Floating Solar Panels Market Analysis

Global Floating Solar Panels Market Overview:

Floating Solar Panels Market Size was valued at USD 0.8 billion in 2021. The floating solar panels market industry is projected to grow from USD 0.9 billion in 2022 to USD 4.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.40% during the forecast period (2024–2030). The growing demand for clean and renewable energy around the world is the main market driver for the global market for solar floating panels. Today, many nations are turning to clean energy sources. Due to its significant untapped potential, floating solar plant is becoming more popular among the available sources with the availability of government incentives and tax refunds over the installation of photovoltaic technology.

On April 6, 2023, Brookfield Renewable, a company in Canada, announced plans to build a floating solar power plant in Brazil with a capacity of 100 MW.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Floating Solar Panels Market Trends

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  Growing investments in renewable energy to propel the market growth

  
  

One of the main factors fueling the market expansion for floating solar panels is the rising investments in renewable energy. Economic, social, and environmental development can only be attained by moving away from fossil fuels and toward renewable sources like wind and solar. This can be attributable to the low cost of manufacturing PV system components due to technology advancements that lower the overall capital expenditure per MW of electricity generated. Renewable energy is increasingly being used as the main energy source in various nations. For instance, renewable energy initiatives are rising in Mindanao, Philippines. According to Jose Layug Jr., the head of the National Renewable Energy Board in the Philippines, 40% of Mindanao's energy mix is made up of renewable sources. The proportion of renewable energy is anticipated to rise during the projection period, therefore, this mix is likely to continue to develop. Thus, this factor is driving the market CAGR.

Another primary market trend for floating solar panels that is fostering market expansion is the rising conversion efficiency of solar PVs. When compared to other renewable energy technologies, which have more than 30% generation efficiency, solar panels currently have a very low conversion efficiency rate. The emphasis of businesses like SunPower is increasing the effectiveness of solar panels. The company states that the greatest conversion rate for its E-series panels is roughly 22.2%. The system's overall conversion rate is high because the presence of the surrounding water prevents the floating solar panels from heating up very much. Additionally, as technology advances, the cost of installing a complete PV system is probably going to go down. Therefore, over the projection period, increased conversion efficiency and falling PV system prices will positively impact the market.

Furthermore, the increasing desire for renewable energy sources to fulfill the rising global energy demand is what propels the global market. The favorable government programs to encourage the use of solar panels are a major factor in the market's expansion. Additionally, the lack of available land is anticipated to increase demand for floating solar panels, which can utilize water bodies like irrigation ponds, reservoirs, lakes, canals, and others to supply a variety of energy needs. For instance, the units in the quarry and mining industries are situated in distant locations with expensive and difficult water and electricity supplies. Therefore, floating solar panels provide an affordable way to satisfy these companies' energy needs. So, it is anticipated that this aspect will accelerate floating solar panels market revenue globally.

Floating Solar Panels Market Segment Insights:

Floating Solar Panels Product Insights

The Floating Solar Panels Market segmentation has been segmented by product into stationary floating solar panels and tracking floating solar panels. The stationary floating solar panels segment dominated the floating solar panels market data in 2021 and is projected to be the fastest-growing segment during the forecast period, 2022-2030. On a body of water stationary floating solar panels can be installed. The amount of water evaporation is decreased by stationary floating solar panels that also serve as a water body's shade.

Floating Solar Panels Location Insights

The Floating Solar Panels Market segmentation, based on location, onshore and offshore. The onshore segment dominated the floating solar panels market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Less likelihood of damage from strong sea currents and high tides are the primary factors contributing to the onshore market segment's improved performance. The main elements influencing the onshore market segment's increased performance include low construction and maintenance costs, as well as a decreased risk of damage from strong sea currents and high tides.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Floating Solar Panels Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific floating solar panels market accounted for USD 0.3 billion in 2021 and is expected to exhibit a 42.80% CAGR during the study period. In the Asia-Pacific region, they are widely used because there is a dearth of suitable land and a steady supply of fossil fuels. To fulfill the growing need for electricity while minimizing environmental harm, the government has approved a wide range of designs and constructions for floating PV systems.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America floating solar panels market is expected to grow at a significant CAGR from 2022 to 2030. The demand for floating solar in the region is expected to increase over the projection period due to factors including the capacity of floating solar technology to reduce evaporation and land availability. In areas with high temperatures, like the central regions of the United States, the installation of floating solar farms lowers the rate of evaporation, which helps to lessen the likelihood of drought. Further, the US floating solar panels market held the largest market share, and the Canada floating solar panels market was the fastest-growing market in the region

Europe floating solar panels market accounts for the second-fastest growing market share because of laws that favor the use of solar energy for generating electricity. Additionally, land availability and solar technology's capacity to float to reduce the impact of evaporation are projected to increase product demand. Moreover, Germany floating solar panels market held the largest market share, and the UK floating solar panels market was the fastest-growing market in this region.

