Floating Solar Panels Market is Likely to Upsurge at USD 381.58 million by 2030, growing at a CAGR of 32.57%, Size, Share, Trends, Global Demand, Growth and Opportunity Analysis

PRESS RELEASE
Published October 31, 2023

“The  Floating Solar Panels Market  research report is an exemplary, pragmatic, and highly dedicated market analysis document, crafted with a deep understanding of business requirements. The data and information contained within the report are sourced from reputable outlets, including company websites, annual reports, journals, and other reliable references. These data points have undergone rigorous validation by market experts. Market data is meticulously analyzed and forecasted using well-established statistical models, providing the most up-to-date market insights and a clear focus on the marketplace. This report encompasses a wide range of topics, from market scenarios to comparative pricing among major players, as well as cost and profit analysis for specific market regions.

The Floating Solar Panels Market research report serves as a trusted source of data and information, offering an expansive view of current market trends, situations, opportunities, and status. Profound expertise and extensive research efforts have been invested in its creation. The report provides estimations regarding top players and brands, highlighting their activities such as developments, product launches, acquisitions, mergers, joint ventures, and competitive research within the market. A global Floating Solar Panels Market report delivers a comprehensive overview of product specifications, technology, product types, and production analysis, taking into account key factors like revenue, cost, and gross margin.

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Floating Solar Panels Market

 Floating Solar Panels Market Analysis and Size

The floating use of solar panels as an advantageous and affordable replacement for photovoltaic systems installed on land has recently gained attention. Throughout the forecast period, solar-tracking floating solar panels, a new technology, is expected to gain market value in the global floating solar panel market. Photovoltaic systems that are fixed to the ground and rotate in sync with the sun are stationary floating solar panels. Compared to other solar panel systems, they are more effective, durable, and inexpensive to maintain. The system consists of rigid steel or concrete platforms supported by crystalline silicon photovoltaic modules.

Data Bridge Market Research analyses that the floating solar panels market, valued at USD 39.98 million in 2022, will reach USD 381.58 million by 2030, growing at a CAGR of 32.57% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Floating Solar Panels Market Scope and Segmentation

REPORT METRIC DETAILS
Forecast Period 2023 to 2030
Base Year 2022
Historic Years 2021 (Customizable to 2015 – 2020)
Quantitative Units Revenue in USD Million, Volumes in Units, Pricing in USD
Segments Covered By Product Type (Tracking Floating Solar Panels, Stationary Floating Solar Panels), Capacity (Up to 500KW,  500kw to 1MW,  1mw to 3MW,  Greater than 3MW), Connectivity (On Grid, Off Grid), Location (Onshore, Offshore), Technology (Photovoltaic, Concentrated Solar Power (CSP), Concentrator Photovoltaics (CPV)), Panel Type (Mono- crystalline, Poly-crystalline, Thin film)
Countries Covered U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa
Market Players Covered Ciel et Terre International (France), Hanwha Group. (South Korea), JA SOLAR Technology Co., Ltd. (China), KYOCERA Corporation (Japan), LONGi (China), Trina Solar (China), VIKRAM SOLAR LTD. (U.S.), Wuxi Suntech Power Co., Ltd. (China), Yingli Solar (China), Satkar Softwares Solutions Pvt. Ltd. (India), Baroda Polyform Pvt Ltd. (India), ADTECH Systems (India), Waaree Energies Ltd. (India), Jain Irrigation Systems Ltd. (India), SHARP CORPORATION (Japan)
Market Opportunities
  • Producing high demand for renewable energy sources creates demand in the market
  • Attractive advantages that present promising opportunities for floating solar panels

 

Market Definition

A floating solar power plant is a collection of photovoltaic solar panels made on  structure  that floats on a body of water, generally a lake or reservoir. Floating solar panels have grown because they are a novel, affordable, and dependable renewable solution for utilizing the new water surface of reservoirs or lakes to produce renewable solar power. Floating solar panels are installed on bodies of water such as irrigation ponds, reservoirs, lakes, canals, and the ocean. It is a novel method for harnessing the water surface on reservoirs, dams and other bodies of water to produce solar energy

Floating Solar Panels Market Dynamics

Drivers

  • Water savings boost market growth for floating solar panels from a reduction in evaporation losses

The system can reduce evaporation losses by up to 70% and provides shade to protect the water from direct sunlight. The international journal for innovative research in science and technology recently published a study on the potential of floating solar photovoltaics in large reservoirs. Installing floating solar panels in a reservoir can reduce annual water evaporation losses by an average of 1250 million liters per square km, or about 4 million gallons per acre. By obstructing sunlight, which is necessary for photosynthesis and promotes the growth of algae in the water, floating solar systems also aid in improving water quality.  As a result, shading the water in reservoirs slows algae growth. This lowers the expense of labor and related medical care and creates growth in floating solar panel demand.

