New York, US, Jan. 09, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Floating Solar Panels Market Research Report: Information By Product, Location and Region - Global Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 4252.1 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 24.53% during the assessment timeframe.
Floating Solar Panels Market- Key Players
Eminent industry players profiled in the global floating solar panels market report include-
- 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
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 4252.1 Million |
| Growth Rate | CAGR of 24.53% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Adoption of renewable energy |
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Drivers
Growing Need for Renewable Energy Sources to Boost Market Growth
The burgeoning need for renewable sources to cater to the growing demand for energy worldwide will boost market growth over the forecast period. Besides the favorable government initiatives for supporting the adoption of solar panels will also fuel market growth.
Opportunities
Alluring Benefits to offer Robust Opportunities
The use of floating solar panels lessens the need for solar power collection on pricey land areas, particularly farmland that is close to any substation. In addition to lowering the cost of solar energy production, this also makes land available for other purposes. This will provide lucrative opportunities for this market in the forecast period.
Restraints and Challenges
Limited Awareness to act as Market Challenge
Value chain disruption owing to the pandemic, limited awareness regarding such sustainable energy solutions, and complexities associated with the floating solar panels offshore installation may act as market challenges over the forecast period.
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Floating Solar Panels Market Segmentation
The floating solar panels market is bifurcated based on location and product.
By product, the stationary floating solar panel will lead this Floating Solar Panels Market in the forecast period for its cost-effectiveness.
By location, the onshore segment will domineer this market in the forecast period. Low construction & maintenance costs, as well as a reduced risk of damage from strong water currents and high tides, are the primary factors contributing to the onshore market segment's improved performance.
Floating Solar Panels Market COVID-19 Analysis
The performance of the Floating Solar Panels Market has been significantly impacted by the COVID-19 pandemic. The pandemic mostly had a negative effect on the sector. The reason for this is a decline in the demand for floating solar panels. There was a brief halt in the floating solar panels production as a result of the prolonged lockdowns and strict social distance norms. The market for floating solar panels is anticipated to rebound in the future, though, as the strict lockdown restrictions have loosened in the majority of countries.
Regional Analysis
APAC to Steer Floating Solar Panels Market
Based on the comprehensive market forecast, the Asia Pacific market segment is likely to dominate the overall Floating Solar Panels Market environment. The introduction of numerous initiatives by governments to encourage the use of solar panels is the primary factor behind the region's impressive performance. In addition, the prevalence of strict environmental legislation and regulations as well as the rise in demand for affordable energy also significantly contribute to improving the performance of the geographical segment. In the APAC region, there is a high need for floating solar panels owing to the dearth of suitable land for construction of solar power plants and the rapid depletion of non-renewable energy sources like fossil fuels. As a result, the market for floating solar panels in this region is expanding significantly. In 2021, Asia Pacific held the largest revenue share (73.27%) and dominated the world market. Due to the limited availability of land and the finite supply of fossil fuels, floating solar panels are widely used in Japan. As a result, the government has approved a number of plans for floating panels to meet the rising demand for electricity while causing less environmental harm. Due to its significant market potential, floating solar technology is anticipated to rapidly spread throughout the APAC region. Additionally, it is anticipated that in the upcoming years, market growth will be boosted by a decline in solar panel prices in the area and an increase in awareness of floating solar technology. The adoption of floating solar panels is being heavily funded by nations like China and Japan, which is fueling market expansion. The rapid growth of sectors like automotive, food processing, oil and gas, and power generation, among others, that requires large amounts of energy to maintain daily operations, is what propels the floating solar panel market in the Asia Pacific region. Due to the favorable policies put in place by the governments and their ambitious plans regarding the installation of renewable energy sources, countries like China and Japan have a vast majority of floating solar panels installed in remote areas by massive solar farms. This is probably going to play a pivotal role in the expansion of the industry in the area.
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North America to Have Favorable Growth in Floating Solar Panels Market
On the other hand, North America will experience the fastest rate of growth during the forecast period. Over the assessment period, it is anticipated that factors like the ability of floating solar technology to reduce evaporation and land availability will increase demand for floating solar in the region. The market for floating solar panels in North America is expanding due to the widespread use of cutting-edge technology for energy harvesting from renewable sources in order to meet the region's rising energy demand. The need for electricity is increasing in the region of North America. This is a result of successful government initiatives to increase reliance on renewable energy sources.
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