Floating Solar Panels Market Likely To Touch At 0.21 Million By 2030: Grand View Research Inc.

Posted by Mrudula Anil Karmarkar on June 30th, 2023

San Francisco, 30 June 2023: The ReportFloating Solar Panels MarketSize, Share & Trends Analysis Report By Product (Tracking, Stationary), By Region (Asia Pacific, North America, Europe, Middle East & Africa) And Segment Forecasts, 2022 - 2030

The global floating solar panels market size is expected to reach USD 180.21 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 22.5% from 2022 to 2030. 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.

The demand for floating solar power plants is expected to witness significant growth owing to the rapid depletion of fossil fuel reserves which is used for electricity generation and other applications. According to BP, the fossil fuel reserves were over 1,000,000 tons in 1994 which went down to around 890,000 in 2014. As a result, the energy producers are switching towards renewable sources with low environment degrading impacts.

As compared to regular solar plants, floating solar panels are easier to install and do not consume much time owing to the absence of a lengthy process of land acquisition. In addition, floating solar plants are efficient than the regular solar plants as the solar panels installed on the roofs and on buildings are prone to dust & pollution and shadow effect during sunrise and sunset. However, floating solar panels can be installed in the center of large water bodies where the pollution is minimal, and shadow effect is nearly absent.

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 2022 due to the low availability of land and promising government initiatives to encourage the usage of renewable energy.

Access Research Report of Floating Solar Panels Market @https://www.grandviewresearch.com/industry-analysis/floating-solar-panels-market

Solar tracking floating panels industry is expected to grow owing to the high-performance efficiency of the technology. However, high installation cost coupled with the low durability of the solar tracking systems is expected to hamper growth. In addition, the maintenance cost of the tracking technology is high, which is a major restraint to the market. However, the increasing investments by the panel manufacturers and the installers on research & development projects are expected to come up with new affordable solutions which are likely to aid market growth.

Floating Solar Panels Market Report Highlights

• In terms of revenue, the stationary floating solar panels segment accounted for a prominent share in the market in 2021 and is further expected to witness steady growth over the forecast period
• in 2021, Asia Pacific accounted for the largest revenue share. Countries like Japan and China are investing heavily into the adoption of floating solar panels, which drives the market growth
• Various strategic initiatives were recorded over the past few years to boost the growth of the market
• For instance, in October 2018, KYOCERA Corp. formed a joint venture with Tokyo Century to open the largest floating solar park in Japan
• The floating solar park has a capacity of 13.7MW and is installed in Yamakura Dam reservoir in Ichihara, Chiba Prefecture, Japan

Japan is the leading installer of floating solar panels technology with over 90% of the cumulative installations across all the regions. Lack of natural resources in the country coupled with rising demand for power generation is expected to propel growth. The adoption of the technology is high in Europe.

Floating Solar Panels Market Report Scope

List of Key Players of Floating Solar Panels Market

• 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.