The global demand for floating panels is estimated to reach USD 7.5 billion by 2030, with growth of a CAGR of 16.9% from 2022-2030. It was valued at USD 1.8 billion in 2022. Increased focus on clean fuel power generating energy sources, along with a lack of land area, will drive market expansion throughout the forecast period. Regulatory bodies around the world are establishing several clean energy targets that will aid in the reduction of pollution. Global warming and the rapid depletion of fossil fuels caused by their use have redirected global emphasis away from traditional energy sources to green energy options. Changing preferences for power generation from renewable sources of energy, such as solar and wind, as well as numerous government measures to encourage solar energy, increasing energy demand, and higher investments in renewable energy, are all projected to drive market expansion. The rapid usage of fossil fuel reserves has necessitated the use of renewable energy sources for electricity generation. Because of the ease of system installation and the abundance of sunlight worldwide, solar energy has become one of the fastest-growing renewable energy sources, propelling the market forward. The advantages of installing floating panels over traditional plants are expected to move the industry forward. Additionally, the market is expected to rise because of its cost-effectiveness, expanding networks of solar installers, and lower technology prices.

What is a floating panel?

Floating panels, also known as floating photovoltaic (FPV) panels, are a solar array that floats on water. Solar panels built on water bodies such as the ocean, lakes, irrigation ponds, canals, and reservoirs are floating solar panels. These panels are placed near bodies of water, which helps maintain the silicon panels’ temperature while maintaining their efficiency. These systems have several advantages over standard power generation systems, including generating power in a secure and noiseless manner. Additionally, these panels are mounted on a structure that can float in a body of water, such as a lake or a man-made basin. Because it promotes sustainability and efficiency, floating solar technology has improved the appeal of the floating panel sector. The demand for floating solar panels has risen dramatically in recent years, particularly in countries with large bodies of water and those with a high risk of drought.

Growth Driver

No land occupancy

To generate commercially sustainable power, large-scale conventional PV systems require vast swaths of land. The major driver of the floating panel market is that floating panels do not take up valuable land area. Instead, the area might be used for agricultural and urban development reasons, which has stifled the global solar energy market’s expansion. As a result, floating PV technology is being promoted worldwide to free up land for other potential uses. Many of the floating panel structures can be found on bodies of water, such as hydroelectric dam reservoirs, wastewater treatment ponds, and drinking water reservoirs, where there is vacant space, allows landowners to use a location that might otherwise go unused rather than installing on sunny land that could use for something else in the future. Furthermore, putting floating panels on open water eliminates the need for tree removal and forest clearing, which is common with larger solar panel installations.

Environmental Benefits

The market for floating panels is also growing due to increased investments in renewable energy. When gas, crude oil, and coal are used to generate electricity, massive amounts of greenhouse gases (GHG) are emitted into the environment. Air pollution, global warming, climate change, and ozone depletion have all been caused by this. To combat environmental degradation, sustainability efforts aimed at generating electricity from cleaner sources are being implemented. As a result, investments in renewable technology, like floating PV plants, are expanding. The ability to float panels to contribute to healthier environments will surely drive the floating panel market. Water cools solar equipment in floating solar projects but also in fixed solar projects. The floating solar panel arrangement reduces evaporation by shading ponds, reservoirs, and lakes. This is especially significant in drought-prone locations, where evaporative loss can quickly accumulate and cause a shortage. These floating solar panels provide shade, which helps to reduce algae blooms in freshwater bodies. Floating panels are also a source of clean, renewable energy. The floating panel market will be driven by renewable energy technologies that assist in reducing greenhouse gas emissions and other pollutants in the atmosphere, which has a positive impact on both the natural environment and human health.

Pre Covid-19 impact

In the pre-covid-19 era, the floating panels market was driven by an increased focus on clean fuel energy-generating methods, as well as a lack of land. The advantages of installing floating panel plants over conventional plants boosted the expansion of the floating solar panels market. Furthermore, rising energy consumption, expanding solar installer networks, and lower technological prices were taking the floating solar panels market forward.

Covid-19 impact

Due to supply chain disruption and lockdowns in many countries during 2020, the COVID-19 epidemic has slowed the growth of the floating panel market. Multiple nations had delays in trading solar modules and associated equipment due to the ongoing epidemic, restricting the market growth. Additionally, the lack of financing options and the challenges of integrating residential solar PV systems in places such as Africa are projected to limit market expansion.

