Floating Solar Panel Market Share, Revenue, Trends, Demand, Key Manufacturers, Future Strategy, Challenges and Growth Opportunities Till 2033

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Floating Solar Panel Market Share, Revenue, Trends, Demand, Key Manufacturers, Future Strategy, Challenges and Growth Opportunities Till 2033: SPER Market Research


 Category : Power & Energy

 Published: Nov-2023
 Author: SPER Analyst


Global Floating Solar Market is projected to be worth USD 70.33 billion by 2033 and is anticipated to surge at a CAGR of 30.02%.

Solar panels are installed on bodies of water, such as lakes, ponds, and oceans, as part of a rapidly developing clean energy project known as floating solar, also known as floating photovoltaic (FPV). Considering that all of these setups are on bodies of water, they show new vistas across different landlocked nations. A growing number of floating solar panels are being placed globally, particularly in nations with dense populations and limited land availability, due to their many advantages over land-based systems, including higher energy yield, improved water quality, decreased evaporation, etc.

Global Floating Solar Market Driving Factors and Challenges
Floating solar power projects are becoming increasingly important due to their distinct advantages over land-based alternatives, which require vast, unused land areas. They offer benefits such as reduced temperature-related energy losses, conservation of water bodies through minimized evaporation, and minimal maintenance requirements. Companies operating in the floating solar sector are capitalizing on the growing awareness of renewable energy benefits, intensifying their research and development efforts to create economically viable projects. Factors like government initiatives to promote renewable energy practices and the rapid depletion of fossil fuels will propel the global floating solar market's growth. 


As a sustainable energy solution, the floating solar industry gains appeal as non-renewable energy resources remain heavily utilized. The market's expansion will also be driven by the increasing emphasis on clean fuel energy generation and the scarcity of available land. Worldwide regulators are establishing clean energy capacity targets to combat pollution. Notable advantages contributing to the optimistic outlook for the floating solar market include ease of installation and dismantling, scalability across various capacity levels, and a reduced need for heavy equipment.

However, floating solar plants, which account for a relatively small portion of all solar PV installations worldwide, are not given the attention they deserve despite their many benefits. Furthermore, because of potential fluctuations in water levels, the type of bed in the reservoir, and its depth, anchoring and mooring them in place presents considerable obstacles during installation. In order to fully comprehend the topography of the waterbed and if it is appropriate to set up anchors for floats, players in the floating solar sector are conducting further research. The implementation of floating solar power plants results in extra expenses during their transportation over farther-off regions & remote areas, raising their total expenditures. The higher costs linked to floating solar plants are therefore expected to significantly limit the market's ability to grow. In addition, the lack of a proven track record, installation difficulties, and upkeep challenges associated with electrical components would hinder the market's expansion in the upcoming years. 

Impact of COVID-19 on Global Floating Solar Market
The COVID-19 pandemic had a detrimental effect on product demand due to the lockdowns implemented in several nations, which hurt the floating solar panel market. Production of solar panels and their components has been stopped nationwide due to lockdowns imposed after the outbreak in December 2019. Curfew-like measures that stopped companies in some nations from operating—apart from those offering necessities—had an influence on the market for floating solar panels. Several nations loosened COVID-19-related restrictions in an effort to strengthen their economies. As a result, over the forecast period, there will likely be a rise in demand for floating solar panels.

Floating Solar Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd, KYOCERA Corporation, Sharp Corporation, Sulzer Ltd., Trina Solar, Vikram Solar Limited, Yellow Tropus Pvt. Ltd., Yingli Solar, Others.


Global Floating Solar Market Segmentation:

By Type: Based on the Type, Global Floating Solar Market is segmented as; Solar-Tracking Floating Solar Panels, Stationary Floating Solar Panels.

By Technology: Based on the Technology, Global Floating Solar Market is segmented as; Concentrated Solar Power, Photovoltaic.

By Location: Based on the Location, Global Floating Solar Market is segmented as; Offshore, Onshore.

By Capacity: Based on the Capacity, Global Floating Solar Market is segmented as; Below 5MW, 5MW - 50MW, Above 50MW.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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