Floating Solar Panels Market Size is Expected to Surpass Around USD 181.4 Million by 2030

The global floating solar panels market was estimated at USD 30.2 million in 2021 and it is expected to surpass around USD 181.4 million by 2030, poised to grow at a CAGR of 22.04% from 2022 to 2030

The global floating solar panels market size was valued at US$ 30.2 million in 2021 and estimated to cross US$ 181.4 million, expected to grow at a CAGR of 22.04% from 2022 to 2030.


Report Highlights
  • The stationary floating solar panels segment led the market and accounted for a share of 80.5% of the global revenue in 2021.

  • Asia Pacific dominated the global market in 2021 and accounted for the largest revenue share of over 73.34%.

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The technical aspect of floating solar technology is projected to observe substantial growth over the estimated period owing to the growing demand for dependable renewable sources of energy for power generation. In addition, the reduction in land-related costs is likely to boost the demand over the forecast period. The stationary floating solar panels segment led the market in 2021. The segment is expected to keep its leading position over the forecast period. Stationary floating solar panels do not take up land area and are easy to install. These panels can be deployed easily on a body of water, such as a reservoir or a lake.

Stationary floating solar panels also double as shades for the water body, which reduces the evaporation of water. The increasing emphasis by various governments on the usage of renewable sources of energy for electricity generation coupled with efforts towards decreasing environmental pollution by reducing the dependence on fossil fuels is likely to have a positive influence on the market over the forecast period. Tracking floating solar panels are projected to witness increased demand over the forecast period owing to the augmented efficiency of the panels with a tracking technique. The increasing investments in R&D by manufacturers and installers to decrease the cost of the tracking technology are expected to strengthen market growth. Japan was the largest country-level market in 2019 due to the low availability of land and promising government initiatives to encourage the usage of renewable energy.

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Market Drivers

The adoption of renewable energy and the initiatives taken by governments of diverse nations are major drivers in the global market. As non-renewable energy sources are exhausting rapidly, the adoption of renewable energy solutions has increased. It has further attractiveness of the global floating solar panels market. The floating solar panels are highly superior to conventional panels as their maintenance costs are low, and they do not require land for installation purposes. These attributes also act as drivers that boost the floating solar panels market growth.

Challenges

A number of challenges exist at the global floating solar panels industry level that affects the business players. One of the major challenges is the disruption in the value chain of floating solar panels due to the pandemic. The limited awareness of these sustainable energy solutions also acts as a major challenge and affects the growth of floating solar panels. During the forecasted period, these challenges could restrict the growth potential of the market.

Opportunities

There exist several opportunities in the global floating solar panels market that the market participants can exploit. Some of the main opportunities include launching new and sustainable products that can optimize the performance of floating solar panels and investment in research and development functions to create differentiated floating solar panel solutions.

Restraints

Some of the main restraints that companies in the global floating solar panels market encounter include poor access to financial capital to conduct R&D operations and limited know-how on evolving regulatory landscape. These elements could act as major bottlenecks and effectively affect organizations' functioning in the floating solar panels industry.

Product Insights

The stationary floating solar panels segment led the market and accounted for a share of 80.5% of the global revenue in 2021. Stationary floating solar panels can be deployed easily on a body of water, such as a reservoir or a lake. Stationary floating solar panels also double as shades for the water body, which reduces the evaporation of water. Due to the use of low-cost, high-strength elastic in the construction of the panels, the cost of installing a stationary floating solar panel is cheaper than that of installing a tracking floating solar panel. Growing expenditures in the manufacturing and installation of solar panels in developing countries are expected to enhance demand in the coming years due to the stable, lasting, and dependable nature of solar tracking technology with lower maintenance costs.

Tracking solar panels are very competitive due to their ability to follow the sun, increasing the system's operating output. Due to its higher operational productivity, tracking solar technology is projected to gain traction in floating solar farms, which will have a beneficial impact on demand. However, due to its moving elements, tracking solar panels require more maintenance than fixed floating solar panels farms, which is expected to hinder the segment growth in the coming years. Tracking floating solar panels held a significant share of the global revenue in 2021.

Solar tracking technology is more efficient as compared to its counterpart; stationery panels are preferred over solar tracking panels owing to the high cost associated with the product. However, the growing research & development investments by manufacturers are expected to bring down the maintenance cost, which, in turn, is expected to drive market growth over the next nine years. The solar tracking technology is expected to grow at a faster rate as compared to its counterpart in developed economies on account of its high-performance efficiency.

Regional Insights

Asia Pacific dominated the global market in 2021 and accounted for the largest revenue share of over 73.34%. In Japan, the level of penetration of floating solar panels is high due to the less availability of land tied to the limited amount of fossil fuels. As a result, the government has authorized several plans for floating panels to meet the growing electricity consumption with lesser damage to the environment. In the APAC region, the penetration of floating solar technology is expected to surge due to its high market potential. In addition, a decrease in solar panel costs in the region coupled with growing awareness about floating solar technology is anticipated to boost market growth over the coming years. For instance, in 2018, KYOCERA Corporation of Japan started its operation at Japan's largest 13.7 MW floating solar panel plant.

The market is likely to grow in developed countries like France, Germany, the U.S., and Canada owing to supportive regulations that are sponsoring the usage of solar energy for power generation. Furthermore, factors, such as land availability and the ability to float solar technology to decline the effect of evaporation, are likely to boost the product demand. The installation of floating solar farms reduces the rate of evaporation, which, in turn, assists in cutting the prospect of drought in locations with high temperatures, such as central states of the United States. The shortage of land space for setting up ground-mounted PV cells in some countries will fuel the market growth. For instance, Singapore, with a land area of over 700 Km2 (270 sq. miles) for over 5.70 million population, is working agitatedly to efficiently utilize its areas for the deployment of new floating solar panels.

Key Players
  • Ciel & Terre International

  • Hanwha Group

  • JA SOLAR Technology Co. Ltd.

  • KYOCERA Corp.

  • LONGi Solar

  • Trina Solar

  • Vikram Solar Ltd.

  • Wuxi Suntech Power Co., Ltd.

  • Yellow Tropus Pvt. Ltd.

  • Yingli Solar

Market Segmentation

By Product Outlook
  • Tracking Floating Solar Panels

  • Stationary Floating Solar Panels

By Regional Outlook
  • North America

  • Europe

  • Central & South America

  • Middle East & Africa

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