Floating Solar Panels Market Likely to Reach US$ 24.5 Billion by 2031, Expected to Incline at a 42.6% CAGR Says, Transparency Market Research
Increase in demand for clean energy is driving the search for new solutions and possibilities related to solar floating power plants. Floating solar panels are based on the more mature, ground-mounted solar panel technology, and benefit from a wide range of installation possibilities
Wilmington, Delaware, United States, Aug. 09, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global floating solar panels market is expected to be valued at US$ 24.5 billion as of 2031. As per Transparency Market Research’s report, the market for floating solar panels is forecast to register an astronomical CAGR of 42.6% from 2023 to 2031.
Increasing emphasis on renewable energy consumption is encouraging investments in solar energy generation, a factor that is majorly propelling demand for floating solar panels.
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The following companies are profiled in TMR’s extensive coverage of the global floating solar panels market:
Ciel & Terre International, NOVATION AG, Solaris Synergy, Solimpeks Corp., Sharp Corporation, Sunengy, Trina Solar Limited, KTOCERA Corporation, JA Solar Co., Ltd, Yingli Solar, SPG Solar,Inc., and Pristine Sun LLC are the prominent entities operating in the market.
Most firms are adopting new technologies and strategies with comprehensive research and development activities, primarily to develop and prioritize sustainable power maintenance services. Diversification of product portfolios and mergers and acquisitions are prominent strategies adopted by key players.
Key Market Developments
- Ciel & Terre International is a prominent manufacturer of floating solar power solutions. The company announced in June 2023 that two mega projects are under the pipeline in Taiwan and India. The first one is the continuation of the initial project Changbin located in Taiwan. The power target is about 192MWp, installed on a sea area. The second one, located in Central India, is currently being installed on a huge cascading reservoir and will reach 120MWp.
- In July 2020, Sharp Energy Solutions Corporation (SESJ) completed the construction of mega solar power plants at locations in Binh Thuan Province and Long An Province in Vietnam, each with a capacity of approximately 49 MW-DC for a combined capacity of approximately 98 MW-DC. SESJ received the order from Gia Lai Hydropower Joint Stock Company and TTC-Duc Hue Long, a power joint stock company operating under the umbrella of the Thanh Cong Group (TTC Group).
A floating solar power plant, or farm, is an arrangement of photovoltaic solar panels on a structure that floats on a water body, which is generally a lake or reservoir. Solar panels used in the construction of floating solar farms are known as floating solar panels. The usage of floating solar panels has been rising since they are new, cost-effective, and reliable renewable solutions for utilizing idle water surfaces of reservoirs or lakes to produce renewable solar power.
Floating solar systems reduce the rate of evaporation of water from water bodies. The system offers shade to the water from direct sunlight and can lower evaporation losses by up to 70%. According to a study on Floating Solar PV Potential in Large Reservoirs published in the International Journal for Innovative Research in Science & Technology in April 2016, the installation of floating solar panels in a reservoir can save evaporation losses of around 1250 million liters per square kilometers per year or about 4 million gallons per acre per year of water on an average.
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Key Takeaways from the Market Study
- Global floating solar panels market is expected to total US$ 1.43 billion as of 2023
- From 2022 to 2023, a y-o-y growth rate of 43% has been anticipated for the market
- By type, stationary floating panels accounted for over 99% of the total revenue share in 2021
- Floating solar panels above 5 MW capacity constitute 58.45% of all power generation capacity
- The market for floating solar panels is anticipated to expand by over 17x from 2023 to 2031
Key Trends and Drivers Influencing Floating Solar Panels Industry Expansion
- Floating solar eliminates the need to acquire expensive land areas for harvesting solar power, especially farmlands that are near any substation. This significantly lowers the price of solar power generation and frees the land for other purposes.
- The requirement of land for solar installation has driven the prices of even arid wastelands to more than 10 to 20 times in California, the U.S. The high prices of land reflect in the total cost of generation of solar power. However, floating solar panels are installed on water surfaces; hence, they require a surface of water bodies that are not used for any other purposes.
Regional Profile of the Floating Solar Panels Market
- Growth opportunities in the floating solar panels market are prevalent in the Asia Pacific, which accounted for a prominent share of 95.62 % of the global market in 2021. The market is growing due to the rise in investment in solar power by prominent countries such as China, India, and Japan
- Europe and North America are also notable markets for floating solar panels. These regions held 2.51% and 1.6 % share of the global market, respectively, in 2021. In Europe, the United Kingdom and the Netherlands are investing considerably in renewable sources of energy as an alternative source of energy.
Key Segments Profiled
- Stationary Floating Solar Panels
- Solar-Tracking Floating Solar Panels
- Up to 1 MW
- 1 MW- 5 MW
- Above 5 MW
- Asia Pacific
- Rest of the World
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