Floating Solar Panels Market Size, Share, Growth, and Industry Analysis, By Type (Stationary Floating Solar Panels, Tracking Floating Solar Panels), By Application (Utilities, Irrigation Reservoirs and Wastewater Treatment Plants) and Regional Forecast to 2032

FLOATING SOLAR PANELS MARKET OVERVIEW

The Global Floating Solar Panels Market Market size was USD 648.34 million in 2023 and the market is projected to touch USD 20425.45 million in 2032, exhibiting a CAGR of 46.72% during the forecast period.

Floating solar panels is a new segment of the renewable energy sector that provides an innovative solution for the generation of power from sunlight by using water bodies instead of land. They are mounted on platforms floated on the surface of lakes, reservoirs, and other bodies of water to reduce the requirement of the land and optimize the space. They are effective in regions having limited availability of land for solar farms.

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GLOBAL CRISES IMPACTING FLOATING SOLAR PANELS MARKET - COVID-19 IMPACT

"Floating Solar Panels Market Had a Negative Effect Due To Supply Chain Disruption During COVID-19 Pandemic"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Financial uncertainty regarding investments in renewable energy initiatives also formed part of the Challenges the market faced during this period. Huge backlogs are also created because of economic instability and diversion of funds toward the pandemic recovery. However, with economies in recovery, the market will make a comeback underpinned by a global tilt toward sustainable energy.

LATEST TREND

"Hybrid Floating Solar-Hydro Projects Driven By Iot And Automation To Drive Market Growth"

One of the newest intensifying trends in the Floating Solar Panels Market is Hybrid floating solar-hydro projects. These are systems integrating floating solar panels with existing hydropower plants and enabling both technologies to augment each other: hydropower plants can currently use floating solar panels on their water surfaces to produce electricity above existing capacity without new land requirements. A hybrid model will produce power continuously, as sun power can complement hydro during peak hours when the sun is shining while hydropower takes over when it is cloudy or nighttime.

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FLOATING SOLAR PANELS MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Stationary Floating Solar Panels, Tracking Floating Solar Panels

• Floating Stationary Solar Panels: These systems are mounted on floating platforms and anchored in place. They are mainly installed in calm waters like lakes or reservoirs for a stable operation of the solar panel.

• Floating Tracking Solar Panels: These solar panels track the path of the sun throughout the day to increase the absorption of energy and efficiency. Tracking generates more power than a stationary system.

By Application

Based on application, the global market can be categorized into Utilities, Irrigation Reservoirs and Wastewater Treatment Plants

• Utilities: Utility companies have been integrating floating solar panels into their systems due to their ability to provide large-scale power generation. Floating installations would be useful to satisfy the increasing electricity demands of water bodies while not requiring much land.

• Irrigation Reservoirs: Floating Solar Panels on Irrigation Reservoirs Benefits the Agriculture Sector: Irrigation reservoir floating solar panels will power irrigation water pumping systems. Also, the water under the shade of the panels will not evaporate, and algae growth will be prevented.

• Wastewater Treatment Plants: Installation of floating solar panels on wastewater treatment plants for efficient generation of energy utilizing otherwise unused water surfaces: This is very appealing in terms of environmental sustainability as well as cost-effectiveness towards offsetting plant energy consumption.

MARKET DYNAMICS

Market dynamics include driving and Restraining Factors, opportunities and Challenges stating the market conditions. 

Driving Factors

"Land Scarcity and Efficient Space Utilization Demand to Boost the Market"

There is a noticeable boost in the Floating Solar Panels Market growth. Due to the severe scarcity of lands for large-scale solar installations, floating solar panels enter to utilize underutilized or unused water bodies. This innovative approach can create renewable energy without occupying valuable land resources in densely populated regions.

"Retarding Water Evaporation And Preventing Algae Growth to Expand the Market"

In addition to the environmental benefits, floating solar panels also have other ancillary advantages of retarding water evaporation and preventing algae growth through shading on the water surface. This is very much useful in water-scarce areas and the agricultural sectors that utilize water bodies for irrigation purposes.

Restraining Factor

"Very High Initial Installation Costs to Potentially Impede Market Growth"

Installation of floating photovoltaic requires special infrastructure, like a floating platform and anchoring systems, which highly raises the cost of initial installation. Together with the requirement to maintain on a regular basis, this may pose a Challenge in widespread implementation, most especially for developing regions. Short Opportunity

Opportunity

"Hybrid Solar-Hydro Projects To Create Opportunity For The Product In The Market"

The most promising Opportunity is the integration of floating solar panels with existing hydropower plants. Hybrid systems combining solar and hydro power output maximise energy yield, improve the reliability of the grid as solar can produce electricity during the day while hydro can produce energy during non-solar periods, and have gained acceptance in regions with larger hydropower reservoirs.

Challenge

"Technological and Environmental Adaptation Could Be A Potential Challenge For Consumers"

One of the Challenges that floating solar panels must endure for them to be durable in various water environments is from fresh to salty water. They would need to survive harsh currents, waves, and corrosion, thus demanding novel materials and structures that will minimize losses and endure.

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FLOATING SOLAR PANELS MARKET REGIONAL INSIGHTS

• North America

The North America region has a growing United States Floating Solar Panels Market . United States: North America The US is emerging as a prominent player in the floating solar panels market, driven by increased investments in renewable energy and acceptance by the government to cut carbon emissions. As such, many water bodies in this country are potential sites for floating solar farms and will see more adoption of the technology in large utility projects.

• China

Located in Asia-Pacific and is the world's leading country in renewable energy deployment. China leads the floating solar panels market with large-scale deployments on reservoirs and lakes. China is focused on deploying its clean energy portfolio, and floating solar systems are part of the strategy for maximizing space use and energy production.

• The Netherlands

The Netherlands is one of the first European countries pioneering floating solar panel installations. The country is initially concerned with exploiting available water bodies such as lakes and inland waters since this country has almost minimal available land for its renewable energy targets to be fulfilled.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

The Market is highly competitive as it is supported by major industrial players who are very keen on innovation and expansion through strategic partnerships, research, and large-scale installations. The companies are highly focused on producing high technology regarding the floating platforms, anchoring systems, and solar modules to optimize performance and durability in various aquatic environments. Besides producing, major players engage in designing, engineering, and implementing floating solar projects worldwide.

List of Top Floating Solar Panels Market Companies

• Ciel & Terre (France)
• Swimsol (Austria)
• Trina Solar (China)
• Canadian Solar (Canada)
• LONGi Solar (China)
• JA Solar (China)
• Solarcentury (United Kingdom)
• Renewable Energy Corporation (Norway)

KEY INDUSTRY DEVELOPMENT

March 2021: Large-scale hybrid solar-hydro projects were initiated in March 2021, which is another major development in the Floating Solar Panels Market. It combines floating solar panels with existing hydropower plants to maximize the energy generation. This trend has picked up pace especially in the Southeast Asian and European regions due to the maximum possible creation of renewable energy sources without the need for land acquisition.

REPORT COVERAGE

The Floating Solar Panels market study research report discusses every minute detail about the market, such as size, growth pattern, and future outlook. Also, it is providing insights on the demand for detailed segmentation, as per type, namely, stationary and tracking floating panels, application, including utilities, irrigation reservoirs, wastewater treatment plants, etc. and regional study. It actually reflects the key Driving Factors, such as increasing demand for renewable energy and land scarcity, among others, and leading Restraining Factors, like high installation costs.