Global Floating Solar Panel Market

Global Floating Solar Panel Market Size, Share, Growth Analysis, By Type(Photovoltaic (PV) Panels and Concentrated Solar Power (CSP)), By Application(Utility and Residential) - Industry Forecast 2023-2030


Report ID: SQMIG55A2011 | Region: Global | Published Date: April, 2024
Pages: 182 | Tables: 59 | Figures: 75

Global Floating Solar Panel Market Insights

Global Floating Solar Panel Market size was valued at USD 31.40 Billion in 2022 and is poised to grow from USD 38.50 Billion in 2023 to USD 196.49 Billion by 2031, at a CAGR of 22.60% during the forecast period (2024-2031).

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.

Market snapshot - 2024-2031

Global Market Size

USD 31.40 Billion

Largest Segment

Photovoltaic (PV) Panels

Fastest Growth

Photovoltaic (PV) Panels

Growth Rate

22.60% CAGR

Global Floating Solar Panel Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Floating Solar Panel Market Size By Type 2022-2030 ($ Bn)
Global Floating Solar Panel Market Size By Type 2022-2030 (%)

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Global Floating Solar Panel Market Segmental Analysis

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.

Global Floating Solar Panel Market Size By Type, 2022 (%), 2022 (%)

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Global Floating Solar Panel Market Regional Insights

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.

Global Floating Solar Panel Market By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Global Floating Solar Panel Market Dynamics

Floating Solar Panel Market Drivers

Increasing adoption of contactless payments

  • One key driver of the global floating solar panel market is the increasing demand for renewable sources of energy due to the depletion of fossil fuels. As the world becomes more environmentally conscious, the need for sustainable energy solutions is growing. Floating solar panels offer a unique advantage over traditional solar panels as they do not require land, making them suitable for use in bodies of water such as reservoirs, lakes, and ponds. This feature makes them an ideal solution for countries with limited land availability for solar energy production.

Floating Solar Panel Market Restraints

Concern over data security and privacy

  • One potential restraint of the global floating solar panel market is the higher installation and maintenance costs compared to traditional solar panels. While floating solar panels offer several advantages, such as land conservation and reduced water evaporation, they require specialized installation and maintenance due to their unique design. Additionally, the harsh environmental conditions in bodies of water, such as waves and wind, can increase maintenance costs. These factors can make floating solar panels less cost-effective compared to traditional solar panels, particularly in regions where the cost of energy is low.

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Global Floating Solar Panel Market Competitive Landscape

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

  • Ciel et Terre International (France)
  • Kyocera Corporation (Japan)
  • Sungrow Power Supply Co., Ltd. (China)
  • JA Solar Co., Ltd. (China)
  • Trina Solar Limited (China)
  • Canadian Solar Inc. (Canada)
  • Xinyi Solar Holdings Ltd. (Hong Kong)
  • SPG Solar, Inc. (US)
  • Pristine Sun LLC (US)
  • Solaris Synergy Ltd. (Israel)
  • Suntech Power Co., Ltd. (China)
  • Yingli Solar (China)
  • SunPower Corporation (US)
  • Mitsubishi Electric Corporation (Japan)
  • Hanwha Q CELLS Co., Ltd. (South Korea)
  • Vikram Solar Pvt. Ltd. (India)
  • REC Group (Norway)
  • First Solar, Inc. (US)
  • China Singyes Solar Technologies Holdings Limited (China)
  • Sharp Corporation (Japan)

Floating Solar Panel Market Recent Developments

  • In April 2023, Canadian company Brookfield Renewable announced plans to develop a 100 MW floating solar project in Brazil.
  • In March 2023, Japanese companies Marubeni and Jera announced plans to develop a 200 MW floating solar project in Japan's Niigata Prefecture.
  • In February 2023, Indian renewable energy company ReNew Power announced plans to develop a 200 MW floating solar project in Gujarat state.
  • In January 2023, renewable energy developer EDF Renewables announced plans to develop a 70 MW floating solar project in Morocco.
  • In August 2022, energy company EnBW announced plans to develop a 100 MW floating solar project in Germany's Saarland region.

