Floating Solar Panels Market reach $215.9 million by 2030, Growing At a CAGR of 29.6% Report by Coherent Market Insights

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Mar 13, 2024, 10:45 ET

BURLINGAME, Calif. , March 13, 2024 /PRNewswire/ -- The global Floating Solar Panels Market size is projected to grow from USD 35.1 million in 2023 to USD 215.9 million by 2030 at a CAGR of 29.6% during the forecast period, according to a new report by Coherent Market Insights. Floating solar panels, also known as floating photovoltaic systems, are solar panels installed on structures that float on a body of water like lakes, dams, quarry lakes, coastal waters and other water reservoirs. These systems use the available surface area of water bodies to generate solar power and help avoid usage of land.

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Market Dynamics:

The Floating Solar Panels market is witnessing high growth due to the increasing focus on renewable energy sources and the growing awareness about the environmental benefits of solar energy. Additionally, government incentives and subsidies for the installation of floating solar panels are further driving the market growth.

Global Floating Solar Panels Market Report Coverage

Report Coverage	Details
Market Revenue in 2023	$35.1 million
Estimated Value by 2030	$215.9 million
Growth Rate	Poised to grow at a CAGR of 29.6%
Historical Data	2018–2021
Forecast Period	2023–2030
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product, By End User
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Government incentives and subsidies • Large available surface area of water bodies
Restraints & Challenges	• Constraints related to water depth and wind condition • Concerns over increased algae growth under floating panels

Market Trends:

One of the key trends in the Floating Solar Panels market is the increasing use of advanced technologies, such as solar tracking systems, to enhance the efficiency of solar panels. Another trend is the rising adoption of floating solar panels in water bodies, such as reservoirs and lakes, to save land space and reduce evaporation of water.

Market Opportunities:

The market opportunity for Floating Solar Panels is significant due to the rising demand for renewable energy sources. With concerns about climate change and the depletion of traditional energy sources, there is a growing need for alternative energy solutions. Floating solar panels provide a sustainable option for generating electricity by utilizing underutilized water bodies such as reservoirs, dams, and ponds. This market opportunity is further fueled by government initiatives and incentives promoting the adoption of renewable energy technologies. As a result, the Floating Solar Panels market is projected to experience a compound annual growth rate (CAGR) of 29.6% during the forecast period 2023-2030.

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Another market opportunity for Floating Solar Panels lies in providing cost-effective and efficient solar energy solutions. Floating solar panels offer unique advantages compared to traditional solar installations, including increased energy efficiency due to the cooling effect of water and reduced land usage. As land availability becomes increasingly scarce, floating solar panels present a viable option for harnessing solar energy without the need for large tracts of land. This market opportunity is particularly attractive to industries such as agriculture, commercial, and government sectors looking to optimize energy production while minimizing costs. As a result, the market for Floating Solar Panels is poised for significant growth in the coming years.

Recent Developments:

In July 2023, Sarawak Energy Bhd (SEB) decided to partner with China-based Trina Solar Company to launch its first large-scale floating solar power project.

The project will be located at the Batang Ai Hydropower Plant in Sri Aman Division, which will generate 71 MW and will be spread over a vast area of â€‹â€‹190 hectares.

Key Market Takeaways:

Floating Solar Panels is anticipated to witness a CAGR of 29.6% during the forecast period 2023-2030, owing to the rising demand for renewable energy sources and the cost-effective nature of floating solar panel installations.

On the basis of the product segment, Tracking Floating Solar Panels are expected to hold a dominant position, owing to their ability to optimize energy production by tracking the sun's movement.

In terms of end-users, the commercial segment is projected to lead the market, driven by the need for cost-effective and efficient solar energy solutions among businesses.

In terms of region, North America is expected to dominate the Floating Solar Panels market, due to government incentives promoting the adoption of renewable energy technologies in the region.

Key players operating in the Floating Solar Panels market include Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd., and KYOCERA Corp., among others. These key players are focused on expanding their product offerings and enhancing their market presence to capitalize on the growing demand for floating solar panel installations.

Read complete market research report, "Global Floating Solar Panels Market, By Product, By End User, By Geography, Market Size and Share Analysis - Growth Trends and Forecasts 2023-2030", Published by Coherent Market Insights.

Market Segmentation:

By Product:

Tracking Floating Solar Panels
Stationary Floating Solar Panels

By End Use:

Agriculturale
Commercial
Industrial
Residential
Government

By Region:

North America
- U.S.
- Canada
Latin America
- Brazil
- Mexico
- Rest of Latin America
Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa

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