is segmented based on , By Product Type (Tracking Floating Solar Panels, Stationary Floating Solar Panels), 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)), Panel Type (Mono-crystalline, Poly-crystalline, Thin film) - Industry Trends and Forecast to 2030. .
The Global Floating Solar Panel Market size was valued at USD 35.08 USD Million in 2022.
The Global Floating Solar Panel Market is projected to grow at a CAGR of 25.5% during the forecast period of 2023 to 2030.
The major players operating in the market include Ciel et Terre International , Hanwha Group. , JA SOLAR Technology Co.Ltd. , KYOCERA Corporation , LONGi , Trina Solar , VIKRAM SOLAR LTD. , Wuxi Suntech Power Co.Ltd. , Yingli Solar , Satkar Softwares Solutions Pvt. Ltd. , Baroda Polyform Pvt Ltd. , ADTECH Systems , Waaree Energies Ltd. , Jain Irrigation Systems Ltd. , and SHARP CORPORATION .
The market report covers data from the 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.
