Floating Solar Panels Market by Product (Stationary Floating Solar Panels, Tracking Floating Solar Panels), Component (Cabling, Combine Box, Floaters), Capacity, Deployment, Implementation - Global Forecast 2024-2030
The Floating Solar Panels Market size was estimated at USD 323.75 million in 2023 and expected to reach USD 365.36 million in 2024, at a CAGR 13.28% to reach USD 775.44 million by 2030.
Floating solar panels are an array of photovoltaics that are designed and installed on buoyant structures to keep them afloat in water bodies such as water treatment ponds, hydroelectric dams, mining ponds, industrial ponds, lakes, and lagoons. Floating solar often consists of solar models, frames, footrests, and mounting assembly, and the floating structures are anchored and moored. The technology provides higher gains in energy production, reduces water evaporation in water resources, and complements operations with hydroelectric power plants. The surging demand for power worldwide with increasing industrialization, coupled with private and public sector investments in renewable energy, drives the need for floating solar panels. On the other hand, cost-intensive deployment and maintenance and operational complexities in extreme weather conditions hinder market growth. However, the improvements in floating solar panel design and integration of AI and IoT technologies for maintenance and management are expected to proliferate their usage in the coming years.
Regional Insights
In the Americas, particularly North America, the floating solar panels market has witnessed a positive growth trajectory in recent years due to the considerable investments in renewable energy and increasing deployment of floating solar projects in countries. South America also presents opportunities for floating solar panels, rising interest, and investments in floating solar farms with the entry of global players in the region. In the Asia-Pacific region, countries including Japan, China, India, and South Korea are emerging as frontrunners in adopting clean energy solutions that involve solar energy due to investments made by the private sector and initiatives launched by the regional governments. Moreover, the easy access to raw materials and advancements in floating solar technology with continuous research efforts support the market growth in the region. In the EMEA region, Europe is actively pursuing the installation of floating solar panels as a key strategy for achieving its ambitious low-carbon energy goals. The Middle East and Africa also hold potential for floating solar expansion due to their growing interest in sustainable energy solutions.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Floating Solar Panels Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Rising demand for energy with urbanization and industrialization
- Increasing supportive government investments & initiatives in solar power across economies
- Market Restraints
- High cost associated with installation and deployment
- Market Opportunities
- Continuous improvements and introduction of advanced floating solar panels
- Development of IoT and AI-based predictive analytics and maintenance technologies
- Market Challenges
- Technical issues and concerns associated with extreme weather situations
- Market Segmentation Analysis
- Product: Increasing scope for tracking floating solar panels with technological advancements
- Component: Developments in PV modules for higher efficiencies and improved power output
- Capacity: Growing preference for capacity of 1-50MW floating solar panels across medium to large-scaled commercial projects
- Deployment: Evolving on-grid deployment of floating solar panels to fulfill large-scale power demand through grid connectivity
- Implementation: Growing demand for integrated solar power projects along with hydroelectric power
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Floating Solar Panels Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Floating Solar Panels Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Chenya Energy launched The Changua Floating Solar Project in Taiwan
Chenya Energy launched a Floating Solar Project in Taiwan, installing a floating solar power system with 43,000 solar panels on top of an existing water reservoir. This innovative project is expected to generate over 13 million kWh of electricity annually to supply clean energy to approximately 4,300 households.
M K Land Holdings Berhad Initiates Partnership With MajuPerak Holdings For Floating Solar Farm Project In Perak
M-K Land Holdings Berhad and Majuperak Holdings have partnered to develop a floating solar farm in Perak, Malaysia. This project will be Malaysia's first commercial-scale floating-solar initiative. The partnership aims to utilize existing infrastructure to generate renewable energy for the local grid while also contributing to water conservation efforts in the area.
Q ENERGY to Start Construction of Europe’s Biggest Floating Solar Farm in France
Q-Energy is set to construct Europe's largest floating solar farm in France. This groundbreaking project has received approval from the French Ministry for an Ecological Transition. The environmental benefits of this project are substantial, with an estimated reduction in emissions equivalent to 15,000 tonnes of CO2 per year. This innovative installation represents a significant step towards a more sustainable, eco-friendly energy future.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Floating Solar Panels Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Floating Solar Panels Market, highlighting leading vendors and their innovative profiles. These include Adani Green Energy Limited, Adtech Systems Limited, Ciel et Terre International SAS, EDF Renewables SA, First Solar, Inc, Hanwha Group, HelioRec S.A.S., Iberdrola, S.A., JA SOLAR Technology Co., Ltd., JinkoSolar Holding Co., Ltd., Kyocera Corporation, KYORAKU Co., Ltd., Larsen & Toubro Limited, LERRI Solar Technology Co., Ltd. by LONGi Green Energy Technology Co. Ltd., LG CNS Co., Ltd., Masdar, Nouria Energy Corporation, NRG ISLAND s.r.l., Ocean Sun AS, Pristine Sun LLC, Q ENERGY Solutions SE, REC Solar Holdings AS, RWE AG, Scotra Co., Ltd., SPG Solar, Inc., Sungrow Power Supply Co., Ltd., Swimsol GmbH, Tata Power Solar Systems Limited, The Sumitomo Mitsui Construction Company, Ltd., Trina Solar Co., Ltd., Vikram Solar Limited, Wuxi Suntech Power Co., Ltd., Xiamen Mibet New Energy Co., Ltd., and Yingli Energy Development Co., Ltd..
