Floating Solar Market Size to Surpass US$ 10.09 Billion by 2030

According to Precedence Research, the global floating solar market size is projected to surpass around US$ 10.09 billion by 2030 and growing at a CAGR of 16.5% from 2022 to 2030.

Pune, INDIA


Tokyo, March 28, 2022 (GLOBE NEWSWIRE) -- The global floating solar market size was accounted at US$ 2.55 billion in 2021. The increased focus on clean fuel power generating energy sources, along with a lack of land area, will propel market expansion throughout the forecast period. The regulatory bodies throughout the world are establishing a number of clean energy targets that will help to reduce pollution levels. Worldwide warming and the rapid depletion of fossil fuels caused by their use have redirected global attention away from traditional energy sources to green energy options. Changing preferences for power generation from renewable sources of energy such as solar and wind, numerous government measures to encourage solar energy, rising energy demand, and growing investments in renewable energy are all projected to drive market expansion.

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Report Highlights

  • Based on the type, the stationary floating solar panels dominated the global floating solar market in 2020 with highest market share. The stationary floating solar panels are permanently installed in a certain area of the water body, where they float and collect solar energy.
  • Asia-Pacific is the largest segment for floating solar market in terms of region. The restricted supply of natural resources, combined with the scarcity of land, will almost certainly promote the adoption of floatovoltaics systems across the region.
  • North America region is the fastest growing region in the floating solar market. In the North America region, there is a growing demand for electricity. This is due to favorable government efforts to boost reliance on sustainable energy sources.

Report ScopeDetails
Market SizeUSD 10.09 Billion by 2030
CAGR16.5% from 2022 to 2030
Largest Share MarketAPAC
Fastest Growing RegionNorth America
Regional ScopeNorth America, APAC, MEA, Latin America, Europe
Companies CoveredKYOCERA Corporation, JA SOLAR Technology Co. Ltd, Yellow Tropus Pvt. Ltd, Ciel & Terre International, Trina Solar, Vikram Solar Limited, Sharp Corporation, Yingli Solar, Sulzer Ltd., Hanwha Group

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Market Dynamics

Drivers

Surge in demand for renewable energy source

Due to the depletion of natural resources such as crude oil, coal, and natural gas, as well as the negative environmental effects of fossil resources, demand for renewable energy has been rising. The solar energy is regarded as a renewable form of energy due to its widespread availability. Floating solar panels have a number of advantages over land-based solar panels. This is expected to increase demand for floating solar panels, particularly in nations and regions with numerous bodies of water. Investors' confidence is being boosted by the availability of skilled labor and government programs. The countries that are experiencing a power shortage are turning to renewables to suit their needs. The floating solar panels offer a cost-effective alternative to land-based solar power installations. As a result, surge in demand for renewable energy source is driving the growth of the global floating solar market.

Restraints

Lack of capital funds

The major market players in the global floating solar market face a number of challenges, including a lack of financial capital to perform research and development operations and a lack of knowledge of the changing regulatory landscape. These factors could act as key barriers, affecting how businesses operate in the floating solar market. As a result, the lack of capital funds is hindering the growth of the market expansion during the forecast period.

Opportunities

Benefits of floating solar panels

The floating solar panels minimize the need for expensive land areas, particularly farmland, that are close to any substation, for solar power collecting. This lowers the cost of solar energy generation while simultaneously freeing up land for other uses. In most nations, the demand for land for solar installation has driven up the price of even arid wastelands by more than half. The whole cost of solar power generating is reflected in these high land costs. The floating solar panels, on the other hand, are mounted on water surfaces and so require water bodies with no other uses. Unlike land-based solar installations, the installation of floating solar panels does not necessitate any civil work or the removal of vegetation. Due to the huge cooling impact of the water, floating solar panels and plants produce more electricity than ground-mounted and rooftop systems. In comparison to a land-based system, the overall upkeep of the plant is low. In the long run, this saves a lot of money in terms of operational expenditures. The floating solar panels market is expected to be driven by an increase in public awareness about solar panels and solar power generation. Thus, the benefits of floating solar panels are creating lucrative opportunities for the market growth.

Challenges

High installation costs

To prevent the panels from moving owing to the wind, special floaters must be installed at the bottom of the reservoir. The technology for tracking is still in its infancy. Technology has a larger total cost than the stationary version, which has an impact on project costs. The high installation cost of floating solar panels and systems is a major limitation on the global market for floating solar panels. The system's profitability is further endangered by high investment costs, which raises concerns regarding project investment. This technology has piqued the curiosity of governments in both developed and underdeveloped countries. The owners of floating solar panel projects are offered financial incentives in these countries. Thus, the high installation costs are a big challenge for the growth of the floating solar market during the forecast period.

Related Reports

Market Segmentation

By Capacity

  • Below 5MW
  • 5MW – 50MW
  • Above 50MW

By Type

  • Stationary Floating Solar Panels
  • Tracking Floating Solar Panels

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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