Post Covid-19 impact

Factors such as the reducing cost of solar photovoltaic (PV) systems resulting from technology advancements and global competitors and supporting government policies and incentives are likely to drive the growth of the floating panel market after the covid-19 period. Furthermore, recent additions of solar photovoltaics in nations like India and China were facilitated by national feed-in tariff (FIT) incentives, and other incentives that help relieve chronic power shortages and improve reliability will drive the floating panel market after the covid-19 period.

Type Segmental Analysis

The floating panel market is divided into tracking floating solar panels and stationary floating solar panels by Type. Because of the economic benefits of the technology compared to its predecessors, the stationary floating solar panel product type accounted for the biggest revenue share. Due to the use of low-cost, high-strength elastic in the construction of the panels, installing a stationary floating solar panel is cheaper than installing a tracking floating solar panel. Additionally, Growing expenditures in the manufacturing and installation of solar panels in developing countries are expected to enhance demand in the coming years due to the steady, robust, and dependable nature of solar tracking technology with lower maintenance costs. Tracking solar panels are very competitive due to their ability to follow the sun, increasing the system’s operating output.

Location Segmental Analysis

The global floating panels market can be segmented into onshore and offshore based on location. The market for the onshore segment is expected to grow significantly between 2022 and 2030, thanks to an increase in the deployment of solar power units for producing electricity among onshore solar energy service providers. Increased demand for continuous electricity supply in factories and continuous shortages due to a shortage of electricity output has translated into massive demand for the onshore segment of the floating panel market. Nonetheless, increased costs due to the onshore floating solar unit’s deployment will limit the market’s growth over the evaluation period.

Technology Segmental Analysis

By technology, the floating panel market is divided into Photovoltaic, Concentrated Solar Power. The photovoltaic segment will lead the technology segment of the floating panel market due to rising concerns about global warming and over-reliance on fossil fuels for electricity generation are developing among nations worldwide. Efforts to reduce greenhouse gas emissions and the environment’s carbon imprint have fueled the demand for alternative and renewable energy sources. This has been a driving force behind the rise of solar energy and, as a result, the need for photovoltaic panels.

Region Segmental Analysis

By Region, the floating panel market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific had the highest share in the floating panel market due to a lack of available land and a finite supply of fossil fuels in the Region. Japan has a high penetration of floating solar panels. As a result, the government has approved many designs for floating panels to accommodate rising electricity demand while causing less environmental damage. Furthermore, because of its large market potential, the Asia-Pacific area is projected to see a spike in the adoption of floating solar technology. Furthermore, a drop in the cost of solar panels in the Region, combined with increased knowledge of floating solar technology, is expected to boost growth by 2030.

Competitor Analysis

Trina Solar, Yellow Tropus Pvt. Ltd., KYOCERA Corporation, Wuxi Suntech Power Co., Ltd., Yingli Solar, Vikram Solar Limited, GCL-SI, Talesun; Sharp Corporation, Pristine Sun Corp., Ciel & Terre International, LONGi Solar, JA SOLAR Technology Co. Ltd., Hanwha Group and others are the key players in the floating panel market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global Floating panel market product manufacturing firm
• Research organizations and consulting companies
• Organizations, associations, and alliances related to floating panels market
• Regulatory bodies
• Suppliers
• Retailers

Recent Developments

• In August 2021, Kyocera Corporation has announced that it has reached an agreement with Osteon Digital Japan Co., Ltd. for ongoing sales transactions and will begin selling customized dental prostheses for implants using Implant Solutions’ digital technology.
• In September 2021, the largest Floating Solar PV project in India was successfully commissioned by Bharat Heavy Electricals Limited (BHEL). The 25 MW floating SPV project is located on 100 acres in NTPC Simhadri in Andhra Pradesh.
• In July 2021, The 60 MW of power solar photovoltaic (PV) farm was developed on a reservoir spanning 45 football fields and produces enough electricity to power the island’s five water treatment plants by a wholly-owned subsidiary of Sembcorp Industries.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 26.8 million
The revenue forecast in 2027	USD 94.5 Billion
Growth Rate	CAGR of 28.9% from 2020 to 2027
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	North America, Europe, South America, Asia-Pacific, and Middle East & Africa
Key companies Profiled	Trina Solar, Yellow Tropus Pvt. Ltd., KYOCERA Corporation, Wuxi Suntech Power Co., Ltd., Yingli Solar, Vikram Solar Limited, GCL-SI, Talesun; Sharp Corporation, Pristine Sun Corp., Ciel & Terre International, LONGi Solar, JA SOLAR Technology Co. Ltd., Hanwha Group and others

Market Modelling

By Type

• Stationary
• Solar Tracking

By Location

• Onshore
• Offshore

BY Technology

• Photovoltaic
• Concentrated Solar Power

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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