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

Floating Solar Panels Market Analysis and Size

The floating use of solar panels as an advantageous and affordable replacement for photovoltaic systems installed on land has recently gained attention. Throughout the forecast period, solar-tracking floating solar panels, a new technology, is expected to gain market value in the global floating solar panel market. Photovoltaic systems that are fixed to the ground and rotate in sync with the sun are stationary floating solar panels. Compared to other solar panel systems, they are more effective, durable, and inexpensive to maintain. The system consists of rigid steel or concrete platforms supported by crystalline silicon photovoltaic modules.

Data Bridge Market Research analyses that the floating solar panels market, valued at USD 39.98 million in 2022, will reach USD 381.58 million by 2030, growing at a CAGR of 32.57% during the forecast period of 2023 to 2030. 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 Panels Market Scope and Segmentation  

Market Definition

A floating solar power plant is a collection of photovoltaic solar panels made on  structure  that floats on a body of water, 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. Floating solar panels 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 on reservoirs, dams and other bodies of water to produce solar energy

Floating Solar Panels Market Dynamics

Drivers

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

The system can reduce evaporation losses by up to 70% and provides 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 1250 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 water's surface. 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, as well as 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. Additionally, 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. Additionally, 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.

This floating solar panels market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the floating solar panels market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

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 Panels Market Scope

The floating solar panels market is segmented on the basis of product type, capacity, connectivity, location and technology. The growth amongst these segments will help you analyse meagre 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

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

Floating Solar Panels Market Regional Analysis/Insights

The floating solar panels market is analysed and market size insights and trends are provided by country, product type, capacity, connectivity, location and technology user as referenced above.

The countries covered in the floating solar panels 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, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa.

Asia-Pacific dominates the market and will continue to flourish its trend of dominance during the forecast period. 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.

Europe will undergo the highest growth rate during the forecast period owing to the region's various policies, such as quota requirements, production incentives, and trading systems. Furthermore, the price of constructing plants is significantly higher, particularly in the Netherlands, where land is expensive; thus, it is easy to access electrical infrastructure for floating solar, which entails lower grid connections cost.

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 such as 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, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Floating Solar Panels Market Share Analysis

The floating solar panels 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 companies' focus related to floating solar panels market.

Some of the major players operating in the floating solar panels 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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