Global Floating Solar Panel Key Market Trends

  • The market for floating solar panels is poised for growth, primarily driven by the expanding stationary floating solar panel segment. These static solar photovoltaic (PV) systems are specifically designed to be installed on water surfaces, composed of several components such as cables, aluminum frames for solar panels, and inverters. In stationary floating solar systems, the tilt angle of the panels remains fixed, requiring only periodic inspection and minimal maintenance for efficient operation. Relative to mobile or tracking solar panels, stationary systems typically incur lower costs. The market's promising future is bolstered by numerous proposed large-scale projects, underscoring the potential growth in demand for floating solar panels. Interestingly, there's a distinct variation in total capital and operating costs between solar tracking floating panels and stationary solar panels.

Global Floating Solar Panel Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2022 USD 31.40 Billion
Market size value in 2031 USD 196.49 Billion
Growth Rate 22.60%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Photovoltaic (PV) Panels and Concentrated Solar Power (CSP)
  • Application
    • Utility and Residential
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)
Companies covered
  • Ciel et Terre International (France)
  • Kyocera Corporation (Japan)
  • Sungrow Power Supply Co., Ltd. (China)
  • JA Solar Co., Ltd. (China)
  • Trina Solar Limited (China)
  • Canadian Solar Inc. (Canada)
  • Xinyi Solar Holdings Ltd. (Hong Kong)
  • SPG Solar, Inc. (US)
  • Pristine Sun LLC (US)
  • Solaris Synergy Ltd. (Israel)
  • Suntech Power Co., Ltd. (China)
  • Yingli Solar (China)
  • SunPower Corporation (US)
  • Mitsubishi Electric Corporation (Japan)
  • Hanwha Q CELLS Co., Ltd. (South Korea)
  • Vikram Solar Pvt. Ltd. (India)
  • REC Group (Norway)
  • First Solar, Inc. (US)
  • China Singyes Solar Technologies Holdings Limited (China)
  • Sharp Corporation (Japan)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Floating Solar Panel Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Floating Solar Panel Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Floating Solar Panel Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Floating Solar Panel Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Floating Solar Panel Market size was valued at USD 31.40 Billion in 2022 and is poised to grow from USD 38.50 Billion in 2023 to USD 196.49 Billion by 2031, at a CAGR of 22.60% during the forecast period (2024-2031).

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. 'Ciel et Terre International (France)', 'Kyocera Corporation (Japan)', 'Sungrow Power Supply Co., Ltd. (China)', 'JA Solar Co., Ltd. (China)', 'Trina Solar Limited (China)', 'Canadian Solar Inc. (Canada)', 'Xinyi Solar Holdings Ltd. (Hong Kong)', 'SPG Solar, Inc. (US)', 'Pristine Sun LLC (US)', 'Solaris Synergy Ltd. (Israel)', 'Suntech Power Co., Ltd. (China)', 'Yingli Solar (China)', 'SunPower Corporation (US)', 'Mitsubishi Electric Corporation (Japan)', 'Hanwha Q CELLS Co., Ltd. (South Korea)', 'Vikram Solar Pvt. Ltd. (India)', 'REC Group (Norway)', 'First Solar, Inc. (US)', 'China Singyes Solar Technologies Holdings Limited (China)', 'Sharp Corporation (Japan)'

One key driver of the global floating solar panel market is the increasing demand for renewable sources of energy due to the depletion of fossil fuels. As the world becomes more environmentally conscious, the need for sustainable energy solutions is growing. Floating solar panels offer a unique advantage over traditional solar panels as they do not require land, making them suitable for use in bodies of water such as reservoirs, lakes, and ponds. This feature makes them an ideal solution for countries with limited land availability for solar energy production.

The market for floating solar panels is poised for growth, primarily driven by the expanding stationary floating solar panel segment. These static solar photovoltaic (PV) systems are specifically designed to be installed on water surfaces, composed of several components such as cables, aluminum frames for solar panels, and inverters. In stationary floating solar systems, the tilt angle of the panels remains fixed, requiring only periodic inspection and minimal maintenance for efficient operation. Relative to mobile or tracking solar panels, stationary systems typically incur lower costs. The market's promising future is bolstered by numerous proposed large-scale projects, underscoring the potential growth in demand for floating solar panels. Interestingly, there's a distinct variation in total capital and operating costs between solar tracking floating panels and stationary solar panels.

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.

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Global Floating Solar Panel Market

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