Pune, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that “The Floating Solar Panels Market was assessed at USD 35.4 billion in the year 2022. Projections suggest a substantial expansion, reaching USD 180.68 billion by 2030, with a remarkable compound annual growth rate (CAGR) of 22.6% throughout the forecast span from 2023 to 2030”.
Market Report Scope
Floating solar panels, also known as floating photovoltaic (FPV) systems or floating solar farms, represent an innovative and sustainable approach to harnessing solar energy. Unlike traditional solar installations that are mounted on rooftops or on land, these panels are strategically positioned on water bodies such as lakes, reservoirs, ponds, and even oceans. This inventive concept has gained considerable attention in recent years due to its numerous advantages and potential to revolutionize renewable energy generation.
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Market Analysis
As urbanization continues to sprawl and available land becomes scarcer, the utilization of water bodies for solar power generation gains traction. Floating solar panels provide an ingenious way to maximize the use of these underutilized aquatic spaces, such as reservoirs, dams, and water treatment facilities. This dual-use approach enables energy generation without encroaching on valuable land resources. Ongoing advancements in materials, design, and installation techniques are driving the growth of the floating solar panels market. Innovations such as modular floating platforms, improved anchoring systems, and flexible solar panel technologies are making installations more cost-effective, reliable, and adaptable to various water environments. Many governments worldwide are introducing supportive policies and incentives to promote renewable energy adoption.
Floating Solar Panels Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 35.4 billion |
| Market Size by 2030 | USD 180.68 billion |
| CAGR | CAGR of 22.6% from 2023-2030 |
| Key Players | Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd., KYOCERA Corp., LONGI Solar, Trina Solar, Vikram Solar Ltd., Wuxi Suntech Power Co., Ltd, Yellow Tropus Pvt. Ltd., Yingli Soar and other players are listed in a final report. |
| Key Segments | By Capacity (Upto 500 kw, 500 kW to 1 MW, 1MWto3 MW, Greater than 3 MW) By Type (Stationary Floating Solar Panel, Tracking Floating Solar Panel) By Panel Type (Mono-crystalline, Poly-crystalline, Thin Film), |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Impact of Recession
The impact of a recession on the floating solar panels market is a complex interplay of challenges and opportunities. While economic downturns may initially slow down investments and disrupt supply chains, they can also drive a renewed interest in sustainable and cost-effective energy solutions. The trajectory of the market during and after a recession depends on various factors, including government policies, investor sentiment, and the overall commitment to transitioning towards cleaner energy sources.
Impact of Russia-Ukraine War
While the Russia-Ukraine war directly affects the floating solar panels market through supply chain disruptions and financial uncertainty, its indirect impacts are equally significant. Changes in energy market dynamics, regulatory landscapes, and a renewed emphasis on energy security can all shape the market's trajectory. Adapting to these shifts will require stakeholders in the floating solar panels industry to be agile, innovative, and responsive to changing geopolitical and economic conditions.
Key Regional Development
The Asia-Pacific region has emerged as a pioneering force in the floating solar panels market. Countries like China, Japan, South Korea, and India have displayed a robust commitment to expanding their renewable energy capacity. In densely populated nations like India and China, where land availability is a challenge, floating solar panels provide an ingenious solution. While the market has gained traction in Asia and Europe, North America is still exploring its potential. The vast expanse of lakes and reservoirs across the United States and Canada offers ample opportunities for the deployment of floating solar panels.
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Key Takeaway from Floating Solar Panels Market Study
- The rise of the mono-crystalline segment and the integration of advanced tracking technology herald a new era for floating solar panels. Their collective dominance not only underscores the unwavering march toward cleaner energy solutions but also emphasizes the necessity of innovation in a rapidly evolving energy landscape.
- The sustainable fusion of mono-crystalline prowess and tracking ingenuity holds the promise of reshaping our energy landscape, reducing carbon footprints, and steering us toward a cleaner and more sustainable future.
Recent Developments Related to Floating Solar Panels Market
- SDN, a leading innovator in renewable energy solutions, has once again pushed the boundaries of solar technology with the unveiling of their groundbreaking 600 W solar modules designed specifically for floating photovoltaic (PV) installations.
- Blueleaf Energy and SunAsia Energy have announced an ambitious collaboration to construct what is projected to become the world's largest floating solar project, set amidst the picturesque landscapes of the Philippines.
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