Floating solar panels are photovoltaic solar panels installed on floating structures on a water body, usually artificial reservoirs, lakes or oceans. These floating panels are able to generate solar power without requiring precious land resources and they help reduce evaporation from the water’s surface. The panels are anchored using mooring cables and buoyancy tubes that keep them afloat. Installing floating solar panels allows for land that has hydro reservoirs or other landlocked water bodies to be dual-purposed for renewable energy production. The Global Floating Solar Panels Market is estimated to be valued at US$ 35.9 MN in 2024 and is expected to exhibit a CAGR of 29.% over the forecast period 2024 to 2031.
Key players operating in the Global Floating Solar Panels Market include Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd., KYOCERA Corp., LONGi Solar, Trina Solar, Vikram Solar Ltd., Wuxi Suntech Power Co., Ltd., Yellow Tropus Pvt. Ltd., and Yingli Solar. These companies offer a wide variety of floating solar panel solutions for on-water as well as offshore floating solar farms. Growing interest of governments and utility providers worldwide in leveraging artificial water reservoirs and barren land for renewable energy projects is a key driver for market demand.
Key Takeaways
Key players: Key players operating in the global floating solar panels market are Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd., KYOCERA Corp., LONGi Solar, Trina Solar, Vikram Solar Ltd., Wuxi Suntech Power Co., Ltd., Yellow Tropus Pvt. Ltd., and Yingli Solar. These companies offer integrated floating solar solutions for various on-water and offshore applications.
Key opportunities:
There is strong growth potential for floating Global Floating Solar Panels Market Trends in Asia Pacific and Latin American nations which have abundant freshwater resources that can be utilized for floating solar projects. Government incentives and initiatives for renewable energy adoption also present significant business opportunities.
Global expansion: Leading floating solar panel manufacturers are expanding their geographical footprint by entering new emerging markets and partnering with local EPC firms and project developers. North America and Europe are also witnessing rising demand for innovative floating solar solutions for commercial and utility-scale projects.
Market Drivers:
Rising adoption of renewable energy sources to meet carbon reduction goals is a key growth driver for the global floating solar panels market. These alternatives allow countries to utilize otherwise unproductive water surfaces and generate solar power without impacting land resources. This is expected to drive significant demand over the forecast period.
PEST Analysis
Political: The government policies play an important role in encouraging the installation of floating solar panels. Many governments provide subsidies and tax incentives for renewable energy projects which promote the adoption of floating solar panels.
Economic: The declining cost of solar power generation and increasing electricity prices make floating solar panels a commercially viable option for many consumers. Their installation helps reduce dependence on expensive imported fuels.
Social: There is a growing consumer preference for greener and sustainable energy sources due to rising environmental concerns. Floating solar panels have minimal land acquisition needs and thus face less social opposition than large-scale land-based solar farms.
Technological: The continuous improvement in solar panel efficiency and floating structure designs has enhanced the viability of floating solar installations. New technologies allow for deeper moorings and better resistance to harsh weather conditions.
Regions where market is concentrated in terms of value
The Asia Pacific region currently dominates the global floating solar panels market in terms of value, led by countries like China, Japan and India. This is attributed to the growing energy demand, supportive government policies and declining prices in the region which have led to large-scale commercial and utility-scale floating solar projects.
Fastest growing region
Europe is projected to be the fastest growing regional market during the forecast period. This can be attributed to the region’s ambitious renewable energy goals and focus on sustainable waterway power generation. Strong government backing for innovative clean technologies and greater acceptance of floating solar solutions is driving higher installations across European countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
