Global Floating Solar Panels Market size was valued at USD 37.3 Million in 2024 and is expected to reach USD 190.6 Million by 2033, at a CAGR of 23.3% during the forecast period 2024 – 2033.
Floating Solar Panels Market: Overview
Solar panels built on floating structures, usually installed on bodies of water like reservoirs, lakes and rivers, ponds, and dams, are referred to as floating solar panels, or floatovoltaics. These panels are intended to float on the surface of the water and use solar radiation to generate power.
One of the most notable global trends in floating solar panels is their increasing use in various geographical locations and bodies of water. Initially gaining popularity in land-scarce nations like South Korea and Japan, floating solar systems are currently spreading around the globe.
Technological developments, falling solar PV system costs, growing environmental consciousness, and government regulations that favor renewable energy sources are some of the reasons driving this trend. Furthermore, accelerating market growth is the integration of floating solar with already-existing infrastructure, which includes water treatment plants and hydroelectric dams.
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With advantages including land saving, increased energy generation efficiency, and ecological responsibility, floating solar panels are emerging as a flexible and effective renewable energy option as worries about global warming and the demand for renewable sources of energy expand.
By type, stationary floating solar panels segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. One noteworthy development in stationary floating solar panels is their growing use in freshwater environments like lakes and reservoirs. The advantages of improved energy production, less water evaporation, and land conservation are driving this development.
By end user, the industrial segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Large-scale industrial facilities, including manufacturing and sewage treatment plants, are adopting industrial floating solar panels as a new paradigm. The goal of offsetting energy expenses, lowering carbon emissions, and making use of underused water resources are the changes driving this development.
CMI has comprehensively analyzed the Global Floating Solar Panels market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict depth scenarios of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Floating Solar Panels industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Floating Solar Panels Market:
- Ciel et Terre International
- Sungrow Power Supply Co. Ltd.
- Kyocera Corporation
- JA Solar Holdings Co. Ltd.
- Trina Solar Limited
- SPG Solar
- Floating Solar UK Ltd.
- Vikram Solar Limited
- Yingli Solar
- Canadian Solar Inc.
- Solaris Synergy Ltd.
- Suntech Power Holdings Co. Ltd.
- Solaris Energy Pvt. Ltd.
- Faraday Solar
- First Solar Inc.
- Hanwha Q CELLS Co. Ltd.
- REC Solar Holdings AS
- SolarWorld AG
- SunPower Corporation
- Sharp Corporation
- Others
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