Market Analysis Regional Trends in the Floating Solar Panels Industry

Posted 2023-09-14 08:17:19

Market Research Future Insights

The Global Floating Solar Panels Market is estimated to be worth USD 4.3 Billion by 2030, registering a 24.40% CAGR during the forecast period (2023- 2030).

Floating solar panels or floating photovoltaics are solar panels that are affixed to a structure that floats on a body of water, typically a reservoir or lake.

With the exception of the oddly small areas needed for the electrical cabinet and grid connections, the main advantage of floating photovoltaic plants is that they do not require any land.

They are just as expensive as plants that grow on land, but they offer a clever alternative to taking up the land. The use of floating solar panels has been emphasised as a practical and affordable substitute for photovoltaic systems that are installed on land. Using the available water surface on dams, reservoirs, and other bodies of water is a novel technique to produce solar energy.

The espousal of renewable energy and the initiatives taken by governments of diverse nations are prominent drivers in the global market. Floating solar panels are significantly superior to conventional panels as their maintenance costs are low, and they do not demand land for installation purposes. These aspects also act as drivers that boost the floating solar panels market growth.

Due to the reduction of natural resources such as crude oil, coal, and natural gas and the negative environmental effects of fossil resources, demand for renewable energy has been increasing. Solar energy is considered a renewable form of energy due to its widespread availability. Floating solar panels have several advantages over land-based solar panels. This is anticipated to increase demand for floating solar panels, especially in nations and regions with numerous bodies of water.

The Global Floating Solar Panels Market report provides an integrated evaluation of the market. The report provides a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a significant role in the market.

Key Players

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

Regional Analysis

The Global Floating Solar Panels Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The Asia Pacific market region is likely to dominate the global Floating Solar Panels market landscape during the forecast period. The key reason for the solid performance of the region is the introduction of various initiatives by governments that promote the usage of solar panels.

North America is estimated to develop at the fastest rate during the forecast period. The factors such as the ability to float solar technology to diminish evaporation and land availability are expected to raise the demand for floating solar in the region over the projection period.

Market Segmentation

The Global Floating solar farms market Size is segmented into the following types;

By Capacity