Market Segmentation & Coverage
This research report categorizes the Floating Solar Panels Market to forecast the revenues and analyze trends in each of the following sub-markets:- Product
- Stationary Floating Solar Panels
- Tracking Floating Solar Panels
- Component
- Cabling
- Combine Box
- Floaters
- Mooring System
- PV Modules
- Monocrystalline
- Polycrystalline
- Transformer
- Transmission System
- Capacity
- 1-50MW
- Less than 1MW
- More than 50MW
- Deployment
- Off-Grid
- On-Grid
- Implementation
- Integrated
- Standalone
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- Massachusetts
- New Jersey
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Rising demand for energy with urbanization and industrialization
- 5.1.1.2. Increasing supportive government investments & initiatives in solar power across economies
- 5.1.2. Restraints
- 5.1.2.1. High cost associated with installation and deployment
- 5.1.3. Opportunities
- 5.1.3.1. Continuous improvements and introduction of advanced floating solar panels
- 5.1.3.2. Development of IoT and AI-based predictive analytics and maintenance technologies
- 5.1.4. Challenges
- 5.1.4.1. Technical issues and concerns associated with extreme weather situations
- 5.2. Market Segmentation Analysis
- 5.2.1. Product: Increasing scope for tracking floating solar panels with technological advancements
- 5.2.2. Component: Developments in PV modules for higher efficiencies and improved power output
- 5.2.3. Capacity: Growing preference for capacity of 1-50MW floating solar panels across medium to large-scaled commercial projects
- 5.2.4. Deployment: Evolving on-grid deployment of floating solar panels to fulfill large-scale power demand through grid connectivity
- 5.2.5. Implementation: Growing demand for integrated solar power projects along with hydroelectric power
- 5.3. Market Trend Analysis
- 5.3.1. Emphasis on clean energy generation and deployment of floating solar panels to fulfill commercial energy needs in the Americas
- 5.3.2. Burgeoning investments coupled with government support encouraging the deployment of floating solar panels in the APAC region
- 5.3.3. Vast potential for floating solar panel deployment supported by strong market player-government cooperation in EMEA
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Floating Solar Panels Market, by Product
- 6.1. Introduction
- 6.2. Stationary Floating Solar Panels
- 6.3. Tracking Floating Solar Panels
- 7. Floating Solar Panels Market, by Component
- 7.1. Introduction
- 7.2. Cabling
- 7.3. Combine Box
- 7.4. Floaters
- 7.5. Mooring System
- 7.6. PV Modules
- 7.7. Transformer
- 7.8. Transmission System
- 8. Floating Solar Panels Market, by Capacity
- 8.1. Introduction
- 8.2. 1-50MW
- 8.3. Less than 1MW
- 8.4. More than 50MW
- 9. Floating Solar Panels Market, by Deployment
- 9.1. Introduction
- 9.2. Off-Grid
- 9.3. On-Grid
- 10. Floating Solar Panels Market, by Implementation
- 10.1. Introduction
- 10.2. Integrated
- 10.3. Standalone
- 11. Americas Floating Solar Panels Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Floating Solar Panels Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Floating Solar Panels Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. Market Share Analysis, 2023
- 14.2. FPNV Positioning Matrix, 2023
- 14.3. Competitive Scenario Analysis
- 14.3.1. Chenya Energy launched The Changua Floating Solar Project in Taiwan
- 14.3.2. M K Land Holdings Berhad Initiates Partnership With MajuPerak Holdings For Floating Solar Farm Project In Perak
- 14.3.3. Q ENERGY to Start Construction of Europe’s Biggest Floating Solar Farm in France
- 14.3.4. Mibet Energy Forms Strategic Partnership With Zing Energy For Solar Floating Solutions
- 14.3.5. Colombia Launched 1.52MWp Floating Solar Pilot Project
- 14.3.6. Zimbabwean Energy Group To Raise USD 250m For Floating Solar Plant
- 14.3.7. ICG Asia-Pacific Infrastructure completes Debut Investment In AMP India
- 14.3.8. BASF SE And Noria Energy Install First of Its Kind Floating Solar System At BASF’s Manufacturing Site In the United States
- 14.3.9. China Energy Plans 1000 MW Floating Solar Plant In Zimbabwe
- 14.3.10. Larsen & Toubro Has Secured A Contract For The Engineering, Procurement And Construction (Epc)
- 14.3.11. Sembcorp Secures 559MW of Indian Solar Assets With Acquisition of Vector Green Energy
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.2. Key Product Portfolio
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