Floating Solar Panels Industry Overview
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.
Floating Solar Panels Market Segmentation
Grand View Research has segmented the global floating solar panels market based on product and region:
Based on the Product Insights, the market is segmented into Tracking Floating Solar Panels, Stationary Floating Solar Panels.
- The stationary floating solar panels segment led the market and accounted for a share of 80.42% 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.
- 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.
Floating Solar Panels Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is highly competitive due to the presence of major industries across the region as these companies are fairly concentrated and highly competitive. Ciel & Terre is one the biggest installer in the market. The company operates in almost all parts of the world with a well-established track record of over 180 floating solar PV farms.
Some prominent players 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.
- Yingli Solar
Order a free sample PDF of the Floating Solar Panels Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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