The Offshore Floating Solar Panel market is projected to grow from Significant Value in 2023 to Significant Value by 2032, exhibiting a compound annual growth rate (CAGR) of 26.10% during the forecast period (2024 - 2032). The increasing government initiatives are major market drivers driving the Offshore Floating Solar Panel market in Asia Pacific. China, India, and South Korea's increasing floating solar systems will all help these nations flourish.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Asia Pacific market CAGR is growing. A growing number of Asian nations are embracing floating solar systems, making the floating solar PV (FPV) market an emerging one. Growth in China, India, and South Korea will be aided by the increasing number of floating solar installations in these nations. Asian nations have dense populations that compete with one another for available territory. Furthermore, China, Japan, and India have comparatively high floating solar adoption rates. Thus, the market will grow more as a result of these growth-inducing aspects in the next years. Because they have the added benefit of natural water cooling, water-based FPV systems, like floating solar, are more efficient than land-based solar. Together with advantages like less evaporation and algae growth, it also requires less care. A study report published by ACS publications states that about 10% of the present national output may be produced by floating solar systems that cover just 27% of the appropriate water bodies that have been identified. Additionally, the benefits of floating solar panel installation, like its simplicity of setup, adaptability to any electrical arrangement, and less need for heavy equipment, will spur market expansion.
Furthermore, because there isn't much room for installation, solar panels can be built for a relatively cheap opportunity cost because they take up very little space and are generally idle. Additionally, over the course of the projection period, the advantages of solar panels will increase the numerous chances. The installation of floating solar panels is expected to stimulate demand for arid wastelands and raise the value of underutilized land. It can be argued that the benefits of floating solar outweigh those of terrestrial solar, and it is really more affordable. Over the projection period, the government will increase its intervention in the solar technology market to support renewable energy transition initiatives that will present several growth prospects. Thus, result in driving the Offshore Floating Solar Panel market revenue.
The Asia Pacific Offshore Floating Solar Panel market segmentation, based on type, includes Stationary Floating Solar Panels and Tracking Floating Solar Panels. The stationary floating solar panels segment dominated the market. The popularity of stationary floating solar panels has grown since they are less expensive and easier to install than tracking floating solar panels. Installing the fixed floating solar panel on a reservoir or other body of water is a simple process. It also provides benefits related to temperature and stops water from evaporating. It is anticipated that these variables would propel the rise of solar panels that are floating and stationary.
Figure 1: Asia Pacific Offshore Floating Solar Panel Market, by Type, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Asia Pacific Offshore Floating Solar Panel market segmentation, based on capacity, includes Below 5MW, 5MW – 50MW, and Above 50MW. The 5MW – 50MW category generated the most income. In terms of size, 5 MW to 50 MW floating solar projects are frequently regarded as ideal. They manage to be both sufficiently big to take advantage of economies of scale and yet tiny to deploy and manage effectively. Significant power generation is possible in this size range without encountering some of the difficulties related to very big plants.
China has realized that remote and rural places can receive electricity through wind energy technologies. Due to legislative changes, focused research and development projects, new funding sources, and well-defined objectives in the most recent Five-Year Plans, China's installed wind capacity increased from a meager 4 MW in 1990 to 338.31 GW in 2021. As per IRENA's report, China accounted for 17.4 GW, or 87%, of the 19.89 GW of newly installed offshore capacity globally in 2021; the cumulative offshore wind capacity of the country was 26.39 GW. This suggests that China is anticipated to hold the top spot in the global offshore wind energy industry. Different goals have been established by Chinese provinces to boost offshore wind power. Guangdong plans to construct 30 GW of offshore wind power by 2030, with Jiangsu (15 GW), Zhejiang (6.5 GW), and Fujian (5 GW) following suit. Other provinces have also prepared plans for the development of offshore wind, along with their own goals. Therefore, over the projected period, the offshore wind energy sector is likely to be driven by such initiatives by the Chinese provinces.
Figure 2: ASIA PACIFIC OFFSHORE FLOATING SOLAR PANEL MARKET SHARE BY REGION 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market players are putting a lot of money into R&D to extend their product lines, which will drive the offshore floating solar panel market's expansion. In addition, market players are engaging in a range of calculated initiatives to increase their presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, the Offshore Floating Solar Panel industry must offer cost-effective items.
Major players in the Offshore Floating Solar Panel market are engaging in research and development activities in an effort to boost market demand includes Ciel & Terre International (France), Hanwha Group (South Korea), JA SOLAR Technology Co. Ltd. (China), KYOCERA Corp (Japan), LONGi Solar (China), Trina Solar (China), Vikram Solar Ltd (India), Yingli Solar (China), Sharp Corporation (Japan), Sulzer Ltd (Switzerland), Itochu Corporation (Japan), and Pristine Sun Corp (United States).
July 2022: Ciel & Terre India, the Indian branch of the French floating solar pioneer Ciel & Terre International, has finished installing the 73.4 MVP floating solar plant at Thermal Power Corporation Kerala, together with the mooring, anchoring, and float systems.
October 2021: Japanese business Kyocera Corp. has said that rehabilitation work on a 13.7 MW floating solar park in Chiba prefecture is now complete. In 2019, damage was seen from the Boso Peninsula Typhoon to the Chiba Yamakura Water Mega Solar Power Plant.
Asia Pacific
| Report Attribute/Metric | Details |
| Market Size 2022 | Significant Value |
| Market Size 2023 | Significant Value |
| Market Size 2032 | Significant Value |
| Compound Annual Growth Rate (CAGR) | 26.10% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Capacity, and Region |
| Region Covered | Asia Pacific |
| Countries Covered | China, Japan, India, Australia, South Korea, Indonesia, Thailand, Vietnam, Malaysia, Singapore, and Rest of Asia-Pacific |
| Key Companies Profiled | Ciel & Terre International (France), Hanwha Group (South Korea), JA SOLAR Technology Co. Ltd. (China), KYOCERA Corp (Japan), LONGi Solar (China), Trina Solar (China), Vikram Solar Ltd (India), Yingli Solar (China), Sharp Corporation (Japan), Sulzer Ltd (Switzerland), Itochu Corporation (Japan), and Pristine Sun Corp (United States) |
| Key Market Opportunities | ·        In fact, floating solar is more economical, and its benefits might be shown to outweigh those of terrestrial solar. |
| Key Market Dynamics | ·        In addition to benefits like decreased evaporation and algae growth, it requires little maintenance. ·        The government will increase its meddling in solar technology launches as part of plans for the switch to renewable energy sources. |
Frequently Asked Questions (FAQ) :
In 2023, the offshore floating solar panel market in Asia Pacific was estimated to be worth Significant Value.
From 2024 to 2032, the market is expected to expand at a compound annual growth rate of 26.10%.
The leading companies in the market are Hanwha Group (South Korea), JA SOLAR Technology Co. Ltd. (China), KYOCERA Corp (Japan), and Ciel & Terre International (France).
In 2023, the market was dominated by the Stationary Floating Solar Panels category
The market share leader was the 5MW – 50MW category
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