Global Floating Solar PV Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Floating Solar PV Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Floating Solar PV is an emerging technology in which a solar photovoltaic (PV) system is placed directly on top of a body of water, as opposed to on land or on building rooftops.

Market Overview:

The latest research study on the global Floating Solar PV market finds that the global Floating Solar PV market reached a value of USD 529.5 million in 2022. It’s expected that the market will achieve USD 1163.02 million by 2028, exhibiting a CAGR of 14.01% during the forecast period.

Influence of COVID-19 Outbreak on Global Economic

The outbreak of COVID-19 is affecting almost every region in the world. Each region has been affected by a significant growth and demotion. East Asia and the Pacific will grow by only 0.5%. South Asia will contract by 2.7%, Sub-Saharan Africa will contract by 2.8%, the Middle East and North Africa will contract by 4.2%, Europe and Central Asia will contract by 4.7%, and Latin America will contract by 7.2%. These downturns are expected to reverse years of progress towards achieving development goals and plunge thousands of people into extreme poverty. Emerging markets and developing economies will be hit by economic resistance from multiple quarters: a weak medical system, losses in trade and tourism, reduced remittances, insufficient capital flows, and increasing debt pressures that have led to tight financial conditions. Developed economies are expected to reduce 7%. This crisis has exceeded the speed of the global economy, and a global recession has become inevitable.
Due to the pandemic of COVID-19, the global economy is expected to lose nearly US$8.5 trillion in output value in the next two years, which will erase almost all the gains of the previous four years. The sharp economic contraction marked the worst contraction since the Great Depression in the 1930s, while the economic downturn at the beginning of the year was only 2.1%. And the outbreak of COVID-19 will aggravate the phenomenon of poverty and inequality. By 2030, 130 million people may join the ranks of the extremely poor, which has hit the global efforts to eliminate extreme poverty and hunger. This epidemic has greatly damaged low-skilled and low-paying jobs, while at the same time making high-skilled jobs less affected, which will further increase income inequality within and between countries.

Market Constraints and Challenges

Although enough large-scale projects have been implemented to make floating solar technology commercially viable, its development still faces some challenges. These include the lack of reliable records, the uncertainty surrounding costs, the uncertainty of predicting environmental impacts, the technical complexity of design and construction, and the complexity of water and water operations (especially electrical safety, anchoring and mooring issues, And operation and maintenance).

Labor, design and engineering, supply chain and logistics are an important factor in the high capital expenditure of floating solar applications. These costs may vary greatly from project to project. Compared with ground-mounted arrays of the same size and similar location, technical investigations of floating solar projects usually take longer, resulting in higher total costs.

The photovoltaic industry is a new energy industry that requires subsidies from the state finances. The state's macro-control policies and measures on photovoltaic installed capacity, subsidy scale and subsidy intensity will directly affect the production and operation of companies in the same industry. As government subsidies to the industry decrease, it will affect industry investment. For example, China’s “May 31st Policy” in 2018 reduced the amount of subsidies, which directly affected investment enthusiasm and had a certain negative impact on the sales of the photovoltaic industry.

Region Overview:

From 2023-2028, Asia-Pacific is estimated to witness robust growth prospects.

Company Overview:

Hanwha Q Cells is one of the major players operating in the Floating Solar PV market, holding a share of 13.06% in 2021.

Hanwha Q CELLS Co., Ltd. manufactures photovoltaic (PV) cells and modules and it is also engaged in downstream development and EPC business in EMEA, North and Latin Americas and across APAC. The Company sells its products both through third-party distributors and directly to system integrators.

LONGi leads the solar PV industry to new heights with product innovations and optimized power-cost ratio with breakthrough monocrystalline technologies. LONGi supplies high-efficiency solar wafers and modules worldwide yearly.

Segmentation Overview:

Among different product types, Crystalline Silicon Floating Solar PV segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Inland segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Floating Solar PV market covered in Chapter 3:

Ciel＆Terre International
Trina Solar
JA Solar
Hanwha Q Cells
Risen
Kyocera
Jinko Solar
GCL System Integration
LONGi Solar

In Chapter 4 and Chapter 14.2, on the basis of types, the Floating Solar PV market from 2018 to 2029 is primarily split into:

Crystalline Silicon Floating Solar PV
Other Floating Solar PV

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Floating Solar PV market from 2018 to 2029 covers:

Inland
Marine

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)