USD 30.18 billion
Report ID: SQMIG55A2011 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 59 | Figures: 75
Floating Solar Panel Market size was valued at USD 30.18 billion in 2021 and is poised to grow from USD 31.40 billion in 2022 to USD 130.75 billion by 2030, growing at a CAGR of 22.6% in the forecast period (2023-2030).
Floating solar panels are becoming an increasingly popular method of generating renewable energy. This technology involves installing solar panels on floating platforms in bodies of water such as reservoirs, lakes, and oceans. The capacity to produce energy without using up any land, a higher energy efficiency due to the cooling effect of water, and less water evaporation are all advantages of floating solar panels. Considering the numerous benefits of this cutting-edge technology and the rising need for renewable energy, the global market for floating solar panels is anticipated to expand significantly. Due to the growing emphasis on clean fuel power generation and the scarcity of land, the global market is anticipated to expand during the projected period. Governments worldwide are implementing regulations to promote the use of clean energy, which will aid in reducing pollution levels. The demand for reliable renewable energy sources for power generation is driving the significant growth of floating solar technology. The United States market is anticipated to grow substantially in the forecast period due to federal schemes promoting green electricity and solar investment tax credits. Stringent regulations to limit greenhouse gas emissions will also contribute to global market growth. China has set targets to reduce emission levels under its 13th 5-year plan. Solar energy is a rapidly growing renewable energy source that offers easy installation, scalability, adaptability, and low equipment requirements. The advantages of floating panel installations are expected to fuel market growth.
US Floating Solar Panel Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 30.18 billion
Photovoltaic (PV) Panels
Photovoltaic (PV) Panels
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The Global Floating Solar Panel market is segmented by type, Technology, and region. Based on type, the market can be segmented into Photovoltaic (PV) Panels and Concentrated Solar Power (CSP). Based on technology, the market is segmented into utility, and residential. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Floating Solar Panel Market Analysis by Type
By type, the market can be segmented into Concentrated Solar Power (CSP) and Photovoltaic (PV) Panels. The Photovoltaic (PV) Panels segment is dominating the market due to its higher adoption rate, lower cost of installation and maintenance, and greater efficiency in generating electricity. The PV Panels segment is expected to continue its dominance in the forecast period due to its scalability, lower environmental impact, and higher energy output compared to CSP.
Due to its increased power production efficiency, reduced land needs, and potential for energy storage capabilities, the Concentrated Solar Power (CSP) segment is anticipated to expand at a quicker rate during the projected period. CSP technology uses mirrors or lenses to concentrate sunlight onto a small area, generating high temperatures that drive turbines to produce electricity. As energy storage capabilities become increasingly important in the renewable energy sector, CSP's potential in this area is expected to boost its growth.
Floating Solar Panel Market Analysis by Application
By application, the market can be segmented into utility and residential. The utility segment is dominating the market due to the increasing demand for renewable energy sources and the need to reduce carbon emissions. Utility companies are investing in large-scale floating solar panel projects to generate renewable energy, which can be sold to the grid or used to power their own operations. Moreover, the utility segment is also benefiting from the declining cost of solar panels, favorable government policies, and incentives, which are boosting the growth of the segment.
The residential segment is expected to witness faster growth in the forecast period due to increasing awareness among individuals and households about the benefits of renewable energy sources. The growing trend of green homes, energy-efficient buildings, and sustainable living is driving the adoption of floating solar panels among residential users. Additionally, the decreasing cost of solar panels, technological advancements, and incentives provided by governments are also contributing to the growth of the residential segment.
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North America dominated the market due to the increasing demand for renewable energy sources and the implementation of favorable government policies. The US market is expected to be dominated by utility-scale projects, driven by the country's growing demand for electricity and favorable policies promoting the adoption of solar energy.
In the Asia-Pacific (APAC) region is expected to be the fastest-growing markets for floating solar panels. In China, the government's initiatives to reduce greenhouse gas emissions and boost the country's renewable energy capacity are expected to drive market growth. India is also expected to witness significant growth due to its growing demand for electricity, favorable government policies, and the country's potential to harness solar energy. In Japan, the government's push towards renewable energy and the country's limited land availability for energy production are expected to drive the growth of the floating solar panel market.
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Floating Solar Panel Market Drivers
Increasing adoption of contactless payments
Floating Solar Panel Market Restraints
Concern over data security and privacy
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The global floating solar panel market is characterized by several companies operating in the market, ranging from established players to new entrants. The market is highly fragmented and competitive, with companies focusing on product innovation, partnerships, and collaborations to gain a competitive edge. Key strategies adopted by players in the market include product development, expanding their product portfolios, and investing in R&D activities to improve the efficiency and performance of floating solar panels. The market is also influenced by several regional and global regulations promoting the adoption of renewable energy sources, creating opportunities for market players.
Top Player’s Company Profiles in Floating Solar Panel Market
Floating Solar Panel Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global floating solar panel market is a rapidly growing industry, driven by the increasing demand for renewable energy sources and the depletion of fossil fuels. Floating solar panels offer several advantages over traditional solar panels, including land conservation and reduced water evaporation. The market is highly fragmented, with numerous companies operating in the space, from established players to new entrants. Key market trends include the focus on innovative technologies to improve efficiency and performance, the integration of energy storage solutions, and the adoption of smart monitoring systems. However, the market also faces challenges, such as higher installation and maintenance costs compared to traditional solar panels.
|Market size value in 2021||USD 30.18 billion|
|Market size value in 2030||USD 31.40 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Floating Solar Panel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Floating Solar Panel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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