Wilmington, Delaware, United States, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The floating solar panels market attained US$ 1.8 billion in 2022. The market is predicted to reach US$ 6.5 billion by 2031 developing at a 15.9% CAGR from 2023 to 2031.
Floating solar panels may be installed on lakes, reservoirs, and the open sea. When sunlight falls on these panels, direct current power is generated. Such energy is afterward turned into alternating current via inverters, enabling it to be assimilated into the electrical grid.
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Floating solar technology is projected to exhibit significant growth due to the increasing demand for dependable renewable energy sources for the generation of power. In the past few years, the global floating solar panels market obtained significant traction in the past years with corporations and governments identifying its potential to address energy demands sustainably.
Advances, like improved solar panel efficiency and durable materials in floating solar technology have made the installations reliable. Also, Environmental considerations become important while planning floating solar projects. Developers are taking measures to deal with ecological disruptions.
Key Findings of the Market Report
- Stationary panels are preferred over solar tracking panels due to the high price of the product.
- Tracking floating panels also witnessed a significant share in the global market.
Market Trends for Floating Solar Panels
- Hybrid systems, growing adoption in coastal areas, and heightened environmental impact assessment are the key trends in the market.
- Governments are launching supportive policies globally to spur the floating solar panels market growth.
- Advancements in solar panel efficiency and float materials are augmenting the performance of floating solar installations.
Global Market for Floating Solar Panels: Regional Outlook
- Asia Pacific is likely to be a promising market for floating solar panels because of the growing awareness of floating solar technology and the falling costs of solar panels.
- The United States, France, Germany, and Canada are likely to experience industrial expansion due to the favorable laws encouraging solar energy use for power generation,
Global Floating Solar Panels Market: Leading Players
Leading players in the global floating solar panels market are dedicated to sustainability and environmental responsibility, coinciding with the global movement toward environment-friendly solutions.
Market leaders’ strong customer connections allow them to provide services to many sectors and locations. They also contribute prominently to floating solar panels market statistics.
Market players concentrate on investing in research and development to increase the product range and reinforce their leadership in the competitive market. A few prominent players in the floating solar panels market include:
- Sharp Energy Solutions Corporation
- KYOCERA Corporation
- Cleantech Solar
- Sungrow
- Trina Solar
- JA SOLAR Technology Co., Ltd
- Solarvest Holdings Berhad
- Sunseap Group
- Solar EPC Development Ltd
- Pristine Sun Corp.
- Cypark Estuary Solar Sdn Bhd
- Masdar Clean Energy
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Product Portfolio:
- Kyocera Corporation has been working on numerous large-scale floating solar schemes in Japan. They mainly concentrate on producing high-quality solar panels according to floating installations.
- JA Solar is China’s solar panel manufacturer hugely contributed to the advancement of solar panel technology employed in floating solar projects, augmenting energy generation efficiency.
- Trina Solar is another vital solar panel manufacturer in China, which has been involved in floating solar projects activity.
- Sungrow FPV, a China-based provider of floating solar solutions in March 2023, secured a contract for the supply of floating systems for the largest floating solar project in Indonesia. The ‘landmark project’ is recently the largest floating solar project with the deepest water depth, largest water level fluctuation, and highest underwater elevation difference according to Sungrow FPV. For this project, the delivery of the systems for the 192 MW Cirata floating solar project was likely to begin in the first quarter of 2023.
- Sarawak Energy Bhd (SEB) awarded its first large-scale floating solar farm project in July 2023, to China’s Trina Solar Company. The 71 MW floating solar photovoltaic project on the Batang Ai hydroelectric dam in Sri Aman Division spans over 190 ha. Trina would also upgrade the high-voltage substation and conduct operations and maintenance (O&M) services for the project in addition to building the FPV plant. It is anticipated to be operational by the end of 2024.
Global Ceramic Sanitary Ware Market Segmentation
By Type
- Stationary Floating Solar Panels
- Solar Tracking Floating Solar Panels
By Capacity
- Below 5 MW
- 5 MW - 50 MW
- Above 50 MW
By Technology
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin Film
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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