Floating Solar Panels

Floating Solar Panels

Global Floating Solar Panels Market to Reach 18.6 Thousand MWs by 2030

The global market for Floating Solar Panels estimated at 3.2 Thousand MWs in the year 2023, is expected to reach 18.6 Thousand MWs by 2030, growing at a CAGR of 28.7% over the analysis period 2023-2030. Stationary Floating Solar Panels, one of the segments analyzed in the report, is expected to record a 29.3% CAGR and reach 15.8 Thousand MWs by the end of the analysis period. Growth in the Tracking Floating Solar Panels segment is estimated at 26.1% CAGR over the analysis period.

Global Floating Solar Panels Market - Key Trends & Drivers Summarized

Floating solar panels, also known as floating photovoltaic (FPV) systems, represent a cutting-edge innovation in renewable energy technology. These systems involve mounting solar panels on floating structures, typically installed on bodies of water such as reservoirs, lakes, and even the ocean. The concept of FPV systems offers several unique advantages over traditional land-based solar installations, including better energy efficiency due to the cooling effect of water, reduced land use conflicts, and minimized water evaporation from the surfaces they cover. By leveraging otherwise unused water surfaces, floating solar panels can generate substantial amounts of electricity without competing for valuable land resources. This makes them particularly attractive in densely populated regions and areas with limited available land for renewable energy projects.

The deployment of floating solar panels has been accelerating worldwide, driven by technological advancements and increasing environmental awareness. Countries with large water bodies and high solar insolation, such as Japan, China, and India, have been at the forefront of adopting FPV systems. Technological improvements have led to the development of robust and durable floating structures capable of withstanding harsh aquatic environments, including strong currents and waves. Moreover, innovations in panel design and materials have enhanced the efficiency and lifespan of FPV systems. Research and pilot projects have demonstrated that floating solar panels can achieve comparable or even higher performance than their land-based counterparts, primarily due to the cooling effects of water and the reduced presence of dust and debris.

The growth in the floating solar panel market is driven by several factors, including the rising demand for renewable energy and the need to optimize land use. As global efforts to combat climate change intensify, there is a growing push for renewable energy sources that can be deployed quickly and efficiently. Floating solar panels offer a viable solution by utilizing existing water bodies, thus avoiding the land-use challenges associated with traditional solar farms. Technological advancements have made FPV systems more cost-effective and resilient, encouraging broader adoption. Additionally, government policies and incentives aimed at promoting clean energy are playing a crucial role in the expansion of the FPV market. The increasing recognition of the ancillary benefits of floating solar panels, such as reduced water evaporation and improved water quality, further drives their adoption. As more countries and companies invest in floating solar technology, the market is expected to continue its rapid growth, contributing significantly to the global renewable energy landscape.

Select Competitors (Total 43 Featured) -

• Kyocera Corporation
• Bharat Heavy Electricals Ltd.
• First Solar, Inc.
• Jain Irrigation Systems Ltd.
• NTPC Ltd.
• Tata Group
• JA Solar Technology Co., Ltd.
• Sungrow Power Supply Co., Ltd.
• Ciel & Terre International
• Jakson Group
• LONGi Solar Technology Co., Ltd.
• GCL System Integration Technology Company Ltd.
• LA Solar Group
• Glint Solar
• Conrexx Technology

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