  • Manufacturers will benefit from the high demand for stationary floating solar panels

The market size for floating solar panels is expected to increase through the growth of the stationary floating solar panel market. Static floating solar PV systems are set up on the water’s surface. The entire system is made up of several cables, aluminum solar panel frames, and inventors. The tilt angle of the panels in a stationary floating solar system is fixed. The efficiency of stationary panels only needs periodic inspection and minimal maintenance.  Compared to mobile or tracking solar panels, stationary systems are generally less expensive. Numerous large-scale projects have been proposed to guarantee the market for floating solar panels has a promising future. Solar tracking floating and stationary solar panels have different total capital and operating costs. The availability of stationary panels has increased demand for these panels, which has further benefited the manufacturers to create the panels.

Opportunities

  • Producing high demand for renewable energy sources creates demand in the market

In light of the depletion of natural resources such as crude oil, coal, and natural gas, as well as the adverse environmental effects of fossil fuels, there has been an increase in the demand for renewable energy. Solar energy is so readily available, so it is regarded as a renewable energy source. Compared to their land-based counterparts, floating solar panels offer several benefits. Thus, it is expected to increase demand for floating solar panels, particularly in areas with a high density of water bodies. Investor confidence is rising due to government policies and the availability of skilled labor. Renewable energy sources are becoming more popular in nations experiencing a power crisis. Over solar power plants on land, floating solar panels offer an efficient solution. Tracking floating solar systems could be a significant development. To extend the time that panels are exposed to the sun, a solar tracker follows the sun’s path and rotates the panel on one or both axes. Additionally, it enhances the system’s overall effectiveness.

  • Attractive advantages that present promising opportunities for floating solar panels

Using floating solar panels reduces the need to collect solar energy on expensive land areas, particularly farm land close to any situation. This frees up land for other uses and reduces solar energy production. Profitable opportunities will result from this in this market. In general, installing solar panels on water bodies avoids land use conflicts. It does not necessitate extensive site preparations, such as leveling or foundation laying, which are necessary for land-based solar installations. A new frontier in the global expansion of renewable energy, the deployment of floating solar is well positioned to grow faster as the technologies mature.

Browse Detailed Summary of Research Report with TOC: https://www.databridgemarketresearch.com/reports/global-floating-solar-panels-market?SR

The floating solar panels market is segmented on the basis of product type, capacity, connectivity, location and technology. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

  • Tracking Floating Solar Panels
  • Stationary Floating Solar Panels

Capacity

  • Up to 500KW
  • 500kw to 1MW
  • 1mw to 3MW
  • Greater than 3MW

Connectivity

  • On Grid
  • Off Grid

Location

  • Onshore
  • Offshore

Technology

  • Photovoltaic
  • Concentrated Solar Power (CSP)
  • Concentrator Photovoltaics (CPV)

Panel Type

  • Mono- crystalline
  • Poly-crystalline
  • Thin film

Key Pointers Covered in the Floating Solar Panels Market Industry Trends and Forecast to 2029

  • Floating Solar Panels Market Size
  • Floating Solar Panels Market New Sales Volumes
  • Floating Solar Panels Market Replacement Sales Volumes
  • Floating Solar Panels Market By Brands
  • Floating Solar Panels Market Procedure Volumes
  • Floating Solar Panels Market Product Price Analysis
  • Floating Solar Panels Market Regulatory Framework and Changes
  • Floating Solar Panels Market Shares in Different Regions
  • Recent Developments for Market Competitors
  • Floating Solar Panels Market Upcoming Applications
  • Floating Solar Panels Market Innovators Study

Answers That the Report Acknowledges:

  • Market size and growth rate during forecast period
  • Key factors driving the Floating Solar Panels Market
  • Key market trends cracking up the growth of the Floating Solar Panels Market.
  • Challenges to market growth
  • Key vendors of Floating Solar Panels Market
  • Opportunities and threats faces by the existing vendors in Global Floating Solar Panels Market
  • Trending factors influencing the market in the geographical regions
  • Strategic initiatives focusing the leading vendors
  • PEST analysis of the market in the five major regions

 For In-Depth Competitive Analysis – Purchase this Report now at a  Complete Table of Contents @  https://www.databridgemarketresearch.com/toc/?dbmr=global-floating-solar-panels-market&SR

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