• Floating solar panels are a new, affordable, and reliable sustainable option for using unused water bodies in lakes or reservoirs to generate renewable solar electricity, and the their use is growing.
  • Water conservation from reduced evaporation loss is estimated to drive the demand for floating solar panels during the forecast period.

WILMINGTON, Del., July 25, 2022 /PRNewswire/ — Global floating solar panels market revenue clocked in at US$ 0.7 Bn in 2021. The global market is expected to grow at a CAGR of 43.02% during the forecast period, from 2022 to 2031. The global floating solar panel market size is expected to reach the value of US$ 24.5 Bn in 2031. The search for new solutions and potential for solar floating power plants is driven by the rise in demand for renewable energy. The technology behind floating solar panels is based on ground-mounted solar panels, which are more developed and have wider installation options. Floating solar panel advantages and disadvantages are expected to be properly considered by companies before investing in solar plant projects.

One of the most popular ways to combat climate change is the use of solar energy. To improve the output of clean energy, more distributed PV (photovoltaic) solar systems are installed on rooftops and in solar farms. A new product called a floating solar panel has been developed as a result of continuous research and development in the field of renewable energy. These panels consist of PV modules attached to floating platforms used in lakes, water reservoirs, and other suitable environments such as oceans and seas.

Asia Pacific, which by 2021 will have a significant share of 95.62% of the global floating market, offers a lot of growth potential to floating solar panel companies. Due to the increase in investment in solar energy in key countries such as Japan, Indiaand China, in the region, the market of Asia Pacific tend to develop rapidly.

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Key Findings of the Market Report

  • In terms of capacity, the market for floating solar panels is led by the more than 5 MW category in 2021 with a 58.45% share. The total installed capacity of the floating solar farm exceeds 5 MW. The plant is very large overall, and installation tends to take up a lot of space. Plants of this capacity size are used for higher power operations. Compared to plants from other categories, these plants have a higher installation cost, which increases the total cost of the floating solar panel.
  • On the basis of type, the floating solar panel category accounted for 99.92% of the global market in 2021. The growth of the floating solar panel category is expected to increase the demand for floating solar panels. solar panels.
  • The market for floating solar panels is primarily driven by the benefits of floating solar compared to land-based solar systems and water conservation from reduced evaporation loss.

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Global Floating Solar Panels Market: Growth Drivers

  • To ensure a prosperous future for the floating solar panel market, several major projects are being considered. The total capital and operating costs of stationary solar panels as well as floating solar panels with sunlight tracking are very different. The demand for these panels is increased by the simple availability of stationary panels.
  • Major regions for floating solar panels include North America and Europe. In 2021, these regions will have a respective market share of 2.51% and 1.6%. The Netherlands and the UK are major investors in renewable energy as a viable alternative energy source in Europe. Compared to other regions, the rest of the world has a limited market for floating solar panels.

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Global Floating Solar Panels Market: Key Players

Some of the leading players in the market are

  • KYOCERA Corporation
  • Ciel and Terre International
  • Sharp Corporation
  • Pristine Sun LLC
  • Trina Solar Limited
  • JA Solar Co., Ltd.

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Global Floating Solar Panels Market: Segmentation

kind

  • Continuously Floating Solar Panels
  • Solar-Tracking Floating Solar Panels
  • Capacity
  • Up to 1MW
  • 1MW – 5MW
  • More than 5MW

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About Transparency Market Research

Transparency Market Research, a global market research company registered with Wilmington, Delaware, United States, provides custom research and consulting services. The company analyzes the factors that shape the dynamics of demand in different markets. Insights and insights into the markets evaluate opportunities in different segments. Segment opportunities based on origin, application, demographics, sales channel, and end-use are analyzed, which will determine the growth of the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools and techniques we use always reflect the latest trends and information. With an extensive research and analysis capability, Transparency Market Research uses rigorous primary and secondary research methods in all its business reports.

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