The global floating solar panels market was estimated at USD 30.2 million in 2021 and it is expected to surpass around USD 181.4 million by 2030, poised to grow at a CAGR of 22.04% from 2022 to 2030
Report Highlights
The technical aspect of floating solar technology is projected to observe substantial growth over the estimated period owing to the growing demand for dependable renewable sources of energy for power generation. In addition, the reduction in land-related costs is likely to boost the demand over the forecast period. The stationary floating solar panels segment led the market in 2021. The segment is expected to keep its leading position over the forecast period. Stationary floating solar panels do not take up land area and are easy to install. These panels can be deployed easily on a body of water, such as a reservoir or a lake.
Stationary floating solar panels also double as shades for the water body, which reduces the evaporation of water. The increasing emphasis by various governments on the usage of renewable sources of energy for electricity generation coupled with efforts towards decreasing environmental pollution by reducing the dependence on fossil fuels is likely to have a positive influence on the market over the forecast period. Tracking floating solar panels are projected to witness increased demand over the forecast period owing to the augmented efficiency of the panels with a tracking technique. The increasing investments in R&D by manufacturers and installers to decrease the cost of the tracking technology are expected to strengthen market growth. Japan was the largest country-level market in 2019 due to the low availability of land and promising government initiatives to encourage the usage of renewable energy.
Scope of The Report
Report Coverage | Details |
Market Size in 2021 | USD 30.2 million |
Revenue Forecast by 2030 | USD 181.4 million |
Growth rate from 2022 to 2030 | CAGR of 22.04% |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Segmentation | Product, region |
Companies Covered | KYOCERA Corp.; Trina Solar; Yellow Tropus Pvt. Ltd.; Wuxi Suntech Power Co., Ltd.; Yingli Solar; Ciel & Terre International; LONGi Solar; JA SOLAR Technology Co. Ltd.; Hanwha Group; Vikram Solar Ltd.; GCL-SI; Talesun; Pristine Sun Corp; Sharp Corp. |
Product Insights
The stationary floating solar panels segment led the market and accounted for a share of 80.5% of the global revenue in 2021. Stationary floating solar panels can be deployed easily on a body of water, such as a reservoir or a lake. Stationary floating solar panels also double as shades for the water body, which reduces the evaporation of water. Due to the use of low-cost, high-strength elastic in the construction of the panels, the cost of installing a stationary floating solar panel is cheaper than that of installing a tracking floating solar panel. Growing expenditures in the manufacturing and installation of solar panels in developing countries are expected to enhance demand in the coming years due to the stable, lasting, and dependable nature of solar tracking technology with lower maintenance costs.
Tracking solar panels are very competitive due to their ability to follow the sun, increasing the system’s operating output. Due to its higher operational productivity, tracking solar technology is projected to gain traction in floating solar farms, which will have a beneficial impact on demand. However, due to its moving elements, tracking solar panels require more maintenance than fixed floating solar panels farms, which is expected to hinder the segment growth in the coming years. Tracking floating solar panels held a significant share of the global revenue in 2021.
Solar tracking technology is more efficient as compared to its counterpart; stationery panels are preferred over solar tracking panels owing to the high cost associated with the product. However, the growing research & development investments by manufacturers are expected to bring down the maintenance cost, which, in turn, is expected to drive market growth over the next nine years. The solar tracking technology is expected to grow at a faster rate as compared to its counterpart in developed economies on account of its high-performance efficiency.
Regional Insights
Asia Pacific dominated the global market in 2021 and accounted for the largest revenue share of over 73.34%. In Japan, the level of penetration of floating solar panels is high due to the less availability of land tied to the limited amount of fossil fuels. As a result, the government has authorized several plans for floating panels to meet the growing electricity consumption with lesser damage to the environment. In the APAC region, the penetration of floating solar technology is expected to surge due to its high market potential. In addition, a decrease in solar panel costs in the region coupled with growing awareness about floating solar technology is anticipated to boost market growth over the coming years. For instance, in 2018, KYOCERA Corporation of Japan started its operation at Japan’s largest 13.7 MW floating solar panel plant.
The market is likely to grow in developed countries like France, Germany, the U.S., and Canada owing to supportive regulations that are sponsoring the usage of solar energy for power generation. Furthermore, factors, such as land availability and the ability to float solar technology to decline the effect of evaporation, are likely to boost the product demand. The installation of floating solar farms reduces the rate of evaporation, which, in turn, assists in cutting the prospect of drought in locations with high temperatures, such as central states of the United States. The shortage of land space for setting up ground-mounted PV cells in some countries will fuel the market growth. For instance, Singapore, with a land area of over 700 Km2 (270 sq. miles) for over 5.70 million population, is working agitatedly to efficiently utilize its areas for the deployment of new floating solar panels.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2. Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3. Executive Summary
3.1.Market Snapshot
Chapter 4. Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5.COVID 19 Impact on Floating Solar Panels Market
5.1. COVID-19 Landscape: Floating Solar Panels Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8. Global Floating Solar Panels Market, By Product
8.1.Floating Solar Panels Market, by Product Type, 2020-2027
8.1.1. Tracking Floating Solar Panels
8.1.1.1.Market Revenue and Forecast (2016-2027)
8.1.2. Stationary Floating Solar Panels
8.1.2.1.Market Revenue and Forecast (2016-2027)
Chapter 9. Global Floating Solar Panels Market, Regional Estimates and Trend Forecast
9.1.North America
9.1.1. Market Revenue and Forecast, by Product (2016-2027)
9.1.2. U.S.
9.1.3. Rest of North America
9.1.3.1.Market Revenue and Forecast, by Product (2016-2027)
9.2.Europe
9.2.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.2. UK
9.2.2.1.Market Revenue and Forecast, by Product (2016-2027)
9.2.3. France
9.2.3.1.Market Revenue and Forecast, by Product (2016-2027)
9.2.4. Rest of Europe
9.2.4.1.Market Revenue and Forecast, by Product (2016-2027)
Chapter 10.Company Profiles
10.1.Ciel & Terre International
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2.Hanwha Group
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3.JA SOLAR Technology Co. Ltd.
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4.KYOCERA Corp.
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
10.5.LONGi Solar
10.5.1.Company Overview
10.5.2.Product Offerings
10.5.3.Financial Performance
10.5.4.Recent Initiatives
10.6.Trina Solar
10.6.1.Company Overview
10.6.2.Product Offerings
10.6.3.Financial Performance
10.6.4.Recent Initiatives
10.7.Vikram Solar Ltd.
10.7.1.Company Overview
10.7.2.Product Offerings
10.7.3.Financial Performance
10.7.4.Recent Initiatives
10.8.Wuxi Suntech Power Co., Ltd.
10.8.1.Company Overview
10.8.2.Product Offerings
10.8.3.Financial Performance
10.8.4.Recent Initiatives
10.9.Yellow Tropus Pvt. Ltd.
10.9.1.Company Overview
10.9.2.Product Offerings
10.9.3.Financial Performance
10.9.4.Recent Initiatives
10.10.Yingli Solar
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1.About Us
12.2.Glossary of Terms