Floating Solar Panels Key Market Players & Competitive Insights

Major market players are spending a lot on R&D to increase their product lines, which will help the floating solar panels industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the global floating solar panels industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, floating solar panels industry has provided medicine with some of the most significant benefits. The floating solar panels market major player such as GEITS, Wuxi Suntech Power Co. Ltd., Yingli Solar, SPG Solar, Ciel & Terre, Kyocera Corporation, Japan Mega Solar Power Co., Suntech Power Holdings Co. Ltd., Solaris Synergy, Trina Solar Limited and Sharp Corporation.

With its headquarters in Sakai-ku, Sakai, Osaka Prefecture, Sharp Firm is a Japanese multinational corporation that creates and manufactures electronic goods. Taiwan's Foxconn Group has primarily owned it since 2016. More than 50,000 people work for Sharp worldwide. In July 2020, with a total capacity of over 98 MW-DC, the giant solar power plants built by Sharp Energy Solutions Corporation (SESJ) in Vietnam's Binh Thuan and Long An provinces each have a capacity of about 49 MW-DC. Gia Lai Hydropower Joint Stock Company and TTC-Duc Hue Long, a power joint stock company operating under the Thanh Cong Group's auspices, gave the order to SESJ (TTC Group).

Also, a producer of solar panels is Yingli Green Energy Holding Company Limited, also referred to as "Yingli Solar." Yingli Green Energy's manufacturing spans the whole photovoltaic value chain, from wafer fabrication and ingot casting through solar cell manufacturing and solar panel assembling. In December 2018, a modification to the supply agreements between Yingli Green Energy and Wacker Chemie AG was announced. According to the conditions of the modification, certain operating units of the company in China will keep buying polysilicon (the raw material used to make solar panels) from Wacker in the amounts and at the prices stipulated in the amendment from 2019 to 2028. Wacker is anticipated to put a stop to the company's damage claims resulting from the pre-amendment agreements.

List of the key major companies in the floating solar panels market includes

• GEITS


• Wuxi Suntech Power Co. Ltd.


• Yingli Solar


• SPG Solar


• Ciel & Terre


• Kyocera Corporation


• Japan Mega Solar Power Co.


• Suntech Power Holdings Co. Ltd.


• Solaris Synergy


• Trina Solar Limited


• Sharp Corporation

Floating Solar Panels Industry Developments

Ciel & Terre made a Guinness World Record in June 2024 by surpassing 1.5GWp of floating solar projects while maintaining its position as the company with the highest number of such projects in the pipeline. Taiwan and India were chosen for two large-scale floating solar projects.

In April 2024, SPI Energy Co., Ltd announced that it had leased another facility in South Carolina to expand its subsidiaries’ wafer and module production capacities. SEM Wafertech has plans underway to deliver and produce their first solar wafers in America by 2024; the capacity would increase even more by then to reach around three thousand megawatts as per our vision, whereas Solar4America is all set to make sure that it ends up with a production capacity of two point four GWs of solar modules on an annual basis before this year comes to an end.

In 2023, Madhya Pradesh state in India commissioned its first module of a floating solar system in Omkareshwar. This floating solar module is a new initiative intending to meet the renewable purchase obligation target of the state.

ReNew Power, an Indian renewable energy company, in February, 2023 announced that it plans to develop a 200 MWC floating solar project in the state of Gujarat.

Renewable energy developer EDF Renewables, in January 2023, announced plans to construct a floating 70 MW solar power plant in Morocco.

In the year 2023, the keenness of Kyocera Corporation to advance the floating photovoltaic panels technology has been expressed by its plans to associate itself with other industry leaders and invest in technological improvements and efficiency of floating solar panels

Kyocera Corporation in the year 2023 SPG Solar, Inc. took necessary measures to strengthen the market of floating solar panels by enhancing strategic partnerships and further penetrating the developing markets.

In January 2023, Oceans of Energy company received approval in principle from Bureau Veritas for their high-wave offshore solar farm system. The ocean solar farm system from Oceans of

Floating Solar Panels Market Segmentation

Floating Solar Panels Product Outlook (USD Billion, 2018-2030)

• Stationary Floating Solar Panels


• Tracking Floating Solar Panels

Floating Solar Power Station Location Outlook (USD Billion, 2018-2030)

• Onshore


• Offshore

Floating Solar System Panels Regional Outlook (USD Billion, 2018-2030)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Rest of Europe
  
  
  • Spain
  
  
  • Italy
  
  
  • UK
  
  
  • France
  
  
  • Germany
  
  
  
  


• Asia-Pacific
  
  
  
  • Rest of Asia-Pacific
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • India
  
  
  • Japan
  
  
  • China
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America