The global floating solar panels market size was valued at USD 30.16 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 22.5% from 2022 to 2030. Increasing focus on clean fuel power generation energy sources coupled with insufficiency of the land area will boost the global market during the projection period. Regulatory boards across the world are setting up several targets related to clean energy, which will help in controlling the pollution level. The technical aspect of floating solar technology is projected to observe substantial growth over the estimated period owing to the growing demand for dependable renewable sources of energy for power generation.
The U.S. market is anticipated to witness substantial growth in the forecast period on account of strong federal schemes that include rising demand across the public and private sectors for green electricity, and solar investment tax credits. As per the Solar Energy Industries Association, in 2019, the United States solar industry generated an investment of USD 33 billion of private investment. Strict regulations to limit GHG emissions will propel global market growth. In 2016, the Government of China under its 13th 5-year plan introduced its plans to lessen the emission level to 18% by 2020.
Low- to high-capacity scalability, adaptability to any electrical configuration, ease to dismantle and assemble, and the least requirement of heavyweight equipment in the manufacturing of solar panels are some of the features, which undoubtedly inspire the business scope. The rapid reduction in fossil fuel reserves has created a need for the utilization of renewable sources of power generation. Solar energy, being one of the fastest-growing renewable sources of energy owing to the easy system installation, leads to further growth of the market. The advantages associated with floating panel installations are likely to propel the growth.
The stationary floating solar panels segment led the market and accounted for a share of 80.42% of the global revenue in 2021. Stationary floating solar panels can be deployed easily on a body of water, such as a reservoir or a lake. Stationary floating solar panels also double as shades for the water body, which reduces the evaporation of water. Due to the use of low-cost, high-strength elastic in the construction of the panels, the cost of installing a stationary floating solar panel is cheaper than that of installing a tracking floating solar panel. 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 stable, lasting, 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. Due to its higher operational productivity, tracking solar technology is projected to gain traction in floating solar farms, which will have a beneficial impact on demand. However, due to its moving elements, tracking solar panels require more maintenance than fixed floating solar panels farms, which is expected to hinder the segment growth in the coming years. Tracking floating solar panels held a significant share of the global revenue in 2021.
Solar tracking technology is more efficient as compared to its counterpart; stationery panels are preferred over solar tracking panels owing to the high cost associated with the product. However, the growing research & development investments by manufacturers are expected to bring down the maintenance cost, which, in turn, is expected to drive market growth over the next nine years. The solar tracking technology is expected to grow at a faster rate as compared to its counterpart in developed economies on account of its high-performance efficiency.
Asia Pacific dominated the global market in 2021 and accounted for the largest revenue share of over 73.27%.In Japan, the level of penetration of floating solar panels is high due to the less availability of land tied to the limited amount of fossil fuels. As a result, the government has authorized several plans for floating panels to meet the growing electricity consumption with lesser damage to the environment. In the APAC region, the penetration of floating solar technology is expected to surge due to its high market potential. In addition, a decrease in solar panel costs in the region coupled with growing awareness about floating solar technology is anticipated to boost market growth over the coming years. For instance, in 2018, KYOCERA Corporation of Japan started its operation at Japan’s largest 13.7 MW floating solar panel plant.
The market is likely to grow in developed countries like France, Germany, the U.S., and Canada owing to supportive regulations that are sponsoring the usage of solar energy for power generation. Furthermore, factors, such as land availability and the ability to float solar technology to decline the effect of evaporation, are likely to boost the product demand. The installation of floating solar farms reduces the rate of evaporation, which, in turn, assists in cutting the prospect of drought in locations with high temperatures, such as central states of the United States. The shortage of land space for setting up ground-mounted PV cells in some countries will fuel the market growth. For instance, Singapore, with a land area of over 700 Km2 (270 sq. miles) for over 5.70 million population, is working agitatedly to efficiently utilize its areas for the deployment of new floating solar panels.
The global market is highly competitive due to the presence of major industries across the region as these companies are fairly concentrated and highly competitive. Ciel & Terre is one the biggest installer in the market. The company operates in almost all parts of the world with a well-established track record of over 180 floating solar PV farms. The company has installed more than fifty percent of the total number of floating solar panel farms present across the world. Also, the company is the utmost active participant in the industry and has up-to-date technology solutions. Some of the prominent players operating in the global floating solar panels market are:
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 Solar
Report Attribute |
Details |
Market size value in 2022 |
USD 35.59 million |
Revenue forecast in 2030 |
USD 180.21 million |
Growth rate |
CAGR of 22.5% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2019 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD million/billion, capacity in MW, and CAGR from 2022 to 2030 |
Report coverage |
Revenue forecast, capacity forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, region |
Region scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; China; India; Japan; South Korea |
Key companies profiled |
KYOCERA Corp.; Trina Solar; Yellow Tropus Pvt. Ltd.; Wuxi Suntech Power Co., Ltd.; Yingli Solar; Ciel & Terre International; LONGi Solar; JA SOLAR Technology Co. Ltd.; Hanwha Group; Vikram Solar Ltd.; GCL-SI; Talesun; Pristine Sun Corp; Sharp Corp. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, Grand View Research has segmented the global floating solar panels market report on the basis of product and region:
Product Outlook (Capacity, MW; Revenue, USD Million, 2019 - 2030)
Tracking Floating Solar Panels
Stationary Floating Solar Panels
Regional Outlook (Capacity, MWs; Revenue, USD Million, 2019 - 2030)
North America
U.S.
Europe
Asia Pacific
China
India
Japan
South Korea
Central & South America
Middle East & Africa
b. The global floating solar panels market size was estimated at USD 30.16 million in 2021 and is expected to reach USD 35.59 million in 2022.
b. The global floating solar panels market is expected to witness a compound annual growth rate of 22.5% from 2022 to 2030 to reach USD 180.21 million by 2030.
b. In 2021, the Asia Pacific region accounted for the largest revenue market share of more than 73% of the global floating solar panels industry. In Japan, the level of penetration of floating solar panels is high due to its less availability of land tied to the limited amount of fossil fuels. As a result, the government has authorized several plans for floating panels to meet the growing electricity consumption with lesser damage to the environment.
b. Some key players operating in the floating solar panels market include KYOCERA Corporation; Trina Solar; Yellow Tropus Pvt.Ltd; Wuxi Suntech Power Co., Ltd.; Yingli Solar;Ciel & Terre nternational; LONGi Solar; and JA SOLAR Technology Co. Ltd.
b. Increasing focus on clean fuel power generation energy sources coupled with insufficiency of the land area will boost the global floating solar panels market size during the projection period.
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