by The global floating solar market size is projected to touch over US$ 10.09 billion by 2030, growing at a CAGR of 16.5% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The increased focus on clean fuel power generating energy sources, along with a lack of land area, will propel market expansion throughout the forecast period. The regulatory bodies throughout the world are establishing a number of clean energy targets that will help to reduce pollution levels. Worldwide warming and the rapid depletion of fossil fuels caused by their use have redirected global attention away from traditional energy sources to green energy options.
Changing preferences for power generation from renewable sources of energy such as solar and wind, numerous government measures to encourage solar energy, rising energy demand, and growing investments in renewable energy are all projected to drive market expansion.
The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The floating solar market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).
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| Report Scope | Details |
| Market Size | USD 10.09 Billion by 2030 |
| CAGR | 16.5% from 2022 to 2030 |
| Largest Share Market | APAC |
| Fastest Growing Region | North America |
| Regional Scope | North America, APAC, MEA, Latin America, Europe |
Floating Solar Market Report Highlights
- Based on the type, the stationary floating solar panels dominated the global floating solar market in 2020 with highest market share. The stationary floating solar panels are permanently installed in a certain area of the water body, where they float and collect solar energy.
- Asia-Pacific is the largest segment for floating solar market in terms of region. The restricted supply of natural resources, combined with the scarcity of land, will almost certainly promote the adoption of floatovoltaics systems across the region.
- North America region is the fastest growing region in the floating solar market. In the North America region, there is a growing demand for electricity. This is due to favorable government efforts to boost reliance on sustainable energy sources.
Floating Solar Market Dynamics
Drivers
Surge in demand for renewable energy source
Due to the depletion of natural resources such as crude oil, coal, and natural gas, as well as the negative environmental effects of fossil resources, demand for renewable energy has been rising. The solar energy is regarded as a renewable form of energy due to its widespread availability. Floating solar panels have a number of advantages over land-based solar panels. This is expected to increase demand for floating solar panels, particularly in nations and regions with numerous bodies of water.
Investors’ confidence is being boosted by the availability of skilled labor and government programs. The countries that are experiencing a power shortage are turning to renewables to suit their needs. The floating solar panels offer a cost-effective alternative to land-based solar power installations. As a result, surge in demand for renewable energy source is driving the growth of the global floating solar market.
Restraints
Lack of capital funds
The major market players in the global floating solar market face a number of challenges, including a lack of financial capital to perform research and development operations and a lack of knowledge of the changing regulatory landscape. These factors could act as key barriers, affecting how businesses operate in the floating solar market. As a result, the lack of capital funds is hindering the growth of the market expansion during the forecast period.
Read Also: Consumer Electronics Market Size to Touch US$ 1.13 Trillion By 2030
Opportunities
Benefits of floating solar panels
The floating solar panels minimize the need for expensive land areas, particularly farmland, that are close to any substation, for solar power collecting. This lowers the cost of solar energy generation while simultaneously freeing up land for other uses. In most nations, the demand for land for solar installation has driven up the price of even arid wastelands by more than half. The whole cost of solar power generating is reflected in these high land costs. The floating solar panels, on the other hand, are mounted on water surfaces and so require water bodies with no other uses. Unlike land-based solar installations, the installation of floating solar panels does not necessitate any civil work or the removal of vegetation.
Due to the huge cooling impact of the water, floating solar panels and plants produce more electricity than ground-mounted and rooftop systems. In comparison to a land-based system, the overall upkeep of the plant is low. In the long run, this saves a lot of money in terms of operational expenditures. The floating solar panels market is expected to be driven by an increase in public awareness about solar panels and solar power generation. Thus, the benefits of floating solar panels are creating lucrative opportunities for the market growth.
Challenges
High installation costs
To prevent the panels from moving owing to the wind, special floaters must be installed at the bottom of the reservoir. The technology for tracking is still in its infancy. Technology has a larger total cost than the stationary version, which has an impact on project costs. The high installation cost of floating solar panels and systems is a major limitation on the global market for floating solar panels.
The system’s profitability is further endangered by high investment costs, which raises concerns regarding project investment. This technology has piqued the curiosity of governments in both developed and underdeveloped countries. The owners of floating solar panel projects are offered financial incentives in these countries. Thus, the high installation costs are a big challenge for the growth of the floating solar market during the forecast period.
Key Players
Some of the prominent players in the global floating solar market include:
- KYOCERA Corporation
- JA SOLAR Technology Co. Ltd
- Yellow Tropus Pvt. Ltd
- Ciel & Terre International
- Trina Solar
- Vikram Solar Limited
- Sharp Corporation
- Yingli Solar
- Sulzer Ltd.
- Hanwha Group
Segments Covered in the Report
By Capacity
- Below 5MW
- 5MW – 50MW
- Above 50MW
By Type
- Stationary Floating Solar Panels
- Tracking Floating Solar Panels
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Floating Solar Market
5.1. COVID-19 Landscape: Floating Solar Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Floating Solar Market, By Capacity
8.1. Floating Solar Market, by Capacity Type, 2022-2030
8.1.1. Below 5MW
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. 5MW – 50MW
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Above 50MW
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Floating Solar Market, By Type
9.1. Floating Solar Market, by Type, 2022-2030
9.1.1. Stationary Floating Solar Panels
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Tracking Floating Solar Panels
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Floating Solar Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.1.2. Market Revenue and Forecast, by Type (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.1.3.2. Market Revenue and Forecast, by Type (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.1.4.2. Market Revenue and Forecast, by Type (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.2. Market Revenue and Forecast, by Type (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.3.2. Market Revenue and Forecast, by Type (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.4.2. Market Revenue and Forecast, by Type (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.5.2. Market Revenue and Forecast, by Type (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.6.2. Market Revenue and Forecast, by Type (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.2. Market Revenue and Forecast, by Type (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.3.2. Market Revenue and Forecast, by Type (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.4.2. Market Revenue and Forecast, by Type (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.5.2. Market Revenue and Forecast, by Type (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.6.2. Market Revenue and Forecast, by Type (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.2. Market Revenue and Forecast, by Type (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.3.2. Market Revenue and Forecast, by Type (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.4.2. Market Revenue and Forecast, by Type (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.5.2. Market Revenue and Forecast, by Type (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.6.2. Market Revenue and Forecast, by Type (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.5.2. Market Revenue and Forecast, by Type (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.5.3.2. Market Revenue and Forecast, by Type (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.5.4.2. Market Revenue and Forecast, by Type (2017-2030)
Chapter 11. Company Profiles
11.1. KYOCERA Corporation
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. JA SOLAR Technology Co. Ltd
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Yellow Tropus Pvt. Ltd
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Ciel & Terre International
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Trina Solar
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Vikram Solar Limited
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Sharp Corporation
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Yingli Solar
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Sulzer Ltd.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Hanwha Group
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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